财务报告与分析

Financial Reporting and Analysis

CFA® 2020 年课程大纲• 一级 • 第 3

CFA® PROGRAM CURRICULUM

2020 • Level I • Volume 3

© 2019、2017、2016、2015、2014、2013、2012、2011、2010、2009、2008、2007、2006 CFA协会版权所有。保留所有权利。

© 2019, 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006 by CFA Institute. All rights reserved.

本版权涵盖编辑专门为本书撰写的内容以及本书汇编本身。但不包括本书中首次发表于其他地方的个别选段。CFA协会已获得这些选段的转载许可,仅限本版本。任何形式的复制,包括电子或机械复制(例如复印和录音),或任何信息存储和检索系统,均须事先获得相关版权所有者的许可。

This copyright covers material written expressly for this volume by the editor/s as well as the compilation itself. It does not cover the individual selections herein that first appeared elsewhere. Permission to reprint these has been obtained by CFA Institute for this edition only. Further reproductions by any means, electronic or mechanical, including photocopying and recording, or by any information storage or retrieval systems, must be arranged with the individual copyright holders noted.

CFA® Chartered Financial Analyst® AIMR-PPS®GIPS®只是CFA 协会拥有的部分商标。如需查看 CFA 协会商标列表和《CFA 协会商标使用指南》,请访问我们的网站www.cfainstitute.org

CFA®, Chartered Financial Analyst®, AIMR-PPS®, and GIPS® are just a few of the trademarks owned by CFA Institute. To view a list of CFA Institute trademarks and the Guide for Use of CFA Institute Marks, please visit our website at www.cfainstitute.org.

本出版物旨在提供关于所涵盖主题的准确权威信息。其销售前提是,出版商不提供法律、会计或其他专业服务。如有法律咨询或其他专家协助需求,请寻求合格专业人士的服务。

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought.

所有商标、服务标志、注册商标和注册服务标志均为其各自所有者的财产,在此仅用于识别目的。

All trademarks, service marks, registered trademarks, and registered service marks are the property of their respective owners and are used herein for identification purposes only.

ISBN 978-1-946442-78-9(纸质)

ISBN 978-1-946442-78-9 (paper)

ISBN 978-1-950157-02-0(电子书)

ISBN 978-1-950157-02-0 (ebk)

如何使用CFA课程大纲

How to Use the CFA Program Curriculum

恭喜您决定参加特许金融分析师 (CFA® )项目。这项令人振奋且收获颇丰的学习项目体现了您成为一名资深投资专业人士的愿望。您即将踏入的项目以其高标准的职业道德和广泛的知识、技能及能力(综合素质)而著称。您对 CFA 项目的投入必将为您带来丰厚的教育和职业回报。

Congratulations on your decision to enter the Chartered Financial Analyst (CFA®) Program. This exciting and rewarding program of study reflects your desire to become a serious investment professional. You are embarking on a program noted for its high ethical standards and the breadth of knowledge, skills, and abilities (competencies) it develops. Your commitment to the CFA Program should be educationally and professionally rewarding.

您所追求的资格证书在全球范围内备受认可,是成就和奉献的象征。该项目的每个级别都代表着职业发展中的一个重要里程碑。成功完成该项目后,您将成为享有盛誉的全球投资专业人士社群的一员。CFA持证人致力于终身学习,并不断更新知识,以适应瞬息万变的行业动态。CFA项目是您迈向终身职业教育的第一步。

The credential you seek is respected around the world as a mark of accomplishment and dedication. Each level of the program represents a distinct achievement in professional development. Successful completion of the program is rewarded with membership in a prestigious global community of investment professionals. CFA charterholders are dedicated to life-long learning and maintaining currency with the ever-changing dynamics of a challenging profession. The CFA Program represents the first step toward a career-long commitment to professional education.

CFA考试旨在评估您作为投资专业人士所需的核心知识、技能和能力。这些核心能力是考生知识体系(CBOK™)的基础。CBOK由四个部分组成:

The CFA examination measures your mastery of the core knowledge, skills, and abilities required to succeed as an investment professional. These core competencies are the basis for the Candidate Body of Knowledge (CBOK™). The CBOK consists of four components:

因此,CFA考试成功的关键在于学习和理解CBOK。以下章节将介绍CBOK的背景、课程结构、课程特点以及如何制定有效的个人学习计划。

Therefore, the key to your success on the CFA examinations is studying and understanding the CBOK. The following sections provide background on the CBOK, the organization of the curriculum, features of the curriculum, and tips for designing an effective personal study program.

CBOK背景介绍

Background on the CBOK

CFA项目以投资行业的实践为基础。CFA协会以全球投资知识体系(GBIK)为起点,持续与全球投资专业人士进行实践分析,以确定与该行业相关的能力。协会每年都会开展区域专家小组讨论和专项调查,以验证和强化对GBIK的持续反馈。实践分析过程最终确定了核心投资知识体系(CBOK)。CBOK反映了投资专业人士普遍接受和应用的能力。这些能力在通用领域中得到应用,并且是新近获得CFA资格证书者应具备的能力。

The CFA Program is grounded in the practice of the investment profession. Beginning with the Global Body of Investment Knowledge (GBIK), CFA Institute performs a continuous practice analysis with investment professionals around the world to determine the competencies that are relevant to the profession. Regional expert panels and targeted surveys are conducted annually to verify and reinforce the continuous feedback about the GBIK. The practice analysis process ultimately defines the CBOK. The CBOK reflects the competencies that are generally accepted and applied by investment professionals. These competencies are used in practice in a generalist context and are expected to be demonstrated by a recently qualified CFA charterholder.

CFA协会的工作人员与教育咨询委员会和课程级别顾问(由执业CFA持证人组成)共同设计CFA课程,旨在向考生传授CBOK(核心知识体系)。考试也由CFA持证人编写,旨在帮助您展现对CFA课程中CBOK的掌握程度。在制定个人学习计划时,您应重点关注对CBOK的掌握及其在实践中的应用。有关实践分析、CBOK以及CFA课程开发的更多信息,请访问www.cfainstitute.org

The CFA Institute staff, in conjunction with the Education Advisory Committee and Curriculum Level Advisors, who consist of practicing CFA charterholders, designs the CFA Program curriculum in order to deliver the CBOK to candidates. The examinations, also written by CFA charterholders, are designed to allow you to demonstrate your mastery of the CBOK as set forth in the CFA Program curriculum. As you structure your personal study program, you should emphasize mastery of the CBOK and the practical application of that knowledge. For more information on the practice analysis, CBOK, and development of the CFA Program curriculum, please visit www.cfainstitute.org.

课程组织

Organization of the Curriculum

一级CFA课程分为10个主题领域。每个主题领域都以对内容和所需知识深度的简要说明开篇,然后细分为一个或多个学习单元。一级课程共包含19个学习单元,这些单元构成了您阅读和备考的基本框架。每个学习单元都包含其结构和目标说明,并进一步细分为指定的阅读材料。每册课程的开头都附有这19个学习单元的组织结构概述。

The Level I CFA Program curriculum is organized into 10 topic areas. Each topic area begins with a brief statement of the material and the depth of knowledge expected. It is then divided into one or more study sessions. These study sessions—19 sessions in the Level I curriculum—should form the basic structure of your reading and preparation. Each study session includes a statement of its structure and objective and is further divided into assigned readings. An outline illustrating the organization of these 19 study sessions can be found at the front of each volume of the curriculum.

这些阅读材料由CFA协会委托编写,由包括投资专业人士和大学教授在内的内容专家撰写。每份阅读材料都包含学习目标(LOS)和核心学习内容,通常结合了文本、图表以及文本中的示例和问题。阅读材料通常以练习题结尾,并附有答案,以帮助您理解和掌握相关内容。学习目标(LOS)指明了您在学习完材料后应该达到的水平。学习目标、核心学习内容和练习题相互依存,核心学习内容和练习题为理解学习目标的范围提供了背景,并使您能够在各种情境中应用相关原理或概念。

The readings are commissioned by CFA Institute and written by content experts, including investment professionals and university professors. Each reading includes LOS and the core material to be studied, often a combination of text, exhibits, and in-text examples and questions. A reading typically ends with practice problems followed by solutions to these problems to help you understand and master the material. The LOS indicate what you should be able to accomplish after studying the material. The LOS, the core material, and the practice problems are dependent on each other, with the core material and the practice problems providing context for understanding the scope of the LOS and enabling you to apply a principle or concept in a variety of scenarios.

所有阅读材料,包括阅读材料末尾的练习题,都是所有考试题目的基础,并且是专门为了教授 CBOK 中反映的知识、技能和能力而选择或开发的。

The entire readings, including the practice problems at the end of the readings, are the basis for all examination questions and are selected or developed specifically to teach the knowledge, skills, and abilities reflected in the CBOK.

你应该利用学习目标(LOS)来指导和集中学习,因为每道考题都基于一个或多个学习目标,以及与该学习目标相关的核心内容和练习题。作为考生,你有责任掌握学习过程中所有要求的学习材料。

You should use the LOS to guide and focus your study because each examination question is based on one or more LOS and the core material and practice problems associated with the LOS. As a candidate, you are responsible for the entirety of the required material in a study session.

我们鼓励您查看我们网站 ( www.cfainstitute.org/programs/cfa/curriculum/study-sessions )上有关 LOS 的信息,包括www.cfainstitute.org考生资源页面上的 LOS“命令词”描述。

We encourage you to review the information about the LOS on our website (www.cfainstitute.org/programs/cfa/curriculum/study-sessions), including the descriptions of LOS “command words” on the candidate resources page at www.cfainstitute.org.

课程特色

Features of the Curriculum

开始可选部分

Begin optional segment

必填段与选填段

Required vs. Optional Segments

您应该阅读所有指定的阅读材料。但在某些情况下,我们会重印整篇出版物,并将其中某些部分标记为“可选”。CFA考试仅基于必读部分,只有当我们认为可选部分有助于您更好地理解必读部分(通过了解必读材料的完整上下文)时,才会将其包含在内。当一个可选部分开始时,您会在外侧页边看到一个图标和一条虚线竖条,该竖条会一直延伸到可选部分结束,并在结束前显示另一个图标。除非材料被明确标记为可选,否则您应该将其视为必读材料。在备考过程中,您应该主要依据必读部分和针对特定阅读材料的学习目标(LOS)。

You should read all of an assigned reading. In some cases, though, we have reprinted an entire publication and marked certain parts of the reading as “optional.” The CFA examination is based only on the required segments, and the optional segments are included only when it is determined that they might help you to better understand the required segments (by seeing the required material in its full context). When an optional segment begins, you will see an icon and a dashed vertical bar in the outside margin that will continue until the optional segment ends, accompanied by another icon. Unless the material is specifically marked as optional, you should assume it is required. You should rely on the required segments and the reading-specific LOS in preparing for the examination.

可选段结束

End optional segment

练习题/答案

Practice Problems/Solutions

所有阅读材料末尾的练习题及其答案均属于课程内容,也是考试的必考材料。除了课本中的示例和问题外,这些练习题有助于展示实际应用,并巩固您对所学概念的理解。部分练习题改编自往届CFA考试真题,或可能作为考试题目的参考。

All practice problems at the end of the readings as well as their solutions are part of the curriculum and are required material for the examination. In addition to the in-text examples and questions, these practice problems should help demonstrate practical applications and reinforce your understanding of the concepts presented. Some of these practice problems are adapted from past CFA examinations and/or may serve as a basis for examination questions.

词汇表

Glossary

为了方便您理解,每册都附有详尽的词汇表。在整个课程中,阅读材料中以粗体显示的词语表示词汇表中已定义的术语。

For your convenience, each volume includes a comprehensive glossary. Throughout the curriculum, a bolded word in a reading denotes a term defined in the glossary.

请注意,包含在考试报名费中的数字课程可以通过关键词(包括术语表)进行搜索。

Note that the digital curriculum that is included in your examination registration fee is searchable for key words, including glossary terms.

LOS 自助检查

LOS Self-Check

我们在每个学习目标旁边都插入了复选框,您可以使用这些复选框来跟踪您在掌握每篇阅读材料中概念方面的进度。

We have inserted checkboxes next to each LOS that you can use to track your progress in mastering the concepts in each reading.

原始资料

Source Material

CFA协会的课程大纲引用了教科书、期刊文章和其他出版物,以提供与阅读材料所涵盖主题相关的补充背景信息。作为考生,您无需熟悉课程大纲中引用的原始资料。

The CFA Institute curriculum cites textbooks, journal articles, and other publications that provide additional context or information about topics covered in the readings. As a candidate, you are not responsible for familiarity with the original source materials cited in the curriculum.

请注意,部分解读可能包含网址或URL。所引用的网站在解读撰写或更新时有效,但此后可能已失效。

Note that some readings may contain a web address or URL. The referenced sites were live at the time the reading was written or updated but may have been deactivated since then.

 

课程中的一些阅读材料引用了《金融分析师期刊》(Financial Analysts Journal®)上发表的文章,该期刊是特许金融分析师协会(CFA Institute)的旗舰出版物。自1945年创刊以来,《金融分析师期刊》已成为投资管理领域领先的实践导向型期刊。多年来,它通过发表来自顶尖学者和从业人员的同行评审的、与实践相关的研究,不断提升人们对投资管理实践的认知和理解。此外,它还刊登了许多发人深省的观点文章,促进了投资管理行业内部的交流。一些最具影响力的投资管理研究成果都发表在《金融分析师期刊》上,多位诺贝尔奖得主也曾为其撰稿。

Some readings in the curriculum cite articles published in the Financial Analysts Journal®, which is the flagship publication of CFA Institute. Since its launch in 1945, the Financial Analysts Journal has established itself as the leading practitioner-oriented journal in the investment management community. Over the years, it has advanced the knowledge and understanding of the practice of investment management through the publication of peer-reviewed practitioner-relevant research from leading academics and practitioners. It has also featured thought-provoking opinion pieces that advance the common level of discourse within the investment management profession. Some of the most influential research in the area of investment management has appeared in the pages of the Financial Analysts Journal, and several Nobel laureates have contributed articles.

考生无需熟悉课程中引用的《金融分析师期刊》文章。但是,我们强烈建议您在时间和学习允许的情况下,通过阅读这份注重实践的刊物来补充您对关键投资管理问题的理解。考生可以完全在线访问《金融分析师期刊》及其相关资源。您只需使用考生账号 登录www.cfapubs.org即可。

Candidates are not responsible for familiarity with Financial Analysts Journal articles that are cited in the curriculum. But, as your time and studies allow, we strongly encourage you to begin supplementing your understanding of key investment management issues by reading this practice-oriented publication. Candidates have full online access to the Financial Analysts Journal and associated resources. All you need is to log in on www.cfapubs.org using your candidate credentials.

勘误表

Errata

课程开发过程严谨,包括多轮内容专家审核。尽管我们力求确保课程内容无误,但有时仍需进行修正。课程勘误表会定期更新,并发布在www.cfainstitute.org的考生资源页面上。

The curriculum development process is rigorous and includes multiple rounds of reviews by content experts. Despite our efforts to produce a curriculum that is free of errors, there are times when we must make corrections. Curriculum errata are periodically updated and posted on the candidate resources page at www.cfainstitute.org.

设计你的个人学习计划

Designing Your Personal Study Program

制定计划

Create a Schedule

有条不紊、系统地进行考试准备至关重要。你应该每周安排固定的时间段进行阅读和学习。每次学习时,都要完成所有指定的阅读材料以及相关的习题和答案。在阅读每篇材料前后都要复习学习目标(LOS),以确保你掌握了相关内容,并且能够展现出学习目标和指定阅读材料中所描述的知识、技能和能力。使用学习目标自测工具来跟踪你的学习进度,并标记出薄弱环节以便后续复习。

An orderly, systematic approach to examination preparation is critical. You should dedicate a consistent block of time every week to reading and studying. Complete all assigned readings and the associated problems and solutions in each study session. Review the LOS both before and after you study each reading to ensure that you have mastered the applicable content and can demonstrate the knowledge, skills, and abilities described by the LOS and the assigned reading. Use the LOS self-check to track your progress and highlight areas of weakness for later review.

成功通过考试的考生平均每次考试准备时间超过300小时。您的备考时间会因您之前的教育背景和工作经验而异,而且您可能会在某些学习环节花费更多时间。一级课程包含19个学习环节,因此一个合理的计划是每周投入15-20小时,持续19周学习课程内容,并在考前最后四到六周复习所学知识,并通过练习题和模拟考试进行练习。然而,根据您的个人情况、相关经验和学术背景,此建议可能低估了充分备考所需的时间。您无疑会根据自身的优势和劣势以及教育和职业背景调整学习时间。

Successful candidates report an average of more than 300 hours preparing for each examination. Your preparation time will vary based on your prior education and experience, and you will probably spend more time on some study sessions than on others. As the Level I curriculum includes 19 study sessions, a good plan is to devote 15−20 hours per week for 19 weeks to studying the material and use the final four to six weeks before the examination to review what you have learned and practice with practice questions and mock examinations. This recommendation, however, may underestimate the hours needed for appropriate examination preparation depending on your individual circumstances, relevant experience, and academic background. You will undoubtedly adjust your study time to conform to your own strengths and weaknesses and to your educational and professional background.

你应该留出充足的时间,既要深入学习所有主题领域,又要集中精力学习你感觉准备最不足的主题领域。

You should allow ample time for both in-depth study of all topic areas and additional concentration on those topic areas for which you feel the least prepared.

作为考试报名费中包含的补充学习工具之一,您可以使用学习计划工具来帮助您规划学习时间。该工具会根据距离考试的剩余时间计算您的学习进度和节奏。有关学习计划工具和其他补充学习工具的更多信息,请访问www.cfainstitute.org

As part of the supplemental study tools that are included in your examination registration fee, you have access to a study planner to help you plan your study time. The study planner calculates your study progress and pace based on the time remaining until examination. For more information on the study planner and other supplemental study tools, please visit www.cfainstitute.org.

在您备考期间,我们将通过电子邮件向您发送重要的考试更新信息、考试政策和学习技巧。请务必仔细阅读。

As you prepare for your examination, we will e-mail you important examination updates, testing policies, and study tips. Be sure to read these carefully.

CFA协会练习题

CFA Institute Practice Questions

您的考试注册费包含数百道练习题的电子版访问权限,这些练习题是对阅读材料末尾练习题的补充。这些练习题旨在帮助您在学习过程中评估自己对各个主题领域的掌握程度。每道练习题完成后,您都能立即收到反馈,其中会列出正确答案并指出相关的指定阅读材料,以便您找出薄弱环节并进行深入学习。有关练习题的更多信息,请访问www.cfainstitute.org

Your examination registration fee includes digital access to hundreds of practice questions that are additional to the practice problems at the end of the readings. These practice questions are intended to help you assess your mastery of individual topic areas as you progress through your studies. After each practice question, you will be able to receive immediate feedback noting the correct responses and indicating the relevant assigned reading so you can identify areas of weakness for further study. For more information on the practice questions, please visit www.cfainstitute.org.

CFA协会模拟考试

CFA Institute Mock Examinations

您的考试报名费包含三次三小时的模拟考试,模拟CFA考试的上午和下午考试环节。这些模拟考试旨在帮助您在完成全部课程学习并练习题目后进行,以便检验您对课程内容的理解以及备考情况。模拟考试结束后,您将收到反馈,其中会列出正确答案并指出相关的指定阅读材料,以便您在复习期间评估自身薄弱环节并进行深入学习。我们建议您在CFA考试备考的最后阶段参加模拟考试。有关模拟考试的更多信息,请访问www.cfainstitute.org

Your examination registration fee also includes digital access to three-hour mock examinations that simulate the morning and afternoon sessions of the actual CFA examination. These mock examinations are intended to be taken after you complete your study of the full curriculum and take practice questions so you can test your understanding of the curriculum and your readiness for the examination. You will receive feedback at the end of the mock examination, noting the correct responses and indicating the relevant assigned readings so you can assess areas of weakness for further study during your review period. We recommend that you take mock examinations during the final stages of your preparation for the actual CFA examination. For more information on the mock examinations, please visit www.cfainstitute.org.

预备课程提供者

Preparatory Providers

报名参加CFA课程后,您可能会收到许多备考课程和复习资料的推销信息。在选择备考课程时,请务必确认其提供商是否属于CFA协会认可的备考机构。认可的备考机构承诺在其课程设置和与考生的沟通中遵循CFA协会的指导方针和高标准。有关认可备考机构的更多信息,请访问www.cfainstitute.org/programs/cfa/exam/prep-providers

After you enroll in the CFA Program, you may receive numerous solicitations for preparatory courses and review materials. When considering a preparatory course, make sure the provider belongs to the CFA Institute Approved Prep Provider Program. Approved Prep Providers have committed to follow CFA Institute guidelines and high standards in their offerings and communications with candidates. For more information on the Approved Prep Providers, please visit www.cfainstitute.org/programs/cfa/exam/prep-providers.

但请记住,CFA考试没有捷径;认真阅读和学习CFA课程大纲考试成功的关键。CFA考试仅参考CFA协会指定的课程大纲——不涉及任何预备课程或复习课程资料。

Remember, however, that there are no shortcuts to success on the CFA examinations; reading and studying the CFA curriculum is the key to success on the examination. The CFA examinations reference only the CFA Institute assigned curriculum—no preparatory course or review course materials are consulted or referenced.

概括

CFA考试中的每一道题都基于指定阅读材料的内容以及一个或多个学习目标(LOS)。通常,考题会基于阅读材料中重点介绍的具体示例,或者基于特定的练习题及其解答。为了有效利用CFA课程,请记住以下要点:

Every question on the CFA examination is based on the content contained in the required readings and on one or more LOS. Frequently, an examination question is based on a specific example highlighted within a reading or on a specific practice problem and its solution. To make effective use of the CFA Program curriculum, please remember these key points:

  1. 除少数标明为选读的章节外,所有课程内容均为考试必读。您可以阅读选读章节作为背景知识,但考试不会涉及这些内容。

  2. All pages of the curriculum are required reading for the examination except for occasional sections marked as optional. You may read optional pages as background, but you will not be tested on them.

  3. 所有问题、难题及其解答(可在阅读材料末尾找到)都是课程的一部分,也是考试的必修学习材料。

  4. All questions, problems, and their solutions—found at the end of readings—are part of the curriculum and are required study material for the examination.

  5. 你应该充分利用www.cfainstitute.org网站上提供的练习题、模拟考试以及其他补充学习工具和考生资源。

  6. You should make appropriate use of the practice questions and mock examinations as well as other supplemental study tools and candidate resources available at www.cfainstitute.org.

  7. 使用学习计划表,制定学习计划并安排充足的时间来完成19次学习。你还应该计划复习学习资料、做练习题和参加模拟考试。

  8. Create a schedule and commit sufficient study time to cover the 19 study sessions, using the study planner. You should also plan to review the materials and take practice questions and mock examinations.

  9. 研讨课中的某些概念可能会被阅读材料发表后发布的最新裁决和/或声明所取代。考生应熟悉指定阅读材料中包含的整体分析框架。考生无需对材料撰写后发生的变化负责。

  10. Some of the concepts in the study sessions may be superseded by updated rulings and/or pronouncements issued after a reading was published. Candidates are expected to be familiar with the overall analytical framework contained in the assigned readings. Candidates are not responsible for changes that occur after the material was written.

反馈

Feedback

CFA协会致力于提供全面严谨的课程体系,培养具备专业素养和良好职业道德的投资专业人士。我们重视考生和投资专业人士的意见和反馈,并以此为依据不断改进课程、辅助学习工具和考生资源。

At CFA Institute, we are committed to delivering a comprehensive and rigorous curriculum for the development of competent, ethically grounded investment professionals. We rely on candidate and investment professional comments and feedback as we work to improve the curriculum, supplemental study tools, and candidate resources.

如有任何意见或反馈,请发送邮件至info@cfainstitute.org。我们保证会认真审阅您的建议。课程的持续改进将有助于您为即将到来的考试做好准备,并助您成为一名优秀的投资专业人士,开启终身学习之旅。

Please send any comments or feedback to info@cfainstitute.org. You can be assured that we will review your suggestions carefully. Ongoing improvements in the curriculum will help you prepare for success on the upcoming examinations and for a lifetime of learning as a serious investment professional.

财务报告与分析

Financial Reporting and Analysis

学习小组

Study Sessions

第六次学习会 财务报告与分析(1)
第七次学习会 财务报告与分析(2)
第八次学习会 财务报告与分析(3)
第九次学习会 财务报告与分析(4)

主题级学习成果

Topic Level Learning Outcome

应聘者应能展现出对财务报告程序和财务报告披露准则的透彻理解。重点在于基本财务报表及其不同会计方法的影响,以及对这些报表的分析。

The candidate should be able to demonstrate a thorough knowledge of financial reporting procedures and the standards that govern financial reporting disclosure. Emphasis is on basic financial statements and how alternative accounting methods affect those statements and the analysis of them.

财务报表分析对于评估公司整体财务状况及其长期风险至关重要。证券和业务估值、信用风险评估以及收购尽职调查都需要了解主要财务报表,包括一般原则和报告方法。由于没有一套会计准则被普遍接受,世界各地的公司可能会根据其所在司法管辖区的不同而采用不同的报告处理方法。

Financial statement analysis is critical in assessing a company’s overall financial position and associated risks over time. Security and business valuation, credit risk assessment, and acquisition due diligence all require an understanding of the major financial statements including general principles and reporting approaches. Because no set of accounting standards has universal acceptance, companies around the world may differ in reporting treatment based on their jurisdiction.

财务报表分析需要具备以下能力:分析公司报告的业绩与其经济现实之间的关系;对会计处理差异进行标准化处理,以便进行有效的跨公司比较;识别已报告财务报表中可能存在的质量问题;以及辨别管理层操纵财务报表的证据。

Financial statement analysis requires the ability to analyze a company’s reported results with its economic reality, normalize differences in accounting treatment to make valid cross company comparisons, identify quality issues that may exist in reported financial statements, and discern evidence of financial statement manipulation by management.

考生应熟悉CFA协会网站“考生资源”中提供的以下预备阅读材料:

Candidates should be familiar with the material covered in the following prerequisite reading available in Candidate Resources on the CFA Institute website:

财务报告机制

Financial Reporting Mechanics

第六次学习会 财务报告与分析(1)

Study Session 6 Financial Reporting and Analysis (1)

本次学习课程介绍用于评估公司财务业绩的主要信息来源。课程将探讨主要财务报表(利润表、资产负债表、现金流量表和权益变动表)及其附注和管理报告,并提供进行财务报表分析的一般框架。此外,课程还将介绍财务报告准则制定机构和监管机构所扮演的角色。

This study session introduces the principal information sources used to evaluate a company’s financial performance. Primary financial statements (income statement, balance sheet, cash flow statement, and statement of changes in equity) in addition to notes to these statements and management reporting are examined. A general framework for conducting financial statement analysis is provided. The session also includes a description of the roles played by financial reporting standard-setting bodies and regulatory authorities.

阅读作业

Reading Assignments

阅读19 《财务报表分析导论》,

作者:伊莱恩·亨利博士(Elaine Henry, PhD, CFA)和托马斯·R·罗宾逊博士(Thomas R. Robinson, PhD, CFA)。
阅读 20 财务报告准则,

作者:Elaine Henry,博士,特许金融分析师 (CFA);Jan Hendrik van Greuning,商业博士,特许金融分析师 (CFA);Thomas R. Robinson,博士,特许金融分析师 (CFA)

阅读19 财务报表分析导论

Reading 19 Introduction to Financial Statement Analysis

作者:伊莱恩·亨利(Elaine Henry,博士,特许金融分析师)和托马斯·R·罗宾逊(Thomas R. Robinson,博士,特许金融分析师)

Elaine Henry,博士,特许金融分析师 (CFA),任职于美国史蒂文斯理工学院。Thomas R. Robinson,博士,特许金融分析师 (CFA),任职于美国AACSB国际商学院协会。

Elaine Henry, PhD, CFA, is at Stevens Institute of Technology (USA). Thomas R. Robinson, PhD, CFA, is at AACSB International (USA).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 描述财务报告和财务报表分析的作用;

  2. describe the roles of financial reporting and financial statement analysis;

  3. 描述财务状况表、综合收益表、权益变动表和现金流量表在评估公司业绩和财务状况中的作用;

  4. describe the roles of the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows in evaluating a company’s performance and financial position;

  5. 描述财务报表附注和补充信息(包括会计政策、方法和估计的披露)以及管理层评论的重要性;

  6. describe the importance of financial statement notes and supplementary information—including disclosures of accounting policies, methods, and estimates—and management’s commentary;

  7. 描述财务报表审计的目标、审计报告的类型以及有效内部控制的重要性;

  8. describe the objective of audits of financial statements, the types of audit reports, and the importance of effective internal controls;

  9. 识别并描述分析人员除年度财务报表和补充信息外,在财务报表分析中使用的其他信息来源;

  10. identify and describe information sources that analysts use in financial statement analysis besides annual financial statements and supplementary information;

  11. 描述财务报表分析框架的步骤。

  12. describe the steps in the financial statement analysis framework.

1.引言

1. Introduction

财务分析是指在行业和经济环境下,对公司业绩进行考察,从而得出决策或建议的过程。财务分析师的决策和建议通常与向公司提供资金有关——具体而言,就是投资于公司的债券还是股权,以及投资价格。债券投资者关注的是公司支付利息和偿还本金的能力。股权投资者是公司的股东,拥有剩余权益,他们关注的是公司支付股息的能力以及股价上涨的可能性。

Financial analysis is the process of examining a company’s performance in the context of its industry and economic environment in order to arrive at a decision or recommendation. Often, the decisions and recommendations addressed by financial analysts pertain to providing capital to companies—specifically, whether to invest in the company’s debt or equity securities and at what price. An investor in debt securities is concerned about the company’s ability to pay interest and to repay the principal lent. An investor in equity securities is an owner with a residual interest in the company and is concerned about the company’s ability to pay dividends and the likelihood that its share price will increase.

总的来说,财务分析的核心在于评估公司能否获得至少等于其资本成本的资本回报,能否盈利地发展业务,以及能否产生足够的现金来履行义务和抓住机遇。

Overall, a central focus of financial analysis is evaluating the company’s ability to earn a return on its capital that is at least equal to the cost of that capital, to profitably grow its operations, and to generate enough cash to meet obligations and pursue opportunities.

基础财务分析始于公司财务报告中的信息。这些财务报告包括经审计的财务报表、监管机构要求的补充披露信息以及管理层提供的任何(未经审计的)评论。本文介绍的基础财务报表分析为分析师理解财务报告之外的其他研究信息奠定了基础。

Fundamental financial analysis starts with the information found in a company’s financial reports. These financial reports include audited financial statements, additional disclosures required by regulatory authorities, and any accompanying (unaudited) commentary by management. Basic financial statement analysis—as presented in this reading—provides a foundation that enables the analyst to better understand other information gathered from research beyond the financial reports.

本文结构如下:第二部分讨论了财务报表分析的范围。第三部分描述了财务报表分析中使用的信息来源,包括主要财务报表(资产负债表、综合收益表、权益变动表和现金流量表)。第四部分提供了一个指导财务报表分析过程的框架。最后,文章总结了要点。

This reading is organized as follows: Section 2 discusses the scope of financial statement analysis. Section 3 describes the sources of information used in financial statement analysis, including the primary financial statements (statement of financial position or balance sheet, statement of comprehensive income, statement of changes in equity, and cash flow statement). Section 4 provides a framework for guiding the financial statement analysis process. A summary of the key points conclude the reading.

2.财务报告和财务报表分析的作用

2. Roles of Financial Reporting and Financial Statement Analysis

公司发布的财务报表旨在提供有关公司业绩、财务状况及其变动的信息,这些信息对各类经济决策者都十分有用。财务报表分析则是利用公司编制的财务报告,结合其他信息,评估公司过去、现在和未来的业绩及财务状况,从而为投资、信贷和其他经济决策提供依据。公司管理人员会进行财务分析以制定经营、投资和融资决策,但他们并不一定依赖于对相关财务报表的分析。他们可以获取其他财务信息,这些信息可以以任何最适合他们决策的形式呈现。

The role of financial statements issued by companies is to provide information about a company’s performance, financial position, and changes in financial position that is useful to a wide range of users in making economic decisions. The role of financial statement analysis is to use financial reports prepared by companies, combined with other information, to evaluate the past, current, and potential performance and financial position of a company for the purpose of making investment, credit, and other economic decisions. Managers within a company perform financial analysis to make operating, investing, and financing decisions but do not necessarily rely on analysis of related financial statements. They have access to additional financial information that can be reported in whatever format is most useful to their decision.

在评估财务报告时,分析师通常会预先设定一个具体的经济决策。这些决策的例子包括:

In evaluating financial reports, analysts typically have a specific economic decision in mind. Examples of these decisions include the following:

  • 评估一项股权投资是否适合纳入投资组合。

  • Evaluating an equity investment for inclusion in a portfolio.

  • 评估并购候选对象。

  • Evaluating a merger or acquisition candidate.

  • 评估母公司的子公司或运营部门。

  • Evaluating a subsidiary or operating division of a parent company.

  • 决定是进行风险投资还是其他私募股权投资。

  • Deciding whether to make a venture capital or other private equity investment.

  • 确定公司的信用状况,以便决定是否向该公司提供贷款,如果提供贷款,则提供什么条款。

  • Determining the creditworthiness of a company in order to decide whether to extend a loan to the company and if so, what terms to offer.

  • 向客户提供信贷。

  • Extending credit to a customer.

  • 检查是否遵守债务契约或其他合同安排。

  • Examining compliance with debt covenants or other contractual arrangements.

  • 对公司或债券发行进行债务评级。

  • Assigning a debt rating to a company or bond issue.

  • 对证券进行估值,以便向他人提出投资建议。

  • Valuing a security for making an investment recommendation to others.

  • 预测未来净收入和现金流。

  • Forecasting future net income and cash flow.

这些决策体现了财务分析中的一些主题。一般来说,分析师会考察公司过去和当前的业绩及财务状况,以便对其未来的业绩和财务状况形成预期。分析师还会关注影响公司未来业绩和财务状况风险的因素。业绩考察可以包括对公司盈利能力(通过提供商品和服务赚取利润的能力)及其产生正现金流(现金收入超过现金支出)能力的评估。利润和现金流并不等同。利润(或亏损)是指向客户提供商品或服务的价格与提供这些商品或服务所产生的费用之间的差额。

These decisions demonstrate certain themes in financial analysis. In general, analysts seek to examine the past and current performance and financial position of a company in order to form expectations about its future performance and financial position. Analysts are also concerned about factors that affect risks to a company’s future performance and financial position. An examination of performance can include an assessment of a company’s profitability (the ability to earn a profit from delivering goods and services) and its ability to generate positive cash flows (cash receipts in excess of cash disbursements). Profit and cash flow are not equivalent. Profit (or loss) represents the difference between the prices at which goods or services are provided to customers and the expenses incurred to provide those goods and services.

此外,利润(或亏损)包括其他收入(例如投资收益或销售商品和服务以外的物品所得收入)减去为赚取该收入而发生的费用。总而言之,利润(或亏损)等于收入减去费用,其确认基本与现金的收付时间无关。示例 1说明了利润和现金流之间的区别。

In addition, profit (or loss) includes other income (such as investing income or income from the sale of items other than goods and services) minus the expenses incurred to earn that income. Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid. Example 1 illustrates the distinction between profit and cash flow.

例 1

利润与现金流

Profit versus Cash Flow

Sennett Designs (SD) 是一家零售家具公司。SD 于 2017 年 12 月开始运营,并以现金售出价值 25 万欧元的家具。SD 售出的家具中,15 万欧元为赊购款项,并于 12 月由供应商交付。根据供应商的信用条款,SD 需在 1 月份支付 15 万欧元的货款,用于购买 12 月份收到的家具。除家具的购销外,SD 在 12 月份还支付了 2 万欧元的现金,用于支付租金和员工工资。

Sennett Designs (SD) sells furniture on a retail basis. SD began operations during December 2017 and sold furniture for €250,000 in cash. The furniture sold by SD was purchased on credit for €150,000 and delivered by the supplier during December. The credit terms granted by the supplier required SD to pay the €150,000 in January for the furniture it received during December. In addition to the purchase and sale of furniture, in December, SD paid €20,000 in cash for rent and salaries.

  1. 如果没有发生其他交易,SD 在 2017 年 12 月的利润是多少?

  2. How much is SD’s profit for December 2017 if no other transactions occurred?

  3. SD公司2017年12月的现金流量是多少?

  4. How much is SD’s cash flow for December 2017?

  5. 如果 SD 公司在 2018 年 1 月的购销数量与 12 月完全相同,并且按照相同的条款(销售以现金收取,采购以赊购方式进行,2 月份到期),那么该公司 1 月份的利润和现金流将是多少?

  6. If SD purchases and sells exactly the same amount in January 2018 as it did in December and under the same terms (receiving cash for the sales and making purchases on credit that will be due in February), how much will the company’s profit and cash flow be for the month of January?

问题1的解答:

Solution to 1:

SD 2017 年 12 月的利润是销售价格(250,000 欧元)超过已售商品成本(150,000 欧元)和租金及工资(20,000 欧元)的部分,即 80,000 欧元。

SD’s profit for December 2017 is the excess of the sales price (€250,000) over the cost of the goods that were sold (€150,000) and rent and salaries (€20,000), or €80,000.

答案二:

Solution to 2:

2017 年 12 月的现金流量为 230,000 欧元,即从客户处收到的现金(250,000 欧元)减去支付的租金和工资(20,000 欧元)。

The December 2017 cash flow is €230,000, the amount of cash received from the customer (€250,000) less the cash paid for rent and salaries (€20,000).

问题3的解答:

Solution to 3:

SD公司2018年1月的利润与12月相同,均为80,000欧元,计算方法为:销售价格(250,000欧元)减去售出商品的成本(150,000欧元),再减去租金和工资(20,000欧元)。SD公司2018年1月的现金流量也为80,000欧元,计算方法为:收到的客户款项(250,000欧元)减去支付的租金和工资(20,000欧元),再减去SD公司上月赊购商品所欠的150,000欧元。

SD’s profit for January 2018 will be identical to its profit in December: €80,000, calculated as the sales price (€250,000) minus the cost of the goods that were sold (€150,000) and minus rent and salaries (€20,000). SD’s cash flow in January 2018 will also equal €80,000, calculated as the amount of cash received from the customer (€250,000) minus the cash paid for rent and salaries (€20,000) and minus the €150,000 that SD owes for the goods it had purchased on credit in the prior month.

盈利能力固然重要,但公司产生正现金流的能力同样至关重要。现金流之所以重要,是因为公司最终需要现金来支付员工工资、供应商款项和其他费用,才能维持持续经营。与经营现金流为正的公司相比,能够从经营活动中产生正现金流的公司在投资所需的资金方面拥有更大的灵活性,也更容易抓住具有吸引力的商业机会。此外,公司还需要现金来支付债务和股权资本提供者的回报(利息和股息)。

Although profitability is important, so is a company’s ability to generate positive cash flow. Cash flow is important because, ultimately, the company needs cash to pay employees, suppliers, and others in order to continue as a going concern. A company that generates positive cash flow from operations has more flexibility in funding needed for investments and taking advantage of attractive business opportunities than an otherwise comparable company without positive operating cash flow. Additionally, a company needs cash to pay returns (interest and dividends) to providers of debt and equity capital.

预期未来现金流的规模对于公司证券估值和判断公司偿付债务的能力至关重要。偿付短期债务的能力通常被称为流动性,而偿付长期债务的能力通常被称为偿付能力。然而,任何特定时期的现金流并不能完全衡量该时期的业绩,因为如例1所示,公司可能由于某项交易在当期产生正现金流而承担未来支付现金的义务。

The expected magnitude of future cash flows is important in valuing corporate securities and in determining the company’s ability to meet its obligations. The ability to meet short-term obligations is generally referred to as liquidity, and the ability to meet long-term obligations is generally referred to as solvency. Cash flow in any given period is not, however, a complete measure of performance for that period because, as shown in Example 1, a company may be obligated to make future cash payments as a result of a transaction that generates positive cash flow in the current period.

利润可以提供有关过去和未来现金流的有用信息。如果示例 1中的交易每月重复进行,SD 的长期平均月现金流将等于 80,000 欧元,即其月利润。分析师通常不仅评估过去的盈利能力,还会预测未来的盈利能力。

Profits may provide useful information about cash flows, past and future. If the transaction of Example 1 were repeated month after month, the long-term average monthly cash flow of SD would equal €80,000, its monthly profit. Analysts typically not only evaluate past profitability but also forecast future profitability.

图表1展示了新闻媒体如何将公司盈利公告置于分析师预期背景下进行报道。A部分展示了盈利公告本身,B部分展示了部分新闻媒体对该公告的报道示例。盈利数据也经常被分析师用于估值。例如,分析师可能会通过比较公司市盈率(P/E)与同行业公司的市盈率来评估公司股票价值,或者将预测的未来盈利作为直接或间接的输入数据,应用于折现现金流估值模型。

Exhibit 1 shows how news coverage of corporate earnings announcements places corporate results in the context of analysts’ expectations. Panel A shows the earnings announcement, and Panel B shows a sample of the news coverage of the announcement. Earnings are also frequently used by analysts in valuation. For example, an analyst may value shares of a company by comparing its price-to-earnings ratio (P/E) to the P/Es of peer companies and/or may use forecasted future earnings as direct or indirect inputs into discounted cash flow models of valuation.

图表1. 盈利报告及新闻媒体报道与分析师预期对比

A部分:苹果公司财报发布会节选

Panel A: Excerpt from Apple Earnings Release

苹果公司公布第二季度业绩

Apple Reports Second Quarter Results

营收增长16%,每股收益增长30%,创下3月份季度新纪录

Revenue Grows 16 Percent and EPS Grows 30 Percent to New March Quarter Records

公司宣布新的1000亿美元股票回购授权,股息提高16%。

New $100 Billion Share Repurchase Authorization Announced, Dividend Raised by 16 Percent

加州库比蒂诺——2018年5月1日——苹果公司今日公布了截至2018年3月31日的2018财年第二季度财务业绩。公司当季营收达611亿美元,较上年同期增长16%;稀释后每股收益为2.73美元,同比增长30%。国际销售额占当季营收的65%。

苹果公司首席执行官蒂姆·库克表示:“我们非常高兴地宣布,今年3月季度业绩创历史新高,iPhone、服务和可穿戴设备业务的营收均实现了强劲增长。与去年12月季度发布后的情况一样,3月季度每周选择iPhone X的顾客数量都超过了其他任何一款iPhone。此外,我们所有地区的营收均实现了增长,其中大中华区和日本的增幅均超过20%。”

苹果公司首席财务官卢卡·马埃斯特里表示:“今年三月季度,我们的业务表现极其出色,每股收益增长了30%,运营现金流超过150亿美元。凭借全球现金流带来的更大灵活性,我们可以更有效地投资于美国业务,并努力构建更优化的资本结构。鉴于我们对苹果未来充满信心,我们非常高兴地宣布,董事会已批准一项新的1000亿美元股票回购计划,并将季度股息提高16%。”

公司将在第三财季完成此前2100亿美元的股票回购授权。

鉴于已批准的增长,董事会宣布派发每股苹果普通股0.73美元的现金股息,将于2018年5月17日支付给截至2018年5月14日营业结束时登记在册的股东。

公司还预计将继续以净股份结算方式授予限制性股票单位。

自2012年8月启动资本回报计划至2018年3月,苹果公司已向股东返还了2750亿美元,其中包括2000亿美元的股票回购。管理团队和董事会将继续定期审查资本回报计划的各项内容,并计划每年发布该计划的最新进展报告。

苹果公司对其 2018 财年第三季度业绩给出了以下预期:

  • 营收在515亿美元至535亿美元之间

  • 毛利率在38%至38.5%之间

  • 运营支出在77亿美元至78亿美元之间

  • 其他收入/(支出)4亿美元

  • 税率约为14.5%

苹果公司将于2018年5月1日下午2点(太平洋时间)在www.apple.com/investor/earnings-call/网站进行2018年第二季度财报电话会议的直播。此次网络直播结束后,还将提供约两周的回放服务。

来源https ://www.apple.com/newsroom/2018/05/apple-reports-second-quarter-results/ (2018年11月3日检索)

Cupertino, California—May 1, 2018—Apple today announced financial results for its fiscal 2018 second quarter ended March 31, 2018. The Company posted quarterly revenue of $61.1 billion, an increase of 16 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.73, up 30 percent. International sales accounted for 65 percent of the quarter’s revenue.

“We’re thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables,” said Tim Cook, Apple’s CEO. “Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter. We also grew revenue in all of our geographic segments, with over 20% growth in Greater China and Japan.”

“Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow,” said Luca Maestri, Apple’s CFO. “With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our US operations and work toward a more optimal capital structure. Given our confidence in Apple’s future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend.”

The Company will complete the execution of the previous $210 billion share repurchase authorization during the third fiscal quarter.

Reflecting the approved increase, the Board has declared a cash dividend of $0.73 per share of Apple’s common stock payable on May 17, 2018 to shareholders of record as of the close of business on May 14, 2018.

The Company also expects to continue to net-share-settle vesting restricted stock units.

From the inception of its capital return program in August 2012 through March 2018, Apple has returned $275 billion to shareholders, including $200 billion in share repurchases. The management team and the Board will continue to review each element of the capital return program regularly and plan to provide an update on the program on an annual basis.

Apple is providing the following guidance for its fiscal 2018 third quarter:

  • revenue between $51.5 billion and $53.5 billion

  • gross margin between 38 percent and 38.5 percent

  • operating expenses between $7.7 billion and $7.8 billion

  • other income/(expense) of $400 million

  • tax rate of approximately 14.5 percent

Apple will provide live streaming of its Q2 2018 financial results conference call beginning at 2:00 p.m. PDT on May 1, 2018 at www.apple.com/investor/earnings-call/. This webcast will also be available for replay for approximately two weeks thereafter.

B 部分:新闻文章摘录:苹果公司 2018 年第二季度财报发布

Panel B: Excerpt from News Article: Apple Second Quarter 2018 Earnings Release

苹果公司周二公布的季度收益和营收均超出预期,但iPhone销量低于预期。

盘后交易中,该公司股价一度上涨 5%,投资者消化了该公司好于预期的本季度业绩展望以及一项规模庞大的资本回报计划。

尽管iPhone销量疲软,但仍比去年同期有所增长。苹果公司首席执行官蒂姆·库克在一份声明中表示,在3月份的季度中,顾客“每周选择iPhone X的次数都超过了其他任何一款iPhone”。

  • 每股收益:2.73美元,高于汤森路透一致预期调整后的2.67美元

  • 营收:611亿美元,高于汤森路透普遍预期的608.2亿美元。

  • iPhone 销量:5220 万部,高于 StreetAccount 预期的 5254 万部。

  • 第三财季营收预期:515亿美元至535亿美元,高于汤森路透普遍预期的516.1亿美元。

净利润为138.2亿美元,高于去年同期的110.3亿美元。去年同期,苹果公司每股收益为2.10美元,营收为529亿美元。

来源https ://cnbc.com/2018/05/01/apple-earnings-q2-2018.html (2018年11月3日检索)

Apple reported quarterly earnings and revenue on Tuesday that beat expectations, but sold fewer iPhones than expected.

Shares rose as much 5 percent after hours, as investors digested the company's better-than-expected outlook for the current quarter, and a hefty capital return program.

The soft iPhone sales were still up from a year ago, and Apple CEO Tim Cook said in a statement that customers "chose iPhone X more than any other iPhone each week in the March quarter."

  • Earnings per share: $2.73 vs. $2.67, adjusted, expected by a Thomson Reuters consensus estimate

  • Revenue: $61.1 billion vs. $60.82 billion expected by Thomson Reuters consensus

  • iPhone unit sales: 52.2 million vs. 52.54 million expected by a StreetAccount estimate

  • Fiscal Q3 revenue guidance: $51.5 billion to $53.5 billion vs. $51.61 billion expected by Thomson Reuters consensus

Net income was $13.82 billion, up from $11.03 billion a year ago. A year ago, Apple earned $2.10 a share on revenue of $52.9 billion.

分析师也关注公司的财务状况。财务状况可以通过比较公司控制的资源(资产)与对这些资源的索偿权(负债权益)来衡量。用于为其资产融资的负债和权益的组合构成了公司的资本结构。现金就是一项资源。在示例1中,如果没有发生其他交易,公司在2017年12月31日的现金余额应比期初增加23万欧元。公司可以用这笔现金支付其对供应商的债务(供应商对公司的索偿权),也可以用这笔现金向所有者分配利润(所有者对公司资产(扣除负债后)享有剩余索偿权)。

Analysts are also interested in the financial position of a company. The financial position can be measured by comparing the resources controlled by the company (assets) in relation to the claims against those resources (liabilities and equity). The combination of liabilities and equity used to finance its assets represents the capital structure of the company. An example of a resource is cash. In Example 1, if no other transactions occur, the company should have €230,000 more in cash at 31 December 2017 than at the start of the period. The cash can be used by the company to pay its obligation to the supplier (a claim against the company) and may also be used to make distributions to the owner (who has a residual claim against the company’s assets, net of liabilities).

财务状况和资本结构在信用分析中尤为重要,如图表2所示。图表A部分摘自公司年度盈利报告,重点介绍了其累计盈利能力、强劲的现金流、稳健的资产负债表以及较高的投资回报率。图表B部分摘自2017年8月的一篇新闻报道,该报道指出,由于西南航空公司长期盈利且资本结构稳健,其信用评级有所提升。

Financial position and capital structure are particularly important in credit analysis, as depicted in Exhibit 2. Panel A of the exhibit is an excerpt from the company’s annual earnings release highlighting the cumulative profitability, strong cash flow, strong balance sheet, and strong return on invested capital. Panel B of the exhibit is an excerpt from an August 2017 news article about an increase in the credit rating of Southwest Airlines due to a long history of profitability and a conservative capital structure.

展品2

A部分:西南航空公司盈利公告节选

Panel A: Excerpt from Earnings Announcement by Southwest Airlines

西南航空公司公布第四季度及全年盈利创历史新高,连续第44年实现盈利

Southwest Airlines Reports Fourth Quarter and Record Annual Profit; 44th Consecutive Year of Profitability

达拉斯,2017年1月26日/PRNewswire/ -- 西南航空公司(纽约证券交易所代码:LUV)(以下简称“公司”)今日公布了其2016年第四季度和年度业绩:

第四季度净利润为 5.22 亿美元,即每股摊薄收益 0.84 美元,而 2015 年第四季度净利润为 5.36 亿美元,即每股摊薄收益 0.82 美元。

剔除特殊项目后,第四季度净利润为4.63亿美元,即每股摊薄收益0.75美元,而2015年第四季度净利润为5.91亿美元,即每股摊薄收益0.90美元。这一业绩超过了First Call此前对2016年第四季度每股摊薄收益0.70美元的普遍预期。

年度净收入创历史新高,达到 22.4 亿美元,即每股摊薄收益 3.55 美元,而 2015 年净收入为 21.8 亿美元,即每股摊薄收益 3.27 美元。

不计特殊项目,年度净收入创历史新高,达 23.7 亿美元,即每股摊薄收益 3.75 美元,而 2015 年净收入为 23.6 亿美元,即每股摊薄收益 3.52 美元。

年度营业收入达 37.6 亿美元,营业利润率为 18.4%。

不计特殊项目,年度营业收入为 39.6 亿美元,营业利润率为 19.4%。

年度经营现金流创历史新高,达到 42.9 亿美元;年度自由现金流创历史新高,达到 22.5 亿美元。

2016 年,公司通过 2.22 亿美元的股息和 17.5 亿美元的股票回购,向股东返还了 19.7 亿美元。

投资资本年回报率(ROIC)1 为 30.0%。

董事长兼首席执行官加里·C·凯利表示:“我们非常高兴地宣布,2016年公司年度利润创历史新高,这也是我们连续第44年实现盈利。我们的总营业收入达到创纪录的204亿美元,这得益于市场对我们传奇般的低票价和卓越客户服务的持续需求。我们的利润率非常强劲,投资回报率(ROIC)接近历史最高水平,达到30.0%。创纪录的利润和稳健的资产负债表带来了创纪录的自由现金流,使我们能够为股东创造可观的价值。在运营方面,我们的表现也非常稳健。我们运送的乘客数量创历史新高,同时提高了准点率、行李递送率和净推荐值。我衷心感谢并祝贺西南航空全体员工取得如此卓越的业绩,他们在2016年获得了5.86亿美元的利润分成。”

“我们以稳健的2016年第四季度业绩为全年画上了圆满的句号。总营业收入同比增长2.0%,达到创纪录的51亿美元,超出我们第四季度初的预期。大选后,旅行需求和临近假期的收益率均有所改善。此外,12月份的商务旅行也比预期更为强劲。根据目前的预订量和收入趋势,我们预计2017年第一季度营业收入将与去年同期持平或下降1%。这较2016年第四季度2.9%的同比降幅有所改善,为新的一年开了个好头。”

正如预期,由于燃油成本上涨、工会合同修订后的工资增长以及波音737-300飞机加速退役带来的额外折旧费用,我们第四季度的单位成本同比有所增加。虽然预计2017年由于工会合同的工资增长将带来通胀压力,但我们将继续努力通过机队现代化和持续的运营技术投资来提高成本效益,以抵消成本增加的影响。

……“在刚刚结束的创纪录的一年里,我们以强劲的势头和饱满的热情开启了2017年。我们正按计划推进位于劳德代尔堡的新国际航站楼的启用工作,并计划于今年6月开通新的航线。我们预计今年秋季将引进全新的波音737-8客机。此外,近期的收入增长趋势以及持续的经济增长前景和适中的燃油价格也令我们倍感鼓舞。我们对2017年充满信心,相信今年将再创佳绩,并有机会赢得更多客户,为我们的员工和股东带来丰厚的回报。”

来源http ://www.southwestairlinesinvestorrelations.com/news-and-events/news-releases/2017/01-26-2017-111504198 (2018年11月3日检索)

DALLAS, Jan. 26, 2017 /PRNewswire/ -- Southwest Airlines Co. (NYSE:LUV) (the "Company") today reported its fourth quarter and annual 2016 results:

Fourth quarter net income of $522 million, or $.84 per diluted share, compared with fourth quarter 2015 net income of $536 million, or $.82 per diluted share.

Excluding special items, fourth quarter net income of $463 million, or $.75 per diluted share, compared with fourth quarter 2015 net income of $591 million, or $.90 per diluted share. This exceeded the First Call fourth quarter 2016 consensus estimate of $.70 per diluted share.

Record annual net income of $2.24 billion, or $3.55 per diluted share, compared with 2015 net income of $2.18 billion, or $3.27 per diluted share.

Excluding special items, record annual net income of $2.37 billion, or $3.75 per diluted share, compared with 2015 net income of $2.36 billion, or $3.52 per diluted share.

Annual operating income of $3.76 billion, resulting in an operating margin of 18.4 percent.

Excluding special items, annual operating income of $3.96 billion, resulting in an operating margin of 19.4 percent.

Record annual operating cash flow of $4.29 billion, and record annual free cash flow1 of $2.25 billion.

Returned $1.97 billion to Shareholders in 2016, through a combination of $222 million in dividends and $1.75 billion in share repurchases.

Annual return on invested capital (ROIC)1 of 30.0 percent.

Gary C. Kelly, Chairman of the Board and Chief Executive Officer, stated, "We are delighted to report record annual profits for 2016, our 44th consecutive year of profitability. Our total operating revenues reached a record $20.4 billion, with sustained demand for our legendary low fares and superior Customer Service. Our profit margins were very strong, and our ROIC was a near-record 30.0 percent. Our record profits and balance sheet discipline generated record free cash flow, allowing us to return significant value to our Shareholders. Operationally, our performance was also very solid. We carried a record number of Customers while improving our ontime performance, baggage delivery rate, and net promoter score. My thanks and congratulations to the superb People of Southwest for these outstanding results, which earned them $586 million in profit sharing during 2016.

"We ended the year with a solid fourth quarter 2016 performance. Total operating revenues grew 2.0 percent, year-over-year, to a fourth quarter record $5.1 billion, exceeding our expectations as of the beginning of the fourth quarter. Travel demand and close-in yields improved post-election. In addition, December business travel was stronger than anticipated leading up to the holiday period. Based on current bookings and revenue trends, we estimate first quarter 2017 operating unit revenues will be flat to down one percent, year-over-year. This represents a continued and sequential improvement from the 2.9 percent operating unit revenue year-over-year decline in fourth quarter 2016, which is an encouraging start to the year.

"As expected, our fourth quarter unit costs increased, year-over-year, due to higher fuel costs, pay increases from amended union contracts, and additional depreciation expense associated with the accelerated retirement of our Boeing 737-300 aircraft. While inflationary cost pressures are expected in 2017 due to the union contract pay increases, we are continuing our efforts to drive offsetting cost efficiencies through fleet modernization and ongoing technology investments in our operations.

…"As we close out a year of record results, we begin 2017 with momentum and enthusiasm. We are on track to open a new international terminal in Fort Lauderdale, along with the launch of new service, this June. We are on track to launch the new Boeing 737-8 in the fall. And, we are encouraged by recent revenue trends, as well as the prospects for continued economic growth and moderate fuel prices. We are excited about our current outlook for another strong year with opportunities to win more Customers and reward our People and our Shareholders."

B 部分:西南航空公司新闻报道节选

Panel B: Excerpt from News Article About Southwest Airlines

西南航空再次获得信用评级提升

Southwest Wins Another Credit Rating Upgrade

周一,标普全球评级将西南航空 (LUV) 的评级从 B 级上调至 B+ 级,理由是其“持续盈利记录”。

报告中的这句话很好地概括了此次升级的理由:

西南航空是美国唯一一家连续44年实现盈利的航空公司,并且仍然是世界上最大的低成本航空公司。

尽管面临诸多不利因素,包括“多个行业周期、美国大型枢纽辐射式航空公司发展成为更高效、财务更稳健的竞争对手、超低成本航空公司的出现、2011 年收购和整合 AirTran Holdings Inc.,以及该公司进入纽约拉瓜迪亚机场等更加拥挤但利润丰厚的都市机场”,信用评级机构仍对该航空公司的业绩表示赞赏。

今年6月,穆迪将西南航空的信用评级上调至A3,比标普在其信用评级体系中的新评级高出一个级别。穆迪高级信用官乔纳森·鲁特当时写道:“此次上调至A3反映了穆迪的预期,即西南航空将继续稳健地管理其资本结构,使其能够维持符合A3评级标准的信用指标。”

来源https ://www.barrons.com/articles/southwest-wins-another-credit-rating-upgrade-1502747699 (2018年11月3日检索)

Citing its “consistent record of profitability,” S&P Global Ratings upgraded Southwest Airlines (LUV) on Monday to a triple-B-plus rating from triple-B.

This line from the report sums up the rationale for the upgrade nicely:

Southwest is the only U.S. airline that has recorded 44 consecutive years of profitability and remains the largest low-cost airline in the world.

The credit rating agency commends the airline for its record despite headwinds including, “multiple industry cycles, the evolution of the large U.S. hub-and-spoke airlines into more efficient and financially secure competitors, the emergence of ultra-low-cost airlines, the acquisition and integration of AirTran Holdings Inc. in 2011, and the company’s entry into more congested but lucrative metropolitan airports such as New York’s LaGuardia Airport.”

In June, Moody’s upgraded Southwest to A3, one notch higher than S&P’s new rating on its credit scale. Moody’s Senior Credit Officer Jonathan Root wrote then, “the upgrade to A3 reflects Moody’s expectation that Southwest will continue to conservatively manage its capital structure, allowing it to sustain credit metrics supportive of the A3 rating category.”

在对公司进行财务分析时,分析师通常会参考公司的财务报表、财务附注、补充报表以及其他各种信息来源。下一节将介绍主要的财务报表和一些常用的信息来源。

In conducting financial analysis of a company, the analyst will regularly refer to the company’s financial statements, financial notes, and supplementary schedules and a variety of other information sources. The next section introduces the primary financial statements and some commonly used information sources.

3.主要财务报表和其他信息来源

3. Primary Financial Statements and Other Information Sources

为了对一家公司进行股权或信用分析,分析师需要收集大量信息。收集的信息性质会根据具体决策(或分析目的)而有所不同,但通常包括有关经济、行业和公司的信息,以及可比同行公司的信息。来自公司外部的信息可能包括经济统计数据、行业报告、贸易出版物和包含竞争对手信息的数据库。公司自身也会在其财务报告、新闻稿、投资者电话会议和网络直播中提供核心分析信息。

In order to perform an equity or credit analysis of a company, an analyst collects a great deal of information. The nature of the information collected will vary on the basis of the individual decision to be made (or the specific purpose of the analysis) but will typically include information about the economy, industry, and company, as well as information about comparable peer companies. Information from outside the company will likely include economic statistics, industry reports, trade publications, and databases containing information on competitors. The company itself provides core information for analysis in its financial reports, press releases, investor conference calls, and webcasts.

公司定期编制财务报告(根据适用的监管要求,通常为年度、半年或季度)。财务报告包括财务报表以及评估公司财务状况和定期业绩所需的补充披露信息。

Companies prepare financial reports at regular intervals (annually, semiannually, and/or quarterly depending on the applicable regulatory requirements). Financial reports include financial statements along with supplemental disclosures necessary to assess the company’s financial position and periodic performance.

财务报表是公司遵循适用的会计准则和原则,通过会计流程记录其经济活动的结果。这些报表汇总了会计信息,主要供公司外部用户(例如投资者、债权人、分析师等)参考,因为公司内部人员可以直接获取财务报表所汇总的基础财务数据以及财务报告流程中未包含的其他信息。

Financial statements are the result of an accounting process that records a company’s economic activities, following the applicable accounting standards and principles. These statements summarize the accounting information, mainly for users outside the company (such as investors, creditors, analysts, and others) because insiders have direct access to the underlying financial data summarized in the financial statements and to other information that is not included in the financial reporting process.

财务报表几乎总是由独立会计师进行审计,他们会根据一套特定的、适用的会计准则和原则,对财务报表是否公允地反映公司的业绩和财务状况发表意见。

Financial statements are almost always audited by independent accountants, who provide an opinion on whether the financial statements present fairly the company’s performance and financial position, in accordance with a specified, applicable set of accounting standards and principles.

3.1财务报表和补充信息

3.1. Financial Statements and Supplementary Information

一套完整的财务报表包括财务状况表(即资产负债表)、综合收益表(即单一的综合收益表或利润表和综合收益表)、权益变动表和现金流量表。资产负债表反映公司在特定时点的财务状况。综合收益表和现金流量表分别从不同方面反映公司在一段时间内的经营业绩。权益变动表则提供有关公司财务状况变化的补充信息。此外,随附的必要附注(或脚注)也是一套完整财务报表不可或缺的组成部分。

A complete set of financial statements include a statement of financial position (i.e., a balance sheet), a statement of comprehensive income (i.e., a single statement of comprehensive income or an income statement and a statement of comprehensive income), a statement of changes in equity, and a statement of cash flows.1 The balance sheet portrays the company’s financial position at a given point in time. The statement of comprehensive income and statement of cash flows present different aspects of a company’s performance over a period of time. The statement of changes in equity provides additional information regarding the changes in a company’s financial position. In addition, the accompanying required notes, or footnotes, are considered an integral part of a complete set of financial statements.

除了必要的财务报表外,公司通常还会在其财务报告中提供其他信息。在许多司法管辖区,监管机构或会计准则委员会强制要求提供部分或全部此类附加信息。这些附加信息可能包括公司董事长的信函、管理层对业绩的讨论报告(通常称为管理层讨论与分析[MD&A]或管理层评论)、提供保证的外部审计师报告、描述公司董事会结构的治理报告以及企业社会责任报告。作为分析的一部分,财务分析师应阅读并评估这些附加信息以及财务报表。以下各节将描述并举例说明每份财务报表和部分附加信息。

Along with the required financial statements, a company typically provides additional information in its financial reports. In many jurisdictions, some or all of this additional information is mandated by regulators or accounting standards boards. The additional information provided may include a letter from the chairman of the company, a report from management discussing the results (typically called management discussion and analysis [MD&A] or management commentary), an external auditor’s report providing assurances, a governance report describing the structure of the company’s board of directors, and a corporate responsibility report. As part of his or her analysis, the financial analyst should read and assess this additional information along with the financial statements. The following sections describe and illustrate each financial statement and some of the additional information.

3.1.1资产负债表(财务状况表)

3.1.1. Balance Sheet (Statement of Financial Position)

资产负债表(也称财务状况表财务状况报告)通过披露公司在特定时点控制的资源(资产)及其对贷款人和其他债权人的义务(负债),反映公司的财务状况。所有者权益(有时称为“净资产”)代表资产超过负债的部分。这部分金额归属于公司的所有者或股东。所有者权益是所有者在扣除负债后对公司资产的剩余权益(即剩余索取权)。

The balance sheet (also called the statement of financial position or statement of financial condition) presents a company’s financial position by disclosing the resources the company controls (assets) and its obligations to lenders and other creditors (liabilities) at a specific point in time. Owners’ equity (sometimes called “net assets”) represents the excess of assets over liabilities. This amount is attributable to the company’s owners or shareholders. Owners’ equity is the owners’ residual interest in (i.e., residual claim on) the company’s assets after deducting its liabilities.

资产负债表的三部分(资产、负债和所有者权益)之间的关系可以用以下等式表示:资产 = 负债 + 所有者权益。这个等式(有时称为会计等式或资产负债表等式)表明,资产总额必须等于负债总额和所有者权益总额之。或者,该等式可以重新排列为:资产 – 负债 = 所有者权益。这种表述强调了所有者权益的剩余索取权。根据组织形式的不同,所有者权益也可能被称为“合伙人资本”、“股东权益”或“股东资金”。

The relationship among the three parts of the balance sheet (assets, liabilities, and owners’ equity) can be expressed in the following equation form: Assets = Liabilities + Owners’ equity. This equation (sometimes called the accounting equation or the balance sheet equation) shows that the total amount of assets must equal or balance with the combined total amounts of liabilities and owners’ equity. Alternatively, the equation may be rearranged as follows: Assets – Liabilities = Owners’ equity. This formulation emphasizes the residual claim aspect of owners’ equity. Depending on the form of the organization, owners’ equity may be referred to as “partners’ capital” or “shareholders’ equity” or “shareholders’ funds.”

附件 3展示了大众汽车集团 2017 年年度报告中的资产负债表。

Exhibit 3 presents the balance sheet of the Volkswagen Group from its Annual Report 2017.

附件3. 大众汽车集团资产负债表(节选)
百万欧元 2017年12月31日 2016年12月31日
资产    
非流动资产    
无形资产 63,419 62,599
固定资产、厂房和设备 55,243 54,033
租赁资产 39,254 38,439
投资性房产 468 512
权益法核算的投资 8,205 8,616
其他股权投资 1,318 996
金融服务应收款 73,249 68,402
其他金融资产 8,455 8,256
其他应收款项 2,252 2009年
应收税款 407 392
递延所得税资产 9,810 9,756
  262,081 254,010
流动资产
库存 40,415 38,978
应收账款 13,357 12,187
金融服务应收款 53,145 49,673
其他金融资产 11,998 11,844
其他应收款项 5,346 5,130
应收税款 1,339 1,126
有价证券 15,939 17,520
现金、现金等价物和定期存款 18,457 19,265
待售资产 115
  160,112 155,722
总资产 422,193 409,732
 
权益和负债
公平
   认缴资本 1,283 1,283
   资本储备 14,551 14,551
   留存收益 81,367 70,446
   其他储备 560 (1,158)
   归属于大众汽车股份公司混合资本投资者的权益 11,088 7,567
归属于大众汽车股份公司股东和混合资本投资者的权益 108,849 92,689
非控股权益 229 221
  109,077 92,910
非流动负债
财务负债 81,628 66,358
其他财务负债 2,665 4,488
其他负债 6,199 5,664
递延所得税负债 5,636 4,745
养老金规定 32,730 33,012
税收准备金 3,030 3,556
其他规定 20,839 21,482
  152,726 139,306
流动负债
授予非控股股东的认沽期权和补偿权 3,795 3,849
财务负债 81,844 88,461
应付账款 23,046 22,794
应缴税款 430 500
其他财务负债 8,570 9,438
其他负债 15,961 15,461
税收准备金 1,397 1,301
其他规定 25,347 35,711
  160,389 177,515
总权益和负债 422,193 409,732

:数字如年度报告中所示,由于四舍五入,可能存在微调误差。

Note: Numbers are as shown in the annual report and may not precisely add because of rounding.

资料来源:大众汽车2017年年度报告

Source: Volkswagen 2017 annual report

图表 3中,资产负债表的列示方式是:最近年份的数据位于左栏,较早年份的数据位于右栏。虽然这种列示方式很常见,但分析师在阅读财务报表时仍需谨慎。在某些情况下,列示顺序可能会相反,较早年份的数据位于左侧,而最近年份的数据位于最右侧。

In Exhibit 3, the balance sheet is presented with the most recent year in the left column and the earlier year in the right column. Although this is a common presentation, analysts should be careful when reading financial statements. In some cases, the ordering may be reversed, with the earlier year(s) on the left and the most recent year on the far right.

截至2017年12月31日,大众汽车的总资源或资产为4220亿欧元。该数字由非流动资产2620亿欧元和流动资产1600亿欧元组成。 2总权益为1090亿欧元。虽然大众汽车没有公布资产负债表上所有负债的总额,但可以通过将非流动负债和流动负债相加得出,即1530亿欧元 + 1600亿欧元 = 3130亿欧元。 3

At 31 December 2017, Volkswagen’s total resources or assets were €422 billion. This number is the sum of non-current assets of €262 billion and current assets of €160 billion.2 Total equity was €109 billion. Although Volkswagen does not give a total amount for all the balance sheet liabilities, it can be determined by adding the non-current and current liabilities, €153 billion + €160 billion = €313 billion.3

回顾基本的会计等式:资产 = 负债 + 所有者权益,我们有 4220 亿欧元 = 3130 亿欧元 + 1090 亿欧元。换句话说,大众汽车拥有 4220 亿欧元的资产,负债 3130 亿欧元,因此其所有者权益为 1090 亿欧元。分析师可以利用资产负债表并进行财务报表分析,回答诸如此类的问题:

Referring back to the basic accounting equation, Assets = Liabilities + Equity, we have €422billion = €313 billion + €109 billion. In other words, Volkswagen has assets of €422 billion, owes €313 billion, and thus has equity of €109 billion. Using the balance sheet and applying financial statement analysis, the analyst can answer such questions as

  • 公司的流动性(履行短期债务的能力)是否有所改善?

  • Has the company’s liquidity (ability to meet short-term obligations) improved?

  • 该公司是否有偿付能力(是否有足够的资源来履行其义务)?

  • Is the company solvent (does it have sufficient resources to cover its obligations)?

  • 该公司在行业内的财务状况如何?

  • What is the company’s financial position relative to the industry?

德国汽车制造商大众汽车按照国际财务报告准则(IFRS)编制财务报表。IFRS要求公司列示资产负债表,将流动资产和非流动资产以及流动负债和非流动负债分别列示。然而,IFRS并未规定具体的列示顺序或格式,公司列示资产负债表项目的顺序很大程度上取决于惯例。

Volkswagen, a German-based automobile manufacturer, prepares its financial statements in accordance with International Financial Reporting Standards (IFRS). IFRS require companies to present balance sheets that show current and non-current assets and current and non-current liabilities as separate classifications. However, IFRS do not prescribe a particular ordering or format, and the order in which companies present their balance sheet items is largely a function of tradition.

如图所示,大众汽车的列示顺序为:非流动资产在前,流动资产在后;所有者权益在前,负债在后;非流动负债在前,流动负债在后。这种方法通常反映了从流动性最差到流动性最强的列示方式。在其他国家,列示顺序可能有所不同。例如,在美国、澳大利亚和加拿大,公司通常按照流动性从强到弱的顺序列示其资产和负债。现金通常是首先列示的资产,所有者权益则列示在负债之后。

As shown, Volkswagen presents non-current assets before current assets, owners’ equity before liabilities, and non-current liabilities before current liabilities. This method generally reflects a presentation from least liquid to most liquid. In other countries, the typical order of presentation may differ. For example, in the United States, Australia, and Canada, companies usually present their assets and liabilities from most liquid to least liquid. Cash is typically the first asset shown, and equity is presented after liabilities.

作为比较的基础,附录 4列出了沃尔玛公司(沃尔玛)2018 年年度报告中的资产负债表,其财政年度截止日期为 1 月 31 日。

As a basis for comparison, Exhibit 4 presents the balance sheet of Walmart, Inc. (Walmart) from its 2018 annual report, with a fiscal year end of 31 January.

附录4.沃尔玛合并资产负债表
截至1月31日
(金额单位:百万美元) 2018 2017
资产
流动资产:
现金及现金等价物 6,756 6,867
应收账款净额 5,614 5,835
库存 43,783 43,046
预付费用及其他 3,511 1,941
流动资产总额 59,664 57,689
财产和设备:
财产和设备 185,154 179,492
减去累计折旧 (77,479) (71,782)
财产和设备净值 107,675 107,710
资本租赁和融资义务下的财产:
资本租赁和融资义务项下的财产 12,703 11,637
较少的累计摊销 (5,560) (5,169)
资本租赁和融资义务项下的资产净值 7,143 6,468
 
善意 18,242 17,037
其他资产和递延费用 11,798 9,921
总资产 204,522 198,825
 
负债和权益
流动负债:
短期借款 5,257 1,099
应付账款 46,092 41,433
应计负债 22,122 20,654
应计所得税 645 921
一年内到期的长期债务 3,738 2,256
一年内到期的资本租赁和融资义务 667 565
流动负债总额 78,521 66,928
 
长期债务 30,045 36,015
长期资本租赁和融资义务 6,780 6,003
递延所得税和其他 8,354 9,344
 
承诺和应急措施
 
公平:
普通股 295 305
超过面值的资本 2,648 2,371
留存收益 85,107 89,354
累计其他综合损失 (10,181) (14,232)
沃尔玛股东总权益 77,869 77,798
非控股权益 2,953 2,737
总权益 80,822 80,535
总负债和权益 204,522 198,825

资料来源:沃尔玛2018年年度报告。

Source: Walmart 2018 annual report.

截至2018年1月31日,沃尔玛的总资产为2050亿美元。负债和其他非权益债权总额为1240亿美元,权益为810亿美元。

As of 31 January 2018, Walmart has total assets of $205 billion. Liabilities and other non-equity claims total $124 billion, and equity is $81 billion.

3.1.2综合收益表

3.1.2. Statement of Comprehensive Income

综合收益表可以以单一的综合收益表形式列示,也可以以两份报表形式列示:一份是利润表,另一份是综合收益表,其中综合收益表以利润表中的损益为起始点。大众汽车集团选择了后一种列示方式。

The statement of comprehensive income can be presented as a single statement of comprehensive income or as two statements, an income statement and a statement of comprehensive income that begins with profit or loss from the income statement. The Volkswagen Group chose the latter form of presentation.

3.1.2.1损益表

3.1.2.1. Income Statement

损益表反映了公司在一段时间内的财务业绩。它列示了公司在该期间内产生的收入和其他收益,以及为产生这些收入和其他收益而发生的费用。收入通常指公司在日常经营活动中提供商品或服务所收取的款项。其他收益可能包括公司日常经营活动中产生的收益,例如出售业务所得利润。费用反映了资产的流出、损耗以及导致权益减少的负债。费用通常包括销售成本(已售商品成本)、管理费用和所得税费用等项目,有时也包括亏损。损益表中的净利润(收入加其他收益减去费用)通常被称为“底线”,因为它位于损益表的底部。净利润也可能被称为“净收益”、“净利润”或“损益”。如果费用超过收入和其他收益,则结果称为“净亏损”。

The income statement presents information on the financial performance of a company’s business activities over a period of time. It communicates how much revenue and other income the company generated during a period and the expenses it incurred to generate that revenue and other income. Revenue typically refers to amounts charged for the delivery of goods or services in the ordinary activities of a business. Other income may include gains that may or may not arise in the ordinary activities of the business, such as profit on a business disposal. Expenses reflect outflows, depletions of assets, and incurrences of liabilities that decrease equity. Expenses typically include such items as cost of sales (cost of goods sold), administrative expenses, and income tax expenses and may be defined to include losses. Net income (revenue plus other income minus expenses) on the income statement is often referred to as the “bottom line” because of its proximity to the bottom of the income statement. Net income may also be referred to as “net earnings,” “net profit,” and “profit or loss.” In the event that expenses exceed revenues and other income, the result is referred to as “net loss.”

损益表以合并报表的形式编制,这意味着它包含了母公司(报告公司)控制下的子公司的收入和支出。损益表有时也被称为经营报表利润表。损益表的基本等式是:收入 + 其他收入 – 支出 = 收入 – 支出 = 净利润。

Income statements are reported on a consolidated basis, meaning that they include the income and expenses of subsidiary companies under the control of the parent (reporting) company. The income statement is sometimes referred to as a statement of operations or profit and loss (P&L) statement. The basic equation underlying the income statement is Revenue + Other income – Expenses = Income – Expenses = Net income.

一般而言,当一家公司(母公司)控制另一家公司(子公司)时,母公司会将其自身的财务报表信息与子公司的财务报表合并列示。(当母公司持有子公司超过50%的表决权股份时,推定其控制该子公司,因此需要编制合并财务报表。)合并利润表中的每个项目都包含子公司利润表中相应项目的全部金额(扣除任何公司间交易后)。但是,如果母公司并未持有子公司100%的股份,则母公司必须将净利润分配给少数股东。少数股东权益,也称为非控股权益,是指持有子公司剩余股份且该股份不属于母公司的股东。归属于少数股东的合并净利润份额与归属于母公司股东的净利润一起列示在利润表的底部。附录5列出了大众汽车集团2017年年度报告中的利润表。

In general terms, when one company (the parent) controls another company (the subsidiary), the parent presents its own financial statement information consolidated with that of the subsidiary. (When a parent company owns more than 50 percent of the voting shares of a subsidiary company, it is presumed to control the subsidiary and thus presents consolidated financial statements.) Each line item of the consolidated income statement includes the entire amount from the relevant line item on the subsidiary’s income statement (after removing any intercompany transactions). However, if the parent does not own 100 percent of the subsidiary, it is necessary for the parent to present an allocation of net income to the minority interests. Minority interests, also called non-controlling interests, refer to owners of the remaining shares of the subsidiary that are not owned by the parent. The share of consolidated net income attributable to minority interests is shown at the bottom of the income statement along with the net income attributable to shareholders of the parent company. Exhibit 5 presents the income statements of the Volkswagen Group from its 2017 annual report.

附录5. 大众汽车集团损益表(节选)
百万欧元 2017 2016
销售收入 230,682 217,267
销售成本 (188,140) (176,270)
总结果 42,542 40,997
分配费用 (22,710) (22,700)
行政费用 (8,254) (7,336)
其他营业收入 14,500 13,049
其他运营费用 (12,259) (16,907)
运营结果 13,818 7,103
权益法核算投资的成果份额 3,482 3,497
利息收入 951 1,285
利息支出 (2,317) (2,955)
其他财务结果 (2,022) (1,638)
财务业绩 94 189
税前利润 13,913 7,292
所得税收入/支出 (2,275) (1,912)
   当前的 (3,205) (3,273)
   延期 930 1,361
税后收益 11,638 5,379
其中可归因于
   非控股权益 10 10
   大众汽车股份公司混合资本投资者 274 225
   大众汽车股份公司股东 11,354 5,144
 
每股普通股基本收益(欧元) 22.63 10.24
稀释后每股普通股收益(欧元) 22.63 10.24
每股优先股基本收益(欧元) 22.69 10.30
每股优先股稀释收益(欧元) 22.69 10.30

:这些数字与年度报告中显示的数字一致,由于四舍五入,可能存在误差。

Note: The numbers are as shown in the annual report and may not add because of rounding.

资料来源:2017年大众汽车年度报告。

Source: 2017 Volkswagen annual report.

图表5显示,大众汽车截至2017年12月31日止年度的销售收入为2310亿欧元。从收入中扣除销售成本后,得出毛利润(大众汽车称之为“毛利”)为430亿欧元。扣除运营成本和费用并加上其他运营收入后,公司的营业利润(大众汽车称之为“营业结果”)总计为140亿欧元。营业利润代表公司在扣除利息支出或税款之前的正常经营活动成果。因此,营业利润(除营业结果外,也称为营业收入)通常被称为息税前利润(EBIT)。

Exhibit 5 shows that Volkswagen’s sales revenue for the year ended 31 December 2017 was €231 billion. Subtracting cost of sales from revenue gives gross profit (called “gross results” by Volkswagen) of €43 billion. After subtracting operating costs and expenses and adding other operating income, the company’s operating profit (called “operating result” by Volkswaen) totals €14 billion. Operating profit represents the results of the company’s usual business activities before deducting interest expense or taxes. Operating profit (also called operating income in addition to operating result) is thus often referred to as earnings before interest and taxes (EBIT).

接下来,营业利润增加大众汽车从其部分投资中获得的利润份额(35亿欧元)加上利息收入10亿欧元,再减少其其他金融活动的亏损(20亿欧元)和利息支出230万欧元,得出税前利润(收益)为139亿欧元。2017年所得税总支出为23亿欧元,得出税后利润(净收入)为116亿欧元。在分配大众汽车子公司少数股东权益所对应的利润后,2017年归属于大众汽车股东的利润为114亿欧元。

Next, operating profit is increased by Volkswagen’s share of the profits generated by certain of its investments (€3.5 billion) plus interest income of €1.0 billion, and decreased by losses from its other financial activities (€2.0 billion) and by interest expense of €2.3 million, resulting in profit (earnings) before tax of €13.9 billion. Total income tax expense for 2017 was €2.3 billion, resulting in profit after tax (net income) of €11.6 billion. After allocating the profits attributable to minority interest ownership in Volkswagen subsidiary companies, the profit attributable to shareholders of Volkswagen for 2017 was €11.4 billion.

公司在损益表中列示基本每股收益和稀释每股收益。每股收益是指归属于该类别股东的净利润除以该期间已发行股份的数量。基本每股收益的计算方法是:以该期间实际已发行普通股的加权平均数加上归属于普通股股东的损益。稀释每股收益的计算方法是:以稀释股份数(即假设持有人行使或转换可能稀释普通股权益的权利,例如股票期权或可转换债券)加上经适当调整的归属于普通股股东的损益。

Companies present both basic and diluted earnings per share on the face of the income statement. Earnings per share numbers represent net income attributable to the class of shareholders divided by the relevant number of shares outstanding during the period. Basic earnings per share is calculated using the weighted-average number of common (ordinary) shares that were actually outstanding during the period and the profit or loss attributable to the common shareowners. Diluted earnings per share uses diluted shares—the number of shares that would hypothetically be outstanding if potentially dilutive claims on common shares (e.g., stock options or convertible bonds) were exercised or converted by their holders—and an appropriately adjusted profit or loss attributable to the common shareowners.

大众汽车有两种股东类型:普通股股东和优先股股东,并公布了两种股东的每股收益信息,尽管法律并未强制要求公布优先股股东的每股收益信息。大众汽车普通股的基本每股收益为22.63欧元。公司财务报表附注解释说,该数字的计算方法如下:归属于大众汽车股东的利润为114亿欧元,其中68亿欧元归属于普通股股东,剩余部分归属于优先股股东。归属于普通股股东的68亿欧元除以加权平均普通股股数2.95亿股,得出基本每股收益22.63欧元。每项每股收益的附注中都提供了类似的详细计算方法。

Volkswagen has two types of shareholders, ordinary and preferred, and presents earnings per share information for both, although there is no requirement to present earnings per share information for preferred shareowners. Volkswagen’s basic earnings per ordinary share was €22.63. A note to the company’s financial statements explains that this number was calculated as follows: €11.4 billion profit attributable to shareholders of Volkswagen, of which €6.8 billion is attributable to ordinary shareholders and the balance is attributable to preferred shareholders. The €6.8 billion attributable to ordinary shareholders divided by the weighted-average number of ordinary shares of 0.295 billion shares equals basic earnings per share of €22.63. Similar detail is provided in the notes for each of the earnings per share numbers.

分析师在审阅损益表时可能会注意到,大众汽车在这两年都实现了盈利。该公司2017年的利润大幅增长,主要原因是销售额增加和其他运营费用降低(脚注显示,这主要是由于2017年诉讼费用减少了40亿美元)。分析师可能会提出一些与盈利能力相关的问题,例如:

An analyst examining the income statement might note that Volkswagen was profitable in both years. The company’s profits increased substantially in 2017, primarily because of higher sales and lower other operating expenses (footnotes reveal this was largely due to $4 billion less in litigation expenses in 2017). The analyst might formulate questions related to profitability, such as the following:

  • 收入变化是由于销量增加、价格上涨,还是两者兼而有之?

  • Is the change in revenue related to an increase in units sold, an increase in prices, or some combination?

  • 如果一家公司有多个业务部门(例如,大众汽车的业务部门包括乘用车、轻型商用车和金融服务等),那么各个业务部门的收入和利润是如何变化的?

  • If the company has multiple business segments (for example, Volkswagen’s segments include passenger cars, light commercial vehicles, and financial services, among others), how are the segments’ revenue and profits changing?

  • 该公司与业内其他公司相比如何?

  • How does the company compare with other companies in the industry?

回答此类问题需要分析师收集、分析和解释来自多个来源的信息,包括但不限于损益表。

Answering such questions requires the analyst to gather, analyze, and interpret information from a number of sources, including, but not limited to, the income statement.

3.1.2.2其他综合收益

3.1.2.2. Other Comprehensive Income

综合收益包括所有影响所有者权益但并非与股东进行交易产生的项目。其中一些项目计入净利润的计算,另一些项目计入其他综合收益(OCI)。当综合收益在两份报表中列示时,综合收益表首先列示利润表中的损益,然后列示其他综合收益的组成部分。

Comprehensive income includes all items that impact owners’ equity but are not the result of transactions with shareowners. Some of these items are included in the calculation of net income, and some are included in other comprehensive income (OCI). When comprehensive income is presented in two statements, the statement of comprehensive income begins with the profit or loss from the income statement and then presents the components of OCI.

附件 6摘录了大众汽车集团 2017 年年度报告中的综合收益表。

Exhibit 6 presents an excerpt from the statement of comprehensive income of the Volkswagen Group from its 2017 annual report.

附件6. 大众汽车集团综合收益表(节选)
百万欧元 截至2017年12月31日的财政年度
税后收益 11,638
   养老金计划重新计量计入其他综合收益
   养老金计划重新计量计入其他综合收益(税前) 785
   在其他综合收益中确认的与养老金计划重新计量相关的递延所得税 (198)
养老金计划重新计量计入其他综合收益(扣除税项后) 588
权益法核算投资的其他综合收益份额(扣除税项后),不会重新分类至损益。 96
不会重新归类为损益的项目 683
   外汇交易对外汇交易的影响
   未实现的汇兑损益 (2,095)
   转入损益 (4)
   税前境外经营折算汇兑差额 (2,099)
   与折算境外经营活动汇兑差额相关的递延税项 (8)
扣除税项后,境外经营折算汇兑损益的税后金额 (2,107)
   现金流套期保值
   在其他综合收益中确认的公允价值变动 6,137
   转入损益 (558)
   税前现金流套期保值 5,579
   与现金流套期保值相关的递延税项 (1,597)
扣除税项后的现金流套期保值 3,982
   可供出售的金融资产
   在其他综合收益中确认的公允价值变动 56
   转入损益 62
   税前可供出售金融资产 118
   与可供出售金融资产相关的递延税项 (25)
可供出售的金融资产(扣除税款后) 93
权益法核算的投资的其他综合收益份额(该份额可能随后重分类至损益),扣除税项后 (346)
随后可能重新归类为损益的项目 1,622
   其他综合收益(税前) 4,133
   与其它综合收益相关的递延所得税 (1,828)
其他综合收益(扣除税项后) 2,305
综合收益总额 13,943

资料来源:大众汽车2017年年度报告。

Source: Volkswagen 2017 annual report.

附录6显示,2017年综合收益总额为139亿欧元,其中包括利润表中列示的税后利润116亿欧元和其他综合收益23亿欧元。其他综合收益项目反映了公司权益的变动,这些变动不属于损益,其中一些项目未来可能会被重新分类为损益,例如未实现的汇兑损益。我们将在后续文章中更详细地讨论综合收益表。

Exhibit 6 shows total comprehensive income for 2017 was €13.9 billion, which is the sum of earnings after tax of €11.6 billion, reported on the income statement, and other comprehensive income of €2.3 billion. The items in OCI reflect changes in the company’s equity that are not considered to be profit or loss, some of which may be reclassified as such in the future such as unrealized currency translation gains and losses. The statement of comprehensive income will be discussed in greater detail in a later reading.

3.1.3权益变动表

3.1.3. Statement of Changes in Equity

权益变动表,有时也称为“所有者权益变动表”或“股东权益变动表”,主要用于报告所有者对企业投资随时间的变化。所有者权益的基本组成部分是实收资本和留存收益。留存收益包括公司累计留存的利润。此外,少数股东权益和代表累计其他综合收益项目的储备也包含在权益中。后两项可以单独列示,也可以计入留存收益。大众汽车将储备作为留存收益的组成部分。

The statement of changes in equity, sometimes called the “statement of changes in owners’ equity” or “statement of changes in shareholders’ equity,” primarily serves to report changes in the owners’ investment in the business over time. The basic components of owners’ equity are paid-in capital and retained earnings. Retained earnings include the cumulative amount of the company’s profits that have been retained in the company. In addition, non-controlling or minority interests and reserves that represent accumulated OCI items are included in equity. The latter items may be shown separately or included in retained earnings. Volkswagen includes reserves as components of retained earnings.

权益变动表按权益各组成部分列示期初余额、期中增加额、期中减少额和期末余额。对于实收资本,新增股权属于增加,回购已发行股票属于减少。对于留存收益,收入(包括利润表中列示的净利润和其他综合收益)是最常见的增加项,而股利支付是最常见的减少项。

The statement of changes in equity is organized to present, for each component of equity, the beginning balance, any increases during the period, any decreases during the period, and the ending balance. For paid-in capital, an example of an increase is a new issuance of equity and an example of a decrease is a repurchase of previously issued stock. For retained earnings, income (both net income as reported on the income statement and OCI) is the most common increase and a dividend payment is the most common decrease.

大众汽车的资产负债表(见附录3)显示,截至2017年底,其权益总额为1090亿欧元,而2016年底为930亿欧元。该公司的权益变动表详细列出了各项变动情况。附录7摘录了大众汽车集团2017年年度报告中的权益变动表。为简洁起见,省略了部分中期列。

Volkswagen’s balance sheet in Exhibit 3 shows that equity at the end of 2017 totaled €109 billion, compared with €93 billion at the end of 2016. The company’s statement of changes in equity presents additional detail on the change in each line item. Exhibit 7 presents an excerpt of the statement of changes in equity of the Volkswagen Group from its 2017 annual report. For purposes of brevity, several interim columns were excluded from the presentation.

附件7. 大众汽车集团权益变动表(节选)
百万欧元 认缴资本 资本储备 留存收益 总权益
截至2017年1月1日的余额 1,283 14,551 70,446 92,910
税后收益 11,354 11,638
其他综合收益(扣除税项后) 586 2,305
综合收益总额 11,940 13,943
资本增加 3,481
股息支付 -1,015 -1,332
涉及所有权变更的资本交易
其他变化 -4 75
截至2017年12月31日的余额 1,283 14,551 81,367 109,077

:数字如年度报告中所示,由于排除某些列以及四舍五入,可能存在加减不全的情况。

Note: Numbers are as shown in the annual report and may not add and cross-add because of the exclusion of columns and due to rounding.

附录7最右侧一栏所示,本年度总权益增加139亿欧元,其中包括综合收益总额和35亿欧元的资本注入;减少13亿欧元的股息;最后,其他变动略微增加7500万欧元。有关权益的解释性说明载于合并财务报表附注中。

In Exhibit 7, as shown in the far right column, total equity is increased during the year by total comprehensive income of €13.9 billion and by capital infusions of €3.5 billion; it is decreased by dividends of €1.3 billion; and finally, slightly increased by €75 million of other changes. Explanatory notes on equity are included in the notes to the consolidated financial statements.

3.1.4现金流量表

3.1.4. Cash Flow Statement

尽管损益表和资产负债表能够衡量公司的业绩和财务状况,但现金流对于公司的长期成功也至关重要。披露现金的来源和用途有助于债权人、投资者和其他报表使用者评估公司的流动性、偿付能力和财务灵活性。财务灵活性是指公司应对和适应财务逆境和机遇的能力。

Although the income statement and balance sheet provide measures of a company’s success in terms of performance and financial position, cash flow is also vital to a company’s long-term success. Disclosing the sources and uses of cash helps creditors, investors, and other statement users evaluate the company’s liquidity, solvency, and financial flexibility. Financial flexibility is the ability of the company to react and adapt to financial adversity and opportunities.

现金流量表将公司的所有现金流量分为三类:经营活动现金流量、投资活动现金流量和筹资活动现金流量。经营活动现金流量通常涉及决定净利润的交易所产生的现金影响,因此构成公司日常运营活动。投资活动现金流量与购置和处置长期资产(例如固定资产和设备)相关。筹资活动现金流量与获取或偿还用于业务的资金相关。与美国通用会计准则(US GAAP)相比,国际财务报告准则(IFRS)在将股息和利息的收入和支出归入这些类别方面提供了更大的灵活性。

The cash flow statement classifies all cash flows of the company into three categories: operating, investing, and financing. Cash flows from operating activities generally involve the cash effects of transactions involved in the determination of net income and, hence, comprise the day-to-day operations of the company. Cash flows from investing activities are associated with the acquisition and disposal of long-term assets, such as property and equipment. Cash flows from financing activities relate to obtaining or repaying capital to be used in the business. IFRS permit more flexibility than US GAAP in classifying dividend and interest receipts and payments within these categories.

附录 8列出了大众汽车截至 2017 年 12 月 31 日和 2016 年 12 月 31 日的财政年度的现金流量表。

Exhibit 8 presents Volkswagen’s statement of cash flows for the fiscal years ended 31 December 2017 and 2016.

附录8. 大众汽车集团现金流量表:1月1日至12月31日
百万欧元 2017 2016
期初现金及现金等价物 18,833 20,462
税前利润 13,913 7,292
已缴纳的所得税 (3,664) (3,315)
无形资产、固定资产和投资性房地产的折旧和摊销以及减值损失 10,562 10,100
资本化开发成本的摊销和减值损失 3,734 3,586
权益投资减值损失 136 130
租赁资产的折旧和减值损失 7,734 7,107
处置非流动资产和权益投资的损益 (25) (222)
权益法核算投资的成果份额 274 377
其他非现金支出/收入 (480) 716
库存变化 (4,198) (3,637)
应收账款变动(不包括金融服务) (1,660) (2,155)
负债变动(不包括金融负债) 5,302 5,048
条款变更 (9,443) 5,966
租赁资产变动 (11,478) (12,074)
金融服务应收款变动 (11,891) (9,490)
经营活动产生的现金流量 (1,185) 9,430
对无形资产(不包括开发成本)、固定资产、厂房及设备以及投资性房地产的投资 (13,052) (13,152)
增加资本化开发成本 (5,260) (5,750)
收购子公司 (277) (119)
收购其他股权投资 (561) (309)
处置子公司 496 (7)
处置其他股权投资 24 2,190
处置无形资产、固定资产、厂房及设备以及投资性房地产所得款项 411 351
证券投资的变化 1,376 (1,245)
贷款和定期存款的变化 335 (2,638)
投资活动产生的现金流量 (16,508) (20,679)
资本出资 3,473
已支付股息 (1,332) (364)
与非控股股东的资本交易 (3)
债券发行所得款项 30,279 14,262
债券偿还 (17,877) (23,601)
其他金融负债的变化 3,109 19,455
租赁付款 (28) (36)
融资活动产生的现金流量 17,625 9,712
汇率变动对现金及现金等价物的影响 (727) (91)
现金及现金等价物的净变动 (796) (1,628)
期末现金及现金等价物 18,038 18,833

在列示期初现金余额后,经营活动部分首先列示税前利润( 2017 年为 139 亿欧元),然后减去实际缴纳的所得税,并调整非现金交易、应计项目和递延项目以及投资和融资性质的交易的影响,最终得出经营活动产生的现金流量:负 12 亿欧元(现金净流出)。这种报告经营活动现金流量的方法称为间接法。直接法则披露经营活动现金流量的主要类别,例如从客户收到的现金以及支付给供应商和员工的现金。

After showing the beginning cash balance, the operating activities section starts with profit before tax,4 €13.9 billion for 2017, subtracts actual income tax payments, and then adjusts for the effects of non-cash transactions, accruals and deferrals, and transactions of an investing and financing nature to arrive at the amount of cash generated from operating activities: a negative €1.2 billion (a net use of cash). This approach to reporting cash flow from operating activities is termed the indirect method. The direct method of reporting cash flows from operating activities discloses major classes of gross cash receipts and gross cash payments. Examples are cash received from customers and cash paid to suppliers and employees.

间接法强调损益表和现金流量表的不同视角。在损益表中,收入是在赚取时确认的,而非一定是收到现金时确认;费用是在发生时确认的,而非一定是支付时确认。现金流量表则展现了公司业绩的另一个方面:公司通过经营活动产生现金流的能力。理想情况下,对于一家成熟的公司,分析师希望看到其现金流的主要来源是经营活动,而非投资或筹资活动。

The indirect method emphasizes the different perspectives of the income statement and cash flow statement. On the income statement, income is reported when earned, not necessarily when cash is received, and expenses are reported when incurred, not necessarily when paid. The cash flow statement presents another aspect of performance: the ability of a company to generate cash flow from running its business. Ideally, for an established company, the analyst would like to see that the primary source of cash flow is from operating activities as opposed to investing or financing activities.

经营活动、投资活动和筹资活动产生的净现金流量之和,加上汇率对现金的影响,等于该财政年度的现金净变动。对于大众汽车而言,2017 年这四项的总和为负 7.96 亿欧元,导致公司现金及现金等价物从期初的 188 亿欧元减少至期末的 180 亿欧元。

The sum of the net cash flows from operating, investing, and financing activities and the effect of exchange rates on cash equals the net change in cash during the fiscal year. For Volkswagen, the sum of these four items was a negative €796 million in 2017, decreasing the company’s cash and cash equivalents from €18.8 billion at the beginning of the period to €18.0 billion at the end of the period.

3.1.5财务附注和补充附表

3.1.5. Financial Notes and Supplementary Schedules

四份财务报表所附的附注(有时也称为脚注)是必需的,也是完整财务报表不可或缺的组成部分。这些附注提供了理解主要报表内容所必需的信息。例如,大众汽车2017年的财务报表就包含了超过100页的附注。

The notes (also sometimes referred to as footnotes) that accompany the four financial statements are required and are an integral part of the complete set of financial statements. The notes provide information that is essential to understanding the information provided in the primary statements. Volkswagen’s 2017 financial statements, for example, include more than 100 pages of notes.

附注披露了财务报表的编制基础。例如,大众汽车披露其财政年度与日历年度一致;其财务报表按照欧盟采纳的国际财务报告准则(IFRS)编制;报表符合德国法律;除非另有说明,报表以百万欧元计价;并且所有数字均已四舍五入,因此在合并时可能会出现细微差异。大众汽车还声明其财务报表为合并报表,即包括大众汽车股份公司及其所有控股子公司。

The notes disclose the basis of preparation for the financial statements. For example, Volkswagen discloses that its fiscal year corresponds to the calendar year; its financial statements are prepared in accordance with IFRS as adopted by the European Union; the statements are prepared in compliance with German law; the statements are denominated in millions of euros unless otherwise specified; and the figures have been rounded, which might give rise to minor discrepancies when they are added. Volkswagen also states that its financial statements are on a consolidated basis—that is, including Volkswagen AG and all of the subsidiary companies it controls.

附注还披露了编制财务报表所采用的会计政策、方法和估计信息。正如后续章节将要讨论的,国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)在对某些项目进行会计处理时,都允许在不同的会计政策和方法之间进行一定的选择。这种灵活性旨在满足众多企业在报告各种经济交易方面的不同需求。除了会计政策和方法上的差异外,记录和计量交易、事项和财务报表项目所需的估计也会造成差异。

The notes also disclose information about the accounting policies, methods, and estimates used to prepare the financial statements. As will be discussed in later readings, both IFRS and US GAAP allow some flexibility in choosing among alternative policies and methods when accounting for certain items. This flexibility aims to meet the divergent needs of many businesses for reporting a variety of economic transactions. In addition to differences in accounting policies and methods, differences arise as a result of estimates needed to record and measure transactions, events, and financial statement line items.

总体而言,会计选择的灵活性是必要的,因为理想情况下,公司会选择那些允许的、最相关的、并且能够公平反映公司业务和行业独特经济环境的政策、方法和估计。然而,灵活性也会给分析师带来挑战,因为使用不同的政策、方法和估计会降低不同公司财务报表之间的可比性。可比性是指不同公司的信息在一段时间内以相似的方式进行计量和报告。可比性有助于分析师识别和分析公司之间真正的经济差异,而不是仅仅由不同的会计选择造成的差异。由于财务报表的可比性是客观财务分析的关键要求,因此,即使是比较两家使用相同会计准则的公司,分析师也应该意识到会计选择上可能存在的差异。

Overall, flexibility in accounting choices is necessary because, ideally, a company will select those policies, methods, and estimates that are allowable and most relevant and that fairly reflect the unique economic environment of the company’s business and industry. Flexibility can, however, create challenges for the analyst because the use of different policies, methods, and estimates reduces comparability across different companies’ financial statements. Comparability occurs when different companies’ information is measured and reported in a similar manner over time. Comparability helps the analyst identify and analyze the real economic differences across companies, rather than differences that arise solely from different accounting choices. Because comparability of financial statements is a critical requirement for objective financial analysis, an analyst should be aware of the potential for differences in accounting choices even when comparing two companies that use the same set of accounting standards.

例如,如果一家公司购置了一台设备用于其运营,会计准则要求将该设备的成本作为一项费用列报,方法是将成本减去残值后,按设备使用寿命内的成本进行系统性分摊。这种成本分摊方式称为折旧。然而,会计准则允许在确定每年费用的具体方式上具有一定的灵活性。两家公司可能购置了类似的设备,但却采用不同的方法和假设来记录随着时间​​的推移产生的费用。这种差异会影响分析师对两家公司业绩的比较。分析师必须了解不同的报告方式,才能在比较两家公司的财务状况和业绩时做出适当的调整。

For example, if a company acquires a piece of equipment to use in its operations, accounting standards require that the cost of the equipment be reported as an expense by allocating its cost, less any residual value, in a systematic manner over the equipment’s useful life. This allocation of the cost is known as depreciation. Accounting standards permit flexibility, however, in determining the manner in which each year’s expense is determined. Two companies may acquire similar equipment but use different methods and assumptions to record the expense over time. An analyst’s ability to compare the companies’ performance is hindered by the difference. Analysts must understand reporting choices in order to make appropriate adjustments when comparing companies’ financial positions and performance.

公司的重要会计选择(政策、方法和估计)必须在财务报表附注中进行说明。例如,包含重要会计政策概要的附注应包括公司如何确认收入以及如何对其非流动有形资产进行折旧。分析师必须了解公司的会计选择,并确定这些选择是否与已确定并用作基准或可比公司的其他公司相似。如果被比较公司的政策不同,了解会计和财务报告的分析师通常可以进行必要的调整,以使所使用的财务报表数据更具可比性。

A company’s significant accounting choices (policies, methods, and estimates) must be discussed in the notes to the financial statements. For example, a note containing a summary of significant accounting policies includes how the company recognizes its revenues and depreciates its non-current tangible assets. Analysts must understand the accounting choices a company makes and determine whether they are similar to those of other companies identified and used as benchmarks or comparables. If the policies of the companies being compared are different, the analyst who understands accounting and financial reporting can often make necessary adjustments so that the financial statement data used are more comparable.

对于许多公司而言,财务附注和补充附表提供了资产负债表和利润表中每一项目(或几乎每一项目)的解释性信息,如大众汽车资产负债表和利润表中的附注参考所示(见附录3和附录5)。此外,附注披露还包括以下信息(此列表并非详尽无遗):

For many companies, the financial notes and supplemental schedules provide explanatory information about every line item (or almost every line item) on the balance sheet and income statement, as illustrated by the note references in Volkswagen’s balance sheet and income statement in Exhibits 3 and 5. In addition, note disclosures include information about the following (this is not an exhaustive list):

  • 金融工具及由金融工具产生的风险

  • financial instruments and risks arising from financial instruments,

  • 承诺和应急措施

  • commitments and contingencies,

  • 法律诉讼程序

  • legal proceedings,

  • 关联方交易

  • related-party transactions,

  • 后续事项(即资产负债表日后发生的事项),

  • subsequent events (i.e., events that occur after the balance sheet date),

  • 企业并购和处置,以及

  • business acquisitions and disposals, and

  • 各运营部门的业绩。

  • operating segments’ performance.

附录 9. 大众汽车集团合并财务报表附注:经营分部精选数据(节选)
百万欧元 乘用车 商用车辆 电力工程 金融服务 总段数 和解 大众汽车集团
来自外部客户的销售收入 169,513 27,632 3,280 30,191 230,618 64 230,682
部门间销售收入 18,892 7,568 3 3,541 30,004 -30,004
总销售收入 188,405 35,200 3,283 33,733 260,621 -29,939 230,682
折旧和摊销 11,363 2,557 371 6,797 21,089 -147 20,941
减值损失 704 2 0 574 1,280 0 1,280
逆转减值损失 14 1 41 56 56
分部业绩(营业业绩) 12,644 1,892 -55 2,673 17,153 -3,335 13,818
权益法核算投资的成果份额 3,390 83 1 9 3,482 3,482
净利息收益及其他财务结果 -1,920 -220 -2 -180 -2,321 -1,067 -3,388
权益法核算的投资 6,724 753 18 710 8,205 8,205
对无形资产、固定资产、厂房及设备和投资性房地产的投资 15,713 1,915 159 421 18,208 104 18,313

分析师在决定如何将附注披露的信息纳入分析时,会运用大量的判断力。例如,金融工具风险、或有事项和法律诉讼等信息可以帮助分析师识别可能影响公司未来财务状况和业绩的风险,并需要对这些风险进行长期监测。再举一例,了解公司经营分部的信息有助于快速了解公司的业务内容、盈利方式和盈利来源。附录9所示的经营分部数据来自大众汽车的财务报表附注。(由于财务报表数据已根据分部间活动和未分配项目进行调整,因此分部数据的总额与公司财务报表中的金额并不相等。附注提供了分部数据与已报告数据的完整调节表。)从附录9的数据中,分析师可以迅速看出,公司的大部分收入和营业利润来自乘用车的销售。该业务部门创造了公司 80% 以上的收入,并贡献了公司 90% 以上的部门营业利润。

An analyst uses a significant amount of judgment in deciding how to incorporate information from note disclosures into the analysis. For example, such information as financial instrument risk, contingencies, and legal proceedings can alert an analyst to risks that can affect a company’s financial position and performance in the future and that require monitoring over time. As another example, information about a company’s operating segments can be useful as a means of quickly understanding what a company does and how and where it earns money. The operating segment data shown in Exhibit 9 appear in the notes to the financial statements for Volkswagen. (The totals of the segment data do not equal the amounts reported in the company’s financial statements because the financial statement data are adjusted for intersegment activities and unallocated items. The notes provide a complete reconciliation of the segment data to the reported data.) From the data in Exhibit 9, an analyst can quickly see that most of the company’s revenues and operating profits come from the sale of passenger cars. Over 80 percent of the company’s revenues was generated by this segment This segment accounted for over 90 percent of the company’s total segment operating profits.

使用公司及其竞争对手披露的信息的经验通常可以增强分析师对不同披露信息的相对重要性以及它们如何发挥作用的判断。

Experience using the disclosures made by a company and its competitors typically enhances an analyst’s judgment about the relative importance of different disclosures and the ways in which they can be helpful.

3.1.6管理层评论或管理层讨论与分析

3.1.6. Management Commentary or Management’s Discussion and Analysis

上市公司通常会在年度报告中设立一个章节,由管理层讨论各种问题,包括业务性质、过往业绩和未来展望。该章节有多种名称,例如管理报告、管理层评论、运营和财务回顾以及管理层讨论与分析。国际证券委员会组织建议列入管理报告,而美国证券交易委员会(SEC)或英国财务报告委员会(FRC)等监管机构也经常要求列入管理报告。在德国,管理报告自1931年起就被要求提交,并接受审计。

Publicly held companies typically include a section in their annual reports where management discusses a variety of issues, including the nature of the business, past results, and future outlook. This section is referred to by a variety of names, including management report(ing), management commentary, operating and financial review, and management’s discussion and analysis. Inclusion of a management report is recommended by the International Organization of Securities Commissions and frequently required by regulatory authorities, such as the US Securities and Exchange Commission (SEC) or the UK Financial Reporting Council (FRC). In Germany, management reporting has been required since 1931 and is audited.

除了财务报表本身,管理层评论可以说是公司年度报告中最有价值的部分之一;然而,除了财务报表摘录之外,管理层评论中包含的信息通常未经审计。分析师在使用管理层报告中的信息时,应注意这些信息是否经过审计。

The discussion by management is arguably one of the most useful parts of a company’s annual report besides the financial statements themselves; however, other than excerpts from the financial statements, information included in the management commentary is typically unaudited. When using information from the management report, an analyst should be aware of whether the information is audited or unaudited.

为了帮助提高管理层讨论的质量,国际会计准则理事会(IASB)发布了《国际财务报告准则实务公告》之“管理层评述”,其中包含一个编制和呈现管理层评述的框架。该框架旨在提供指导,而非在准则中规定具体要求。该框架确定了“对决策有用的管理层评述”的五个内容要素:1)业务性质;2)管理层的目标和战略;3)公司的重要资源、风险和关系;4)经营成果;以及5)关键绩效指标。

To help improve the quality of the discussion by management, the International Accounting Standards Board (IASB) issued an IFRS Practice Statement “Management Commentary” includes a framework for the preparation and presentation of management commentary. The framework provides guidance rather than sets forth requirements in a standard. The framework identifies five content elements of a “decision-useful management commentary:” 1) the nature of the business; 2) management’s objectives and strategies; 3) the company’s significant resources, risks, and relationships; 4) results of operations; and 5) critical performance measures.

在美国,证券交易委员会(SEC)要求上市公司提供管理层讨论与分析(MD&A),并对其内容作出具体规定。管理层必须重点阐述任何有利或不利的趋势,并识别影响公司流动性、资本资源和经营业绩的重大事件和不确定性。MD&A还必须提供有关通货膨胀、价格变动或其他可能导致未来经营业绩和财务状况与当前已公布的财务信息存在重大偏差的重大事件和不确定性的影响信息。此外,MD&A还必须提供有关表外负债和合同承诺(例如采购义务)的信息。管理层还应讨论需要其做出主观判断且对已公布的财务业绩产生重大影响的关键会计政策。

In the United States, the SEC requires listed companies to provide an MD&A and specifies the content.5 Management must highlight any favorable or unfavorable trends and identify significant events and uncertainties that affect the company’s liquidity, capital resources, and results of operations. The MD&A must also provide information about the effects of inflation, changing prices, or other material events and uncertainties that may cause the future operating results and financial condition to materially depart from the current reported financial information. In addition, the MD&A must provide information about off-balance-sheet obligations and about contractual commitments such as purchase obligations. Management should also discuss the critical accounting policies that require them to make subjective judgments and that have a significant impact on reported financial results.

管理层评论(MD&A)是理解财务报表信息的良好起点。特别是,前瞻性披露,例如有关计划资本支出、新店开业或资产剥离的信息,有助于预测公司未来的业绩。然而,对于寻求客观独立视角来评估公司业绩和前景的分析师而言,管理层评论只是众多参考信息之一。

The management commentary, or MD&A, is a good starting place for understanding information in the financial statements. In particular, the forward-looking disclosures, such as those about planned capital expenditures, new store openings, or divestitures, can be useful in projecting a company’s future performance. However, the commentary is only one input for the analyst seeking an objective and independent perspective on a company’s performance and prospects.

大众汽车2017年年度报告中的管理报告包含大量分析师可能感兴趣的信息。这份篇幅较长的报告包含多个章节,例如目标与战略、内部管理与关键绩效指标、组织结构与业务活动、公司治理、薪酬、执行机构、收购法要求披露的信息、柴油车问题、业务发展、股票与债券、经营业绩以及风险与机遇报告。

The management report in Volkswagen’s 2017 annual report includes much information of potential interest to an analyst. The lengthy report contains sections such as Goals and Strategies, Internal Management and Key Performance Indicators, Structure and Business Activities, Corporate Governance, Remuneration, Executive Bodies, Disclosures Required under Takeover Law, Diesel Issue, Business Development, Shares and Bonds, Results of Operations, and Report on Risks and Opportunities.

3.1.7审计报告

3.1.7. Auditor’s Reports

公司年度报告中列示的财务报表通常需要由独立的会计师事务所按照特定的审计准则进行审计(审查)。之后,独立审计师会就这些财务报表出具书面意见,即审计报告。不同司法管辖区的审计报告可能有所不同,但其基本组成部分(包括审计师的具体意见)基本相似。财务报表审计可能由合同约定、法律或法规要求。

Financial statements presented in companies’ annual reports are generally required to be audited (examined) by an independent accounting firm in accordance with specified auditing standards. The independent auditor then provides a written opinion on the financial statements. This opinion is referred to as the audit report. Audit reports may vary in different jurisdictions, but the minimum components, including a specific statement of the auditor’s opinion, are similar. Audits of financial statements may be required by contractual arrangement, law, or regulation.

国际审计准则(ISA)由国际审计与鉴证准则理事会(IAASB)制定。该机构源于国际会计师联合会。许多国家已采纳国际审计准则,并在这些国家发布的审计报告中予以引用。其他国家,例如美国,则制定了自己的审计准则。随着2002年《萨班斯-奥克斯利法案》在美国的颁布,上市公司审计准则由上市公司会计监督委员会(PCAOB)发布。

International standards on auditing (ISAs) have been developed by the International Auditing and Assurance Standards Board (IAASB). This body has emerged from the International Federation of Accountants. ISAs have been adopted by many countries and are referenced in audit reports issued in those countries. Other countries, such as the United States, specify their own auditing standards. With the enactment of the Sarbanes–Oxley Act of 2002 in the United States, auditing standards for public companies are promulgated by the Public Company Accounting Oversight Board.

根据国际审计准则(ISA),审计师在进行财务报表审计时的总体目标是:

Under international standards for auditing (ISAs), the overall objectives of an auditor in conducting an audit of financial statements are

  1. 为了合理保证财务报表整体不存在因舞弊或错误导致的重大错报,从而使审计师能够就财务报表在所有重大方面是否按照适用的财务报告框​​架编制发表意见;

  2. To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework; and

  3. 根据审计师的审计结果,就财务报表出具报告,并按国际审计准则的要求进行沟通。6

  4. To report on the financial statements, and communicate as required by the ISAs, in accordance with the auditor’s findings.6

上市公司可能还需遵守监管机构或证券交易所制定的要求,例如在其董事会内设立独立审计委员会,以监督审计流程。审计流程为独立审计师提供依据,使其能够就经审计的财务报表是否按照既定的会计准则公允地反映公司的财务状况、经营业绩和现金流量发表意见。

Publicly traded companies may also have requirements set by regulators or stock exchanges, such as appointing an independent audit committee within its board of directors to oversee the audit process. The audit process provides a basis for the independent auditor to express an opinion on whether the information in the audited financial statements presents fairly the financial position, performance, and cash flows of the company in accordance with a specified set of accounting standards.

审计的设计和实施采用抽样技术,财务报表项目可能基于估计和假设。这意味着审计师无法就财务报表的准确性或精确性发表绝对保证意见。相反,独立审计报告提供合理保证,即财务报表公允列报,这意味着经审计的财务报表极有可能不存在对财务报表有直接影响的重大错误、舞弊或违法行为。

Audits are designed and conducted using sampling techniques, and financial statement line items may be based on estimates and assumptions. This means that the auditors cannot express an opinion that provides absolute assurance about the accuracy or precision of the financial statements. Instead, the independent audit report provides reasonable assurance that the financial statements are fairly presented, meaning that there is a high probability that the audited financial statements are free from material error, fraud, or illegal acts that have a direct effect on the financial statements.

独立审计报告表达了审计师对已审计财务报表公允性的意见,并具体说明审计的财务报表、报告主体和日期。无保留意见表明,财务报表按照适用的会计准则“真实公允地反映”(国际标准)或“公允地列报”(国际和美国标准)。这也被称为“无保留意见”或“干净意见”,是分析师希望在财务报告中看到的。此外,还有其他几种保留意见。保留意见是指审计范围存在限制或对会计准则存在例外情况。审计报告中会用额外的解释性段落描述这些例外情况,以便分析师能够判断其重要性。否定意见是指审计师认定财务报表与会计准则存在重大偏差且未公允列报。最后,无法表示意见是指由于某些原因(例如审计范围限制),审计师无法出具审计意见。

The independent audit report expresses the auditor’s opinion on the fairness of the audited financial statements, and specifies which financial statements were audited, the reporting entity, and the date. An unqualified audit opinion states that the financial statements give a “true and fair view” (international) or are “fairly presented” (international and US) in accordance with applicable accounting standards. This is also referred to as an “unmodified” or a “clean” opinion and is the one that analysts would like to see in a financial report. There are several other types of modified opinions. A qualified audit opinion is one in which there is some scope limitation or exception to accounting standards. Exceptions are described in the audit report with additional explanatory paragraphs so that the analyst can determine the importance of the exception. An adverse audit opinion is issued when an auditor determines that the financial statements materially depart from accounting standards and are not fairly presented. Finally, a disclaimer of opinion occurs when, for some reason, such as a scope limitation, the auditors are unable to issue an opinion.

审计报告还阐述了审计师意见的依据,对于上市公司,还包括对关键审计事项(国际)和重要审计事项(美国)的讨论。关键审计事项是指审计师认为最重要的事项,例如错报风险较高、涉及管理层重大判断或报告期间重大交易影响的事项。重要审计事项是指涉及“特别具有挑战性、主观性或复杂性的审计师判断”的事项,同样包括错报风险较高或涉及管理层重大判断和估计的事项。

The audit report also describes the basis for the auditor’s opinion and, for listed companies, includes a discussion of Key Audit Matters (international) and Critical Audit Matters (US).7 Key Audit Matters are defined as issues that the auditor considers to be most important, such as those that have a higher risk of misstatement, involve significant management judgment, or report the effects of significant transactions during the period. Critical Audit Matters are defined as issues that involve “especially challenging, subjective, or complex auditor judgment” and similarly include areas with higher risk of misstatement or involving significant management judgement and estimates.

附件10列出了大众汽车的独立审计师报告。请注意,普华永道会计师事务所对大众汽车截至2017年12月31日的财政年度出具了无保留意见(即干净审计意见或无修改意见)。

Exhibit 10 presents the independent auditor’s report for Volkswagen. Note that Volkswagen received an unqualified audit opinion (i.e., clean or unmodified opinion) from PricewaterhouseCoopers for the company’s fiscal year ended 31 December 2017.

附件10. 大众汽车独立审计报告

审计工作完成后,我们出具了以下日期为2018年2月23日的无保留意见审计报告。该报告原件以德语撰写。如有任何歧义,以德语版本为准:

On completion of our audit, we issued the following unqualified auditor’s report dated February 23, 2018. This report was originally prepared in German. In case of ambiguities the German version takes precedence:

前往沃尔夫斯堡大众股份公司

To VOLKSWAGEN AKTIENGESELLSCHAFT, Wolfsburg

合并财务报表和集团管理报告审计报告

REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE GROUP MANAGEMENT REPORT

审计意见

AUDIT OPINIONS

我们审计了大众汽车股份公司(位于沃尔夫斯堡)及其子公司(以下简称“集团”)的合并财务报表,该报表包括2017年1月1日至12月31日财政年度的利润表、综合收益表、资产负债表、权益变动表和现金流量表,以及合并财务报表附注(包括重要会计政策概要)。此外,我们还审计了大众汽车股份公司2017年1月1日至12月31日财政年度的集团管理报告(该报告与公司管理报告合并)。根据德国法律要求,我们未对审计报告中“其他信息”部分所列的集团管理报告内容进行审计。

We have audited the consolidated financial statements of VOLKSWAGEN AKTIENGESELLSCHAFT, Wolfsburg, and its subsidiaries (the Group), which comprise the income statement and the statement of comprehensive income, the balance sheet, the statement of changes in equity and the cash flow statement for the financial year from January 1 to December 31, 2017, and notes to the consolidated financial statements, including a summary of significant accounting policies. In addition, we have audited the group management report of VOLKSWAGEN AKTIENGESELLSCHAFT, which is combined with the Company’s management report, for the financial year from January 1 to December 31, 2017. We have not audited the content of those parts of the group management report listed in the “Other Information” section of our auditor’s report in accordance with the German legal requirements.

根据我们在审计中获得的知识,我们认为:

In our opinion, on the basis of the knowledge obtained in the audit,

  • 随附的合并财务报表在所有重大方面均符合欧盟采纳的国际财务报告准则(IFRS)以及德国商法典(HGB)第315e条第1款规定的附加要求,并根据这些要求真实、公允地反映了集团截至2017年12月31日的资产、负债和财务状况,以及2017年1月1日至12月31日财政年度的财务业绩。

  • the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to § [Article] 315e Abs. [paragraph] 1 HGB [Handelsgesetzbuch: German Commercial Code] and, in compliance with these requirements, give a true and fair view of the assets, liabilities, and financial position of the Group as at December 31, 2017, and of its financial performance for the financial year from January 1 to December 31, 2017, and

  • 随附的集团管理报告整体上恰当地反映了集团的财务状况。在所有重大方面,该集团管理报告与合并财务报表一致,符合德国法律要求,并恰当地列明了未来发展的机遇和风险。我们对该集团管理报告的审计意见不包括审计报告“其他信息”部分所列的内容。

  • the accompanying group management report as a whole provides an appropriate view of the Group’s position. In all material respects, this group management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our audit opinion on the group management report does not cover the content of those parts of the group management report listed in the “Other Information” section of our auditor’s report.

根据德国商法典第 322 条第 3 款第 1 句,我们声明,我们的审计并未对合并财务报表和集团管理报告的法律合规性提出任何保留意见。

Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the group management report.

审计意见的基础

BASIS FOR THE AUDIT OPINIONS

我们依据《德国商法典》第317条和欧盟审计条例(第537/2014号,以下简称“欧盟审计条例”)以及德国公共审计师协会(IDW)颁布的《德国公认财务报表审计准则》,对合并财务报表和集团管理报告进行了审计。我们在审计报告“审计师对合并财务报表和集团管理报告的审计责任”部分中进一步阐述了我们根据上述要求和原则承担的责任。我们根据欧洲法律和德国商法及职业法的要求,独立于集团各实体,并已根据这些要求履行了我们在德国的其他专业责任。此外,根据欧盟审计条例第10条第2款(f)项,我们声明我们未提供欧盟审计条例第5条第1款禁止的非审计服务。我们认为,我们已获取的审计证据足以且适当地为我们对合并财务报表和集团管理报告发表审计意见提供依据。

We conducted our audit of the consolidated financial statements and of the group management report in accordance with § 317 HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as “EU Audit Regulation”) and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management Report” section of our auditor’s report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the consolidated financial statements and on the group management report.

重点议题——柴油问题

EMPHASIS OF MATTER – DIESEL ISSUE

我们提请注意合并财务报表附注“关键事件”部分和集团管理报告“柴油问题”部分中提供的有关柴油问题的信息和声明,包括有关根本原因、管理委员会成员未参与以及对这些财务报表的影响的信息。

We draw attention to the information provided and statements made in section “Key Events” of the notes to the consolidated financial statements and in section “Diesel Issue” of the group management report with regard to the diesel issue including information about the underlying causes, the noninvolvement of members of the board of management as well as the impact on these financial statements.

根据迄今为止为调查所提出的问题而采取的各项措施的结果(这些措施构成合并财务报表和集团管理报告的基础),目前尚无证据表明公司董事会成员在2015年夏季之前知晓蓄意篡改发动机管理软件的行为。然而,如果正在进行的调查最终获得新的确凿证据,表明董事会成员此前已获悉柴油机问题,则最终可能会对2017财年及以前年度的合并财务报表和集团管理报告产生影响。

Based on the results of the various measures taken to investigate the issue presented so far, which underlie the consolidated financial statements and the group management report, there is still no evidence that members of the Company’s board of management were aware of the deliberate manipulation of engine management software before summer 2015. Nevertheless, should as a result of the ongoing investigation new solid knowledge be obtained showing that members of the board of management were informed earlier about the diesel issue, this could eventually have an impact on the consolidated financial statements and on the group management report for financial year 2017 and prior years.

迄今为止记录的保证和法律风险条款均基于现有认知水平。由于当前及预期诉讼中不可避免的不确定性,未来对风险的评估结果可能会有所不同。

The provisions for warranties and legal risks recorded so far are based on the presented state of knowledge. Due to the inevitable uncertainties associated with the current and expected litigation it cannot be excluded that a future assessment of the risks may be different.

就此事而言,我们对合并财务报表和集团管理报告的意见没有改变。

Our opinions on the consolidated financial statements and on the group management report are not modified in respect of this matter.

在美国,根据《萨班斯-奥克斯利法案》,审计师还必须对公司的内部控制系统发表意见。该信息可以单独出具审计意见,也可以作为一段内容纳入与财务报表相关的审计意见中。内部控制系统是公司内部的系统,其设计目的之一是确保公司财务报告编制流程的健全性。尽管管理层一直负责维护有效的内部控制,但《萨班斯-奥克斯利法案》极大地加强了管理层证明公司内部控制有效性的责任。美国证券监管机构现在要求上市公司管理层明确承担内部控制有效性的责任,使用适当的控制标准评估内部控制的有效性,以充分可靠的证据支持评估结果,并提交内部控制报告。

In the United States, under the Sarbanes–Oxley Act, the auditors must also express an opinion on the company’s internal control systems. This information may be provided in a separate opinion or incorporated as a paragraph in the opinion related to the financial statements. The internal control system is the company’s internal system that is designed, among other things, to ensure that the company’s process for generating financial reports is sound. Although management has always been responsible for maintaining effective internal control, the Sarbanes–Oxley Act greatly increases management’s responsibility for demonstrating that the company’s internal controls are effective. Management of publicly traded companies in the United States are now required by securities regulators to explicitly accept responsibility for the effectiveness of internal control, evaluate the effectiveness of internal control using suitable control criteria, support the evaluation with sufficient competent evidence, and provide a report on internal control.

尽管这些报告和证明文件能为分析师提供一定的保证,但它们并非万无一失。分析师在分析财务报表时,始终必须保持一定的理性怀疑态度。

Although these reports and attestations provide some assurances to analysts, they are not infallible. The analyst must always use a degree of healthy skepticism when analyzing financial statements.

3.2其他信息来源

3.2. Other Sources of Information

第3.1节所述信息通常至少每年向股东提供一次。此外,公司还会提供有关管理层和董事薪酬、公司股票表现以及管理层、董事会和股东之间可能存在的任何潜在利益冲突的信息。这些信息可能出现在公司的年度报告或其他公开文件中。上市公司通常会在委托书中提供这些信息,委托书会分发给股东,用于说明将在年度(或特别)股东大会上进行表决的事项。

The information described in Section 3.1 is generally provided to shareholders at least annually. In addition, companies also provide information on management and director compensation, company stock performance, and any potential conflicts of interest that may exist between management, the board, and shareholders. This information may appear in the company’s annual report or other publicly available documents. Public companies often provide this information in proxy statements, which are distributed to shareholders about matters that are to be put to a vote at the annual (or special) meeting of shareholders.

公司还会根据适用的监管要求,每半年或每季度提供中期报告。中期报告通常列示四项主要财务报表及简明附注,但未经审计。这些中期报告提供公司自上一年度以来的业绩和财务状况的最新信息。

Interim reports are also provided by the company either semiannually or quarterly, depending on the applicable regulatory requirements. Interim reports generally present the four primary financial statements and condensed notes but are not audited. These interim reports provide updated information on a company’s performance and financial position since the last annual period.

公司还会通过网站、新闻稿以及与分析师和投资者的电话会议提供相关的最新信息。分析师通常认为,定期发布的盈利公告尤为重要。盈利公告通常在公司正式提交财务报表之前发布。盈利公告发布后,公司高管通常会召开电话会议,介绍公司业绩并回答与会者提出的问题。盈利电话会议结束后,公司网站的投资者关系页面可能会发布会议录音,并附上幻灯片和相关补充信息。

Companies also provide relevant current information on their websites, in press releases, and in conference calls with analysts and investors. One type of press release, which analysts often consider to be particularly important, is the periodic earnings announcement. The earnings announcement often happens well before the company files its formal financial statements. Such earnings announcements are often followed by a conference call in which the company’s senior executives describe the company’s performance and answer questions posed by conference call participants. Following the earnings conference call, the investor relations portion of the company’s website may post a recording of the call accompanied by slides and supplemental information that was discussed.

在进行财务报表分析时,分析师应审查所有公司内部信息来源,以及来自外部经济、行业、公司自身和同业(可比)公司的信息。有关经济、行业和同业公司的信息有助于全面了解公司的财务业绩和市场地位,并评估公司的未来发展。在大多数情况下,来自公司以外的信息来源对分析师的工作效率至关重要。例如,研究消费品公司的分析师通常会寻求直接体验产品的机会(品尝食品或饮料、使用洗发水或肥皂、参观商店或酒店)。关注高度监管行业的分析师会研究现有的和预期的相关法规。关注技术性强的行业的分析师会亲自获取相关专业知识,或寻求技术专家的意见。总之,深入的研究远不止于财务报告。

When performing financial statement analysis, analysts should review all these company sources of information as well as information from external sources regarding the economy, the industry, the company, and peer (comparable) companies. Information on the economy, industry, and peer companies is useful in putting the company’s financial performance and position in perspective and in assessing the company’s future. In most cases, information from sources apart from the company is crucial to an analyst’s effectiveness. For example, an analyst studying a consumer-oriented company will typically seek direct experience with the products (taste the food or drink, use the shampoo or soap, visit the stores or hotels). An analyst following a highly regulated industry will study the existing and expected relevant regulations. An analyst following a highly technical industry will gain relevant expertise personally or seek input from a technical specialist. In sum, thorough research goes beyond financial reports.

下一节将介绍如何利用所有这些信息进行财务报表分析的框架。

The next section presents a framework for using all this information in financial statement analysis.

4.财务报表分析框架

4. Financial Statement Analysis Framework

分析师在投资管理行业担任各种职位。一些分析师是股票分析师,他们的主要目标是评估公司股权证券(即公司发行的股票)的潜在投资价值,以此判断潜在投资是否具有吸引力以及合适的购买价格。另一些分析师是信用分析师,他们评估公司的信用状况,以决定是否发放贷款(以及贷款条款)或确定信用评级。分析师还可能参与其他各种任务,例如评估子公司业绩、评估私募股权投资或寻找被高估的股票以进行卖空。

Analysts work in a variety of positions within the investment management industry. Some are equity analysts whose main objective is to evaluate potential investments in a company’s equity securities (i.e., the shares or stock it issues) as a basis for deciding whether a prospective investment is attractive and what an appropriate purchase price might be. Others are credit analysts who evaluate the credit-worthiness of a company to decide whether (and on what terms) a loan should be made or what credit rating should be assigned. Analysts may also be involved in a variety of other tasks, such as evaluating the performance of a subsidiary company, evaluating a private equity investment, or finding stocks that are overvalued for purposes of taking a short position.

本节介绍了一个可用于上述各种任务的通用财务报表分析框架。该框架概述图表11。8

This section presents a generic framework for financial statement analysis that can be used in these various tasks. The framework is summarized in Exhibit 11.8

附录11. 财务报表分析框架
阶段 信息来源 输出
  1. 阐明分析的目的和背景。

  2. Articulate the purpose and context of the analysis.

  • 分析师的职能性质,例如评估股权或债务投资或发布信用评级。

  • The nature of the analyst’s function, such as evaluating an equity or debt investment or issuing a credit rating.

  • 与客户或主管沟通需求和顾虑。

  • Communication with client or supervisor on needs and concerns.

  • 与开发特定工作成果相关的机构准则。

  • Institutional guidelines related to developing specific work product.

  • 分析目的或目标的陈述。

  • Statement of the purpose or objective of analysis.

  • 分析需要回答的具体问题清单(书面或非正式)。

  • A list (written or unwritten) of specific questions to be answered by the analysis.

  • 需提供报告的性质和内容。

  • Nature and content of report to be provided.

  • 完成时间表和预算资源。

  • Timetable and budgeted resources for completion.

  1. 收集输入数据。

  2. Collect input data.

  • 财务报表、其他财务数据、问卷调查和行业/经济数据。

  • Financial statements, other financial data, questionnaires, and industry/economic data.

  • 与管理层、供应商、客户和竞争对手进行讨论。

  • Discussions with management, suppliers, customers, and competitors.

  • 公司现场考察(例如,参观生产设施或零售店)。

  • Company site visits (e.g., to production facilities or retail stores).

  • 整理好的财务报表。

  • Organized financial statements.

  • 财务数据表。

  • Financial data tables.

  • 如适用,请填写已完成的问卷。

  • Completed questionnaires, if applicable.

  1. 处理数据。

  2. Process data.

  • 上一阶段的数据。

  • Data from the previous phase.

  • 调整后的财务报表。

  • Adjusted financial statements.

  • 通用大小报表。

  • Common-size statements.

  • 比率和图表。

  • Ratios and graphs.

  • 预测。

  • Forecasts.

  1. 分析/解释处理后的数据。

  2. Analyze/interpret the processed data.

  • 输入数据以及处理后的数据。

  • Input data as well as processed data.

  • 分析结果。

  • Analytical results.

  1. 形成并传达结论和建议(例如,通过分析报告)。

  2. Develop and communicate conclusions and recommendations (e.g., with an analysis report).

  • 分析结果和以往报告。

  • Analytical results and previous reports.

  • 机构发表报告指南。

  • Institutional guidelines for published reports.

  • 分析报告,回答第一阶段提出的问题。

  • Analytical report answering questions posed in Phase 1.

  • 就分析目的提出建议,例如是否进行投资或授予信贷。

  • Recommendation regarding the purpose of the analysis, such as whether to make an investment or grant credit.

  1. 后续跟进。

  2. Follow-up.

  • 通过定期重复上述步骤收集信息,以确定是否需要对持仓或建议进行更改。

  • Information gathered by periodically repeating above steps as necessary to determine whether changes to holdings or recommendations are necessary.

  • 更新后的报告和建议。

  • Updated reports and recommendations.

以下各节将讨论财务报表分析的各个阶段。

The following sections discuss the individual phases of financial statement analysis.

4.1阐明分析的目的和背景

4.1. Articulate the Purpose and Context of Analysis

在进行任何分析之前,必须先了解分析的目的。由于财务报表分析方法众多且数据量庞大,因此理解分析目的在财务报表分析中尤为重要。

Prior to undertaking any analysis, it is essential to understand the purpose of the analysis. An understanding of the purpose is particularly important in financial statement analysis because of the numerous available techniques and the substantial amount of data.

有些分析任务定义明确,在这种情况下,分析师只需阐明分析目的即可,无需过多决策。例如,对投资级债券组合进行定期信用审查,或撰写针对特定公司的股票分析师报告,都可能遵循机构规范,因此分析目的已明确给出。此外,报告的格式、程序和/或信息来源也可能已明确规定。

Some analytical tasks are well defined, in which case articulating the purpose of the analysis requires little decision making by the analyst. For example, a periodic credit review of an investment-grade debt portfolio or an equity analyst’s report on a particular company may be guided by institutional norms such that the purpose of the analysis is given. Furthermore, the format, procedures, and/or sources of information may also be given.

对于其他分析任务,阐明分析目的需要分析人员做出决策。分析目的将指导后续决策,包括分析方法、工具、数据来源、分析结果报告格式以及分析各个方面相对重要性。

For other analytical tasks, articulating the purpose of the analysis requires the analyst to make decisions. The purpose of an analysis guides further decisions about the approach, the tools, the data sources, the format in which to report the results of the analysis, and the relative importance of different aspects of the analysis.

面对大量数据时,经验不足的分析师可能会急于求成,直接开始计算并生成财务比率,而忽略了哪些信息与当前决策相关。通常建议抵制这种冲动,以免徒劳无功。不妨思考以下问题:如果所有计算和比率都能立即完成,您能得出什么结论?您能回答什么问题?您的答案会支持什么决策?

When facing a substantial amount of data, a less experienced analyst may be tempted to just start making calculations and generating financial ratios without considering what is relevant for the decision at hand. It is generally advisable to resist this temptation and thus avoid unnecessary or pointless efforts. Consider the questions: If you could have all the calculations and ratios completed instantly, what conclusion would you be able to draw? What question would you be able to answer? What decision would your answer support?

分析师还应在此阶段明确分析背景。目标受众是谁?最终成果是什么——例如,一份阐述结论和建议的最终报告?时间框架是什么(即报告何时提交)?完成分析需要哪些资源以及资源限制?同样,分析背景也可以是预先设定的(例如,遵循标准流程和机构规范)。

The analyst should also define the context at this stage. Who is the intended audience? What is the end product—for example, a final report explaining conclusions and recommendations? What is the time frame (i.e., when is the report due)? What resources and resource constraints are relevant to completion of the analysis? Again, the context may be predefined (i.e., standard and guided by institutional norms).

在明确了财务报表分析的目的和背景之后,分析师接下来应该列出需要通过分析解答的具体问题。例如,如果财务报表分析(或者更可能是更大型分析的特定阶段)的目的是比较三家在同一行业运营的公司的历史业绩,那么具体问题将包括:这些公司的相对增长率是多少?它们的相对盈利能力又是多少?

Having clarified the purpose and context of the financial statement analysis, the analyst should next compile the specific questions to be answered by the analysis. For example, if the purpose of the financial statement analysis (or, more likely, the particular stage of a larger analysis) is to compare the historical performance of three companies operating in a particular industry, specific questions would include the following: What has been the relative growth rate of the companies, and what has been their relative profitability?

4.2收集数据

4.2. Collect Data

接下来,分析师需要获取回答具体问题所需的数据。这一步骤的关键在于了解公司的业务、财务业绩和财务状况(包括历史趋势以及与同业公司的比较)。对于历史分析而言,在某些情况下,仅凭财务报表数据就足够了。例如,要筛选大量公司以找到那些盈利能力达到最低水平的公司,仅凭财务报表数据就足够了。但要回答更深入的问题,例如一家公司业绩优于或劣于竞争对手的原因和方式,则需要更多信息。再举一个例子,要比较特定行业中两家公司的历史业绩,历史财务报表足以确定哪家公司的销售额或收益增长更快,哪家公司的盈利能力更强。然而,要与整个行业的增长和盈利能力进行更广泛的比较,显然需要行业数据。

Next, the analyst obtains the data required to answer the specific questions. A key part of this step is obtaining an understanding of the company’s business, financial performance, and financial position (including trends over time and in comparison with peer companies). For historical analyses, financial statement data alone are adequate in some cases. For example, to screen a large number of companies to find those with a minimum level of profitability, financial statement data alone would be adequate. But to address more in-depth questions, such as why and how one company performed better or worse than its competitors, additional information would be required. As another example, to compare the historical performance of two companies in a particular industry, the historical financial statements would be sufficient to determine which had faster-growing sales or earnings and which was more profitable. However, a broader comparison with overall industry growth and profitability would obviously require industry data.

此外,了解经济和行业信息对于理解公司所处的经营环境至关重要。分析师通常采用自上而下的方法,即:1)了解宏观经济环境,例如经济增长和通货膨胀前景;2)基于预期的宏观经济环境,分析公司所在行业的前景;3)在预期的行业和宏观经济环境下,确定公司自身的发展前景。例如,分析师可能需要预测公司未来的盈利增长。公司过往数据为统计预测提供了基础;然而,对经济和行业状况的了解可以提高分析师预测盈利的能力。

Furthermore, information on the economy and industry is necessary to understand the environment in which the company operates. Analysts often take a top-down approach whereby they 1) gain an understanding of the macroeconomic environment, such as prospects for growth in the economy and inflation, 2) analyze the prospects of the industry in which the company operates, based on the expected macroeconomic environment, and 3) determine the prospects for the company given the expected industry and macroeconomic environments. For example, an analyst may need to forecast future growth in earnings for a company. Past company data provide the platform for statistical forecasting; however, an understanding of economic and industry conditions can improve the analyst’s ability to forecast earnings.

4.3处理数据

4.3. Process Data

在获取必要的财务报表和其他信息后,分析师会使用适当的分析工具处理这些数据。例如,数据处理可能包括计算比率或增长率;编制通用格式的财务报表;创建图表;进行统计分析,例如回归分析或蒙特卡罗模拟;进行股权估值;进行敏感性分析;或使用任何其他可用且适合该任务的分析工具或工具组合。此阶段的全面财务分析应包括以下内容:

After obtaining the requisite financial statement and other information, the analyst processes these data using appropriate analytical tools. For example, processing the data may involve computing ratios or growth rates; preparing common-size financial statements; creating charts; performing statistical analyses, such as regressions or Monte Carlo simulations; performing equity valuation; performing sensitivity analyses; or using any other analytical tools or combination of tools that are available and appropriate for the task. A comprehensive financial analysis at this stage would include the following:

  • 阅读和评估每家被分析公司的财务报表。这包括阅读附注,了解使用了哪些会计准则(例如,国际财务报告准则或美国通用会计准则),做出了哪些会计选择(例如,何时在损益表中报告收入),以及做出了哪些影响已报告财务报表的经营决策(例如,租赁还是购买设备)。

  • Reading and evaluating financial statements for each company being analyzed. This includes reading the notes and understanding what accounting standards have been used (for example, IFRS or US GAAP), what accounting choices have been made (for example, when to report revenue on the income statement), and what operating decisions have been made that affect reported financial statements (for example, leasing versus purchasing equipment).

  • 当目标公司未经调整的财务报表反映出会计准则、会计选择或经营决策方面的差异时,需要对财务报表进行必要的调整,以便进行比较。请注意,常用数据库并非总是进行此类分析师调整。

  • Making any needed adjustments to the financial statements to facilitate comparison when the unadjusted statements of the subject companies reflect differences in accounting standards, accounting choices, or operating decisions. Note that commonly used databases do not always make such analyst adjustments.

  • 编制或收集通用格式财务报表数据(将数据按比例缩放,以直接反映百分比[例如,销售额百分比]或变化[例如,与上年相比])和财务比率(基于财务报表要素衡量公司业绩各个方面的指标)。分析师可以根据通用格式财务报表和财务比率,评估公司相对于其过往业绩和/或同业业绩的相对盈利能力、流动性、杠杆率、效率和估值。

  • Preparing or collecting common-size financial statement data (which scale data to directly reflect percentages [e.g., of sales] or changes [e.g., from the prior year]) and financial ratios (which are measures of various aspects of corporate performance based on financial statement elements). On the basis of common-size financial statements and financial ratios, analysts can evaluate a company’s relative profitability, liquidity, leverage, efficiency, and valuation in relation to past results and/or peers’ results.

4.4分析/解释处理后的数据

4.4. Analyze/Interpret the Processed Data

数据处理完成后,下一步——也是任何分析的关键步骤——就是解读输出结果。特定问题的答案很少仅仅是数值答案。相反,答案取决于分析师对输出结果的解读,以及利用这种解读来支持结论或建议。特定分析问题的答案本身可能就能实现分析的根本目的,但通常情况下,还需要得出结论或建议。例如,股票分析可能需要给出买入、持有或卖出的建议,或者得出关于股票价值的结论。为了支持决策,分析会引用诸如目标值、相对表现、基于公司战略地位的预期未来表现、管理质量以及其他任何影响决策的信息。

Once the data have been processed, the next step—critical to any analysis—is to interpret the output. The answer to a specific question is seldom the numerical answer alone. Rather, the answer relies on the analyst’s interpretation of the output, and the use of this interpreted output to support a conclusion or recommendation. The answers to the specific analytical questions may themselves achieve the underlying purpose of the analysis, but usually, a conclusion or recommendation is required. For example, an equity analysis may require a buy, hold, or sell recommendation or a conclusion about the value of a share of stock. In support of the decision, the analysis would cite such information as target value, relative performance, expected future performance given a company’s strategic position, quality of management, and whatever other information influenced the decision.

4.5制定并传达结论/建议

4.5. Develop and Communicate Conclusions/Recommendations

下一步是以适当的格式传达结论或建议。适当的格式会因分析任务、机构和/或受众而异。例如,股票分析师的报告通常包含以下几个部分:

Communicating the conclusion or recommendation in an appropriate format is the next step. The appropriate format will vary by analytical task, by institution, and/or by audience. For example, an equity analyst’s report would typically include the following components:

  • 总结和投资结论;

  • summary and investment conclusion;

  • 盈利预测;

  • earnings projections;

  • 估值;

  • valuation;

  • 业务概要;

  • business summary;

  • 风险、行业和竞争分析;

  • risk, industry, and competitive analysis;

  • 历史表现;以及

  • historical performance; and

  • 预测。

  • forecasts.

报告的内容也可能由监管机构或专业标准规定。例如,CFA协会的《执业标准手册》以下简称“手册”)规定了在传达建议时必须遵循的标准。根据该手册

The contents of reports may also be specified by regulatory agencies or professional standards. For example, the CFA Institute Standards of Practice Handbook (Handbook) dictates standards that must be followed in communicating recommendations. According to the Handbook:

标准V(B)规定,会员和候选人应在投资建议中阐明做出该建议的关键因素。此项要求的一个关键部分是明确区分观点和事实。在撰写研究报告时,会员或候选人必须介绍所分析证券的基本特征,以便读者评估报告并采纳其认为与自身投资决策过程相关的信息。9

Standard V(B) states that members and candidates should communicate in a recommendation the factors that were instrumental in making the investment recommendation. A critical part of this requirement is to distinguish clearly between opinions and facts. In preparing a research report, the member or candidate must present the basic characteristics of the security(ies) being analyzed, which will allow the reader to evaluate the report and incorporate information the reader deems relevant to his or her investment decision making process.9

手册要求披露分析的局限性以及投资固有的任何风险。此外,手册还要求任何报告都必须包含对分析和结论至关重要的要素,以便读者能够自行评估结论

The Handbook requires that limitations to the analysis and any risks inherent to the investment be disclosed. Furthermore, it requires that any report include elements important to the analysis and conclusions so that readers can evaluate the conclusions themselves.

4.6后续行动

4.6. Follow-Up

报告完成后,流程并未结束。如果进行了股权投资或授予了信用评级,则需要定期审查,以确定最初的结论和建议是否仍然有效。对于被否决的投资,后续审查可能并非必要,但有助于确定分析过程是否充分或需要改进(例如,如果一项被否决的投资最终在市场上取得成功,则可能是由于分析不足)。后续审查可能涉及定期重复流程中的所有步骤。

The process does not end with the report. If an equity investment is made or a credit rating is assigned, periodic review is required to determine if the original conclusions and recommendations are still valid. In the case of a rejected investment, follow-up may not be necessary but may be useful in determining whether the analytical process is adequate or should be refined (for example, if a rejected investment turns out to be successful in the market, perhaps the rejection was due to inadequate analysis). Follow-up may involve repeating all the previous steps in the process on a periodic basis.

概括

Summary

财务报告和其他报告中提供的信息,包括财务报表、附注和管理层评论,有助于财务分析师评估公司的业绩和财务状况。分析师可能出于多种原因需要进行财务分析,例如股权证券估值、信用风险评估、收购尽职调查以及评估子公司相对于其他业务部门的业绩。股权分析和信用分析的主要考虑因素都是评估公司的财务状况、盈利和现金流能力以及未来盈利和现金流增长的潜力。

The information presented in financial and other reports, including the financial statements, notes, and management’s commentary, help the financial analyst to assess a company’s performance and financial position. An analyst may be called on to perform a financial analysis for a variety of reasons, including the valuation of equity securities, the assessment of credit risk, the performance of due diligence on an acquisition, and the evaluation of a subsidiary’s performance relative to other business units. Major considerations in both equity analysis and credit analysis are evaluating a company’s financial position, its ability to generate profits and cash flow, and its potential to generate future growth in profits and cash flow.

本文概述了财务报表分析。主要内容包括以下几点:

This reading has presented an overview of financial statement analysis. Among the major points covered are the following:

  • 财务报告的主要目的是提供有关公司财务状况和业绩的信息和数据,包括盈利能力和现金流量。报告中呈现的信息——包括财务报表、附注以及管理层评论或管理层讨论与分析——使财务分析师能够评估公司的财务状况、业绩及其发展趋势。

  • The primary purpose of financial reports is to provide information and data about a company’s financial position and performance, including profitability and cash flows. The information presented in the reports —including the financial statements and notes and management’s commentary or management’s discussion and analysis—allows the financial analyst to assess a company’s financial position and performance and trends in that performance.

  • 主要财务报表包括财务状况表(即资产负债表)、综合收益表(或由利润表和综合收益表组成的两份报表)、权益变动表和现金流量表。

  • The primary financial statements are the statement of financial position (i.e., the balance sheet), the statement of comprehensive income (or two statements consisting of an income statement and a statement of comprehensive income), the statement of changes in equity, and the statement of cash flows.

  • 资产负债表披露了公司在特定时点控制的资源(资产)和负债。所有者权益代表公司的净资产;它是所有者在扣除负债后对公司资产的剩余权益或剩余索取权。资产负债表的三部分(资产、负债和所有者权益)之间的关系可以用以下等式表示:资产 = 负债 + 所有者权益。

  • The balance sheet discloses what resources a company controls (assets) and what it owes (liabilities) at a specific point in time. Owners’ equity represents the net assets of the company; it is the owners’ residual interest in, or residual claim on, the company’s assets after deducting its liabilities. The relationship among the three parts of the balance sheet (assets, liabilities, and owners’ equity) may be shown in equation form as follows: Assets = Liabilities + Owners’ equity.

  • 损益表反映公司在一段时间内的经营活动财务结果。它列示公司在该期间内产生的收入和其他收益,以及与产生这些收入和其他收益相关的费用(包括亏损)。损益表的基本公式为:收入 + 其他收益 – 费用 = 净利润。

  • The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue and other income the company generated during a period and what expenses, including losses, it incurred in connection with generating that revenue and other income. The basic equation underlying the income statement is Revenue + Other income – Expenses = Net income.

  • 综合收益表包括所有改变所有者权益的项目,但不包括与所有者的交易。其中一些项目计入净利润,另一些项目则作为其他综合收益(OCI)列报。

  • The statement of comprehensive income includes all items that change owners’ equity except transactions with owners. Some of these items are included as part of net income, and some are reported as other comprehensive income (OCI).

  • 权益变动表提供有关所有者权益各组成部分增加或减少的信息。

  • The statement of changes in equity provides information about increases or decreases in the various components of owners’ equity.

  • 尽管损益表和资产负债表能够衡量公司的经营状况,但现金和现金流对于公司的长期成功也至关重要。披露现金的来源和用途有助于债权人、投资者和其他报表使用者评估公司的流动性、偿付能力和财务灵活性。

  • Although the income statement and balance sheet provide measures of a company’s success, cash and cash flow are also vital to a company’s long-term success. Disclosing the sources and uses of cash helps creditors, investors, and other statement users evaluate the company’s liquidity, solvency, and financial flexibility.

  • 财务报表附注(也称脚注)是财务报表不可分割的一部分,提供对理解报表至关重要的信息。分析师应评估附注中关于替代会计方法、估计和假设的披露信息。

  • The notes (also referred to as footnotes) that accompany the financial statements are an integral part of those statements and provide information that is essential to understanding the statements. Analysts should evaluate note disclosures regarding the use of alternative accounting methods, estimates, and assumptions.

  • 除了财务报表外,公司还会提供其他对财务分析师有用的信息来源。作为分析的一部分,财务分析师应阅读和评估这些补充信息,特别是管理层评论(也称为管理报告、运营和财务回顾以及管理层讨论与分析[MD&A])中提供的信息。

  • In addition to the financial statements, a company provides other sources of information that are useful to the financial analyst. As part of his or her analysis, the financial analyst should read and assess this additional information, particularly that presented in the management commentary (also called management report[ing], operating and financial review, and management’s discussion and analysis [MD&A]).

  • 上市公司必须对其年度财务报表进行独立审计。审计报告对财务报表发表意见,并就财务报表是否公允反映公司的财务状况、经营业绩和现金流量提供一定程度的保证。此外,对于美国上市公司,审计师还必须对公司的内部控制系统发表意见。

  • A publicly traded company must have an independent audit performed on its annual financial statements. The auditor’s report expresses an opinion on the financial statements and provides some assurance about whether the financial statements fairly present a company’s financial position, performance, and cash flows. In addition, for US publicly traded companies, auditors must also express an opinion on the company’s internal control systems.

  • 了解经济、行业和同业公司的信息有助于全面评估公司的财务业绩和市场地位,并预测公司的未来发展。在大多数情况下,来自公司以外的信息对于分析师的工作效率至关重要。

  • Information on the economy, industry, and peer companies is useful in putting the company’s financial performance and position in perspective and in assessing the company’s future. In most cases, information from sources apart from the company are crucial to an analyst’s effectiveness.

  • 财务报表分析框架提供了一系列步骤,可在任何财务报表分析项目中遵循。这些步骤包括:

    • 阐明分析的目的和背景;

    • 收集输入数据;

    • 处理数据;

    • 分析/解释处理后的数据;

    • 形成并传达结论和建议;

    • 跟进。

  • The financial statement analysis framework provides steps that can be followed in any financial statement analysis project. These steps are:

    • articulate the purpose and context of the analysis;

    • collect input data;

    • process data;

    • analyze/interpret the processed data;

    • develop and communicate conclusions and recommendations; and

    • follow up.

参考

References

练习题

Practice Problems

  1. 向用户提供公司业绩和财务状况信息,以便他们做出经济决策,这能描述以下哪项职能?

    1. 审计。

    2. 财务报告。

    3. 财务报表分析。

  2. Providing information about the performance and financial position of companies so that users can make economic decisions best describes the role of:

    1. auditing.

    2. financial reporting.

    3. financial statement analysis.

  3. 以下哪项最能描述财务报表分析的作用?

    1. 提供有关公司业绩的信息

    2. 提供有关公司财务状况变化的信息

    3. 形成对公司未来业绩和财务状况的预期

  4. Which of the following best describes the role of financial statement analysis?

    1. To provide information about a company’s performance

    2. To provide information about a company’s changes in financial position

    3. To form expectations about a company’s future performance and financial position

  5. 财务报表分析的作用可以概括为:

    1. 提供有助于投资决策的信息。

    2. 对公司进行评估,以做出经济决策。

    3. 利用分析师编制的财务报告来做出经济决策。

  6. The role of financial statement analysis is best described as:

    1. providing information useful for making investment decisions.

    2. evaluating a company for the purpose of making economic decisions.

    3. using financial reports prepared by analysts to make economic decisions.

  7. 评估 公司财务状况的最佳方法是使用:

    1. 资产负债表。

    2. 损益表。

    3. 现金流量表。

  8. A company’s financial position would best be evaluated using the:

    1. balance sheet.

    2. income statement.

    3. statement of cash flows.

  9. 评估 公司某一时期的盈利能力,最佳方法是使用:

    1. 资产负债表。

    2. 损益表。

    3. 现金流量表。

  10. A company’s profitability for a period would best be evaluated using the:

    1. balance sheet.

    2. income statement.

    3. statement of cash flows.

  11. 列示股东对资产剩余索偿权的财务报表是:

    1. 资产负债表。

    2. 损益表。

    3. 现金流量表。

  12. The financial statement that presents a shareholder’s residual claim on assets is the:

    1. balance sheet.

    2. income statement.

    3. cash flow statement.

  13. 评估一家公司一段时间内的盈利能力,最佳方法是使用:

    1. 资产负债表。

    2. 损益表。

    3. 现金流量表。

  14. A company’s profitability over a period of time is best evaluated using the:

    1. balance sheet.

    2. income statement.

    3. cash flow statement.

  15. 损益表适合用于评估一家公司的以下方面:

    1. 财务状况。

    2. 现金流来源。

    3. 业务活动的财务业绩。

  16. The income statement is best used to evaluate a company’s:

    1. financial position.

    2. sources of cash flow.

    3. financial results from business activities.

  17. 编制财务报表所使用的会计政策、方法和估计最有可能出现在以下文件中:

    1. 审计报告。

    2. 管理层评论。

    3. 财务报表附注。

  18. Accounting policies, methods, and estimates used in preparing financial statements are most likely to be found in the:

    1. auditor’s report.

    2. management commentary.

    3. notes to the financial statements.

  19. 管理层和董事薪酬信息最不可能在以下位置找到:

    1. 审计报告。

    2. 委托书。

    3. 财务报表附注。

  20. Information about management and director compensation are least likely to be found in the:

    1. auditor’s report.

    2. proxy statement.

    3. notes to the financial statements.

  21. 有关公司目标、战略和重大风险的信息最有可能在以下位置找到:

    1. 审计报告。

    2. 管理层评论。

    3. 财务报表附注。

  22. Information about a company’s objectives, strategies, and significant risks are most likely to be found in the:

    1. auditor’s report.

    2. management commentary.

    3. notes to the financial statements.

  23. 以下哪项最能解释为什么需要财务报表附注?附注:

    1. 允许在报表编制方面具有灵活性。

    2. 统一各公司的财务报告标准。

    3. 提供理解财务报表所需的信息。

  24. Which of the following best describes why the notes that accompany the financial statements are required? The notes:

    1. permit flexibility in statement preparation.

    2. standardize financial reporting across companies.

    3. provide information necessary to understand the financial statements.

  25. 在分析财务报表时,哪种类型的审计意见更受青睐?

    1. 合格的。

    2. 不利的。

    3. 不合格。

  26. What type of audit opinion is preferred when analyzing financial statements?

    1. Qualified.

    2. Adverse.

    3. Unqualified.

  27. 审计师认定,除存货报告外,公司财务报表均按照适用的会计准则编制。此项例外最有可能导致以下审计意见:

    1. 不利的。

    2. 合格的。

    3. 不合格。

  28. An auditor determines that a company’s financial statements are prepared in accordance with applicable accounting standards except with respect to inventory reporting. This exception is most likely to result in an audit opinion that is:

    1. adverse.

    2. qualified.

    3. unqualified.

  29. 独立审计报告最有可能提供以下信息:

    1. 对财务报表的准确性绝对有保证。

    2. 有理由保证财务报表公允列报。

    3. 对财务报表的透明度发表了保留意见。

  30. An independent audit report is most likely to provide:

    1. absolute assurance about the accuracy of the financial statements.

    2. reasonable assurance that the financial statements are fairly presented.

    3. a qualified opinion with respect to the transparency of the financial statements.

  31. 公司发布的临时财务报告最有可能属于以下几种类型:

    1. 每月一次。

    2. 未经审计。

    3. 不合格。

  32. Interim financial reports released by a company are most likely to be:

    1. monthly.

    2. unaudited.

    3. unqualified.

  33. 分析师使用的以下哪些信息来源不在公司年报中?

    1. 审计报告

    2. 同业公司分析

    3. 管理层讨论与分析

  34. Which of the following sources of information used by analysts is found outside a company’s annual report?

    1. Auditor’s report

    2. Peer company analysis

    3. Management’s discussion and analysis

  35. 比率是财务报表分析框架中哪个步骤的输入数据?

    1. 处理数据。

    2. 收集输入数据。

    3. 分析/解释处理后的数据。

  36. Ratios are an input into which step in the financial statement analysis framework?

    1. Process data.

    2. Collect input data.

    3. Analyze/interpret the processed data.

  37. 财务报表分析框架中的哪个阶段最有可能涉及 生成更新的报告和建议?

    1. 后续

    2. 分析/解释处理后的数据

    3. 形成并传达结论和建议

  38. Which phase in the financial statement analysis framework is most likely to involve producing updated reports and recommendations?

    1. Follow-up

    2. Analyze/interpret the processed data

    3. Develop and communicate conclusions and recommendations

解决方案

Solutions

  1. B选项正确。这是财务报告的作用。财务报表分析的作用是评估财务报告。

  2. B is correct. This is the role of financial reporting. The role of financial statement analysis is to evaluate the financial reports.

  3. C选项正确。一般来说,分析师会考察公司过去和当前的业绩及财务状况,以便对其未来的业绩和财务状况形成预期。

  4. C is correct. In general, analysts seek to examine the past and current performance and financial position of a company in order to form expectations about its future performance and financial position.

  5. B选项正确。财务报表分析的主要作用是利用公司编制的财务报告来评估其过去、现在和潜在的业绩和财务状况,以便做出投资、信贷和其他经济决策。

  6. B is correct. The primary role of financial statement analysis is to use financial reports prepared by companies to evaluate their past, current, and potential performance and financial position for the purpose of making investment, credit, and other economic decisions.

  7. A选项正确。资产负债表反映的是公司在特定日期的财务状况。利润表和现金流量表则反映了公司在同一时期内的不同经营业绩。

  8. A is correct. The balance sheet portrays the company’s financial position on a specified date. The income statement and statement of cash flows present different aspects of performance during the period.

  9. B选项正确。盈利能力是损益表衡量的业绩指标。资产负债表反映的是财务状况。现金流量表则从另一个角度展现了业绩。

  10. B is correct. Profitability is the performance aspect measured by the income statement. The balance sheet portrays the financial position. The statement of cash flows presents a different aspect of performance.

  11. A选项正确。所有者权益是指所有者在扣除公司负债后,对公司资产的剩余权益(即剩余索取权),这部分信息会在资产负债表上列示。

  12. A is correct. Owners’ equity is the owners’ residual interest in (i.e., residual claim on) the company’s assets after deducting its liabilities, which is information presented on the balance sheet.

  13. B选项正确。评估公司盈利能力的最佳方法是使用损益表。损益表通过列示公司在一段时间内的经营活动财务结果,包括产生的收入和为产生这些收入而发生的费用,来呈现公司的整体经营状况。

  14. B is correct. A company’s profitability is best evaluated using the income statement. The income statement presents information on the financial results of a company’s business activities over a period of time by communicating how much revenue was generated and the expenses incurred to generate that revenue.

  15. C选项正确。公司的收入和支出列于损益表中,损益表用于评估公司在一段时间内的经营活动所产生的财务业绩(或盈利能力)。评估公司财务状况的最佳方法是使用资产负债表。评估公司现金流量来源的最佳方法是使用现金流量表。

  16. C is correct. A company’s revenues and expenses are presented on the income statement, which is used to evaluate a company’s financial results (or profitability) from business activities over a period of time. A company’s financial position is best evaluated by using the balance sheet. A company’s sources of cash flow are best evaluated using the cash flow statement.

  17. C选项正确。注释揭示了会计政策、方法和估计方面的选择。

  18. C is correct. The notes disclose choices in accounting policies, methods, and estimates.

  19. A选项正确。审计报告中并未包含有关管理层和董事薪酬的信息。管理层薪酬的披露需要在委托书中进行,部分管理层薪酬信息也会在财务报表附注中披露。

  20. A is correct. Information about management and director compensation is not found in the auditor’s report. Disclosure of management compensation is required in the proxy statement, and some aspects of management compensation are disclosed in the notes to the financial statements.

  21. B选项正确。这些是管理评论的组成部分。

  22. B is correct. These are components of management commentary.

  23. C选项正确。注释提供了理解主要陈述中信息所必需的信息。

  24. C is correct. The notes provide information that is essential to understanding the information provided in the primary statements.

  25. C选项正确。无保留意见是“干净的”意见,表明财务报表按照既定的会计准则公允地反映了公司的经营业绩和财务状况。

  26. C is correct. An unqualified opinion is a “clean” opinion and indicates that the financial statements present the company’s performance and financial position fairly in accordance with a specified set of accounting standards.

  27. B选项正确。保留意见的审计报告是指审计范围存在某些限制或对会计准则存在例外情况。审计报告中会用额外的解释性段落描述这些例外情况,以便审计人员能够判断其重要性。

  28. B is correct. A qualified audit opinion is one in which there is some scope limitation or exception to accounting standards. Exceptions are described in the audit report with additional explanatory paragraphs so that the analyst can determine the importance of the exception.

  29. B选项正确。独立审计报告能够合理保证财务报表公允列报,这意味着经审计的财务报表极有可能不存在对财务报表有直接影响的重大错误、舞弊或违法行为。

  30. B is correct. The independent audit report provides reasonable assurance that the financial statements are fairly presented, meaning that there is a high probability that the audited financial statements are free from material error, fraud, or illegal acts that have a direct effect on the financial statements.

  31. B选项正确。中期报告通常每半年或每季度发布,列示四项基本财务报表及简明附注。中期报告未经审计。“无保留意见”是一种审计意见。

  32. B is correct. Interim reports are typically provided semiannually or quarterly and present the four basic financial statements and condensed notes. They are not audited. Unqualified is a type of audit opinion

  33. B选项正确。在进行财务报表分析时,分析师应审查公司所有信息来源,以及来自外部来源的有关经济、行业、公司和同业(可比)公司的信息。

  34. B is correct. When performing financial statement analysis, analysts should review all company sources of information as well as information from external sources regarding the economy, the industry, the company, and peer (comparable) companies.

  35. C选项正确。比率是过程数据步骤的输出,但却是分析/解释数据步骤的输入。

  36. C is correct. Ratios are an output of the process data step but are an input into the analyze/interpret data step.

  37. A选项正确。后续阶段包括收集信息并重复分析,以确定是否需要更新报告和建议。

  38. A is correct. The follow-up phase involves gathering information and repeating the analysis to determine whether it is necessary to update reports and recommendations.

笔记

Notes

阅读 20 财务报告准则

Reading 20 Financial Reporting Standards

作者:Elaine Henry(博士、CFA)、Jan Hendrik van Greuning(DCom、CFA)和 Thomas R. Robinson(博士、CFA)

Elaine Henry,博士,特许金融分析师 (CFA),任职于美国史蒂文斯理工学院。Jan Hendrik van Greuning,商业博士,特许金融分析师 (CFA),任职于文莱BIBD。Thomas R. Robinson,博士,特许金融分析师 (CFA),任职于美国AACSB国际商学院。

Elaine Henry, PhD, CFA, is at Stevens Institute of Technology (USA). Jan Hendrik van Greuning, DCom, CFA, is at BIBD (Brunei). Thomas R. Robinson, PhD, CFA, is at AACSB International (USA).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 阐述财务报告的目标以及财务报告准则在证券分析和估值中的重要性;

  2. describe the objective of financial reporting and the importance of financial reporting standards in security analysis and valuation;

  3. 描述财务报告标准制定机构和监管机构在制定和执行报告标准方面的作用;

  4. describe the roles of financial reporting standard-setting bodies and regulatory authorities in establishing and enforcing reporting standards;

  5. 描述国际会计准则理事会的概念框架,包括财务报告的定性特征、财务报告的限制以及所需的报告要素;

  6. describe the International Accounting Standards Board’s conceptual framework, including qualitative characteristics of financial reports, constraints on financial reports, and required reporting elements;

  7. 描述国际财务报告准则(IFRS)下财务报表的一般要求;

  8. describe general requirements for financial statements under International Financial Reporting Standards (IFRS);

  9. 描述替代财务报告系统对财务分析的影响,以及监控财务报告标准发展的重要性。

  10. describe implications for financial analysis of alternative financial reporting systems and the importance of monitoring developments in financial reporting standards.

1.引言

1. Introduction

财务报告准则为编制财务报告提供了原则,并确定了必须向财务报表使用者(包括投资者和债权人)提供的信息类型和数量,以便他们能够做出明智的决策。本文重点探讨这些准则的制定背景。理解财务报告准则的基本框架(这比掌握具体的会计规则更为广泛)将使分析师能够评估财务报表要素和交易(包括准则未明确规定的交易,例如代表新发展的交易)的估值影响。

Financial reporting standards provide principles for preparing financial reports and determine the types and amounts of information that must be provided to users of financial statements, including investors and creditors, so that they may make informed decisions. This reading focuses on the context within which these standards are created. An understanding of the underlying framework of financial reporting standards, which is broader than knowledge of specific accounting rules, will allow an analyst to assess the valuation implications of financial statement elements and transactions—including transactions, such as those that represent new developments, which are not specifically addressed by the standards.

本文第二部分探讨了财务报告的目标以及财务报告准则在证券分析和估值中的重要性。第三部分描述了财务报告准则制定机构和监管机构的职责,并列举了部分财务报告准则制定机构和监管机构。第四部分介绍了国际财务报告准则(IFRS)框架¹和财务报表的一般要求。第五部分比较了IFRS和其他替代报告体系,第六部分讨论了监测财务报告准则发展的重要性。最后,本文总结了要点。

Section 2 of this reading discusses the objective of financial reporting and the importance of financial reporting standards in security analysis and valuation. Section 3 describes the roles of financial reporting standard-setting bodies and regulatory authorities and several of the financial reporting standard-setting bodies and regulatory authorities. Section 4 describes the International Financial Reporting Standards (IFRS) framework1 and general requirements for financial statements. Section 5 compares IFRS and alternative reporting systems, and Section 6 discusses the importance of monitoring developments in financial reporting standards. A summary of the key points concludes the reading.

2.财务报告的目标

2. The Objective of Financial Reporting

公司的财务报告包括财务报表和其他必要的补充披露,用于评估公司的财务状况和定期财务业绩。财务报告基于一个简单的前提。国际会计准则理事会(IASB)制定的财务报告准则已被许多国家采用。该理事会在其《财务报告概念框架》 (以下简称“概念框架”)中指出,财务报告的目标是提供有用的财务信息,以便使用者就向报告主体提供资源(包括权益和债务工具、贷款或其他形式的信贷)做出决策,并影响管理层对主体经济资源的使用行为

The financial reports of a company include financial statements and other supplemental disclosures necessary to assess a company’s financial position and periodic financial performance. Financial reporting is based on a simple premise. The International Accounting Standards Board (IASB), which sets financial reporting standards that have been adopted in many countries, said in its Conceptual Framework for Financial Reporting (Conceptual Framework) that the objective of financial reporting is to provide financial information that is useful to users in making decisions about providing resources to the reporting entity, where those decisions relate to equity and debt instruments, or loans or other forms of credit, and in influencing management’s actions that affect the use of the entity’s economic resources.2

一套完整明确的框架是指导标准制定的必要第一步。此前,财务报告准则主要由各国的标准制定机构独立制定。这种独立的标准制定过程产生了种类繁多的标准,其中一些相当全面复杂(规则型标准),另一些则更为通用(原则型标准)。资本流动的全球化和各种会计丑闻的发生,提高了人们对制定更加统一、高质量的全球财务报告准则的认识,并推动了主要标准制定机构之间加强协调。这种协调也是资本市场日益全球化的必然结果。

A fully articulated framework is an essential first step to guide the development of a set of standards. Previously, financial reporting standards were primarily developed independently by each country’s standard-setting body. This independent standard setting process created a wide range of standards, some of which were quite comprehensive and complex (rules-based standards), and others that were more general (principles-based standards). The globalization of capital flows and various accounting scandals increased awareness of the need for more uniform, high quality global financial reporting standards and provided the impetus for stronger coordination among the major standard-setting bodies. Such coordination is also a natural outgrowth of the increased globalization of capital markets.

制定财务报告准则之所以复杂,是因为其背后的经济现实本身就十分复杂。公司在财务报告中力求呈现的财务交易和财务状况同样复杂。此外,交易各个方面的不确定性往往导致需要进行应计项目和估计,而这两者都需要判断。不同编制者的判断各不相同。因此,需要制定准则来确保这些判断具有一定程度的一致性。即便有了这些准则,对于如何在财务报告中反映经济现实这个问题,通常也不存在唯一的正确答案。尽管如此,财务报告准则仍试图缩小可接受答案的范围,以提高财务报告的一致性。

Developing financial reporting standards is complicated because the underlying economic reality is complicated. The financial transactions and financial position that companies aim to present in their financial reports are also complex. Furthermore, uncertainty about various aspects of transactions often results in the need for accruals and estimates, both of which necessitate judgment. Judgment varies from one preparer to the next. Accordingly, standards are needed to achieve some amount of consistency in these judgments. Even with such standards, there usually will be no single correct answer to the question of how to reflect economic reality in financial reports. Nevertheless, financial reporting standards try to limit the range of acceptable answers to increase consistency in financial reports.

国际会计准则理事会(IASB)和美国财务会计准则委员会(FASB)制定了类似的财务报告框​​架,明确了财务报告的总体目标和信息质量。财务报告旨在为众多用户提供信息,包括投资者、债权人、员工、客户等。因此,财务报告的设计并非仅仅以资产估值为目的。然而,财务报告为公司估值或其发行证券的估值过程提供了重要的参考依据。理解财务报告框​​架——包括判断和估计如何以及何时会影响报告的数字——能够帮助分析师评估所报告的信息,并在评估公司财务业绩时恰当地运用这些信息。显然,这种理解对于评估企业决策的财务影响以及进行企业间的比较也至关重要。

The IASB and the US-based Financial Accounting Standards Board (FASB) have developed similar financial reporting frameworks which specify the overall objective and qualities of information to be provided. Financial reports are intended to provide information to many users, including investors, creditors, employees, customers, and others. As a result, financial reports are not designed solely with asset valuation in mind. However, financial reports provide important inputs into the process of valuing a company or the securities a company issues. Understanding the financial reporting framework—including how and when judgments and estimates can affect the numbers reported—enables an analyst to evaluate the information reported and to use the information appropriately when assessing a company’s financial performance. Clearly, such an understanding is also important in assessing the financial impact of business decisions by, and in making comparisons across, entities.

3.标准制定机构和监管机构

3. Standard-Setting Bodies and Regulatory Authorities

必须区分准则制定机构和监管机构。准则制定机构,例如国际会计准则理事会(IASB)和美国财务会计准则委员会(FASB),通常是私营部门的自律组织,其董事会成员由经验丰富的会计师、审计师、财务报表使用者和学者组成。按照特定会计准则编制财务报告的要求是监管机构的职责。监管机构,例如新加坡会计与企业管理局(ACRA)、美国证券交易委员会(SEC)和巴西证券交易委员会,拥有法律授权,可以强制执行财务报告要求,并对在其管辖范围内参与资本市场的实体实施其他监管措施。

A distinction must be made between standard-setting bodies and regulatory authorities. Standard-setting bodies, such as the IASB and FASB, are typically private sector, self-regulated organizations with board members who are experienced accountants, auditors, users of financial statements, and academics. The requirement to prepare financial reports in accordance with specified accounting standards is the responsibility of regulatory authorities. Regulatory authorities, such as the Accounting and Corporate Regulatory Authority in Singapore, the Securities and Exchange Commission (SEC) in the United States, and the Securities and Exchange Commission of Brazil have the legal authority to enforce financial reporting requirements and exert other controls over entities that participate in the capital markets within their jurisdiction.

换言之,通常情况下,标准制定机构制定标准,监管机构认可并执行这些标准。如果没有监管机构的认可,私营部门的标准制定机构就无权行使这些标准。但需要注意的是,监管机构通常保留在其管辖范围内制定财务报告标准的法律权力,并且可以推翻私营部门标准制定机构的决定。

In other words, generally, standard-setting bodies set the standards and regulatory authorities recognise and enforce the standards. Without the recognition of the standards by the regulatory authorities, the private sector standard-setting bodies would have no authority. Note, however, that regulators often retain the legal authority to establish financial reporting standards in their jurisdiction and can overrule the private sector standard-setting bodies.

本节简要概述了国际会计准则理事会(IASB)和美国财务会计准则委员会(FASB)。随后,分别介绍了国际证券委员会组织(IOSCO)、美国证券交易委员会(SEC)以及欧盟的资本市场监管。选择这些概述主题旨在作为标准制定机构、证券委员会和资本市场监管的范例。阅读这些描述后,读者应能比本节引言部分更详细地阐述标准制定机构和监管机构的运作和作用。

This section provides a brief overview of the IASB and the FASB. The overview is followed by descriptions of the International Organization of Securities Commissions, the US Securities and Exchange Commission, and capital markets regulation in the European Union. The topics covered in these overviews were chosen to serve as examples of standard-setting boards, securities commissions, and capital market regulation. After reading these descriptions, the reader should be able to describe the functioning and roles of standard-setting bodies and regulatory authorities in more detail than is given in the introduction to this section.

3.1会计准则委员会

3.1. Accounting Standards Boards

几乎每个国家都设有会计准则委员会。这些委员会通常是独立的、私营的、非营利组织。这些准则制定机构通常具有一些共同的特征——本节将以国际会计准则理事会(IASB)和美国财务会计准则委员会(FASB)为例进行重点讨论。

Accounting standards boards exist in virtually every national market. These boards are typically independent, private, not-for-profit organizations. There are certain attributes that are typically common to these standard setters—the IASB and the FASB are discussed in this section as primary examples.

3.1.1国际会计准则理事会

3.1.1. International Accounting Standards Board

国际会计准则理事会(IASB)是国际财务报告准则基金会(IFRS基金会)的独立标准制定机构。IFRS基金会是一个独立的非营利性私营部门组织。IFRS基金会的理事会成员来自不同的地域和专业背景。理事会负责任命IASB成员,并向一个由公共机构组成的监督委员会负责。该监督委员会的成员包括来自欧盟委员会、国际证监会组织(IOSCO)、日本金融厅和美国证券交易委员会(SEC)的代表,巴塞尔银行监管委员会主席作为观察员参与其中。

The IASB is the independent standard-setting body of the IFRS Foundation, an independent, not-for-profit private sector organization. The Trustees of the IFRS Foundation reflect a diversity of geographical and professional backgrounds. The Trustees appoint the members of the IASB and are accountable to a monitoring board composed of public authorities that include representatives from the European Commission, IOSCO, the Japan Financial Services Agency, and the US SEC, with the chairman of the Basel Committee on Banking Supervision as an observer.

国际财务报告准则基金会的理事会承诺以公众利益为重。基金会的主要目标是制定并推广一套高质量财务准则的使用和采纳;确保这些准则能够提供透明、可比且对决策有用的信息,同时兼顾不同经济环境下各种规模和类型实体的需求;并促进各国会计准则与国际财务报告准则的趋同。理事会负责确保国际会计准则理事会(IASB)保持独立性,并被外界视为独立机构。

The Trustees of the IFRS Foundation make a commitment to act in the public interest. The principle objectives of the IFRS Foundation are to develop and promote the use and adoption of a single set of high quality financial standards; to ensure the standards result in transparent, comparable, and decision-useful information while taking into account the needs of a range of sizes and types of entities in diverse economic settings; and to promote the convergence of national accounting standards and IFRS. The Trustees are responsible for ensuring that the IASB is and is perceived as independent.

国际会计准则理事会(IASB)成员由理事会根据其专业能力和实践经验任命,并体现了地域和专业背景的多样性。成员们审议、制定并发布国际财务报告准则,并在咨询机构的协助下,准则及其应用提供建议。这些咨询机构的成员代表着受国际财务报告影响或对此感兴趣的各类组织和个人。

The members of the IASB are appointed by the Trustees on the basis of professional competence and practical experience and reflect a diversity of geographical and professional backgrounds. The members deliberate, develop, and issue international financial reporting standards,3 assisted by advice on the standards, and their application, from advisory bodies whose members represent a wide range of organizations and individuals that are affected by and interested in international financial reporting.

国际会计准则理事会(IASB)在审议、制定和发布国际财务报告准则时遵循一套基本流程。以下是典型流程的简化版本:首先,确定一个需要优先考虑的问题,并将其列入IASB的议程。在审议该问题后(可能包括征求包括各国准则制定机构在内的其他机构的意见),IASB可能会发布征求意见稿,以征求公众意见。在审查各方意见后,IASB可能会发布新的或修订后的财务报告准则。这些准则的权威性取决于其是否被监管机构认可和采纳。

The IASB has a basic process that it goes through when deliberating, developing, and issuing international financial reporting standards. A simplified version of the typical process is as follows. An issue is identified as a priority for consideration and placed on the IASB’s agenda. After considering an issue, which may include soliciting advice from others including national standard-setters, the IASB may publish an exposure draft for public comment. After reviewing the input of others, the IASB may issue a new or revised financial reporting standard. These standards are authoritative to the extent that they are recognised and adopted by regulatory authorities.

3.1.2财务会计准则委员会

3.1.2. Financial Accounting Standards Board

自20世纪30年代以来,美国财务会计准则委员会(FASB)及其前身机构一直在发布美国的财务报告准则。FASB的运作结构与国际会计准则理事会(IASB)类似。财务会计基金会负责监督、管理和资助该组织。该基金会确保准则制定过程的独立性,并任命FASB及其相关咨询机构的成员。

The FASB and its predecessor organizations have been issuing financial reporting standards in the United States since the 1930s. The FASB operates within a structure similar to that of the IASB. The Financial Accounting Foundation oversees, administers, and finances the organization. The Foundation ensures the independence of the standard-setting process and appoints members to the FASB and related advisory entities.

美国财务会计准则委员会 (FASB) 发布新的和修订的准则,以改进财务报告标准,从而为财务报告使用者提供决策有用的信息。这一过程通过一个全面且独立的流程完成,该流程会征求利益相关者的意见,并由财务会计基金会 (FAF) 监督。该流程的步骤与国际会计准则理事会 (IASB) 的流程类似。准则制定过程的成果包含在《FASB 会计准则汇编™》(简称“汇编”)中。 4该汇编按主题组织,是美国通用会计原则的权威来源,适用于非政府实体。

The FASB issues new and revised standards to improve standards of financial reporting so that decision-useful information is provided to users of financial reports. This is done through a thorough and independent process that seeks input from stakeholders and is overseen by the Financial Accounting Foundation. The steps in the process are similar to those described for the IASB. The outputs of the standard-setting process are contained in the FASB Accounting Standards Codification™ (Codification).4 The Codification, organized by topic, is the source of authoritative US generally accepted accounting principles to be applied to non-governmental entities.

美国通用会计准则(US GAAP)由财务会计准则委员会(FASB)制定,并被美国证券交易委员会(SEC)正式认可为权威准则,但SEC仍保留制定准则的权力。尽管SEC很少推翻FASB的决定,但它确实会发布权威的财务报告指南,包括员工会计公告。这些公告反映了SEC对会计相关披露实践的看法,可在SEC网站上查阅。FASB准则汇编中收录了部分(但并非全部)SEC法规、公告、解释和指南,供参考。

US GAAP, as established by the FASB, is officially recognized as authoritative by the SEC, however the SEC retains the authority to establish standards. Although it has rarely overruled the FASB, the SEC does issue authoritative financial reporting guidance including Staff Accounting Bulletins. These bulletins reflect the SEC’s views regarding accounting-related disclosure practices and can be found on the SEC website. Certain portions—but not all portions—of the SEC regulations, releases, interpretations, and guidance are included for reference in the FASB Codification.

3.2监管机构

3.2. Regulatory Authorities

按照特定会计准则编制财务报告是监管机构的责任。监管机构是政府实体,拥有法律授权,可以强制执行财务报告要求,并对在其管辖范围内参与资本市场的实体实施其他控制。监管机构可以要求财务报告按照一套特定的会计准则编制,也可以指定可接受的会计准则。例如,在瑞士,总部位于瑞士并在瑞士证券交易所主板上市的跨国公司必须按照国际财务报告准则(IFRS)或美国通用会计准则(US GAAP)编制财务报表。其他在瑞士注册的公司可以使用国际财务报告准则(IFRS)、美国通用会计准则(US GAAP)或瑞士通用会计准则(Swiss GAAP)。

The requirement to prepare financial reports in accordance with specified accounting standards is the responsibility of regulatory authorities. Regulatory authorities are governmental entities that have the legal authority to enforce financial reporting requirements and exert other controls over entities that participate in the capital markets within their jurisdiction. Regulatory authorities may require that financial reports be prepared in accordance with one specific set of accounting standards or may specify acceptable accounting standards. For example in Switzerland, Swiss-based companies listed on the main board of the Swiss Exchange have to prepare their financial statements in accordance with either IFRS or US GAAP if they are multinational.5 Other registrants in Switzerland could use IFRS, US GAAP, or Swiss GAAP.

3.2.1 . 国际证券委员会组织

3.2.1. International Organization of Securities Commissions

虽然严格意义上讲并非监管机构,但国际证券委员会组织(IOSCO)监管着全球金融资本市场的重要组成部分。该组织制定了指导证券和资本市场监管的目标和原则。

While technically not a regulatory authority, the International Organization of Securities Commissions (IOSCO) regulate a significant portion of the world’s financial capital markets. This organization has established objectives and principles to guide securities and capital market regulation.

国际证监会组织(IOSCO)成立于1983年,由普通会员、准会员和附属会员组成。普通会员是成员国的证券委员会或类似的政府监管机构,主要负责该国的证券监管。 6 其成员监管着全球115多个司法管辖区超过95%的金融资本市场,其中新兴市场的证券监管机构占普通会员总数的75%。

IOSCO was formed in 1983 and consists of ordinary members, associate members, and affiliate members. Ordinary members are the securities commission or similar governmental regulatory authority with primary responsibility for securities regulation in the member country.6 The members regulate more than 95 percent of the world’s financial capital markets in more than 115 jurisdictions, and securities regulators in emerging markets account for 75% of its ordinary membership.

国际证监会组织(IOSCO)制定的《证券监管目标与原则》一书内容全面,并根据需要进行更新,被公认为所有市场的国际基准。证券监管原则基于三个核心目标:7

IOSCO’s comprehensive set of Objectives and Principles of Securities Regulation is updated as required and is recognized as an international benchmark for all markets. The principles of securities regulation are based upon three core objectives:7

  • 保护投资者;

  • protecting investors;

  • 确保市场公平、高效和透明;

  • ensuring that markets are fair, efficient, and transparent; and

  • 降低系统性风险。

  • reducing systemic risk.

国际证监会组织(IOSCO)的原则分为十类,其中包括监管机构原则、执法原则、审计原则和发行人原则等。在“发行人原则”这一类别中,有两条原则直接与财务报告相关:

IOSCO’s principles are grouped into ten categories, including principles for regulators, for enforcement, for auditing, and for issuers, among others. Within the category “Principles for Issuers,” two principles relate directly to financial reporting:

  • 应当全面、准确、及时地披露财务业绩、风险以及其他对投资者决策具有重要意义的信息。

  • There should be full, accurate, and timely disclosure of financial results, risk, and other information which is material to investors’ decisions.

  • 发行人编制财务报表所采用的会计准则应当具有高水平且国际认可的质量。

  • Accounting standards used by issuers to prepare financial statements should be of a high and internationally acceptable quality.

历史上,监管及相关财务报告准则均由各国自行制定,且往往基于各国的文化、经济和政治规范。随着金融市场日益全球化,建立国际可比的财务报告准则变得尤为必要。然而,法律法规最终仍由各个司法管辖区制定,因此监管机构之间也需要开展合作。国际证监会组织(IOSCO)的另一项原则涉及自律组织(SRO)的运用。自律组织在其职权范围内行使部分直接监督权,并应接受相关监管机构的监督,同时遵守公平性和保密性原则 8

Historically, regulation and related financial reporting standards were developed within individual countries and were often based on the cultural, economic, and political norms of each country. As financial markets have become more global, it has become desirable to establish comparable financial reporting standards internationally. Ultimately, laws and regulations are established by individual jurisdictions, so this also requires cooperation among regulators. Another IOSCO principle deals with the use of self-regulatory organizations (SROs), which exercise some direct oversight for their areas of competence and should be subject to the oversight of the relevant regulator and observe fairness and confidentiality8.

为确保国际金融标准(例如巴塞尔银行监管委员会的标准和国际财务报告准则)得到一致应用,跨国界统一的监管和执法至关重要。国际证监会组织(IOSCO)致力于协助实现这一目标,即统一监管以及在打击违反证券和衍生品法律方面开展跨境合作。

To ensure consistent application of international financial standards (such as the Basel Committee on Banking Supervision’s standards and IFRS), it is important to have uniform regulation and enforcement across national boundaries. IOSCO assists in attaining this goal of uniform regulation as well as cross-border co-operation in combating violations of securities and derivatives laws.

3.2.2 . 美国证券交易委员会

3.2.2. The Securities and Exchange Commission (US)

美国证券交易委员会(SEC)是美国证券和资本市场监管的主要负责人,也是国际证监会组织(IOSCO)的正式成员。任何在美国发行证券或以其他方式参与美国资本市场的公司都必须遵守SEC的规章制度。SEC是历史最悠久、最完善的监管机构之一,其成立源于1929年股市崩盘(有时简称为“大崩盘”)后的改革努力。

The US SEC has primary responsibility for securities and capital markets regulation in the United States and is an ordinary member of IOSCO. Any company issuing securities within the United States, or otherwise involved in US capital markets, is subject to the rules and regulations of the SEC. The SEC, one of the oldest and most developed regulatory authorities, originated as a result of reform efforts made after the stock market crash of 1929, sometimes referred to as simply the “Great Crash.”

许多法律法规对报告公司、经纪交易商和其他市场参与者都有影响。从财务报告和分析的角度来看,最重要的立法是1933年和1934年的《证券法》以及2002年的《萨班斯-奥克斯利法案》。

A number of laws affect reporting companies, broker/dealers, and other market participants. From a financial reporting and analysis perspective, the most significant pieces of legislation are the Securities Acts of 1933 and 1934 and the Sarbanes–Oxley Act of 2002.

  • 1933 年证券法(1933 年证券法):该法案规定了投资者在证券出售时必须收到的财务信息和其他重要信息,禁止虚假陈述,并要求对所有公开发行的证券进行初始登记。

  • Securities Act of 1933 (The 1933 Act): This act specifies the financial and other significant information that investors must receive when securities are sold, prohibits misrepresentations, and requires initial registration of all public issuances of securities.

  • 1934 年证券交易法(1934 年法案):该法案创建了美国证券交易委员会 (SEC),赋予 SEC 对证券行业各个方面的权力,并授权 SEC 要求公开交易证券的公司定期提交报告。

  • Securities Exchange Act of 1934 (The 1934 Act): This act created the SEC, gave the SEC authority over all aspects of the securities industry, and empowered the SEC to require periodic reporting by companies with publicly traded securities.

  • 2002年《萨班斯-奥克斯利法案》:该法案设立了上市公司会计监督委员会(PCAOB),负责监督审计师。美国证券交易委员会(SEC)负责执行该法案的各项要求并监督PCAOB的工作。该法案旨在保障审计师的独立性(禁止审计师向其审计的公司提供某些非审计服务);强化公司对财务报告的责任(要求公司高管证明其财务报告公允地反映了公司的财务状况);并要求管理层报告公司财务报告内部控制的有效性(包括获得外部审计师对内部控制有效性的确认)。

  • Sarbanes–Oxley Act of 2002: This act created the Public Company Accounting Oversight Board (PCAOB) to oversee auditors. The SEC is responsible for carrying out the requirements of the act and overseeing the PCAOB. The act addresses auditor independence (it prohibits auditors from providing certain non-audit services to the companies they audit); strengthens corporate responsibility for financial reports (it requires executive management to certify that the company’s financial reports fairly present the company’s condition); and requires management to report on the effectiveness of the company’s internal control over financial reporting (including obtaining external auditor confirmation of the effectiveness of internal control).

公司主要通过填写并提交(即备案)美国证券交易委员会(SEC)发布的标准化表格来遵守这些法规。SEC 提供超过 50 种不同类型的表格以满足报告要求;本文的讨论将仅限于与财务分析师最相关的表格。

Companies comply with these acts principally through the completion and submission (i.e., filing) of standardized forms issued by the SEC. There are more than 50 different types of SEC forms that are used to satisfy reporting requirements; the discussion herein will be limited to those forms most relevant for financial analysts.

大多数提交给美国证券交易委员会(SEC)的文件都必须以电子方式提交,因此分析师感兴趣的文件可以从许多网站(包括SEC官网)在线获取。有些文件需要在证券首次发行时提交,而另一些则需要在之后定期提交。以下是分析师常用的一些信息来源。

Most of the SEC filings are required to be made electronically, so filings that an analyst would be interested in can be retrieved online from one of many websites, including the SEC’s own website. Some filings are required on the initial offering of securities, whereas others are required on a periodic basis thereafter. The following are some of the more common information sources used by analysts.

  • 证券发行登记声明:1933 年证券法要求发行证券的公司提交登记声明。新发行人以及已注册但发行新证券的公司均须提交此类声明。所需信息和具体格式因发行规模和性质而异。通常,所需信息包括:1) 关于拟发行证券的披露信息;2) 这些新证券与发行人其他资本证券的关系;3) 年度报告中通常提供的信息;4) 近期经审计的财务报表;以及 5) 业务涉及的风险因素。

  • Securities Offerings Registration Statement: The 1933 Act requires companies offering securities to file a registration statement. New issuers as well as previously registered companies that are issuing new securities are required to file these statements. Required information and the precise form vary depending upon the size and nature of the offering. Typically, required information includes: 1) disclosures about the securities being offered for sale, 2) the relationship of these new securities to the issuer’s other capital securities, 3) the information typically provided in the annual filings, 4) recent audited financial statements, and 5) risk factors involved in the business.

  • 10-K 表、20-F 表和 40-F 表:这些表格是公司每年必须提交的。10-K 表适用于美国注册公司,40-F 表适用于部分加拿大注册公司,20-F 表适用于所有其他非美国注册公司。这些表格要求提供全面的概述,包括公司业务信息、财务披露、法律诉讼以及与管理层相关的信息。财务披露包括财务数据的历史摘要(通常为 10 年)、管理层对公司财务状况和经营成果的讨论与分析 (MD&A) 以及经审计的财务报表。

  • Forms 10-K, 20-F, and 40-F: These are forms that companies are required to file annually. Form 10-K is for US registrants, Form 40-F is for certain Canadian registrants, and Form 20-F is for all other non-US registrants. These forms require a comprehensive overview, including information concerning a company’s business, financial disclosures, legal proceedings, and information related to management. The financial disclosures include a historical summary of financial data (usually 10 years), management’s discussion and analysis (MD&A) of the company’s financial condition and results of operations, and audited financial statements.

  • 年度报告:除了向美国证券交易委员会(SEC)提交的年度文件(例如10-K表格)外,大多数公司还会准备一份年度报告提交给股东。这并非SEC的强制要求。年度报告通常被视为公司向股东和其他外部人士展示自身形象的最重要机会之一;因此,它往往是一份精心制作的营销文件,包含照片、首席执行官的开场白、财务数据、市场细分信息、研发活动以及未来公司目标。相比之下,10-K表格则更偏重法律文件,营销成分较少。尽管视角各异,但公司的年度报告和10-K表格之间存在相当大的重叠。一些公司选择只准备10-K表格,或者准备一份整合了10-K表格和年度报告的文件。

  • Annual Report: In addition to the SEC’s annual filings (e.g., Form 10-K), most companies prepare an annual report to shareholders. This is not a requirement of the SEC. The annual report is usually viewed as one of the most significant opportunities for a company to present itself to shareholders and other external parties; accordingly, it is often a highly polished marketing document with photographs, an opening letter from the chief executive officer, financial data, market segment information, research and development activities, and future corporate goals. In contrast, the Form 10-K is a more legal type of document with minimal marketing emphasis. Although the perspectives vary, there is considerable overlap between a company’s annual report and its Form 10-K. Some companies elect to prepare just the Form 10-K or a document that integrates both the 10-K and annual report.

  • 委托书/DEF-14A表格:美国证券交易委员会(SEC)要求公司股东在股东大会召开前收到委托书。委托书是股东授权他人代表其投票的凭证。股东大会每年至少召开一次,任何特别股东大会也需要委托书。委托书,尤其是年度股东大会委托书,包含对财务分析师通常很有用的信息。这些信息通常包括需要股东投票表决的提案、管理层和主要股东的证券持有情况、董事的履历信息以及高管薪酬披露。委托书信息以DEF-14A表格的形式提交给美国证券交易委员会。

  • Proxy Statement/Form DEF-14A: The SEC requires that shareholders of a company receive a proxy statement prior to a shareholder meeting. A proxy is an authorization from the shareholder giving another party the right to cast its vote. Shareholder meetings are held at least once a year, but any special meetings also require a proxy statement. Proxies, especially annual meeting proxies, contain information that is often useful to financial analysts. Such information typically includes proposals that require a shareholder vote, details of security ownership by management and principal owners, biographical information on directors, and disclosure of executive compensation. Proxy statement information is filed with the SEC as Form DEF-14A.

  • 10-Q 表和 6-K 表:这些表格是公司必须提交的中期报告(美国公司按季度提交 10-Q 表,许多非美国公司按半年提交 6-K 表)。提交这些表格需要提供某些财务信息,包括未经审计的财务报表和报告涵盖期间的管理层讨论与分析 (MD&A)。此外,如果在报告涵盖期间发生某些类型的非经常性事件——例如采用重大会计政策、启动重大诉讼或对任何类别注册证券持有人的权利造成重大限制——则这些事件必须包含在 10-Q 表中。公司可以将 10-Q 报告提供给股东,也可以编制一份单独的、简明的季度报告提供给股东。

  • Forms 10-Q and 6-K: These are forms that companies are required to submit for interim periods (quarterly for US companies on Form 10-Q, semiannually for many non-US companies on Form 6-K). The filing requires certain financial information, including unaudited financial statements and a MD&A for the interim period covered by the report. Additionally, if certain types of non-recurring events—such as the adoption of a significant accounting policy, commencement of significant litigation, or a material limitation on the rights of any holders of any class of registered securities—take place during the period covered by the report, these events must be included in the Form 10-Q report. Companies may provide the 10-Q report to shareholders or may prepare a separate, abbreviated, quarterly report to shareholders.

例 1

初始注册声明

Initial Registration Statement

2004年,谷歌向美国证券交易委员会提交了注册声明,注册其首次公开募股(A类普通股)。除了大量的财务和业务信息外,该注册声明还用20页的篇幅详细阐述了谷歌的业务及其所在的行业。

In 2004, Google filed a registration statement with the US SEC to register its initial public offering of securities (Class A Common Stock). In addition to a large amount of financial and business information, the registration statement provided a 20-page discussion Google’s business and industry.

以下哪项最有可能包含在谷歌的注册声明中?

Which of the following is most likely to have been included in Google’s registration statement?

  1. 未经审计的中期财务报表。

  2. Interim unaudited financial statements.

  3. 对企业所涉及的风险因素进行评估。

  4. Assessment of risk factors involved in the business.

  5. 企业预计现金流和收益。

  6. Projected cash flows and earnings for the business.

解决方案:

Solution:

B选项正确。公司在注册声明中提供的信息通常包括:拟发行证券的披露信息;这些新证券与发行人其他资本证券的关系;年度报告中通常提供的信息;近期经审计的财务报表;以及业务涉及的风险因素。公司会提供有助于预测现金流量和收益的信息,但通常不会将这些信息包含在注册声明中,也不会在初始注册声明中提供未经审计的中期财务报表。

B is correct. Information provided by companies in registration statements typically includes disclosures about the securities being offered for sale; the relationship of these new securities to the issuer’s other capital securities; the information typically provided in the annual filings; recent audited financial statements; and risk factors involved in the business.. Companies provide information useful in developing projected cash flows and earnings but do not typically include these in the registration statement, nor do they provide unaudited interim statements in the initial registration statement.

公司或其高管还会向美国证券交易委员会 (SEC) 提交其他文件——可能是定期提交,也可能是在上述定期报告之间,如果发生了重大事件或交易。这些文件通常包含最重要、最及时的信息,并可能对公司估值产生重大影响。

A company or its officers make other SEC filings—either periodically, or, if significant events or transactions have occurred, in between the periodic reports noted above. By their nature, these forms sometimes contain the most interesting and timely information and may have significant valuation implications.

  • 8-K 表格:除提交年度报告和中期报告外,美国证券交易委员会 (SEC) 注册公司还必须定期报告重大公司事件。8-K 表格(非美国注册公司为 6-K 表格)是公司必须向 SEC 提交的“当前报告”,用于披露诸如公司资产的收购或处置、证券和交易市场的变化、与会计师和财务报表相关的事项、公司治理和管理层变更以及《公平披露条例》(Regulation FD) 披露等重大事件。9

  • Form 8-K: In addition to filing annual and interim reports, SEC registrants must report material corporate events on a more current basis. Form 8-K (6-K for non-US registrants) is the “current report” companies must file with the SEC to announce such major events as acquisitions or disposals of corporate assets, changes in securities and trading markets, matters related to accountants and financial statements, corporate governance and management changes, and Regulation FD disclosures.9

  • 表格3、4、5和144:表格3、4和5用于申报证券的实益所有权。注册公司的任何董事或高管,以及持有某类注册股权证券10%以上实益所有权的人士,均须提交这些表格。表格3为初始声明,表格4用于报告变更,表格5为年度报告。表格144是拟出售受限证券或发行人关联方持有的证券的通知。这些表格可用于审查公司高管、董事及其他关联方(统称为公司内部人士)的证券买卖情况。

  • Forms 3, 4, 5 and 144: Forms 3, 4 and 5 are required to report beneficial ownership of securities. These filings are required for any director or officer of a registered company as well as beneficial owners of greater than 10 percent of a class of registered equity securities. Form 3 is the initial statement, Form 4 reports changes, and Form 5 is the annual report. Form 144 is notice of the proposed sale of restricted securities or securities held by an affiliate of the issuer. These forms can be used to examine purchases and sales of securities by officers, directors, and other affiliates of the company, who collectively are regarded as corporate insiders.

  • 11-K 表格:这是员工持股计划、储蓄计划及类似计划的年度报告。对于拥有大量员工福利计划的公司而言,分析师可能会对此表格感兴趣,因为它包含的信息比公司财务报表披露的信息更多。

  • Form 11-K: This is the annual report of employee stock purchase, savings, and similar plans. It might be of interest to analysts for companies with significant employee benefit plans because it contains more information than that disclosed in the company’s financial statements.

除美国以外,其他司法管辖区也存在类似的法律法规,旨在监管证券和资本市场。监管机构负责执行监管规定,证券监管旨在与前文所述的国际证监会组织(IOSCO)目标保持一致。在每个司法管辖区内,监管机构将制定或(更常见的情况是)认可并采纳一套或多套特定的会计准则。监管机构还将制定报告和备案要求。IOSCO成员已同意在制定、实施和执行国际公认且一致的监管标准方面开展合作。

In jurisdictions other than the United States, similar legislation exists for the purpose of regulating securities and capital markets. Regulatory authorities are responsible for enforcing regulation, and securities regulation is intended to be consistent with the IOSCO objectives described in the previous section. Within each jurisdiction, regulators will either establish or, more typically, recognize and adopt a specified set or sets of accounting standards. The regulators will also establish reporting and filing requirements. IOSCO members have agreed to cooperate in the development, implementation, and enforcement of internationally recognised and consistent standards of regulation.

3.2.3欧洲资本市场监管

3.2.3. Capital Markets Regulation in Europe

欧盟各成员国各自在其管辖范围内监管资本市场。然而,欧盟层面也通过了一些共同的法规。其中一项重要规定是,欧盟同意自2005年起,欧盟上市公司的合并财务报表将采用国际财务报告准则(IFRS)。欧盟采纳新发布的IFRS的认可流程体现了各成员国自主权与合作和趋同需求之间的平衡。当国际会计准则理事会(IASB)发布新准则时,欧洲财务报告咨询小组(EFRAG)会就该准则向欧盟委员会提供建议,而标准咨询审查小组(SARG)则会就这些建议向委员会提供意见。委员会根据这两个机构的意见起草认可条例草案。会计监管委员会(ARC)对该提案进行投票表决;如果投票结果为赞成,则该提案将提交欧洲议会和欧盟理事会批准

Each individual member state of the European Union (EU) regulates capital markets in its jurisdiction. There are, however, certain regulations that have been adopted at the EU level. Importantly the EU agreed that from 2005 consolidated accounts of EU listed companies would use International Financial Reporting Standards. The endorsement process by which newly issued IFRS are adopted by the EU reflects the balance between the individual member state’s autonomy and the need for cooperation and convergence. When the IASB issues a new standard, the European Financial Reporting Advisory Group advises the European Commission on the standard, and the Standards Advice Review Group provides the Commission an opinion about that advice. Based on the input from these two entities, the Commission prepares a draft endorsement regulation. The Accounting Regulatory Committee votes on the proposal; and if the vote is favorable, the proposal proceeds to the European Parliament and the Council of the European Union for approval.10

欧盟委员会设立的两个证券监管相关机构分别是欧洲证券委员会(ESC)和欧洲证券及市场管理局(ESMA)。ESC由成员国的高级代表组成,负责就证券政策问题向欧盟委员会提供建议。ESMA是欧盟跨境监管机构,旨在协调欧盟市场的监管工作。如前所述,监管仍由各个成员国自行负责,因此,各国对股份登记和定期财务报告的要求各不相同。ESMA是欧洲三大证券监管机构之一;另外两个机构分别监管银行业和保险业。

Two bodies related to securities regulation established by the European Commission are the European Securities Committee (ESC) and the European Securities and Market Authority (ESMA). The ESC consists of high-level representatives of member states and advises the European Commission on securities policy issues. ESMA is an EU cross-border supervisor established to co-ordinate supervision of the EU market. As noted earlier, regulation still rests with the individual member states and, therefore, requirements for registering shares and filing periodic financial reports vary from country to country. ESMA is one of three European supervisory authorities; the two others supervise the banking and insurance industries.

4.国际财务报告准则框架

4. The International Financial Reporting Standards Framework

如前所述,国际会计准则理事会(IASB)的《财务报告概念框架》阐述了编制和列报财务报表供外部使用者参考的基本概念。该框架旨在:协助准则制定者制定和审查准则;协助财务报表编制者应用准则并处理准则未明确涵盖的问题;协助审计师对财务报表发表意见;以及协助使用者解读财务报表信息。财务报告的目标是提供对现有和潜在资源提供者决策有用的财务信息,框架的所有其他方面均源于这一核心目标。

As previously discussed, the IASB Conceptual Framework for Financial Reporting sets forth the concepts that underlie the preparation and presentation of financial statements for external users. The framework is designed to: assist standard setters in developing and reviewing standards; assist preparers of financial statements in applying standards and in dealing with issues not specifically covered by standard; assist auditors in forming an opinion on financial statements; and assist users in interpreting financial statement information. The objective of financial reporting is the provision of financial information that is useful to current and potential providers of resources in making decisions and all other aspects of the framework flow from that central objective.

资源提供者被认为是财务报告的主要使用者,包括投资者、贷款人和其他债权人。提供财务信息的目的是为了帮助他们做出资源分配决策。其他使用者也可能发现财务信息有助于他们做出经济决策。由于不同使用者的经济决策类型各不相同,因此所需的具体信息也各不相同。然而,尽管这些使用者的信息需求可能各有不同,但有些信息需求是所有使用者共有的。首先,需要了解公司的财务状况:包括其资源和财务义务。其次,需要了解公司的财务业绩;这些信息解释了公司财务状况过去变化的原因和方式,并有助于评估未来的潜在变化。第三种常见的信息需求是了解公司的现金状况。公司是如何获得现金的(例如,通过销售产品和服务、借款或其他方式)?公司是如何使用现金的(例如,通过支付费用、投资新设备、支付股息或其他方式)?

The providers of resources are considered to be the primary users of financial reports and include investors, lenders, and other creditors. The purpose of providing the financial information is to be useful in making decisions about providing resources. Other users may find the financial information useful for making economic decisions. The types of economic decisions differ by users, so the specific information needed differs as well. However, although these users may have unique information needs, some information needs are common across all users. Information is needed about the company’s financial position: its resources and its financial obligations. Information is needed about a company’s financial performance; this information explains how and why the company’s financial position changed in the past and can be useful in evaluating potential changes in the future. The third common information need is the need for information about a company’s cash. How did the company obtain cash (by selling its products and services, borrowing, other)? How did the company use cash (by paying expenses, investing in new equipment, paying dividends, other)?

有助于用户评估企业未来净现金流入的信息包括:企业的经济资源(资产)和债权(负债和权益),以及管理层和董事会如何有效利用企业资源。用户在决策时还需要考虑其他来源的信息。虽然财务报告本身并不直接反映企业的价值,但它们有助于估算企业的价值。

Information that is helpful to users in assessing future net cash inflows to the entity includes information about the economic resources of (assets) and claims against (liabilities and equity) the entity, and about how well the management and governing board have utilized the resources of the entity. Users need to consider information from other sources as well in making their decisions. Although financial reports do not show the value of an entity they are useful in estimating the value of an entity.

4.1财务报告的质量特征

4.1. Qualitative Characteristics of Financial Reports

概念框架的核心目标是提供对资源提供者有用的信息,该框架确定了财务信息有用的两个基本定性特征:相关性和真实反映。 11重要性概念是在相关性的背景下进行讨论的。

Flowing from the central objective of providing information that is useful to providers of resources, the Conceptual Framework identifies two fundamental qualitative characteristics that make financial information useful: relevance and faithful representation.11 The concept of materiality is discussed within the context of relevance.

  1. 相关性:如果信息可能影响或改变用户的决策,则该信息具有相关性。信息可以具有预测价值(有助于做出预测)、验证价值(有助于评估过去的决策或预测),或两者兼具。换言之,相关性信息有助于财务信息用户评估过去、现在和未来的事件,或在决策过程中确认或修正其过去的评估。重要性:如果信息的遗漏或错报可能影响用户的决策,则该信息被视为重要信息。重要性取决于信息的性质和/或规模。

  2. Relevance: Information is relevant if it would potentially affect or make a difference in users’ decisions. The information can have predictive value (useful in making forecasts), confirmatory value (useful to evaluate past decisions or forecasts), or both. In other words, relevant information helps users of financial information to evaluate past, present, and future events, or to confirm or correct their past evaluations in a decision-making context. Materiality: Information is considered to be material if omission or misstatement of the information could influence users’ decisions. Materiality is a function of the nature and/or magnitude of the information.

  3. 忠实呈现:忠实呈现其所要反映的经济现象的信息,理想情况下应完整、中立且无误。完整意味着所有理解该现象所需的信息都已呈现。中立意味着信息的选取和呈现不带任何偏见。换言之,信息的呈现方式不会影响用户的决策。无误意味着对经济现象的描述不存在任何疏忽或遗漏,并且获取所报告信息的流程经过选择和严格执行,且无任何错误。忠实呈现力求在最大程度上兼顾完整、中立和无误这三个要素。

  4. Faithful representation: Information that faithfully represents an economic phenomenon that it purports to represent is ideally complete, neutral, and free from error. Complete means that all information necessary to understand the phenomenon is depicted. Neutral means that information is selected and presented without bias. In other words, the information is not presented in such a manner as to bias the users’ decisions. Free from error means that there are no errors of commission or omission in the description of the economic phenomenon, and that an appropriate process to arrive at the reported information was selected and was adhered to without error. Faithful representation maximizes the qualities of complete, neutral, and free from error to the extent possible.

相关性和真实性是实用财务信息最基本、最关键的特征。此外,概念框架还确定了四个增强其有效性的定性特征:可比性、可验证性、及时性和可理解性。

Relevance and faithful representation are the fundamental, most critical characteristics of useful financial information. In addition the Conceptual Framework identifies four enhancing qualitative characteristics: comparability, verifiability, timeliness, and understandability.

  1. 可比性:可比性使用户能够“识别和理解项目的异同”。随着时间的推移和不同实体的呈现方式保持一致,能够使用户比使用呈现方式各异的相似经济现象信息更容易进行比较。

  2. Comparability: Comparability allows users “to identify and understand similarities and differences of items.” Information presented in a consistent manner over time and across entities enables users to make comparisons more easily than information with variations in how similar economic phenomena are represented.

  3. 可验证性:可验证性是指不同的、有知识的、独立的观察者会一致认为,所呈现的信息忠实地反映了它所声称要代表的经济现象。

  4. Verifiability: Verifiability means that different knowledgeable and independent observers would agree that the information presented faithfully represents the economic phenomena it purports to represent.

  5. 时间线:决策者在做出决定之前能够及时获得相关信息。

  6. Timeliness: Timely information is available to decision makers prior to their making a decision.

  7. 易懂性:清晰简洁的信息呈现方式有助于提高信息的易懂性。信息应面向具备一定商业和经济活动知识,并愿意认真研读的用户,确保他们能够理解。不应仅仅因为信息难以理解就将其排除在外,用户在理解复杂的经济现象时可能需要寻求帮助。

  8. Understandability: Clear and concise presentation of information enhances understandability. Information should be prepared for and be understandable by users who have a reasonable knowledge of business and economic activities, and who are willing to study the information with diligence. Information that is useful should not be excluded simply because it is difficult to understand and it may be necessary for users to seek assistance to understand information about complex economic phenomena.

具备这些定性特征(基本性和增强性)的财务信息对于做出经济决策是有用的。

Financial information exhibiting these qualitative characteristics—fundamental and enhancing—should be useful for making economic decisions.

4.2财务报告的限制

4.2. Constraints on Financial Reports

尽管财务报表最好能展现所有这些定性特征,从而发挥最大效用,但有时可能需要在这些增强特征之间进行权衡。这些增强特征的应用没有固定的优先顺序,每项特征都可能优先于其他特征。目标是在各项增强特征之间取得适当的平衡。

Although it would be ideal for financial statements to exhibit all of these qualitative characteristics and thus achieve maximum usefulness, it may be necessary to make tradeoffs across the enhancing characteristics. The application of the enhancing characteristics follows no set order of priority and each enhancing characteristic may take priority over the others. The aim is an appropriate balance among the enhancing characteristics.

有效财务报告面临的一大制约因素是提供和使用这些信息的成本。理想情况下,信息带来的收益应超过提供和使用信息的成本。因此,目标是在成本和收益之间取得平衡。

A pervasive constraint on useful financial reporting is the cost of providing and using this information. Optimally, benefits derived from information should exceed the costs of providing and using it. Again, the aim is a balance between costs and benefits.

财务报告的局限性在于某些信息未被纳入其中。财务报表必然会省略一些无法量化的信息。例如,公司员工的创造力、创新能力和专业技能无法直接体现在财务报表中。同样,客户忠诚度、积极的企业文化、环境责任以及公司的许多其他方面也可能无法直接反映在财务报表中。当然,如果这些因素能够带来卓越的财务业绩,那么公司的财务报告最终会反映出这些成果。

A limitation of financial reporting involves information that is not included. Financial statements, by necessity, omit information that is non-quantifiable. For example, the creativity, innovation, and competence of a company’s work force are not directly captured in the financial statements. Similarly, customer loyalty, a positive corporate culture, environmental responsibility, and many other aspects about a company may not be directly reflected in the financial statements. Of course, to the extent that these items result in superior financial performance, a company’s financial reports will reflect the results.

例 2

平衡有用信息的定性特征

Balancing Qualitative Characteristics of Useful Information

在提升定性特征方面,常常需要权衡取舍。例如,公司在记录销售收入时,需要同时估计并记录潜在的坏账(无法收回的应收账款)费用。计入这笔估计费用被认为能够真实反映经济事件,并提供有关该会计期间净利润的相关信息。这些信息及时且易于理解;但由于坏账可能要到后期才能确定,计入这笔估计费用意味着牺牲了可验证性。坏账费用仅仅是一个估计值。显然,并非总能同时满足所有定性特征。

A tradeoff between enhancing qualitative characteristics often occurs. For example, when a company records sales revenue, it is required to simultaneously estimate and record an expense for potential bad debts (uncollectible accounts). Including this estimated expense is considered to represent the economic event faithfully and to provide relevant information about the net profits for the accounting period. The information is timely and understandable; but because bad debts may not be known with certainty until a later period, inclusion of this estimated expense involves a sacrifice of verifiability. The bad debt expense is simply an estimate. It is apparent that it is not always possible to simultaneously fulfill all qualitative characteristics.

公司在编制财务报告时最有可能在下列哪些方面进行权衡?

Companies are most likely to make tradeoffs between which of the following when preparing financial reports?

  1. 相关性和实质性。

  2. Relevance and materiality.

  3. 及时性和可验证性。

  4. Timeliness and verifiability.

  5. 相关性和忠实再现。

  6. Relevance and faithful representation.

解决方案:

Solution:

B选项正确。及时提供信息意味着经济事件发生与信息编制之间的时间间隔较短;然而,全面核实信息可能需要更长的时间。相关性和真实性是财务信息有用的基本定性特征。这两个特征缺一不可,二者之间不存在取舍关系。重要性是相关性的一个方面。

B is correct. Providing timely information implies a shorter time frame between the economic event and the information preparation; however, fully verifying information may require a longer time frame. Relevance and faithful representation are fundamental qualitative characteristics that make financial information useful. Both characteristics are required; there is no tradeoff between these. Materiality is an aspect of relevance.

4.3财务报表的要素

4.3. The Elements of Financial Statements

财务报表根据交易和其他事项的经济特征,将其归类为不同的要素,从而反映这些交易和其他事项对财务状况的影响。财务报表的三大要素与财务状况的计量直接相关:资产、负债和所有者权益。

Financial statements portray the financial effects of transactions and other events by grouping them into broad classes (elements) according to their economic characteristics. Three elements of financial statements are directly related to the measurement of financial position: assets, liabilities, and equity.

  • 资产:指企业因过去的交易或活动而拥有的、目前由企业控制的经济资源。经济资源是指具有产生经济利益潜力的权利。资产是指公司拥有的东西(例如,存货和设备)。

  • Assets: A present economic resource controlled by the entity as a result of past events. An economic resource is a right that has the potential to produce economic benefits. Assets are what a company owns (e.g., inventory and equipment).

  • 负债:指企业因过去的交易或事项而负有的、转移经济资源的现时义务。义务是指企业无法实际规避的责任或义务。负债是指公司所欠的款项(例如,银行贷款)。

  • Liabilities:. A present obligation of the entity to transfer an economic resource as a result of past events. An obligation is a duty or responsibility that the entity has no practical ability to avoid. Liabilities are what a company owes (e.g., bank borrowings).

  • 权益(对于上市公司而言,也称为“股东权益”):资产减去负债。权益是指扣除负债后剩余的资产份额。

  • Equity (for public companies, also known as “shareholders’ equity” or “stockholders’ equity”): Assets less liabilities. Equity is the residual interest in the assets after subtracting the liabilities.

与业绩衡量(利润及相关指标)直接相关的财务报表要素是收入和支出。

The elements of financial statements directly related to the measurement of performance (profit and related measures) are income and expenses.

  • 收入:指资产增加或负债减少导致权益增加,但不包括股东出资产生的收入。收入包括营业收入和收益。营业收入是指企业日常经营活动(例如,销售产品或提供服务)产生的收入。收益可能来自日常经营活动或其他活动(例如,出售剩余设备)。

  • Income: Increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims. Income includes both revenues and gains. Revenues represent income from the ordinary activities of the enterprise (e.g., the sale of products or provision of services). Gains may result from ordinary activities or other activities (the sale of surplus equipment).

  • 费用:指资产减少或负债增加导致权益减少,但不包括向权益持有人分配利润。费用包括与经营活动相关的费用,例如销售成本和运营费用(包括工资、租金和其他项目)。损失也属于费用,可能源于以低于账面价值的价格出售资产、资产减值以及其他各种原因。

  • Expenses: Decreases in assets, or increases in liabilities, that result in decreases in equity, other than those relating to distributions to holders of equity claims. Expenses include those related to operating activities such as cost of good sold and operating expenses including wages, rents and other items. Losses are also considered expenses and can result from the sale of assets at less than their carrying values, impairments of asset values and a variety of other items.

4.3.1财务报表的基本假设

4.3.1. Underlying Assumptions in Financial Statements

财务报表基于两个重要假设:权责发生制会计和持续经营。这些假设决定了财务报表要素的确认和计量方式。

Two important assumptions underlie financial statements: accrual accounting and going concern. These assumptions determine how financial statement elements are recognized and measured.

“权责发生制会计”的原则是,财务报表应反映交易实际发生的期间,而非现金流动发生的期间。例如,公司在收入实现时(即履约义务已履行完毕时)确认收入,而无论公司是在交付产品之前还是之后收到现金,都应在交付时确认收入。

The use of “accrual accounting” assumes that financial statements should reflect transactions in the period when they actually occur, not necessarily when cash movements occur. For example, a company reports revenues when they are earned (when the performance obligations have been satisfied), regardless of whether the company received cash before or after delivering the product, at the time of delivery.

“持续经营”是指公司在可预见的未来将继续经营的假设。举例来说,假设公司库存可以在正常时间内售出,其库存价值与假设库存必须在一天(或一周)内全部售出时,同一库存的价值会有所不同。对于计划清算或大幅缩减运营规模的公司,为了公允列报,需要提供不同的信息。

“Going concern” refers to the assumption that the company will continue in business for the foreseeable future. To illustrate, consider the value of a company’s inventory if it is assumed that the inventory can be sold over a normal period of time versus the value of that same inventory if it is assumed that the inventory must all be sold in a day (or a week). Companies with the intent to liquidate or materially curtail operations would require different information for a fair presentation.

4.3.2财务报表要素的确认

4.3.2. Recognition of Financial Statement Elements

确认是指将某个项目纳入资产负债表或利润表。确认的条件是该项目符合项目要素的定义并满足确认标准。确认的恰当之处在于,它既能提供关于资产、负债、权益、收入和费用的相关信息,又能忠实地反映这些项目,因为其目的是为投资者、贷款人和其他债权人提供有用的信息。

Recognition means that an item is included in the balance sheet or income statement. Recognition occurs if the item meets the definition of an element and satisfies the criteria for recognition. Recognition is appropriate if it results in both relevant information about assets, liabilities, equity, income and expenses and a faithful representation of those items, because the aim is to provide information that is useful to investors, lenders and other creditors.

4.3.3财务报表要素的计量

4.3.3. Measurement of Financial Statement Elements

计量是指确定财务报表要素在资产负债表和利润表中确认和列示的货币金额的过程。以下几种计量基础在不同程度上以及以不同的组合方式用于计量资产和负债:

Measurement is the process of determining the monetary amounts at which the elements of the financial statements are to be recognized and carried in the balance sheet and income statement. The following alternative bases of measurement are used to different degrees and in varying combinations to measure assets and liabilities:

  • 历史成本:历史成本是指购买资产所支付的现金或现金等价物金额,包括任何购置和/或准备成本。如果资产并非以现金购买,则历史成本是指为购买该资产而支付的任何款项的公允价值。就负债而言,历史成本计量基础是指履行该义务所收到的款项金额。

  • Historical cost: Historical cost is simply the amount of cash or cash equivalents paid to purchase an asset, including any costs of acquisition and/or preparation. If the asset was not bought for cash, historical cost is the fair value of whatever was given in order to buy the asset. When referring to liabilities, the historical cost basis of measurement means the amount of proceeds received in exchange for the obligation.

  • 摊余成本:根据摊销、折旧或损耗和/或减值调整的历史成本。

  • Amortised cost: Historical cost adjusted for amortisation, depreciation, or depletion and/or impairment.

  • 现值成本:就资产而言,现值成本是指今天购买相同或等价资产所需支付的现金或现金等价物金额。就负债而言,现值成本计量基础是指今天清偿该项债务所需支付的未折现现金或现金等价物金额。

  • Current cost: In reference to assets, current cost is the amount of cash or cash equivalents that would have to be paid to buy the same or an equivalent asset today. In reference to liabilities, the current cost basis of measurement means the undiscounted amount of cash or cash equivalents that would be required to settle the obligation today.

  • 变现价值(结算价值):就资产而言,变现价值是指通过有序处置出售该资产目前可获得的现金或现金等价物金额。就负债而言,与变现价值等价的称为“结算价值”,即结算价值是指在正常业务过程中预期支付的用于清偿负债的未折现现金或现金等价物金额。

  • Realizable (settlement) value: In reference to assets, realizable value is the amount of cash or cash equivalents that could currently be obtained by selling the asset in an orderly disposal. For liabilities, the equivalent to realizable value is called “settlement value”—that is, settlement value is the undiscounted amount of cash or cash equivalents expected to be paid to satisfy the liabilities in the normal course of business.

  • 现值(PV):对于资产而言,现值是指该资产在正常经营过程中预期产生的未来净现金流入的现值。对于负债而言,现值是指在正常经营过程中预期用于偿还负债的未来净现金流出的现值。

  • Present value (PV): For assets, present value is the present discounted value of the future net cash inflows that the asset is expected to generate in the normal course of business. For liabilities, present value is the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.

  • 公允价值:定义为退出价格,即在计量日,市场参与者之间有序交易中出售资产所能收到的价格或转移负债所需支付的价格。根据信息的可获得性,公允价值可能采用市场计量或现值计量。

  • Fair value: is defined as an exit price, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This may involve either market measures or present value measures depending on the availability of information.

4.4财务报表的一般要求

4.4. General Requirements for Financial Statements

概念框架为制定标准和财务报表要素提供了基础。然而,该框架并未涉及财务报表的一般内容,这些内容在国际会计准则第1号——财务报表的列报中有所规定。国际会计准则第1号具体规定了所需的财务报表、财务报表的一般特征以及财务报表的结构和内容。12 这些一般要求在附录1中有所说明,并在以下各小节中进行了详细描述。

The Conceptual Framework provides a basis for establishing standards and the elements of financial statements. However, the framework does not address the general contents of the financial statements, which are addressed in International Accounting Standard (IAS) No. 1, Presentation of Financial Statements. IAS No. 1 specifies the required financial statements, general features of financial statements, and structure and content of financial statements.12 These general requirements are illustrated in Exhibit 1 and described in the subsections below.

附件1. 国际会计准则理事会关于财务报表的通用要求

在以下各节中,我们将更详细地讨论所需的财务报表、财务报表编制的基本特征以及规定的结构和内容。

In the following sections, we discuss the required financial statements, the general features underlying the preparation of financial statements, and the specified structure and content in greater detail.

4.4.1 . 所需财务报表

4.4.1. Required Financial Statements

根据国际会计准则第1号,一套完整的财务报表包括:13

Under IAS No. 1, a complete set of financial statements includes:13

  • 财务状况表(资产负债表);

  • a statement of financial position (balance sheet);

  • 综合收益表(一份综合收益表或两份报表,一份利润表和一份以利润表损益为开端的综合收益表);

  • a statement of comprehensive income (a single statement of comprehensive income or two statements, an income statement and a statement of comprehensive income that begins with profit or loss from the income statement);

  • 权益变动表,分别列示因损益、其他综合收益各项以及与所有者以所有者身份进行的交易而产生的权益变动;14

  • a statement of changes in equity, separately showing changes in equity resulting from profit or loss, each item of other comprehensive income, and transactions with owners in their capacity as owners;14

  • 现金流量表;以及

  • a statement of cash flows; and

  • 附注包括重要会计政策摘要和其他解释性附注,披露国际财务报告准则要求但未在其他地方列示的信息,并提供与理解财务报表相关的信息。

  • notes comprising a summary of significant accounting policies and other explanatory notes that disclose information required by IFRS and not presented elsewhere and that provide information relevant to an understanding of the financial statements.

鼓励各实体提供除必要信息外的其他相关财务和非财务信息。财务报表需公允地反映实体的财务状况、财务业绩和现金流量。

Entities are encouraged to furnish other related financial and non-financial information in addition to that required. Financial statements need to present fairly the financial position, financial performance, and cash flows of an entity.

4.4.2财务报表的一般特征

4.4.2. General Features of Financial Statements

采用国际财务报告准则(IFRS)的公司必须在其财务报表附注中明确声明其符合该准则。只有当公司完全符合IFRS的所有要求时,才需作出此类声明。在极少数情况下,如果管理层认为遵守IFRS会导致财务报表产生误导,则公司可以偏离IFRS的某项要求。在这种情况下,管理层必须披露偏离IFRS的详情。

A company that applies IFRS is required to state explicitly in the notes to its financial statements that it is in compliance with the standards. Such a statement is only made when a company is in compliance with all requirements of IFRS. In extremely rare circumstances, a company may deviate from a requirement of IFRS if management concludes that complying with IFRS would result in misleading financial statements. In this case, management must disclose details of the departure from IFRS.

国际会计准则第1号规定了财务报表编制的若干一般特征。这些特征清晰地体现了概念框架

IAS No. 1 specifies a number of general features underlying the preparation of financial statements. These features clearly reflect the Conceptual Framework.

  • 公允列报:应用国际财务报告准则(IFRS)旨在编制公允列报的财务报表。国际会计准则(IAS)对公允列报的定义如下:

    公允列报要求按照《框架》中规定的资产、负债、收入和费用的定义和确认标准如实反映交易、其他事项和情况的影响。15

  • Fair Presentation: The application of IFRS is presumed to result in financial statements that achieve a fair presentation. The IAS describes fair presentation as follows:

    Fair presentation requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the Framework.15

  • 持续经营:除非管理层有意清算企业或停止经营,或除此以外别无其他切实可行的选择,否则财务报表应以持续经营为基础编制。如果未以持续经营为基础编制财务报表,则应披露相关事实和理由。

  • Going Concern: Financial statements are prepared on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. If not presented on a going concern basis, the fact and rationale should be disclosed.

  • 权责发生制:财务报表(现金流量信息除外)应采用权责发生制会计方法编制。

  • Accrual Basis: Financial statements (except for cash flow information) are to be prepared using the accrual basis of accounting.

  • 重要性与汇总:如果遗漏或错报项目单独或合计可能影响使用者基于财务报表作出的经济决策,则这些项目具有重要性。每类具有重要性的类似项目应单独列示。除非不重要,否则不类似的项目也应单独列示。

  • Materiality and Aggregation: Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements. Each material class of similar items is presented separately. Dissimilar items are presented separately unless they are immaterial.

  • 不进行抵销:资产和负债、收入和支出之间不得进行抵销,除非国际财务报告准则要求或允许。

  • No Offsetting: Assets and liabilities, and income and expenses, are not offset unless required or permitted by an IFRS.

  • 报告频率:财务报表至少每年编制一次。

  • Frequency of Reporting: Financial statements must be prepared at least annually.

  • 比较信息:财务报表必须包含上期比较信息。除非国际财务报告准则另有规定或允许,否则财务报表中报告的所有金额均应披露上期比较信息。

  • Comparative Information: Financial statements must include comparative information from the previous period. The comparative information of prior periods is disclosed for all amounts reported in the financial statements, unless an IFRS requires or permits otherwise.

  • 一致性:财务报表中项目的列报和分类通常会从一个时期延续到下一个时期。

  • Consistency: The presentation and classification of items in the financial statements are usually retained from one period to the next.

4.4.3结构和内容要求

4.4.3. Structure and Content Requirements

国际会计准则第1号还规定了财务报表的结构和内容。这些要求包括以下几点:

IAS No. 1 also specifies structure and content of financial statements. These requirements include the following:

  • 分类财务状况表(资产负债表):要求资产负债表区分流动资产和非流动资产,以及流动负债和非流动负债,除非基于流动性的列报方式能够提供更相关、更可靠的信息(例如,银行或类似金融机构的情况)。

  • Classified Statement of Financial Position (Balance Sheet): requires the balance sheet to distinguish between current and non-current assets, and between current and non-current liabilities unless a presentation based on liquidity provides more relevant and reliable information (e.g., in the case of a bank or similar financial institution).

  • 财务报表正面披露的最低信息:规定了财务报表正面或附注中必须披露的最低项目。例如,公司必须将厂房、固定资产和设备的金额作为一项单独列示在资产负债表上。财务报表的主要项目将在其他资料中介绍。

  • Minimum Information on the Face of the Financial Statements: specifies the minimum line item disclosures on the face of, or in the notes to, the financial statements. For example, companies are specifically required to disclose the amount of their plant, property, and equipment as a line item on the face of the balance sheet. The major line items included in financial statements are covered in other readings.

  • 财务报表附注(或财务报表正文)中的最低信息披露要求:规定了财务报表中需要披露的信息。这些信息必须以系统的方式提供,并且必须在财务报表正文和附注之间进行交叉引用。所需信息汇总于附录2

  • Minimum Information in the Notes (or on the face of financial statements): specifies disclosures about information to be presented in the financial statements. This information must be provided in a systematic manner and cross-referenced from the face of the financial statements to the notes. The required information is summarized in Exhibit 2.

  • 比较信息:除非其他准则另有要求或允许,财务报表中所列示的金额均应提供上期比较信息。此类比较信息有助于使用者更好地理解所列示的金额。

  • Comparative Information: For all amounts reported in a financial statement, comparative information should be provided for the previous period unless another standard requires or permits otherwise. Such comparative information allows users to better understand reported amounts.

附录2. 财务报表附注中IFRS要求披露内容的概要
会计政策披露
  • 编制财务报表所采用的计量基础

  • Measurement bases used in preparing financial statements

  • 采用的重要会计政策

  • Significant accounting policies used

  • 在应用会计政策时所作出的判断,对财务报表中确认的金额影响最为重大。

  • Judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements

估计不确定性的来源
  • 关于未来的关键假设和其他主要估计不确定性来源,存在着在未来一年内对资产和负债账面价值进行重大调整的重大风险。

  • Key assumptions about the future and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next year

其他披露
  • 有关资本和某些被归类为权益的金融工具的信息

  • Information about capital and about certain financial instruments classified as equity

  • 本期未确认为分配的股息,包括财务报表发布前已宣告的股息和任何累积优先股股息。

  • Dividends not recognized as a distribution during the period, including dividends declared before the financial statements were issued and any cumulative preference dividends

  • 实体描述,包括其住所地、法律形式、注册成立国家/地区以及注册办事处或营业地址

  • Description of the entity, including its domicile, legal form, country of incorporation, and registered office or business address

  • 业务性质和主要活动

  • Nature of operations and principal activities

  • 父母姓名和最终父母姓名

  • Name of parent and ultimate parent

5.国际财务报告准则与其他报告制度的比较

5. Comparison of IFRS with Alternative Reporting Systems

欧盟和其他国家采用国际财务报告准则(IFRS)作为强制性财务报告标准,推进了全球趋同的目标。然而,全球资本市场的财务报告仍然存在显著差异。其中,IFRS与美国通用会计准则(US GAAP)之间的差异无疑是最为关键的。自欧盟于2005年采用IFRS以来,全球众多上市公司都采用这两种报告准则之一。

The adoption of IFRS as the required financial reporting standard by the EU and other countries has advanced the goal of global convergence. Nevertheless, there are still significant differences in financial reporting in the global capital markets. Arguably, the most critical are the differences that exist between IFRS and US GAAP. Following the EU adoption of IFRS (in 2005), a significant number of the world’s listed companies use one of these two reporting standards.

一般来说,国际会计准则理事会(IASB)和美国财务会计准则委员会(FASB)共同合作,协调会计准则的变更,并减少准则间的差异。2004年启动的IASB/FASB联合项目旨在开发一个改进的通用概念框架。2010年底,概念框架的趋同工作暂停。2012年12月,IASB重新启动了该概念框架项目。截至2018年底,趋同议程上没有新的项目。

In general, the IASB and FASB work together to coordinate changes to accounting standards and reduce differences between the standards. A joint IASB/FASB project initiated in 2004 aimed to develop an improved, common conceptual framework. In late 2010, convergence of the conceptual frameworks was put on hold. In December 2012, the IASB reactivated the conceptual framework as an IASB project. As of year-end 2018, there are no new projects on the convergence agenda.

随着越来越多的国家采用国际财务报告准则(IFRS),分析师考虑其他财务报告体系的需求将会降低。分析师可能会遇到以IFRS以外的其他准则编制的财务报表。IFRS与美国通用会计准则(US GAAP)之间的差异依然存在,并影响着财务报告框​​架以及众多财务报告准则。有关个别财务报表和特定主题的课程阅读材料,可以更详细地了解IFRS与US GAAP之间的相关差异。

As more countries adopt IFRS, the need for analysts to consider other financial reporting systems will be reduced. Analysts are likely to encounter financial statements that are prepared on a basis other than IFRS. Differences between IFRS and US GAAP remain and affect the framework as well as numerous financial reporting standards. Curriculum readings on individual financial statements and specific topics provide a more detailed review of related differences in IFRS and US GAAP.

图表3:国际财务报告准则与美国通用会计准则的差异
比较依据 美国通用会计准则 国际财务报告准则
由……开发 财务会计准则委员会(FASB)。 国际会计准则理事会(IASB)。
基于 规则 原则
存货估价 先进先出法、后进先出法和加权平均法。 先进先出法和加权平均法。
非凡物品 如下所示(位于损益表底部)。 未在损益表中单独列出。
开发成本 视为一项费用 只有在满足特定条件的情况下才能资本化。
存货冲销 禁止 满足特定条件即可允许。

对于分析采用不同准则编制的财务报表而言,调节表和关于报告基础之间重大差异的披露(在某些司法管辖区历史上曾提供)尤为重要。例如,美国证券交易委员会(SEC)过去要求未按照美国通用会计准则(US GAAP)编制财务报表的外国私人发行人提供调节表。然而,在2007年,SEC取消了对按照国际财务报告准则(IFRS)编制财务报表的公司的调节表要求。尽管与此类差异相关的披露有时篇幅冗长,但净利润和股东权益的数值调节表以图表形式呈现,相对易于使用。由于调节表披露不再普遍提供,分析师在比较两家采用不同报告准则的公司时,必须注意会计准则尚未趋同的领域。在许多情况下,使用按照不同会计准则编制的财务报表的用户没有足够的信息来进行必要的调整以实现可比性。相反,分析师在解读根据不同会计准则编制的比较财务指标时必须保持谨慎,并密切关注财务报告准则的重大发展,因为这可能会对比较公司业绩和证券估值产生重要影响。

For analyzing financial statements created under different standards, reconciliation schedules and disclosures regarding the significant differences between the reporting bases—historically available in some jurisdictions—were particularly helpful. For example, the SEC historically required reconciliation for foreign private issuers that did not prepare financial statements in accordance with US GAAP. In 2007, however, the SEC eliminated the reconciliation requirement for companies that prepared their financial statements according to IFRS. Although the disclosures related to any such differences were sometimes dauntingly long, the numerical reconciliations of net income and shareholders’ equity appeared in charts that were relatively easy to use. Because reconciliation disclosures are no longer generally available, an analyst comparing two companies that use different reporting standards must be aware of areas where accounting standards have not converged. In many cases, a user of financial statements prepared under different accounting standards does not have enough information to make specific adjustments required to achieve comparability. Instead, an analyst must maintain caution in interpreting comparative financial measures produced under different accounting standards and monitor significant developments in financial reporting standards, as this can have important implications for comparing the performance of companies and security valuation.

6.监测财务报告准则的发展

6. Monitoring Developments in Financial Reporting Standards

在研究财务报告和财务报表分析时,分析师必须意识到报告准则在不断发展变化。分析师需要密切关注财务报告领域的持续发展,并评估其对证券分析和估值的影响。关注财务报告准则的发展并不意味着分析师必须是会计师。会计师从编制者的角度关注这些发展;而分析师则需要从使用者的角度进行关注。更具体地说,分析师需要了解这些发展将如何影响财务报告。

In studying financial reporting and financial statement analysis in general, the analyst must be aware that reporting standards are evolving. Analysts need to monitor ongoing developments in financial reporting and assess their implications for security analysis and valuation. The need to monitor developments in financial reporting standards does not mean that analysts should be accountants. An accountant monitors these developments from a preparer’s perspective; an analyst needs to monitor from a user’s perspective. More specifically, analysts need to know how these developments will affect financial reports.

分析师可以通过监控新产品或交易、标准制定者和其他代表财务报表使用者的团体(如 CFA 协会)的行动,以及公司对关键会计政策和估计的披露,来了解财务报告标准的发展情况。

Analysts can remain aware of developments in financial reporting standards by monitoring new products or transactions, actions of standard setters and other groups representing users of financial statements (such as CFA Institute), and company disclosures regarding critical accounting policies and estimates.

6.1新产品或交易类型

6.1. New Products or Types of Transactions

新产品和新型交易可能具有不寻常或独特的特征,以至于财务报告准则中没有明确的指导。新产品或交易通常源于经济事件,例如新业务(如金融科技公司)的出现,或源于新开发的金融工具或金融结构。金融工具,无论是否在交易所交易,其设计目的通常是为了提升公司业务或降低固有风险。然而,有时,金融工具或结构化交易的开发主要是为了粉饰财务报告。

New products and new types of transactions can have unusual or unique elements to them such that no explicit guidance in the financial reporting standards exists. New products or transactions typically arise from economic events, such as new businesses (e.g., fintech), or from a newly developed financial instrument or financial structure. Financial instruments, whether exchange traded or not, are typically designed to enhance a company’s business or to mitigate inherent risks. However, at times, financial instruments or structured transactions have been developed primarily for purposes of financial report “window dressing.”

尽管公司可能会在财务报告中披露新产品和交易,但分析师也可以通过关注商业期刊和资本市场来识别此类项目。此外,当一个行业内的一家公司开发出新产品或进行新交易时,其他公司通常也会效仿。一旦识别出新产品、金融工具或结构化交易,了解其商业目的就显得尤为重要。如有必要,分析师可以从公司管理层获取更多信息,管理层应能够阐述这些项目的经济目的、财务报表编制方式、重要估计、编制过程中所依据的判断以及对未来现金流的影响。

Although companies might discuss new products and transactions in their financial reports, the analyst can also monitor business journals and the capital markets to identify such items. Additionally, when one company in an industry develops a new product or transaction, other companies in the industry often do the same. Once new products, financial instruments, or structured transactions are identified, it is helpful to gain an understanding of the business purpose. If necessary, an analyst can obtain further information from a company’s management, which should be able to describe the economic purpose, the financial statement reporting, significant estimates, judgments applied in determining the reporting, and future cash flow implications for these items.

6.2不断发展的标准及CFA协会的作用

6.2. Evolving Standards and the Role of CFA Institute

鉴于新产品开发与监管行动之间存在滞后,标准制定者和监管机构的行动不太可能有助于识别新产品和交易。然而,监测这些机构的行动仍然至关重要,原因有二:法规的变化会影响公司的财务报告,进而影响其估值。如果财务报告准则发生变化,要求更明确地识别影响资产/负债估值或财务业绩的事项,则尤其如此。例如,一项监管变更要求公司将与授予和归属员工股票期权相关的费用计入损益表费用。在强制计入费用之前,分析师只能通过查阅财务报表附注中披露的信息来评估股票期权授予对股东权益的稀释影响。

The actions of standard setters and regulators are unlikely to be helpful in identifying new products and transactions, given the lag between new product development and regulatory action. Monitoring the actions of these authorities is nonetheless important for another reason: Changes in regulations can affect companies’ financial reports and, thus, valuations. This is particularly true if the financial reporting standards change to require more explicit identification of matters affecting asset/liability valuation or financial performance. For example, one regulatory change required companies to include a provision for expenses associated with the grant and vesting of employee stock option grants as an expense in the income statement. Prior to the required expensing, an analyst could only assess the dilutive effect to shareholders associated with stock option grants by reviewing information disclosed in the notes to the financial statements.

如果部分市场参与者不仔细审查财务报表细节,从而在评估公司证券价值时忽略某些项目,那么更明确的识别可能会影响公司证券的价值。此外,与仅在附注中披露的项目相比,管理层更有可能对财务报表中列出的项目进行更认真、更严谨的计算/估算。

To the extent that some market participants do not examine financial statement details and thus ignore some items when valuing a company’s securities, more explicit identification could affect the value of the company’s securities. Additionally, it is plausible to believe that management is more attentive to and rigorous in any calculations/estimates of items that appear in the financial statements, compared to items that are only disclosed in the notes.

国际会计准则理事会(IASB,www.iasb.org)和美国财务会计准则委员会(FASB,www.fasb.org)在其网站上提供了大量关于新准则和未来准则修订提案的信息。此外,IASB 和 FASB 还积极征求财务分析师群体的意见——这些分析师经常使用财务报表进行投资和信贷决策。当一项新准则被提出时,会发布征求意见稿,财务报表使用者可以撰写评论信和立场文件,提交给 IASB 和 FASB,以便对提案进行评估。

The IASB (www.iasb.org) and FASB (www.fasb.org) provide a great deal of information on their websites regarding new standards and proposals for future changes in standards. In addition, the IASB and FASB seek input from the financial analyst community—those who regularly use financial statements in making investment and credit decisions. When a new standard is proposed, an exposure draft is made available and users of financial statements can draft comment letters and position papers for submission to the IASB and FASB in order to evaluate the proposal.

CFA协会积极支持财务报告的改进。CFA协会的志愿者会员在多个联络委员会任职,这些委员会定期召开会议,就拟议准则向国际会计准则理事会(IASB)和美国财务会计准则委员会(FASB)提出建议,并起草评论信和立场文件。这些小组就财务报告问题提出的评论信和立场文件可在www.cfainstitute.org/advocacy查阅。

CFA Institute is active in supporting improvements to financial reporting. Volunteer members of CFA Institute serve on several liaison committees that meet regularly to make recommendations to the IASB and FASB on proposed standards and to draft comment letters and position papers. The comment letters and position papers of these groups on financial reporting issues are available at www.cfainstitute.org/advocacy.

2007年,特许金融分析师协会(CFA Institute)发布了一份题为《综合商业报告模型:面向投资者的财务报告》的立场文件,其中提出了一种显著改进财务报告的建议模型。该立场文件至今仍具有现实意义,其指出:

In 2007, CFA Institute issued a position paper titled A Comprehensive Business Reporting Model: Financial Reporting for Investors, which provides a suggested model for significantly improving financial reporting. The position paper remains relevant in stating:

公司财务报表及其相关披露是稳健投资决策的基础。全球金融市场的福祉,以及数百万将自身财务利益寄托于这些市场的投资者的利益,都直接取决于财务报表及其披露所提供的信息。因此,信息的质量驱动着全球金融市场。而信息的质量又直接取决于管理者在识别和衡量影响公司运营的经济活动和事件时所遵循的原则和标准……

投资者要求财务报告具备及时性、透明度、可比性和一致性。投资者更看重财务报告的决策相关性而非可靠性……“分析师需要了解经济现实——也就是真实情况——并尽可能通过会计数字来反映出来。”未能反映这种经济现实的公司财务报表会损害投资决策过程。 16

Corporate financial statements and their related disclosures are fundamental to sound investment decision making. The well-being of the world’s financial markets, and of the millions of investors who entrust their financial present and future to those markets, depends directly on the information financial statements and disclosures provide. Consequently, the quality of the information drives global financial markets. The quality, in turn, depends directly on the principles and standards managers apply when recognizing and measuring the economic activities and events affecting their companies’ operations….

Investors require timeliness, transparency, comparability, and consistency in financial reporting. Investors have a preference for decision relevance over reliability…“analysts need to know economic reality—what is really going on—to the greatest extent it can be depicted by accounting numbers.” Corporate financial statements that fail to reflect this economic reality undermine the investment decision-making process.16

除其他原则外,该模型强调有关资产和负债当前公允价值的信息的重要性、财务报告的中立性,以及通过选择所谓的现金流量表直接格式向投资者提供有关现金流量的详细信息。

Among other principles, the proposed model stresses the importance of information regarding the current fair value of assets and liabilities, of neutrality in financial reporting, and of providing detailed information on cash flows to investors through the choice of the so-called direct format for the cash flow statement.

总之,分析师可以通过及时了解财务报告准则来提升投资决策水平。此外,分析师还可以通过与准则制定机构分享其作为用户的观点来为改进财务报告做出贡献,这些机构通常会就拟议的变更征求意见。

In summary, analysts can improve their investment decision making by keeping current on financial reporting standards. In addition, analysts can contribute to improving financial reporting by sharing their perspective as users with standard-setting bodies, which typically invite comments concerning proposed changes.

概括

Summary

了解财务报告及其相关准则有助于证券估值和其他财务分析。本文阐述了财务报告准则的概念目标、准则制定过程中的参与方,以及分析人员在监控报告准则发展方面所面临的挑战。

An awareness of financial reporting and underlying financial reporting standards can assist in security valuation and other financial analysis. This reading describes the conceptual objectives of financial reporting standards, the parties involved in standard-setting processes, and the implication for analysts in monitoring developments in reporting standards.

以下总结了阅读材料中的一些要点:

Some key points of the reading are summarized below:

  • 财务报告的目标是提供有关报告实体的财务信息,以便现有和潜在的投资者、贷款人和其他债权人能够就向该实体提供资源做出决策。

  • The objective of financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity.

  • 财务报告需要政策选择和估计。这些选择和估计需要判断,而判断结果可能因编制者而异。因此,需要制定标准来确保这些判断的一致性。

  • Financial reporting requires policy choices and estimates. These choices and estimates require judgment, which can vary from one preparer to the next. Accordingly, standards are needed to ensure increased consistency in these judgments.

  • 私营部门标准制定机构和监管机构在标准制定过程中扮演着重要但不同的角色。一般来说,标准制定机构负责制定规则,而监管机构负责执行规则。然而,监管机构通常保留在其管辖范围内制定财务报告标准的法律权力。

  • Private sector standard setting bodies and regulatory authorities play significant but different roles in the standard setting process. In general, standard setting bodies make the rules, and regulatory authorities enforce the rules. However, regulators typically retain legal authority to establish financial reporting standards in their jurisdiction.

  • 国际财务报告准则框架阐述了编制和列报供外部用户使用的财务报表的基本概念。

  • The IFRS framework sets forth the concepts that underlie the preparation and presentation of financial statements for external users.

  • 公平呈现有用信息是国际会计准则理事会(IASB)概念框架的核心目标 。有用信息的质量特征包括基本特征和增强特征。信息必须具备相关性和忠实反映的基本特征才能有用。增强特征包括可比性、可验证性、及时性和可理解性。

  • The objective of fair presentation of useful information is the center of the IASB’s Conceptual Framework. The qualitative characteristics of useful information include fundamental and enhancing characteristics. Information must exhibit the fundamental characteristics of relevance and faithful representation to be useful. The enhancing characteristics identified are comparability, verifiability, timeliness, and understandability.

  • 国际财务报告准则(IFRS)财务报表:国际会计准则第1号规定,一套完整的财务报表应包括资产负债表、综合收益表(可以是两份报表——一份净利润表和一份综合收益表——也可以是一份包含净利润和综合收益的报表)、权益变动表、现金流量表以及附注。附注包括重要会计政策概要和其他解释性信息。

  • IFRS Financial Statements: IAS No. 1 prescribes that a complete set of financial statements includes a statement of financial position (balance sheet), a statement of comprehensive income (either two statements—one for net income and one for comprehensive income—or a single statement combining both net income and comprehensive income), a statement of changes in equity, a cash flow statement, and notes. The notes include a summary of significant accounting policies and other explanatory information.

  • 财务报表需要反映某些基本特征:公允列报、持续经营、权责发生制、重要性和汇总性,以及不得抵销。

  • Financial statements need to reflect certain basic features: fair presentation, going concern, accrual basis, materiality and aggregation, and no offsetting.

  • 财务报表至少每年编制一次,必须包含与上期相比的比较信息,并且必须保持一致。

  • Financial statements must be prepared at least annually, must include comparative information from the previous period, and must be consistent.

  • 财务报表必须遵循一定的列报要求,包括分类财务状况表(资产负债表)以及在财务报表正文和附注中列示的最低限度信息。

  • Financial statements must follow certain presentation requirements including a classified statement of financial position (balance sheet) and minimum information on both the face of the financial statements and in the notes.

  • 全球众多上市公司均采用国际财务报告准则(IFRS)或美国通用会计准则(US GAAP)进行财务报告。

  • A significant number of the world’s listed companies report under either IFRS or US GAAP.

  • 在许多情况下,财务报表使用者会缺乏必要的信息来进行特定调整,以实现采用国际财务报告准则(IFRS)的公司与采用美国通用会计准则(US GAAP)的公司之间的可比性。因此,分析师在解读根据不同会计准则编制的比较财务指标时,必须保持谨慎,并密切关注财务报告准则的重大发展。

  • In many cases, a user of financial statements will lack the information necessary to make specific adjustments required to achieve comparability between companies that use IFRS and companies that use US GAAP. Instead, an analyst must maintain general caution in interpreting comparative financial measures produced under different accounting standards and monitor significant developments in financial reporting standards.

  • 分析师可以通过监控新产品或交易类型;标准制定者、监管机构和其他团体的行动;以及公司对关键会计政策和估计的披露,来了解财务报告的最新发展。

  • Analysts can remain aware of ongoing developments in financial reporting by monitoring new products or types of transactions; actions of standard setters, regulators, and other groups; and company disclosures regarding critical accounting policies and estimates.

练习题

Practice Problems

  1. 以下哪项最不可能属于财务报表的目标?

    1. 提供有关实体业绩的信息。

    2. 提供有关实体财务状况的信息。

    3. 提供有关实体财务报表使用者的信息。

  2. Which of the following is most likely not an objective of financial statements?

    1. To provide information about the performance of an entity.

    2. To provide information about the financial position of an entity.

    3. To provide information about the users of an entity’s financial statements.

  3. 国际财务报告准则目前由哪个机构制定?

    1. 国际财务报告准则基金会。

    2. 国际会计准则理事会。

    3. 国际证券委员会组织。

  4. International financial reporting standards are currently developed by which entity?

    1. The IFRS Foundation.

    2. The International Accounting Standards Board.

    3. The International Organization of Securities Commissions.

  5. 美国通用会计准则目前由哪个机构制定?

    1. 美国证券交易委员会。

    2. 财务会计准则委员会。

    3. 上市公司会计监督委员会。

  6. US generally accepted accounting principles are currently developed by which entity?

    1. The Securities and Exchange Commission.

    2. The Financial Accounting Standards Board.

    3. The Public Company Accounting Oversight Board.

  7. 国际证券委员会组织的核心目标是:

    1. 消除系统性风险。

    2. 保护财务报表使用者。

    3. 确保市场公平、高效、透明。

  8. A core objective of the International Organization of Securities Commissions is to:

    1. eliminate systemic risk.

    2. protect users of financial statements.

    3. ensure that markets are fair, efficient, and transparent.

  9. 根据财务报告概念框架,下列哪项不是财务报表信息的增强性质量特征?

    1. 准确性。

    2. 及时性。

    3. 可比性。

  10. According to the Conceptual Framework for Financial Reporting, which of the following is not an enhancing qualitative characteristic of information in financial statements?

    1. Accuracy.

    2. Timeliness.

    3. Comparability.

  11. 根据概念框架,下列哪项属于财务报表的限制条件?

    1. 易懂。

    2. 收益与成本。

    3. 平衡定性特征。

  12. Which of the following is not a constraint on the financial statements according to the Conceptual Framework?

    1. Understandability.

    2. Benefit versus cost.

    3. Balancing of qualitative characteristics.

  13. 假设一个实体在可预见的未来将继续运营,这种假设被称为:

    1. 权责发生制。

    2. 可比性。

    3. 持续经营。

  14. The assumption that an entity will continue to operate for the foreseeable future is called:

    1. accrual basis.

    2. comparability.

    3. going concern.

  15. 假设交易和其他事件的影响应在其发生时而非现金流发生时予以确认,这种假设被称为:

    1. 关联。

    2. 权责发生制。

    3. 持续经营。

  16. The assumption that the effects of transactions and other events are recognized when they occur, not when the cash flows occur, is called:

    1. relevance.

    2. accrual basis.

    3. going concern.

  17. 财务报表信息的客观中立性与以下哪项定性特征最为密切相关?

    1. 关联。

    2. 易懂。

    3. 忠实再现。

  18. Neutrality of information in the financial statements most closely contributes to which qualitative characteristic?

    1. Relevance.

    2. Understandability.

    3. Faithful representation.

  19. 以收购时支付的现金或等价物金额或所支付对价的公允价值来评估资产,最能描述财务报表要素的哪一项计量方法?

    1. 当前成本。

    2. 历史成本。

    3. 可实现价值。

  20. Valuing assets at the amount of cash or equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition most closely describes which measurement of financial statement elements?

    1. Current cost.

    2. Historical cost.

    3. Realizable value.

  21. 将资产按有序处置所得金额进行记录的估值方法是:

    1. 当前成本。

    2. 现值。

    3. 可实现价值。

  22. The valuation technique under which assets are recorded at the amount that would be received in an orderly disposal is:

    1. current cost.

    2. present value.

    3. realizable value.

  23. 根据国际会计准则第1号, 下列哪项不属于必需的财务报表?

    1. 财务状况表。

    2. 收入变动表。

    3. 综合收益表。

  24. Which of the following is not a required financial statement according to IAS No. 1?

    1. Statement of financial position.

    2. Statement of changes in income.

    3. Statement of comprehensive income.

  25. 下列财务报表要素中,哪一项与业绩衡量关系 最为密切?

    1. 资产。

    2. 开支。

    3. 负债。

  26. Which of the following elements of financial statements is most closely related to measurement of performance?

    1. Assets.

    2. Expenses.

    3. Liabilities.

  27. 下列财务报表要素中,哪一项与财务状况的计量关系 最为密切?

    1. 公平。

    2. 收入。

    3. 开支。

  28. Which of the following elements of financial statements is most closely related to measurement of financial position?

    1. Equity.

    2. Income.

    3. Expenses.

  29. 关于新会计准则,下列哪项披露信息能 为分析师 提供最有意义的信息?

    1. 本文探讨了收养的影响。

    2. 该标准不会产生实质性影响。

    3. 管理层仍在评估影响。

  30. Which of the following disclosures regarding new accounting standards provides the most meaningful information to an analyst?

    1. The impact of adoption is discussed.

    2. The standard will have no material impact.

    3. Management is still evaluating the impact.

解决方案

Solutions

  1. C选项正确。财务报表向使用者提供信息,包括有关企业财务状况、经营业绩和财务状况变动的信息。财务报表通常不提供关于使用者的信息。

  2. C is correct. Financial statements provide information, including information about the entity’s financial position, performance, and changes in financial position, to users. They do not typically provide information about users.

  3. B选项正确。国际会计准则理事会(IASB)目前负责制定国际财务报告准则。

  4. B is correct. The IASB is currently charged with developing International Financial Reporting Standards.

  5. B 是正确的。FASB 负责制定《会计准则汇编™》,这是美国公认的非政府权威会计原则的唯一来源。

  6. B is correct. The FASB is responsible for the Accounting Standards Codification™, the single source of nongovernmental authoritative US generally accepted accounting principles.

  7. C选项正确。国际证监会组织(IOSCO)的核心目标是确保市场公平、高效和透明。其他核心目标是降低而非消除系统性风险,并保护投资者而非所有财务报表使用者。

  8. C is correct. A core objective of IOSCO is to ensure that markets are fair, efficient, and transparent. The other core objectives are to reduce, not eliminate, systemic risk and to protect investors, not all users of financial statements.

  9. A选项正确。准确性并非提升品质的特征。忠实再现,而非准确性,才是基本的品质特征。

  10. A is correct. Accuracy is not an enhancing qualitative characteristic. Faithful representation, not accuracy, is a fundamental qualitative characteristic.

  11. A选项正确。易懂性是财务信息的一种增强性质量特征,而不是一种限制。

  12. A is correct. Understandability is an enhancing qualitative characteristic of financial information—not a constraint.

  13. C选项正确。概念框架指出财务报表有两个重要的基本假设:权责发生制和持续经营。持续经营是指企业在可预见的未来将继续经营的假设。意图清算或大幅缩减经营的企业需要不同的信息才能公允列报。

  14. C is correct. The Conceptual Framework identifies two important underlying assumptions of financial statements: accrual basis and going concern. Going concern is the assumption that the entity will continue to operate for the foreseeable future. Enterprises with the intent to liquidate or materially curtail operations would require different information for a fair presentation.

  15. B选项正确。权责发生制反映的是交易和其他事项发生时而非现金流量发生时确认其影响。这些影响会在相关期间的财务报表中记录和列报。

  16. B is correct. Accrual basis reflects the effects of transactions and other events being recognized when they occur, not when the cash flows. These effects are recorded and reported in the financial statements of the periods to which they relate.

  17. C选项正确。忠实再现的基本质量特征体现在完整性、中立性和无误性上。

  18. C is correct. The fundamental qualitative characteristic of faithful representation is contributed to by completeness, neutrality, and freedom from error.

  19. B选项正确。历史成本是指取得一项资产所支付的对价。

  20. B is correct. Historical cost is the consideration paid to acquire an asset.

  21. C选项正确。有序处置中可收到的金额即为变现价值。

  22. C is correct. The amount that would be received in an orderly disposal is realizable value.

  23. B选项正确。没有损益变动表。根据国际会计准则第1号,一套完整的财务报表包括资产负债表、综合收益表、权益变动表、现金流量表以及包含重要会计政策概要和其他解释性信息的附注。

  24. B is correct. There is no statement of changes in income. Under IAS No. 1, a complete set of financial statements includes a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a statement of cash flows, and notes comprising a summary of significant accounting policies and other explanatory information.

  25. B选项正确。与业绩衡量相关的财务报表要素是收入和支出。

  26. B is correct. The elements of financial statements related to the measure of performance are income and expenses.

  27. A选项正确。与财务状况计量相关的财务报表要素包括资产、负债和所有者权益。

  28. A is correct. The elements of financial statements related to the measurement of financial position are assets, liabilities, and equity.

  29. A选项正确。讨论其影响是最有意义的,不过B选项也很有用。

  30. A is correct. A discussion of the impact would be the most meaningful, although B would also be useful.

笔记

Notes

第七次学习会 财务报告与分析(2)

Study Session 7 Financial Reporting and Analysis (2)

本次学习课程将逐一讲解三大财务报表——利润表、资产负债表和现金流量表。课程将介绍每份主要财务报表的目的、构成要素、编制方法、相关比率以及通用比率分析。最后,课程还将探讨财务分析技巧,包括如何运用比率来评估企业财务状况。

This study session addresses the three major financial statements—the income statement, the balance sheet, and the cash flow statement—by examining each in turn. The purpose, elements of, construction, pertinent ratios, and common-size analysis are presented for each major financial statement. The session concludes with a discussion of financial analysis techniques including the use of ratios to evaluate corporate financial health.

阅读作业

Reading Assignments

阅读 21 《理解损益表》,

作者:伊莱恩·亨利博士(Elaine Henry, PhD, CFA)和托马斯·R·罗宾逊博士(Thomas R. Robinson, PhD, CFA)。
阅读 22 《理解资产负债表》,

作者:伊莱恩·亨利博士(Elaine Henry, PhD, CFA)和托马斯·R·罗宾逊博士(Thomas R. Robinson, PhD, CFA)。
阅读23 《理解现金流量表》

由 Elaine Henry(博士,特许金融分析师)、Thomas R. Robinson(博士,特许金融分析师)、Jan Hendrik van Greuning(商业博士,特许金融分析师)和 Michael A. Broihahn(注册会计师,注册内部审计师,特许金融分析师)合著。
阅读24

伊莱恩·亨利(Elaine Henry,博士,特许 金融分析师)、托马斯·R·罗宾逊(Thomas R. Robinson,博士,特许金融分析师)和扬·亨德里克·范·格鲁宁(Jan Hendrik van Greuning,商业博士,特许金融分析师)合著的《金融分析技巧》

阅读 21 理解损益表

Reading 21 Understanding Income Statements

作者:伊莱恩·亨利(Elaine Henry,博士,特许金融分析师)和托马斯·R·罗宾逊(Thomas R. Robinson,博士,特许金融分析师)

Elaine Henry,博士,特许金融分析师 (CFA),任职于美国史蒂文斯理工学院。Thomas R. Robinson,博士,特许金融分析师 (CFA),任职于美国AACSB国际商学院协会。

Elaine Henry, PhD, CFA, is at Stevens Institute of Technology (USA). Thomas R. Robinson, PhD, CFA, is at AACSB International (USA).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 描述损益表的组成部分和该报表的其他列报格式;

  2. describe the components of the income statement and alternative presentation formats of that statement;

  3. 描述收入确认的一般原则和收入确认的会计准则;

  4. Describe general principles of revenue recognition and accounting standards for revenue recognition;

  5. 根据可能影响收入确认方法选择的信息计算收入;

  6. calculate revenue given information that might influence the choice of revenue recognition method;

  7. 描述费用确认的一般原则、费用确认的具体应用,以及费用确认选择对财务分析的影响;

  8. describe general principles of expense recognition, specific expense recognition applications, and implications of expense recognition choices for financial analysis;

  9. 描述非经常性项目(包括终止经营、异常或不经常性项目)的财务报告处理和分析以及会计政策的变更;

  10. describe the financial reporting treatment and analysis of non-recurring items (including discontinued operations, unusual or infrequent items) and changes in accounting policies;

  11. 区分损益表中的经营性部分和非经营性部分;

  12. distinguish between the operating and non-operating components of the income statement;

  13. 描述每股收益的计算方法,并计算和解释公司在简单和复杂资本结构下的每股收益(包括基本每股收益和稀释每股收益);

  14. describe how earnings per share is calculated and calculate and interpret a company’s earnings per share (both basic and diluted earnings per share) for both simple and complex capital structures;

  15. 区分稀释性证券和反稀释性证券,并描述每种证券对每股收益计算的影响;

  16. distinguish between dilutive and antidilutive securities and describe the implications of each for the earnings per share calculation;

  17. 将损益表转换为通用格式损益表;

  18. convert income statements to common-size income statements;

  19. 使用通用格式损益表和基于损益表的财务比率来评估公司的财务业绩;

  20. evaluate a company’s financial performance using common-size income statements and financial ratios based on the income statement;

  21. 描述、计算和解释综合收益;

  22. describe, calculate, and interpret comprehensive income;

  23. 描述其他综合收益,并指出其中包含的主要项目类型。

  24. describe other comprehensive income and identify major types of items included in it.

1.引言

1. Introduction

损益表列示公司在一段时间内的经营活动财务结果。损益表反映了公司在特定时期内产生的收入以及与产生这些收入相关的成本。损益表的基本等式(不计损益)为:收入减去费用等于净利润。损益表有时也被称为“经营报表”、“收益表”或“利润及亏损(P&L)表”。根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),损益表可以作为单独的报表列示,其后紧跟一份以损益表中的损益为起点的综合收益表;也可以作为综合收益表的一部分列示。本文重点关注损益表,因此“损益表”一词可以指用于计算每股收益的单独损益表,也可以指综合收益表中列示相同损益的部分。阅读材料还包括对综合收益(损益表中的利润或亏损加上其他综合收益)的讨论。

The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.” Under both International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (US GAAP), the income statement may be presented as a separate statement followed by a statement of comprehensive income that begins with the profit or loss from the income statement or as a section of a single statement of comprehensive income.1 This reading focuses on the income statement, and the term income statement will be used to describe either the separate statement that reports profit or loss used for earnings per share calculations or that section of a statement of comprehensive income that reports the same profit or loss. The reading also includes a discussion of comprehensive income (profit or loss from the income statement plus other comprehensive income).

投资分析师会仔细审查公司的损益表。股票分析师之所以关注损益表,是因为股票市场通常会给予盈利相对较高或较低的增长型公司高于平均水平或低于平均水平的估值,而且估值模型的输入数据通常包含盈利预测。固定收益分析师则会考察损益表(包括过去和预测的损益表)的组成部分,以了解公司在整个商业周期中履行偿债承诺的能力。公司财务公告通常会更侧重于损益表中的信息,尤其是盈利情况,而不是其他财务报表中的信息。

Investment analysts intensely scrutinize companies’ income statements. Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements.

本文结构如下:第二部分介绍损益表的组成部分及其格式;第三部分介绍收入确认的基本原则和部分应用;第四部分介绍费用确认的基本原则和部分应用;第五部分涵盖非经常性项目和非经营性项目;第六部分解释每股收益的计算方法;第七部分介绍损益表分析;第八部分解释综合收益及其报告。最后,本文以CFA协会多项选择题的形式总结要点并附有练习题。

This reading is organized as follows: Section 2 describes the components of the income statement and its format. Section 3 describes basic principles and selected applications related to the recognition of revenue, and Section 4 describes basic principles and selected applications related to the recognition of expenses. Section 5 covers non-recurring items and non-operating items. Section 6 explains the calculation of earnings per share. Section 7 introduces income statement analysis, and Section 8 explains comprehensive income and its reporting. A summary of the key points and practice problems in the CFA Institute multiple choice format complete the reading.

2.损益表的组成部分和格式

2. Components and Format of the Income Statement

图表 1、2和3分别展示了总部位于比利时的跨国饮料公司百威英博 (AB InBev)、总部位于美国的跨国酿酒公司摩森康胜 (Molson Coors) 以及法国食品制造商达能集团 (Groupe Danone) 的损益表。AB InBev 和达能采用国际财务报告准则 (IFRS) 编制财务报表,而摩森康胜则采用美国通用会计准则 (US GAAP)。值得注意的是,AB InBev 和摩森康胜均列出了三年的损益表,并按时间顺序排列,最新年份列于最左侧一栏。相比之下,达能仅列出了两年的损益表,并按时间顺序从左至右排列,最新年份列于最右侧一栏。不同的时间顺序排列方式较为常见。

Exhibits 1, 2, and 3 show the income statements for Anheuser-Busch InBev SA/NV (AB InBev), a multinational beverage company based in Belgium, Molson Coors Brewing Company (Molson Coors), a US-based multinational brewing company, and Groupe Danone (Danone), a French food manufacturer.2 AB InBev and Danone report under IFRS, and Molson Coors reports under US GAAP. Note that both AB InBev and Molson Coors show three years’ income statements and list the years in chronological order with the most recent year listed in the left-most column. In contrast, Danone shows two years of income statements and lists the years in chronological order from left to right with the most recent year in the right-most column. Different orderings of chronological information are common.

在损益表的第一行,公司通常会报告收入。收入一般是指企业在日常经营活动中提供商品或服务所收取的金额 。收入也可能被称为销售额或营业额。截至2017年12月31日止年度,百威英博报告的收入为564.4亿美元,摩森康胜报告的收入为134.7亿美元(标注为“销售额”),达能报告的收入为246.8亿欧元(标注为“销售额”)。

On the top line of the income statement, companies typically report revenue. Revenue generally refers to the amount charged for the delivery of goods or services in the ordinary activities of a business. Revenue may also be called sales or turnover.3 For the year ended 31 December 2017, AB InBev reports $56.44 billion of revenue, Molson Coors reports $13.47 billion of revenue (labeled “sales”), and Danone reports €24.68 billion of revenue (labeled “sales”).

收入是在进行调整后报告的(例如,扣除现金或批量折扣或其他减免),有时使用“净收入”一词特指已进行调整的收入(例如,扣除预计退货)。附录 13中的三家公司在其财务报表脚注(此处未列出)中均指出,收入已扣除退货、客户返利、贸易折扣或基于销量的客户激励计划等项目。

Revenue is reported after adjustments (e.g., for cash or volume discounts, or for other reductions), and the term net revenue is sometimes used to specifically indicate that the revenue has been adjusted (e.g., for estimated returns). For all three companies in Exhibits 1 through 3, footnotes to their financial statements (not shown here) state that revenues are stated net of such items as returns, customer rebates, trade discounts, or volume-based incentive programs for customers.

在进行比较分析时,分析师可能需要参考公司年报其他部分披露的信息——通常是财务报表附注和管理层讨论与分析(MD&A)——以确定合适的可比收入金额。例如,消费税是酿酒公司的一项重大支出。摩森康胜在其损益表中报告了134.7亿美元的收入(标注为“销售额”)和110亿美元的净收入(标注为“净销售额”),后者等于销售额减去24.7亿美元的消费税。与摩森康胜不同,百威英博在其损益表中并未列示消费税金额。然而,百威英博在其披露文件中指出,已从损益表中显示的收入金额中扣除了消费税(2017年为154亿美元)。因此,百威英博损益表中标注为“收入”的金额与摩森康胜损益表中标注为“净销售额”的金额更具可比性。

In a comparative analysis, an analyst may need to reference information disclosed elsewhere in companies’ annual reports—typically the notes to the financial statements and the Management Discussion and Analysis (MD&A)—to identify the appropriately comparable revenue amounts. For example, excise taxes represent a significant expenditure for brewing companies. On its income statement, Molson Coors reports $13.47 billion of revenue (labeled “sales”) and $11.00 billion of net revenue (labeled “net sales”), which equals sales minus $2.47 billion of excise taxes. Unlike Molson Coors, AB InBev does not show the amount of excise taxes on its income statement. However, in its disclosures, AB InBev notes that excise taxes (amounting to $15.4 billion in 2017) have been deducted from the revenue amount shown on its income statement. Thus, the amount on AB InBev’s income statement labeled “revenue” is more comparable to the amount on Molson Coors’ income statement labeled “net sales.”

附件 1. 百威英博股份有限公司/内华达州公司合并损益表(单位:百万美元)[节选]
截至12月31日的12个月
2017 2016 2015
收入 56,444 美元 45,517 美元 43,604 美元
销售成本 (21,386) (17,803) (17,137)
毛利 35,058 27,715 26,467
分配费用 (5,876) (4,543) (4,259)
销售和市场营销费用 (8,382) (7,745) (6,913)
行政费用 (3,841) (2,883) (2,560)
其他营业收入/(支出) 854 732 1,032
重组 (468) (323) (171)
业务和资产处置 (39) 377 524
收购成本 企业合并 (155) (448) (55)
资产减值 (82)
司法和解 (80)
运营利润 17,152 12,882 13,904
融资成本 (6,885) (9,216) (3,142)
金融收入 378 652 1,689
净财务收入/(成本) (6,507) (8,564) (1,453)
联营公司和合资企业的利润份额 430 16 10
税前利润 11,076 4,334 12,461
所得税费用 (1,920) (1,613) (2,594)
持续经营利润 9,155 2,721 9,867
已终止经营业务的利润 28 48
年度利润 9,183 2,769 9,867
持续经营业务产生的利润归属于:
百威英博的股东 7,968 1,193 8,273
非控股权益 1,187 1,528 1,594
本年度归属于以下各项的利润:
百威英博的股东 7,996 1,241 8,273
非控股权益 1187美元 1,528 美元 1,594 美元

:由于四舍五入,报告的总金额可能略有差异。

Note: reported total amounts may have slight discrepancies due to rounding

附件 2. 莫尔森库尔斯酿酒公司合并经营报表(单位:百万美元)[节选]
截至12个月
2017年12月31日 2016年12月31日 2015年12月31日
销售量 13,471.5 美元 6,597.4 美元 5,127.4 美元
消费税 (2,468.7) (1,712.4) (1,559.9)
净销售额 11,002.8 4,885.0 3,567.5
销售成本 (6,217.2) (2,987.5) (2,131.6)
毛利 4,785.6 1,897.5 1,435.9
市场营销、一般及行政费用 (3,032.4) (1,589.8) (1,038.3)
特殊物品,净重 (28.1) 2,522.4 (346.7)
MillerCoors的股权收益 0 500.9 516.3
营业收入(亏损) 1,725.1 3,331.0 567.2
其他收入(支出)净额
利息支出 (349.3) (271.6) (120.3)
利息收入 6.0 27.2 8.3
其他收入(支出)净额 (0.1) (29.7) 0.9
其他收入(支出)总额净额 (343.4) (274.1) (111.1)
持续经营业务所得税前收入(亏损) 1,381.7 3,056.9 456.1
所得税优惠(支出) 53.2 (1,055.2) (61.5)
持续经营业务的净利润(亏损) 1,434.9 2,001.7 394.6
已终止经营业务的净收入(亏损),扣除税款后 1.5 (2.8) 3.9
包括少数股东权益在内的净利润(亏损) 1,436.4 1,998.9 398.5
归属于少数股东权益的净(收益)亏损 (22.2) (5.9) (3.3)
归属于摩森康胜酿酒公司的净利润(亏损) 1414.2美元 1,993.0 美元 395.2美元
附件 3. 达能集团合并损益表(单位:百万欧元)[节选]
截至12月31日止年度
2016 2017
销售量 21,944 24,677
销售成本 (10,744) (12,459)
销售费用 (5,562) (5,890)
一般及行政费用 (2,004) (2,225)
研发费用 (333) (342)
其他收入(支出) (278) (219)
经常性营业收入 3,022 3,543
其他营业收入(支出) (99) 192
营业收入 2,923 3,734
现金等价物和短期投资的利息收入 130 151
利息支出 (276) (414)
净债务成本 (146) (263)
其他财务收入 67 137
其他财务费用 (214) (312)
税前收入 2,630 3,296
所得税费用 (804) (842)
来自完全合并公司的净利润 1,826 2,454
合伙人利润份额 1 109
净利 1,827 2,563
 
净利润 – 集团份额 1,720 2,453
净利润 – 非控股权益 107 110

项目(例如费用)的列报方式也存在差异。费用反映了企业在经营活动中发生的资金流出、资产损耗和负债发生。根据一些特定要求,费用可以按不同的格式进行分组和列报。

Differences in presentations of items, such as expenses, are also common. Expenses reflect outflows, depletions of assets, and incurrences of liabilities in the course of the activities of a business. Expenses may be grouped and reported in different formats, subject to some specific requirements.

在损益表的底部,公司会报告净利润(公司也可能使用其他术语,例如“净收益”或“利润或亏损”)。2017年,百威英博报告的“年度利润”为91.83亿美元,摩森康胜报告的净利润(包括少数股东权益)为14.364亿美元,达能报告的净利润为25.63亿欧元。净利润通常被称为“底线”。之所以这样称呼,是因为净利润是损益表中的最后一项,也就是最终的指标。由于净利润通常被视为描述公司一段时间内业绩的最相关指标,因此在商业领域,“底线”一词有时被用来指代任何最终的或最相关的结果。

At the bottom of the income statement, companies report net income (companies may use other terms such as “net earnings” or “profit or loss”). For 2017, AB InBev reports $9,183 million “Profit of the year”, Molson Coors reports $1,436.4 million of net income including noncontrolling interests, and Danone reports €2,563 million of net income. Net income is often referred to as the “bottom line.” The basis for this expression is that net income is the final—or bottom—line item in an income statement. Because net income is often viewed as the single most relevant number to describe a company’s performance over a period of time, the term “bottom line” sometimes is used in business to refer to any final or most relevant result.

尽管术语如此,但请注意,每家公司在净利润下方还会列示其他项目:净利润中有多少归属于公司自身,又有多少归属于少数股东权益(也称少数股权)。这些公司会合并其控制下的子公司。合并意味着即使持股比例不足100%,公司也会将所有子公司的收入和支出纳入财务报表。少数股东权益指的是归属于合并子公司少数股东而非母公司本身的那部分利润。以百威英博为例,其总利润中有79.96亿美元归属于百威英博的股东,11.87亿美元归属于少数股东。以摩森康胜为例,其总利润中有14.142亿美元归属于摩森康胜的股东,2220万美元归属于少数股东。对于达能集团而言,净利润金额中的 24.53 亿欧元归属于达能集团的股东,1.1 亿欧元归属于非控股权益。

Despite this customary terminology, note that each company presents additional items below net income: information about how much of that net income is attributable to the company itself and how much of that income is attributable to noncontrolling interests, also known as minority interests. The companies consolidate subsidiaries over which they have control. Consolidation means that they include all of the revenues and expenses of the subsidiaries even if they own less than 100 percent. Noncontrolling interest represents the portion of income that “belongs” to the minority shareholders of the consolidated subsidiaries, as opposed to the parent company itself. For AB InBev, $7,996 million of the total profit is attributable to the shareholders of AB InBev, and $1,187 million is attributable to noncontrolling interests. For Molson Coors, $1,414.2 million is attributable to the shareholders of Molson Coors, and $22.2 million is attributable to noncontrolling interests. For Danone, €2,453 million of the net income amount is attributable to shareholders of Groupe Danone and €110 million is attributable to noncontrolling interests.

净利润还包括收益损失分别指经济利益的增加和减少,这些收益和损失可能产生于企业的日常经营活动中,也可能并非如此。例如,当一家制造公司销售其产品时,这些交易计入收入,而产生这些收入的成本则计入费用,并单独列示。但是,如果一家制造公司出售不需要的剩余土地,则该交易计入收益或损失。收益或损失的金额是土地账面价值与土地出售价格之间的差额。例如,在附录1中,百威英博报告称,2017财年处置业务和资产的损失(扣除账面价值后的收益)为3900万美元,2016年和2015年分别获得3.77亿美元和5.24亿美元的收益。这些收益和损失的详细信息通常可在公司的披露文件中找到。例如,百威英博披露,2016 年的 3.77 亿美元收益主要来自出售其在墨西哥的一家啤酒厂。

Net income also includes gains and losses, which are increases and decreases in economic benefits, respectively, which may or may not arise in the ordinary activities of the business. For example, when a manufacturing company sells its products, these transactions are reported as revenue, and the costs incurred to generate these revenues are expenses and are presented separately. However, if a manufacturing company sells surplus land that is not needed, the transaction is reported as a gain or a loss. The amount of the gain or loss is the difference between the carrying value of the land and the price at which the land is sold. For example, in Exhibit 1, AB InBev reports a loss (proceeds, net of carrying value) of $39 million on disposals of businesses and assets in fiscal 2017, and gains of $377 million and $524 million in 2016 and 2015, respectively. Details on these gains and losses can typically be found in the companies’ disclosures. For example, AB InBev discloses that the $377 million gain in 2016 was mainly from selling one of its breweries in Mexico.

收入的定义涵盖营业收入和收益,而支出的定义涵盖企业日常经营活动中产生的费用和损失。因此净收入(利润或亏损)可以定义为:a) 收入减去支出,或者等价地,b) 营业收入加上其他收入加上收益减去支出,或者等价地,c) 营业收入加上其他收入加上收益减去企业日常经营活动中的费用减去其他费用,再减去损失。最后一个定义可以重新排列如下:净收入等于 (i) 营业收入减去企业日常经营活动中的费用,加上 (ii) 其他收入减去其他费用,加上 (iii) 收益减去损失。

The definition of income encompasses both revenue and gains and the definition of expenses encompasses both expenses that arise in the ordinary activities of the business and losses.4 Thus, net income (profit or loss) can be defined as: a) income minus expenses, or equivalently b) revenue plus other income plus gains minus expenses, or equivalently c) revenue plus other income plus gains minus expenses in the ordinary activities of the business minus other expenses, and minus losses. The last definition can be rearranged as follows: net income equals (i) revenue minus expenses in the ordinary activities of the business, plus (ii) other income minus other expenses, plus (iii) gains minus losses.

除了列示净利润外,利润表还会列示对财务报表使用者而言重要的项目,包括小计。其中一些项目由国际财务报告准则(IFRS)规定,而另一些则没有规定。5某些项目,例如收入、财务费用和所得税费用,必须在利润表上单独列示。IFRS 还要求,即使没有规定,也应列示与理解实体财务业绩相关的项目、标题和小计。费用可以按性质或功能进行分组。例如,将生产设备折旧和行政设施折旧等费用合并为一个名为“折旧”的单项,就是按性质分组的一个例子。按功能分组的一个例子是将费用归类为销售成本,其中可能包括人工和材料成本、折旧、部分工资(例如销售人员的工资)以及其他与直接销售相关的费用。6附录 13中的所有三家公司都按职能列示其费用,这有时被称为“销售成本”法。

In addition to presenting the net income, income statements also present items, including subtotals, which are significant to users of financial statements. Some of the items are specified by IFRS but other items are not specified.5 Certain items, such as revenue, finance costs, and tax expense, are required to be presented separately on the face of the income statement. IFRS additionally require that line items, headings, and subtotals relevant to understanding the entity’s financial performance should be presented even if not specified. Expenses may be grouped together either by their nature or function. Grouping together expenses such as depreciation on manufacturing equipment and depreciation on administrative facilities into a single line item called “depreciation” is an example of a grouping by nature of the expense. An example of grouping by function would be grouping together expenses into a category such as cost of goods sold, which may include labour and material costs, depreciation, some salaries (e.g., salespeople’s), and other direct sales related expenses.6 All three companies in Exhibits 1 through 3 present their expenses by function, which is sometimes referred to “cost of sales” method.

损益表中经常列示的一个小计是毛利润毛利率(即收入减去销售成本)。当损益表列示毛利润小计时,称其采用的是多步式而非单步式格式。百威英博和摩森康胜的损益表就是多步式格式的例子,而达能集团的损益表则采用单步式格式。对于制造和销售公司而言,毛利润是一个重要的项目,其计算方法为收入减去已售商品的成本。对于服务公司而言,毛利润的计算方法为收入减去已提供服务的成本。总之,毛利润是指扣除商品或服务交付成本后的收入。其他与企业运营相关的费用则在毛利润之后扣除。

One subtotal often shown in an income statement is gross profit or gross margin (that is revenue less cost of sales). When an income statement shows a gross profit subtotal, it is said to use a multi-step format rather than a single-step format. The AB InBev and Molson Coors income statements are examples of the multi-step format, whereas the Groupe Danone income statement is in a single-step format. For manufacturing and merchandising companies, gross profit is a relevant item and is calculated as revenue minus the cost of the goods that were sold. For service companies, gross profit is calculated as revenue minus the cost of services that were provided. In summary, gross profit is the amount of revenue available after subtracting the costs of delivering goods or services. Other expenses related to running the business are subtracted after gross profit.

损益表中另一个重要的子合计是营业利润(或同义地称为营业收入)。营业利润是通过从毛利润中扣除销售、一般及行政管理费用以及研发费用等营业支出而得出的。营业利润反映的是公司在扣除税款之前的经营活动利润,对于非金融公司而言,还需扣除利息支出。对于金融公司而言,利息支出应计入营业支出,并在计算营业利润时扣除,因为它与此类公司的经营活动密切相关。对于一些由多个独立业务部门组成的公司而言,营业利润有助于评估各个业务部门的业绩,因为利息和税项支出在公司整体层面可能比在单个业务部门层面更具相关性。毛利润和营业利润的具体计算方法可能因公司而异,财务报表读者可以查阅报表附注以了解不同公司之间的显著差异。

Another important subtotal which may be shown on the income statement is operating profit (or, synonymously, operating income). Operating profit results from deducting operating expenses such as selling, general, administrative, and research and development expenses from gross profit. Operating profit reflects a company’s profits on its business activities before deducting taxes, and for non-financial companies, before deducting interest expense. For financial companies, interest expense would be included in operating expenses and subtracted in arriving at operating profit because it relates to the operating activities for such companies. For some companies composed of a number of separate business segments, operating profit can be useful in evaluating the performance of the individual business segments, because interest and tax expenses may be more relevant at the level of the overall company rather than an individual segment level. The specific calculations of gross profit and operating profit may vary by company, and a reader of financial statements can consult the notes to the statements to identify significant variations across companies.

营业利润有时也被称为息税前利润(EBIT)。然而,营业利润和息税前利润并非完全相同。请注意,在附录1至附录3中,利息和税项并非收益(净利润、净收益)与营业利润之间唯一的区别。例如,百威英博单独列示了其在联营公司和合资企业中所占的份额,而摩森康胜也单独列示了部分来自已终止经营业务的收益。

Operating profit is sometimes referred to as EBIT (earnings before interest and taxes). However, operating profit and EBIT are not necessarily the same. Note that in each of the Exhibits 1 through 3, interest and taxes do not represent the only differences between earnings (net income, net earnings) and operating income. For example, AB InBev separately reports its share of associates’ and joint ventures’ income and Molson Coors separately reports some income from discontinued operations.

附录 4展示了 CRA International(一家提供管理咨询服务的公司)的损益表节选。CRA 从收入中扣除服务成本(而非商品成本)以得出毛利润。CRA 的财政年度于最接近 12 月 31 日的星期六结束。由于这一财政年度周期,CRA 的财政年度有时会包含 53 周而非 52 周。虽然多出的一周在计算年度增长率时可能无关紧要,但它可能会对包含多出一周的季度产生重大影响。一般来说,分析师在进行历史比较和预测未来业绩时,应注意多出一周的影响。

Exhibit 4 shows an excerpt from the income statement of CRA International, a company providing management consulting services. Accordingly, CRA deducts cost of services (rather than cost of goods) from revenues to derive gross profit. CRA’s fiscal year ends on the Saturday nearest December 31st. Because of this fiscal year timeframe, CRA’s fiscal year occasionally comprises 53 weeks rather than 52 weeks. Although the extra week is likely immaterial in computing year-to-year growth rates, it may have a material impact on a quarter containing the extra week. In general, an analyst should be alert to the effect of an extra week when making historical comparisons and forecasting future performance.

附件 4. CRA International Inc. 合并经营报表(节选)(单位:千美元)
财政年度结束
2017年12月30日 2016年12月31日 2016年1月2日
收入 370,075 美元 324,779 美元 303,559 美元
服务成本(不含折旧和摊销) 258,829 227,380 207,650
销售、一般及行政费用 86,537 70,584 72,439
折旧和摊销 8,945 7,896 6,552
GNU商誉减值 4,524
营业收入 15,764 18,919 12,394

:其余项目已省略

Note: Remaining items omitted

图表 14阐述了损益表的基本要点,包括不同报表之间的差异——其中一些差异取决于行业和/或国家,另一些则反映了特定公司会计政策和实务的差异。此外,同一行业内的一些差异主要体现在术语上,而另一些差异则体现在更根本的会计处理上。财务报表附注有助于识别这些差异。

Exhibits 1 through 4 illustrate basic points about the income statement, including variations across the statements—some of which depend on the industry and/or country, and some of which reflect differences in accounting policies and practices of a particular company. In addition, some differences within an industry are primarily differences in terminology, whereas others are more fundamental accounting differences. Notes to the financial statements are helpful in identifying such differences.

在介绍了损益表的组成部分和格式之后,下一个目标是理解其中实际报告的数字。为了准确解读这些数字,分析师需要熟悉收入和费用确认的原则——即收入和费用是如何计量并归入特定会计报告期的。

Having introduced the components and format of an income statement, the next objective is to understand the actual reported numbers in it. To accurately interpret reported numbers, the analyst needs to be familiar with the principles of revenue and expense recognition—that is, how revenue and expenses are measured and attributed to a given accounting reporting period.

3.收入确认

3. Revenue Recognition

收入是损益表中的第一项,因此我们首先从收入确认开始讨论损益表中的项目。收入确认的会计准则(我们将在本节稍后讨论)于2018年初生效,在国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)下几乎完全相同。IFRS和US GAAP的收入确认准则(分别为IFRS 15和ASC Topic 606)于2014年发布,旨在实现全球收入确认的趋同、一致性和透明度。

Revenue is the top line in an income statement, so we begin the discussion of line items in the income statement with revenue recognition. Accounting standards for revenue recognition (which we discuss later in this section) became effective at the beginning of 2018 and are nearly identical under IFRS and US GAAP. The revenue recognition standards for IFRS and US GAAP (IFRS 15 and ASC Topic 606, respectively) were issued in 2014 and resulted from an effort to achieve convergence, consistency, and transparency in revenue recognition globally.

首先需要解释一些相关的会计术语。收入、销售额、收益、损失和净利润(利润、净收益)等术语已作简要定义。国际会计准则理事会(IASB)发布的《财务报告概念框架》(2010) 7 (以下简称“概念框架”)对这些损益表项目进行了更详细的定义和讨论。该概念 框架解释说,利润是衡量业绩的常用指标,由收入和费用构成。 8它将收入定义如下:

A first task is to explain some relevant accounting terminology. The terms revenue, sales, gains, losses, and net income (profit, net earnings) have been briefly defined. The IASB Conceptual Framework for Financial Reporting (2010),7 referred to hereafter as the Conceptual Framework, further defines and discusses these income statement items. The Conceptual Framework explains that profit is a frequently used measure of performance and is composed of income and expenses.8 It defines income as follows:

收入是指会计期间内以资金流入或资产增加或负债减少形式产生的经济利益增加,导致权益增加,但不包括权益参与者的出资。9

Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.9

在国际财务报告准则(IFRS)中,“收入”一词包括营业利润和收益。收益与营业利润类似,但通常来源于辅助性或外围性活动,而非公司的主要业务活动。例如,对于一家餐厅而言,出售闲置的餐厅设备所得高于其账面价值,这被称为收益而非营业利润。同样,损失通常也来源于辅助性活动。收益和损失可能被视为经营活动的一部分(例如,存货价值下降造成的损失),也可能被视为非经营活动的一部分(例如,出售非交易性投资)。

In IFRS, the term “income” includes revenue and gains. Gains are similar to revenue, but they typically arise from secondary or peripheral activities rather than from a company’s primary business activities. For example, for a restaurant, the sale of surplus restaurant equipment for more than its carrying value is referred to as a gain rather than as revenue. Similarly, a loss typically arises from secondary activities. Gains and losses may be considered part of operating activities (e.g., a loss due to a decline in the value of inventory) or may be considered part of non-operating activities (e.g., the sale of non-trading investments).

在以下简单的假设情境中,收入确认非常直接:一家公司将商品出售给买方并收取现金,且不允许退货,因此该公司在商品与现金交换发生时确认收入,并以收到的现金金额计量收入。然而,在实践中,确定何时确认收入以及确认金额要复杂得多,原因将在以下章节中讨论。

In the following simple hypothetical scenario, revenue recognition is straightforward: a company sells goods to a buyer for cash and does not allow returns, so the company recognizes revenue when the exchange of goods for cash takes place and measures revenue at the amount of cash received. In practice, however, determining when revenue should be recognized and at what amount is considerably more complex for reasons discussed in the following sections.

3.1一般原则

3.1. General Principles

收入确认的一个重要方面是,它可以独立于现金流动而发生。例如,假设一家公司赊销商品给买方,因此实际上要到稍后才能收到现金。权责发生制会计的一个基本原则是,收入在赚取时确认(并在损益表中列报),因此,公司的财务记录反映的是所有权风险和报酬转移时产生的销售收入;这通常是在公司交付商品或服务时。如果交付是赊销,则会创建一项相关资产,例如应收账款或应收账款。之后,当现金发生转移时,公司的财务记录只需反映已收到现金以结算应收账款即可。同样,也存在公司预先收到现金,但稍后(可能分期)交付产品或服务的情况。在这种情况下,公司会在最初收到现金时确认一项未实现收入负债,并在产品和服务交付后逐步确认收入。例如,收到订阅费,用于定期寄送的出版物。

An important aspect concerning revenue recognition is that it can occur independently of cash movements. For example, assume a company sells goods to a buyer on credit, so does not actually receive cash until some later time. A fundamental principle of accrual accounting is that revenue is recognized (reported on the income statement) when it is earned, so the company’s financial records reflect revenue from the sale when the risk and reward of ownership is transferred; this is often when the company delivers the goods or services. If the delivery was on credit, a related asset, such as trade or accounts receivable, is created. Later, when cash changes hands, the company’s financial records simply reflect that cash has been received to settle an account receivable. Similarly, there are situations when a company receives cash in advance and actually delivers the product or service later, perhaps over a period of time. In this case, the company would record a liability for unearned revenue when the cash is initially received, and revenue would be recognized as being earned over time as products and services are delivered. An example would be a subscription payment received for a publication that is to be delivered periodically over time.

3.2收入确认的会计准则

3.2. Accounting Standards for Revenue Recognition

国际会计准则理事会(IASB)和美国财务会计准则委员会(FASB)于2014年5月发布的趋同会计准则对收入确认的基本原则进行了一些修改,旨在提高可比性。 10除非另有说明,两项准则的内容几乎完全相同,本文讨论的内容均适用于这两项准则。由于在趋同准则发布之前,国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)在收入确认方面存在差异,因此该趋同准则的发布意义重大。该趋同准则旨在提供一种基于原则的收入确认方法,该方法可应用于多种类型的创收活动。

The converged accounting standards issued by the IASB and FASB in May 2014 introduced some changes to the basic principles of revenue recognition and should enhance comparability.10 The content of the two standards is nearly identical, and this discussion pertains to both, unless specified otherwise. Issuance of this converged standard is significant because of the differences between IFRS and US GAAP on revenue recognition prior to the converged standard. The converged standard aims to provide a principles-based approach to revenue recognition that can be applied to many types of revenue-generating activities.

趋同准则的核心原则是,收入的确认应当“反映向客户转移承诺的商品或服务的金额,该金额应体现企业预期有权就该等商品或服务交换而获得的对价”。为实现这一核心原则,该准则描述了确认收入的五个步骤:

The core principle of the converged standard is that revenue should be recognized to “depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in an exchange for those goods or services.” To achieve the core principle, the standard describes the application of five steps in recognizing revenue:

  1. 确定与客户的合同

  2. Identify the contract(s) with a customer

  3. 明确合同中各项单独的或不同的履约义务。

  4. Identify the separate or distinct performance obligations in the contract

  5. 确定交易价格

  6. Determine the transaction price

  7. 将交易价格分配至合同中的各项履约义务。

  8. Allocate the transaction price to the performance obligations in the contract

  9. 当(或随着)企业履行履约义务时确认收入

  10. Recognize revenue when (or as) the entity satisfies a performance obligation

根据该准则,合同是订立合同双方之间具有商业实质的协议和承诺。它明确了各方的权利义务,包括付款条款。此外,合同只有在款项很可能收回的情况下才成立。虽然各准则使用的措辞相同,但对“很可能收回”的界定标准却有所不同。在国际财务报告准则(IFRS)下,“很可能”指的是“可能性大于50%”,而在美式通用会计准则(US GAAP)下,“很可能”指的是“很可能发生”。因此,经济上相似的合同在IFRS和US GAAP下的处理方式可能有所不同。

According to the standard, a contract is an agreement and commitment, with commercial substance, between the contacting parties. It establishes each party’s obligations and rights, including payment terms. In addition, a contract exists only if collectability is probable. Each standard uses the same wording, but the threshold for probable collectability differs. Under IFRS, probable means more likely than not, and under US GAAP it means likely to occur. As a result, economically similar contracts may be treated differently under IFRS and US GAAP.

合同中的履约义务是指交付特定商品或服务的承诺。如果客户能够单独或结合现有资源从商品或服务中获益,并且交付该商品或服务的承诺可以与其他合同承诺区分开来,则该商品或服务即为特定商品或服务。每项已确定的履约义务均应单独核算。

The performance obligations within a contract represent promises to transfer distinct good(s) or service(s). A good or service is distinct if the customer can benefit from it on its own or in combination with readily available resources and if the promise to transfer it can be separated from other promises in the contract. Each identified performance obligation is accounted for separately.

交易价格是指卖方预计因转移合同中确定的货物或服务而收到的款项。然后,将交易价格分配至每一项已确定的履约义务。当履约义务履行完毕时,确认收入。步骤三和步骤四涉及金额,步骤五涉及确认时间。确认的金额反映了对收款能力的预期,以及(如适用)同一合同内多项义务的分配。当履行义务的转移完成时,确认收入。

The transaction price is what the seller estimates will be received in exchange for transferring the good(s) or service(s) identified in the contract. The transaction price is then allocated to each identified performance obligation. Revenue is recognized when a performance obligation is fulfilled. Steps three and four address amount, and step five addresses timing of recognition. The amount recognized reflects expectations about collectability and (if applicable) an allocation to multiple obligations within the same contract. Revenue is recognized when the obligation-satisfying transfer is made.

只有在极有可能不会发生后续冲销的情况下,才应确认收入。这可能导致在无法可靠估计总收入的情况下,销售时仅确认极少的收入。资产负债表需要将全部退款义务反映为负债,并计入一项基于存货账面价值减去回收成本的“退货权”资产。

Revenue should only be recognized when it is highly probable that it will not be subsequently reversed. This may result in the recording of a minimal amount of revenue upon sale when an estimate of total revenue is not reliable. The balance sheet will be required to reflect the entire refund obligation as a liability and will include an asset for the “right to returned goods” based on the carrying amount of inventory less costs of recovery.

确认收入时,资产负债表上会列示一项合同资产。只有在除付款外所有履约义务均已履行完毕的情况下,卖方的资产负债表上才会出现应收账款。如果卖方在交付货物或提供服务之前已收到对价,则其资产负债表上会列示一项合同负债。

When revenue is recognized, a contract asset is presented on the balance sheet. It is only at the point when all performance obligations have been met except for payment that a receivable appears on the seller’s balance sheet. If consideration is received in advance of transferring good(s) or service(s), the seller presents a contract liability.

企业在通过将控制权转移给客户来履行履约义务时,确认收入。评估客户是否在某一时点取得资产控制权时需要考虑的因素:

The entity will recognize revenue when it is able to satisfy the performance obligation by transferring control to the customer. Factors to consider when assessing whether the customer has obtained control of an asset at a point in time:

  • 实体目前享有收款权,

  • Entity has a present right to payment,

  • 客户拥有合法所有权,

  • Customer has legal title,

  • 客户拥有实物所有权,

  • Customer has physical possession,

  • 客户承担着所有权带来的巨大风险和回报,并且

  • Customer has the significant risks and rewards of ownership, and

  • 客户已接收该资产。

  • Customer has accepted the asset.

对于仅在单一时间点交付一项成果的简单合同,完成这五个步骤非常直接。但对于更复杂的合同——例如履约义务随时间推移而履行、多期合同条款发生变化、履约义务包含多种商品和服务组成部分,或报酬为“可变”——会计处理的选择可能就不那么显而易见了。这些准则中的步骤旨在提供可推广至大多数情况的指导。

For a simple contract with only one deliverable at a single point in time, completing the five steps is straight-forward. For more complex contracts—such as when the performance obligations are satisfied over time, when the terms of the multi-period contracts change, when the performance obligation includes various components of goods and services, or when the compensation is “variable”—accounting choices can be less obvious. The steps in the standards are intended to provide guidance that can be generalized to most situations.

此外,该准则提供了许多具体示例。这些示例旨在指导如何处理更复杂的合同。部分示例已在附录5中进行了总结。请注意,许多示例的最终结果可能与采用该统一准则之前生效的收入确认准则下的结果并无实质性差异;不同之处在于概念方法,在某些情况下,还可能涉及术语。

In addition, the standard provides many specific examples. These examples are intended to provide guidance as to how to approach more complex contracts. Some of these examples are summarized in Exhibit 5. Note that the end result for many examples may not differ substantially from that under revenue recognition standards that were in effect prior to the adoption of the converged standard; instead it is the conceptual approach and, in some cases, the terminology that will differ.

附录5. 应用趋同收入确认准则

本展品中的参考资料是 IFRS 15《客户合同收入》中的示例(以及 ASU 2014-09(FASB ASC 主题 606)),这些摘要均以此为基础。

The references in this exhibit are to Examples in IFRS 15 Revenue from Contracts with Customers (and ASU 2014-09 (FASB ASC Topic 606)), on which these summaries are based.

第 1 部分(参考示例 10)。

Part 1 (ref. Example 10).

建筑公司与客户公司签订合同,建造一座商业建筑。建筑公司列出了需要提供的各种商品和服务,例如施工前工程设计、建筑构件施工、管道工程、电气布线和室内装修。关于“确定履约义务”,建筑公司是否应该将每一项具体内容视为单独的履约义务,并据此分配收入?

Builder Co. enters into a contract with Customer Co. to construct a commercial building. Builder Co. identifies various goods and services to be provided, such as pre-construction engineering, construction of the building’s individual components, plumbing, electrical wiring, and interior finishes. With respect to “Identifying the Performance Obligation,” should Builder Co. treat each specific item as a separate performance obligation to which revenue should be allocated?

该准则规定了两个必须满足的标准,以确定商品或服务是否具有可区分性,从而识别履约义务。首先,客户可以单独或与其他可用资源结合使用该商品或服务获益。其次,卖方“向客户交付商品或服务的承诺必须能够与其他合同承诺区分开来”。在本例中,第二个标准不成立,因为客户签订合同的是建筑物,而非单独的商品和服务。卖方会将所有商品和服务整合为一个整体产出,因此每个具体项目不应被视为单独的商品或服务,而应作为一项单一的履约义务进行核算。

The standard provides two criteria, which must be met, to determine if a good or service is distinct for purposes of identifying performance obligations. First, the customer can benefit from the good or service either on its own or together with other readily available resources. Second, the seller’s “promise to transfer the good or service to the customer is separately identifiable from other promises in the contract.” In this example, the second criterion is not met because it is the building for which the customer has contracted, not the separate goods and services. The seller will integrate all the goods and services into a combined output and each specific item should not be treated as a distinct good or service but accounted for together as a single performance obligation.

第 2 部分(参见示例 8)。

Part 2 (ref. Example 8).

建筑公司与客户公司签订合同,承建一座商业建筑,合同约定对价为100万美元。建筑公司预计总成本为70万美元。第一年,建筑公司实际发生成本42万美元。假设已发生的成本能够恰当地衡量合同完成进度,那么建筑公司第一年应确认多少收入?

Builder Co.’s contract with Customer Co. to construct the commercial building specifies consideration of $1 million. Builder Co.’s expected total costs are $700,000. The Builder incurs $420,000 in costs in the first year. Assuming that costs incurred provide an appropriate measure of progress toward completing the contract, how much revenue should Builder Co. recognize for the first year?

该准则规定,对于随时间推移而履行的履约义务(例如,长期合同),收入应根据履行义务的进度分期确认。在本例中,建造商已发生预期总成本的60%(42万美元/70万美元),因此第一年将确认60万美元(60% × 100万美元)的收入。

The standard states that for performance obligations satisfied over time (e.g., where there is a long-term contract), revenue is recognized over time by measuring progress toward satisfying the obligation. In this case, the Builder has incurred 60% of the total expected costs ($420,000/$700,000) and will thus recognize $600,000 (60% × $1 million) in revenue for the first year.

这与之前会计准则下采用“完工百分比法”确认的收入金额相同,但新准则中不再使用“完工百分比法”这一术语。新准则指的是随着时间推移而履行的履约义务,并要求根据投入法(例如此处所示的投入法,即根据当期已发生总成本的比例确认收入)或产出法(即根据已生产的单位或已完成的里程碑确认收入)来衡量履约义务的完全履行进度。

This is the same amount of revenue that would be recognized using the “percentage-of-completion” method under previous accounting standards, but that term is not used in the converged standard. Instead, the standard refers to performance obligations satisfied over time and requires that progress toward complete satisfaction of the performance obligation be measured based on input method such as the one illustrated here (recognizing revenue based on the proportion of total costs that have been incurred in the period) or an output method (recognizing revenue based on units produced or milestones achieved).

第 3 部分(参见示例 8)。

Part 3 (ref. Example 8).

假设建筑公司与客户公司签订了一份商业建筑施工合同,合同规定建筑公司需支付100万美元的工程款,如果建筑在两年内竣工,则客户公司需额外支付20万美元的奖金。建筑公司在类似合同方面的经验有限,并且知道许多不受其控制的因素(例如天气、监管要求)都可能导致工期延误。建筑公司预计总成本为70万美元。第一年,建筑公司实际发生成本为42万美元。假设已发生的成本能够恰当地衡量合同的完成进度,那么建筑公司第一年应确认多少收入?

Assume that Builder Co.’s contract with Customer Co. to construct the commercial building specifies consideration of $1 million plus a bonus of $200,000 if the building is completed within 2 years. Builder Co. has only limited experience with similar types of contracts and knows that many factors outside its control (e.g., weather, regulatory requirements) could cause delay. Builder Co.’s expected total costs are $700,000. The Builder incurs $420,000 in costs in the first year. Assuming that costs incurred provide an appropriate measure of progress toward completing the contract, how much revenue should Builder Co. recognize for the first year?

该准则将所谓的“可变对价”纳入交易价格的确定考量范围。公司只有在确信未来无需冲回累计收入的情况下,才能确认可变对价。在本案例中,由于建筑公司在类似合同方面的经验有限,且存在不可控因素导致的潜在延误,因此无法得出该项收入不可冲回的结论,故其在第一年未确认任何奖金。

The standard addresses so-called “variable consideration” as part of determining the transaction price. A company is only allowed to recognize variable consideration if it can conclude that it will not have to reverse the cumulative revenue in the future. In this case, Builder Co. does not recognize any of the bonus in year one because it cannot reach the non-reversible conclusion given its limited experience with similar contracts and potential delays from factors outside its control.

第 4 部分(参见示例 8)。

Part 4 (ref. Example 8).

假设第三部分的所有事实均成立。在第二年初,建筑商公司和客户公司同意更改建筑平面图并修改合同。因此,合同对价将增加 15 万美元,完成奖金的期限延长 6 个月。建筑商预计其成本将增加 12 万美元。此外,考虑到完成奖金的期限延长了 6 个月,建筑商认为其现在符合将 20 万美元奖金计入收入的条件。建筑商应如何对合同的这一变更进行会计处理?

Assume all facts from Part 3. In the beginning of year two, Builder Co. and Customer Co. agree to change the building floor plan and modify the contract. As a result the consideration will increase by $150,000, and the allowable time for achieving the bonus is extended by 6 months. Builder expects its costs will increase by $120,000. Also, given the additional 6 months to earn the completion bonus, Builder concludes that it now meets the criteria for including the $200,000 bonus in revenue. How should Builder account for this change in the contract?

请注意,之前的标准并未提供合同变更的通用框架。新标准就合同变更究竟是新合同还是现有合同的变更提供了指导。要被视为新合同,变更内容必须涉及与已转移的货物和服务不同的货物和服务。

Note that previous standards did not provide a general framework for contract modifications. The converged standard provides guidance on whether a change in a contract is a new contract or a modification of an existing contract. To be considered a new contract, the change would need to involve goods and services that are distinct from the goods and services already transferred.

在这种情况下,该变更不符合新合同的标准,因此被视为对现有合同的修改,公司需要以累计追赶调整的方式反映其影响。因此,公司必须更新其交易价格和进度计量。建筑商在该笔交易中的总收入(交易价格)现为 135 万美元(100 万美元原价加上 15 万美元新增对价,以及 20 万美元竣工奖金)。建筑商的竣工进度现为 51.2%(已发生成本 42 万美元除以预期总成本 82 万美元)。根据合同变更,应确认的额外收入为 9.12 万美元,计算方法为(51.2% × 135 万美元)减去已确认的 60 万美元。这 9.12 万美元的额外收入将在合同修改日作为“累计追赶调整”确认。

In this case, the change does not meet the criteria of a new contract and is therefore considered a modification of the existing contract, which requires the company to reflect the impact on a cumulative catch-up basis. Therefore, the company must update its transaction price and measure of progress. Builder’s total revenue on the transaction (transaction price) is now $1.35 million ($1 million original plus the $150,000 new consideration plus $200,000 for the completion bonus). Builder Co.’s progress toward completion is now 51.2% ($420,000 costs incurred divided by total expected costs of $820,000). Based on the changes in the contract, the amount of additional revenue to be recognized is $91,200, calculated as (51.2% × $1.35 million) minus the $600,000 already recognized. The additional $91,200 of revenue would be recognized as a “cumulative catch-up adjustment” on the date of the contract modification.

第 5 部分(参见示例 45)。

Part 5 (ref. Example 45).

假设一家公司运营一个网站,客户可以通过该网站从不同的供应商处购买商品。客户预先向公司付款,且订单不可退款。供应商直接将商品交付给客户,公司收取 10% 的佣金。公司应将总收入报告为销售额的 100%(毛收入),还是销售额的 10%(净收入)?如果公司作为委托人,则收入应报告为毛收入;如果公司作为代理人,则收入应报告为净收入。

Assume a Company operates a website that enables customers to purchase goods from various suppliers. The customers pay the Company in advance, and orders are nonrefundable. The suppliers deliver the goods directly to the customer, and the Company receives a 10% commission. Should the Company report Total Revenues equal to 100% of the sales amount (gross) or Total Revenues equal to 10% of the sales amount (net)? Revenues are reported gross if the Company is acting as a Principal and net if the Company is acting as an Agent.

在本例中,该公司是代理人,因为它并非履行合同的主要责任方,不承担任何库存风险或信用风险,没有定价权,并且以佣金的形式收取报酬。由于该公司是代理人,因此其收入应仅包括佣金金额。

In this example, the Company is an Agent because it isn’t primarily responsible for fulfilling the contract, doesn’t take any inventory risk or credit risk, doesn’t have discretion in setting the price, and receives compensation in the form of a commission. Because the Company is acting as an Agent, it should report only the amount of commission as its revenue.

根据新准则,某些相关成本需要特殊的会计处理。特别是,获取合同的增量成本以及为履行合同而发生的某些成本必须根据新准则进行资本化(即,在资产负债表中作为资产列示,而不是在利润表中作为费用列示)。如果公司在采用新准则之前的年度中已将这些增量成本计入费用,那么在其他条件相同的情况下,其在新准则下的盈利能力最初会显得更高。

Some related costs require specific accounting treatment under the new standards. In particular, incremental costs of obtaining a contract and certain costs incurred to fulfill a contract must be capitalized under the new standards (i.e., reported as an asset on the balance sheet rather than as an expense on the income statement). If a company had previously expensed these incremental costs in the years prior to adopting the converged standard, all else equal, its profitability will initially appear higher under the converged standards.

信息披露要求相当广泛。公司须在2011年年末披露与客户签订的合同信息,并按不同合同类别进行分类。这些类别可能基于产品类型、地理区域、客户或销售渠道类型、合同定价条款类型、合同期限或资金转移时间。公司还须披露与合同相关的任何资产和负债的余额及其重大变动、剩余履约义务以及分配给这些义务的交易价格,以及与收入确认相关的任何重大判断及其变更。重大判断是指用于确定收入确认时间和金额的判断。

The disclosure requirements are quite extensive. Companies are required at year end11 to disclose information about contracts with customers disaggregated into different categories of contracts. The categories might be based on the type of product, the geographic region, the type of customer or sales channel, the type of contract pricing terms, the contract duration, or the timing of transfers. Companies are also required to disclose balances of any contract-related assets and liabilities and significant changes in those balances, remaining performance obligations and transaction price allocated to those obligations, and any significant judgments and changes in judgments related to revenue recognition. Significant judgments are those used in determining timing and amounts of revenue to be recognized.

预计融合标准对某些行业的影响将大于其他行业。例如,捆绑销售较为普遍的行业,如电信和软件行业,预计将受到融合标准的显著影响。

The converged standard is expected to affect some industries more than others. For example, industries where bundled sales are common, such as the telecommunications and software industries, are expected to be significantly affected by the converged standard.

4.费用确认

4. Expense Recognition

费用从收入中扣除,即可得出公司的净利润或净亏损。根据国际会计准则理事会(IASB)的概念框架费用是指“会计期间内经济利益的减少,表现为资产的流出或损耗,或负债的发生,导致权益减少,但不包括向权益参与者分配利润的费用。” 12

Expenses are deducted against revenue to arrive at a company’s net profit or loss. Under the IASB Conceptual Framework, expenses are “decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants.”12

国际会计准则理事会概念框架还指出:

The IASB Conceptual Framework also states:

费用的定义涵盖损失以及企业日常经营活动中产生的费用。例如,销售成本、工资和折旧等费用都属于企业日常经营活动中产生的费用。这些费用通常表现为现金及现金等价物、存货、固定资产、厂房和设备等资产的流出或损耗。

损失是指符合费用定义的其他项目,这些项目可能在企业日常经营活动中产生,也可能不产生。损失代表经济利益的减少,因此其性质与其他费用并无不同。因此,在本概念框架中,损失不被视为单独的要素。

损失包括例如火灾和洪水等灾害造成的损失,以及处置非流动资产产生的损失。13

The definition of expenses encompasses losses as well as those expenses that arise in the course of the ordinary activities of the enterprise. Expenses that arise in the course of the ordinary activities of the enterprise include, for example, cost of sales, wages and depreciation. They usually take the form of an outflow or depletion of assets such as cash and cash equivalents, inventory, property, plant and equipment.

Losses represent other items that meet the definition of expenses and may, or may not, arise in the course of the ordinary activities of the enterprise. Losses represent decreases in economic benefits and as such they are no different in nature from other expenses. Hence, they are not regarded as a separate element in this Conceptual Framework.

Losses include, for example, those resulting from disasters such as fire and flood, as well as those arising on the disposal of non-current assets.13

与收入确认问题类似,在一个简单的假设情境中,费用确认不会成为问题。例如,假设一家公司用现金购入存货,并在同一期间售出全部存货。当公司支付存货款项时,除非另有说明,否则显然存货成本已经发生;当存货售出时,应在财务记录中确认为费用(销售成本)。假设公司在每个会计期间都以现金支付了所有运营和管理费用。在这种简单的假设情境中,不会出现费用确认方面的问题。然而,在实践中,与收入确认一样,确定何时确认费用可能要复杂得多。

Similar to the issues with revenue recognition, in a simple hypothetical scenario, expense recognition would not be an issue. For instance, assume a company purchased inventory for cash and sold the entire inventory in the same period. When the company paid for the inventory, absent indications to the contrary, it is clear that the inventory cost has been incurred and when that inventory is sold, it should be recognized as an expense (cost of goods sold) in the financial records. Assume also that the company paid all operating and administrative expenses in cash within each accounting period. In such a simple hypothetical scenario, no issues of expense recognition would arise. In practice, however, as with revenue recognition, determining when expenses should be recognized can be somewhat more complex.

4.1一般原则

4.1. General Principles

一般来说,公司在消耗(即用尽)与支出相关的经济利益或损失先前已确认的经济利益的期间确认费用。14

In general, a company recognizes expenses in the period that it consumes (i.e., uses up) the economic benefits associated with the expenditure, or loses some previously recognized economic benefit.14

费用确认的一项一般原则是配比原则严格来说,国际财务报告准则(IFRS)并非使用“配比原则”这一术语,而是使用“配比概念”或“成本与收入配比”这一概念。 15这一区别在某些准则制定过程中至关重要。根据配比原则,公司在确认相关收入时确认某些费用(例如,销售成本),从而实现费用与收入的配比。相关收入和费用是指直接且共同源于同一交易或事项的收入和费用。与公司在同一会计期间内购入并售出所有存货的简单情况不同,在实践中,当期的部分销售额很可能来自前期或更早期间购入的存货。此外,当期购入的部分存货也可能在期末仍未售出,因此将在下一期间售出。配比原则要求公司在同一期间确认销售成本和销售收入。

A general principle of expense recognition is the matching principle. Strictly speaking, IFRS do not refer to a “matching principle” but rather to a “matching concept” or to a process resulting in “matching of costs with revenues.”15 The distinction is relevant in certain standard setting deliberations. Under matching, a company recognizes some expenses (e.g., cost of goods sold) when associated revenues are recognized and thus, expenses and revenues are matched. Associated revenues and expenses are those that result directly and jointly from the same transactions or events. Unlike the simple scenario in which a company purchases inventory and sells all of the inventory within the same accounting period, in practice, it is more likely that some of the current period’s sales are made from inventory purchased in a previous period or previous periods. It is also likely that some of the inventory purchased in the current period will remain unsold at the end of the current period and so will be sold in a following period. Matching requires that a company recognizes cost of goods sold in the same period as revenues from the sale of the goods.

期间性成本是指与收入关联性较弱的支出,这些支出反映在公司发生支出或承担支付义务的期间内。管理费用就是期间性成本的一个例子。其他与收入关联性较弱的支出则与未来的预期收益更直接相关;在这种情况下,支出会随着时间的推移进行系统性分摊。折旧费用就是一个例子。

Period costs, expenditures that less directly match revenues, are reflected in the period when a company makes the expenditure or incurs the liability to pay. Administrative expenses are an example of period costs. Other expenditures that also less directly match revenues relate more directly to future expected benefits; in this case, the expenditures are allocated systematically with the passage of time. An example is depreciation expense.

例 1和例2展示了将配比应用于存货和销售成本。

Examples 1 and 2 demonstrate matching applied to inventory and cost of goods sold.

例 1

库存成本与收入的匹配

The Matching of Inventory Costs with Revenues

假设一家名为 Kahn Distribution Limited (KDL) 的公司,该公司采购库存商品进行转售。2018 年初,Kahn 没有库存。2018 年,KDL 发生了以下交易:

Kahn Distribution Limited (KDL), a hypothetical company, purchases inventory items for resale. At the beginning of 2018, Kahn had no inventory on hand. During 2018, KDL had the following transactions:

库存采购
第一季度 2,000 每单位售价 40 美元
第二季度 1,500 每单位售价 41 美元
第三季度 2,200 每单位售价 43 美元
第四季度 1,900 每单位售价 45 美元
全部的 7,600 总成本为 321,600 美元的单元

KDL公司本年度以每件50美元的价格售出5,600件库存商品,并收到现金。KDL公司确定剩余库存为2,000件,并明确指出其中1,900件为第四季度购入,100件为第三季度购入。基于对已售出或剩余库存商品的具体识别,KDL公司2018年与这些交易相关的收入和支出是多少?(假设公司预计不会有任何退货。)

KDL sold 5,600 units of inventory during the year at $50 per unit, and received cash. KDL determines that there were 2,000 remaining units of inventory and specifically identifies that 1,900 were those purchased in the fourth quarter and 100 were purchased in the third quarter. What are the revenue and expense associated with these transactions during 2018 based on specific identification of inventory items as sold or remaining in inventory? (Assume that the company does not expect any products to be returned.)

解决方案:

Solution:

2018 年的收入为 280,000 美元(5,600 件 × 每件 50 美元)。最初,所购商品的总成本将记为存货(一项资产),金额为 321,600 美元。2018 年期间,已售出的 5,600 件商品的成本将计入费用(与收入相匹配),而剩余未售出的 2,000 件商品的成本将保留在存货中,具体如下:

The revenue for 2018 would be $280,000 (5,600 units × $50 per unit). Initially, the total cost of the goods purchased would be recorded as inventory (an asset) in the amount of $321,600. During 2018, the cost of the 5,600 units sold would be expensed (matched against the revenue) while the cost of the 2,000 remaining unsold units would remain in inventory as follows:

销售成本
从第一季度开始 2000 件,每件 40 美元 = 80,000美元
从第二季度开始 1500 件,单价 41 美元 = 61,500 美元
从第三季度开始 2100 件,单价 43 美元 = 90,300 美元
销售商品总成本 231,800 美元
库存商品成本
从第三季度开始 100 个单位,每个单位 43 美元 = 4300美元
从第四季度开始 1900 件,单价 45 美元 = 85,500 美元
剩余(或期末)存货总成本 89,800 美元

为确认总成本已计入:231,800 美元 + 89,800 美元 = 321,600 美元。销售成本将按以下方式从 280,000 美元的收入中扣除:

To confirm that total costs are accounted for: $231,800 + $89,800 = $321,600. The cost of the goods sold would be expensed against the revenue of $280,000 as follows:

收入 280,000 美元
销售成本 231,800
毛利 48,200 美元

另一种理解方式是,该公司在采购过程中创造了价值 321,600 美元的资产(存货)。期末,该公司的库存价值为 89,800 美元。因此,该期间确认的销售成本应为两者之间的差额:231,800 美元。

An alternative way to think about this is that the company created an asset (inventory) of $321,600 as it made its purchases. At the end of the period, the value of the company’s inventory on hand is $89,800. Therefore, the amount of the Cost of goods sold expense recognized for the period should be the difference: $231,800.

剩余的 89,800 美元库存金额将在未来一年库存商品售出时计入收入。

The remaining inventory amount of $89,800 will be matched against revenue in a future year when the inventory items are sold.

例 2

替代存货成本核算方法

Alternative Inventory Costing Methods

示例 1中,KDL 能够明确识别哪些存货项目已售出,哪些存货项目仍留在存货中结转至后续期间。这称为个别计价法,存货和销售成本均基于其实物流动。通常情况下,明确识别哪些项目已售出、哪些项目仍留在存货中是不切实际的,因此会计准则允许使用成本公式(国际财务报告准则术语)或成本流转假设(美国通用会计准则)将存货成本分配至销售成本和期末存货。成本公式或成本流转假设确定哪些商品被假定已售出,哪些商品被假定留在存货中。国际财务报告准则和美国通用会计准则均允许使用先进先出法 (FIFO) 和加权平均成本法来分配成本。

In Example 1, KDL was able to specifically identify which inventory items were sold and which remained in inventory to be carried over to later periods. This is called the specific identification method and inventory and cost of goods sold are based on their physical flow. It is generally not feasible to specifically identify which items were sold and which remain on hand, so accounting standards permit the assignment of inventory costs to costs of goods sold and to ending inventory using cost formulas (IFRS terminology) or cost flow assumptions (US GAAP). The cost formula or cost flow assumption determines which goods are assumed to be sold and which goods are assumed to remain in inventory. Both IFRS and US GAAP permit the use of the first in, first out (FIFO) method, and the weighted average cost method to assign costs.

根据先进先出法(FIFO),假定最早购入(或生产)的商品最先售出,而最新购入(或生产)的商品则保留在库存中。期初库存的商品成本和最早购入(或生产)的商品成本首先计入销售成本,如同最早购入的商品最先售出一样。因此,期末库存将包含最近购入的商品。事实上,在示例1中明确标明已售出的商品也是最早购入的商品,因此在本例中,根据先进先出法,销售成本也应为231,800美元,计算方法如上所述。

Under the FIFO method, the oldest goods purchased (or manufactured) are assumed to be sold first and the newest goods purchased (or manufactured) are assumed to remain in inventory. Cost of goods in beginning inventory and costs of the first items purchased (or manufactured) flow into cost of goods sold first, as if the earliest items purchased sold first. Ending inventory would, therefore, include the most recent purchases. It turns out that those items specifically identified as sold in Example 1 were also the first items purchased, so in this example, under FIFO, the cost of goods sold would also be $231,800, calculated as above.

加权平均成本法将可供销售商品的平均成本分配给已售出和剩余库存的商品。该分配基于单位平均成本(可供销售商品总成本/可供销售商品总数量)以及已售出数量和剩余库存数量。

The weighted average cost method assigns the average cost of goods available for sale to the units sold and remaining in inventory. The assignment is based on the average cost per unit (total cost of goods available for sale/total units available for sale) and the number of units sold and the number remaining in inventory.

 

 

对于KDL而言,单位加权平均成本为

For KDL, the weighted average cost per unit would be

321,600 美元 / 7,600 单位 = 每单位 42.3158 美元

$321,600/7,600 units = $42.3158 per unit

采用加权平均成本法计算的销售成本为:

Cost of goods sold using the weighted average cost method would be

5600 单位,单价 42.3158 美元,总计 236968 美元

5,600 units at $42.3158 = $236,968

采用加权平均成本法计算的期末存货为:

Ending inventory using the weighted average cost method would be

2000 单位,单价 42.3158 美元,共计 84632 美元

2,000 units at $42.3158 = $84,632

美国通用会计准则(US GAAP)允许另一种方法,但国际财务报告准则(IFRS)不允许。这种方法是后进先出法(LIFO)。在后进先出下,假定最新购入(或生产)的商品最先售出,而最先购入(或生产)的商品则留在库存中。最新购入商品的成本首先计入销售成本,如同最新购入的商品最先售出一样。虽然这似乎有悖常理,但在某些情况下是合乎逻辑的。例如,木材堆场中的木材可能堆放成最老的木材在最底部。木材售出时,是从堆垛顶部开始售出的,因此最后购入并入库的木材最先售出。理论上,公司应该选择与实际库存流动相关的方法。 16在后进先出法下,在KDL的例子中,假定期末库存中剩余的2,000件商品来自第一季度的采购:17

Another method is permitted under US GAAP but is not permitted under IFRS. This is the last in, first out (LIFO) method. Under the LIFO method, the newest goods purchased (or manufactured) are assumed to be sold first and the oldest goods purchased (or manufactured) are assumed to remain in inventory. Costs of the latest items purchased flow into cost of goods sold first, as if the most recent items purchased were sold first. Although this may seem contrary to common sense, it is logical in certain circumstances. For example, lumber in a lumberyard may be stacked up with the oldest lumber on the bottom. As lumber is sold, it is sold from the top of the stack, so the last lumber purchased and put in inventory is the first lumber out. Theoretically, a company should choose a method linked to the physical inventory flows.16 Under the LIFO method, in the KDL example, it would be assumed that the 2,000 units remaining in ending inventory would have come from the first quarter’s purchases:17

期末库存 2,000 件,单价 40 美元 = 80,000 美元

Ending inventory 2,000 units at $40 per unit = $80,000

剩余成本将按照后进先出法计入销售成本:

The remaining costs would be allocated to cost of goods sold under LIFO:

总成本 321,600 美元减去期末存货剩余 80,000 美元 = 241,600 美元

Total costs of $321,600 less $80,000 remaining in ending inventory = $241,600

或者,根据后进先出法,将最后购买的 5,600 件商品的成本计入销售成本:

Alternatively, the cost of the last 5,600 units purchased is allocated to cost of goods sold under LIFO:

1900 件,每件 45 美元 + 2200 件,每件 43 美元 + 1500 件,每件 41 美元 = 241600 美元

1,900 units at $45 per unit + 2,200 units at $43 per unit + 1,500 units at $41 per unit = $241,600

另一种理解费用确认的方式是:公司在采购过程中创造了价值 321,600 美元的资产(存货)。期末,公司存货的价值为 80,000 美元。因此,本期确认的销售成本费用应为两者之差:241,600 美元。

An alternative way to think about expense recognition is that the company created an asset (inventory) of $321,600 as it made its purchases. At the end of the period, the value of the company’s inventory is $80,000. Therefore, the amount of the Cost of goods sold expense recognized for the period should be the difference: $241,600.

图表 6总结并比较了存货成本核算方法。

Exhibit 6 summarizes and compares inventory costing methods.

附录 6. 存货成本核算方法汇总表
方法 描述 价格上涨时销售成本相对于其他两种方法的比较 价格上涨时期末存货相对于其他两种方法的比较
先进先出 (FIFO) 最早购入的商品的成本首先计入销售成本。 最低 最高
LIFO(后进先出) 最近购入的商品成本首先计入销售成本。 最高* 最低*
加权平均成本 总成本除以可用单位总数的平均值 中间 中间

*假设不采用后进先出(LIFO)层级清算。后进先出层级清算是指当期销售量超过采购量,此时部分销售被视为来自现有价格相对较低的库存,而非来自近期采购的库存。

*Assumes no LIFO layer liquidation. LIFO layer liquidation occurs when the volume of sales exceeds the volume of purchases in the period so that some sales are assumed to be made from existing, relatively low-priced inventory rather than from more recent purchases.

4.2费用确认中的问题

4.2. Issues in Expense Recognition

以下各节将介绍费用确认原则在某些常见情况下的应用。

The following sections cover applications of the principles of expense recognition to certain common situations.

4.2.1可疑账户

4.2.1. Doubtful Accounts

当公司以赊销方式销售产品或服务时,很可能部分客户最终会违约(即未能付款)。销售时,公司无法预知哪些客户会违约。(如果预知某个客户最终会违约,公司大概就不会向该客户赊销。)一种确认客户应收账款信用损失的方法是,公司等到客户违约后再确认损失(直接冲销法)。但这种方法通常不符合公认会计原则。

When a company sells its products or services on credit, it is likely that some customers will ultimately default on their obligations (i.e., fail to pay). At the time of the sale, it is not known which customer will default. (If it were known that a particular customer would ultimately default, presumably a company would not sell on credit to that customer.) One possible approach to recognizing credit losses on customer receivables would be for the company to wait until such time as a customer defaulted and only then recognize the loss (direct write-off method). Such an approach would usually not be consistent with generally accepted accounting principles.

根据配比原则,公司在确认销售收入时,必须记录对最终无法收回的收入金额的估计。公司根据以往的坏账处理经验做出此类估计。该估计可以表示为销售额总额、应收账款总额或逾期一定时间的应收账款金额的比例。公司将对无法收回金额的估计作为费用计入损益表,而不是直接减少收入。

Under the matching principle, at the time revenue is recognized on a sale, a company is required to record an estimate of how much of the revenue will ultimately be uncollectible. Companies make such estimates based on previous experience with uncollectible accounts. Such estimates may be expressed as a proportion of the overall amount of sales, the overall amount of receivables, or the amount of receivables overdue by a specific amount of time. The company records its estimate of uncollectible amounts as an expense on the income statement, not as a direct reduction of revenues.

4.2.2保修

4.2.2. Warranties

有时,公司会为其销售的产品提供保修服务。如果产品在保修条款涵盖的范围内出现缺陷,公司将承担维修或更换产品的费用。在销售时,公司无法预知未来与保修相关的费用总额。一种可能的做法是,公司等到实际发生保修费用时再将其计入账目。然而,这样做无法确保费用与相关收入相匹配。

At times, companies offer warranties on the products they sell. If the product proves deficient in some respect that is covered under the terms of the warranty, the company will incur an expense to repair or replace the product. At the time of sale, the company does not know the amount of future expenses it will incur in connection with its warranties. One possible approach would be for a company to wait until actual expenses are incurred under the warranty and to reflect the expense at that time. However, this would not result in a matching of the expense with the associated revenue.

根据配比原则,公司需要估计其保修产生的未来费用金额,在销售期间确认估计的保修费用,并在保修期内根据经验更新费用。

Under the matching principle, a company is required to estimate the amount of future expenses resulting from its warranties, to recognize an estimated warranty expense in the period of the sale, and to update the expense as indicated by experience over the life of the warranty.

4.2.3折旧和摊销

4.2.3. Depreciation and Amortisation

公司通常会投入成本来购置长期资产。长期资产是指预期在未来一年以上的时间内持续提供经济效益的资产。例如土地(不动产)、厂房、设备以及无形资产(缺乏实物形态的资产),如商标。大多数长期资产的成本会在其提供经济效益的期间内分摊。有两种主要的长期资产类型,其成本分摊到各个时期,分别是土地和使用寿命不确定的无形资产。

Companies commonly incur costs to obtain long-lived assets. Long-lived assets are assets expected to provide economic benefits over a future period of time greater than one year. Examples are land (property), plant, equipment, and intangible assets (assets lacking physical substance) such as trademarks. The costs of most long-lived assets are allocated over the period of time during which they provide economic benefits. The two main types of long-lived assets whose costs are not allocated over time are land and those intangible assets with indefinite useful lives.

折旧是指将长期资产的成本在预期产生经济效益的期间内进行系统性分摊的过程。“折旧”一词通常用于描述有形长期资产(例如厂房和设备,土地不计提折旧)的这一过程,而“摊销”一词通常用于描述使用寿命有限的无形长期资产的这一过程。使用寿命有限的无形长期资产的例子包括:已收购的邮件列表、已收购的具有固定到期日的专利以及已收购的具有固定法律有效期的版权。“摊销”一词也常用于描述将固定收益证券相对于其面值的溢价或折价在其存续期内进行系统性分摊的过程。

Depreciation is the process of systematically allocating costs of long-lived assets over the period during which the assets are expected to provide economic benefits. “Depreciation” is the term commonly applied to this process for physical long-lived assets such as plant and equipment (land is not depreciated), and amortisation is the term commonly applied to this process for intangible long-lived assets with a finite useful life.18 Examples of intangible long-lived assets with a finite useful life include an acquired mailing list, an acquired patent with a set expiration date, and an acquired copyright with a set legal life. The term “amortisation” is also commonly applied to the systematic allocation of a premium or discount relative to the face value of a fixed-income security over the life of the security.

国际财务报告准则(IFRS)允许采用两种不同的模型来评估固定资产:成本模型和重估模型。 19在成本模型下,资产的可折旧金额(成本减去残值)按系统性方法在其剩余使用寿命内进行分摊。成本模型下,资产按其成本减去累计折旧后的值列报。重估模型下,资产按其公允价值列报。美国通用会计准则(US GAAP)不允许使用重估模型。尽管如前所述,IFRS允许使用重估模型,但其应用并不广泛,因此本文重点讨论成本模型。IFRS与US GAAP之间还有两点不同之处:IFRS要求对资产的每个组成部分分别计提折旧,而US GAAP不要求对组成部分进行折旧;IFRS要求对残值和使用寿命进行年度审查,而US GAAP没有明确要求进行此类审查。

IFRS allow two alternative models for valuing property, plant, and equipment: the cost model and the revaluation model.19 Under the cost model, the depreciable amount of that asset (cost less residual value) is allocated on a systematic basis over the remaining useful life of the asset. Under the cost model, the asset is reported at its cost less any accumulated depreciation. Under the revaluation model, the asset is reported at its fair value. The revaluation model is not permitted under US GAAP. Although the revaluation model is permitted under IFRS, as noted earlier, it is not as widely used and thus we focus on the cost model here. There are two other differences between IFRS and US GAAP to note: IFRS require each component of an asset to be depreciated separately and US GAAP do not require component depreciation; and IFRS require an annual review of residual value and useful life, and US GAAP do not explicitly require such a review.

计算折旧的方法应反映资产经济利益预期消耗的模式。国际财务报告准则(IFRS)并未规定具体的折旧计算方法,但指出几种常用方法包括直线法、余额递减法(加速折旧)和产量法(折旧额随产量或使用量而变化)。

The method used to compute depreciation should reflect the pattern over which the economic benefits of the asset are expected to be consumed. IFRS do not prescribe a particular method for computing depreciation but note that several methods are commonly used, such as the straight-line method, diminishing balance method (accelerated depreciation), and the units of production method (depreciation varies depending upon production or usage).

直线将长期资产的成本减去预计残值后,在其预计使用寿命内平均分配。(“直线”一词源于这样一个事实:如果将年度折旧费用绘制成随时间变化的折线图,它将是一条直线。此外,如果将资产成本减去累计年度折旧费用后,绘制成随时间变化的折线图,它将是一条斜率为负的直线。)计算折旧和摊销需要两个重要的估计值:资产的预计使用寿命和资产的预计残值(也称为“残值”)。根据国际财务报告准则(IFRS),残值是指公司预期在资产使用寿命结束时出售该资产所获得的金额。示例3假设一项设备采用直线法计提折旧,并说明了在不同的资产使用寿命和预计残值估计下,年度折旧费用如何变化。如图所示,年度折旧费用对预计使用寿命和预计残值都很敏感。

The straight-line method allocates evenly the cost of long-lived assets less estimated residual value over the estimated useful life of an asset. (The term “straight line” derives from the fact that the annual depreciation expense, if represented as a line graph over time, would be a straight line. In addition, a plot of the cost of the asset minus the cumulative amount of annual depreciation expense, if represented as a line graph over time, would be a straight line with a negative downward slope.) Calculating depreciation and amortisation requires two significant estimates: the estimated useful life of an asset and the estimated residual value (also known as “salvage value”) of an asset. Under IFRS, the residual value is the amount that the company expects to receive upon sale of the asset at the end of its useful life. Example 3 assumes that an item of equipment is depreciated using the straight-line method and illustrates how the annual depreciation expense varies under different estimates of the useful life and estimated residual value of an asset. As shown, annual depreciation expense is sensitive to both the estimated useful life and to the estimated residual value.

例 3

年度折旧费用对使用寿命和残值估计值变化的敏感性

Sensitivity of Annual Depreciation Expense to Varying Estimates of Useful Life and Residual Value

采用直线折旧法,年折旧费用计算如下:

Using the straight-line method of depreciation, annual depreciation expense is calculated as:

假设一项资产的成本为 10,000 美元。例如,如果该资产的残值预计为 0 美元,预计使用寿命为 5 年,则采用直线法计算的年折旧费用为 (10,000 美元 – 0 美元)/5 年 = 2,000 美元。相比之下,如果将资产的预计使用寿命保持在 5 年不变,但将预计残值增加到 4,000 美元,则年折旧费用仅为 1,200 美元 [计算方法为 (10,000 美元 – 4,000 美元)/5 年]。或者,如果将预计残值保持在 0 美元,但将预计使用寿命增加到 10 年,则年折旧费用仅为 1,000 美元 [计算方法为 (10,000 美元 – 0 美元)/10 年]。表 7显示了不同预计使用寿命和残值组合下的年折旧费用。

Assume the cost of an asset is $10,000. If, for example, the residual value of the asset is estimated to be $0 and its useful life is estimated to be 5 years, the annual depreciation expense under the straight-line method would be ($10,000 – $0)/5 years = $2,000. In contrast, holding the estimated useful life of the asset constant at 5 years but increasing the estimated residual value of the asset to $4,000 would result in annual depreciation expense of only $1,200 [calculated as ($10,000 – $4,000)/5 years]. Alternatively, holding the estimated residual value at $0 but increasing the estimated useful life of the asset to 10 years would result in annual depreciation expense of only $1,000 [calculated as ($10,000 – $0)/10 years]. Exhibit 7 shows annual depreciation expense for various combinations of estimated useful life and residual value.

附录7. 年度折旧费用(美元)
预计使用寿命(年) 预计残值
0 1,000 2,000 3,000 4,000 5,000
2 5,000 4,500 4,000 3,500 3,000 2,500
4 2,500 2,250 2,000 1,750 1,500 1,250
5 2,000 1,800 1600 1400 1200 1,000
8 1,250 1,125 1,000 875 750 625
10 1,000 900 800 700 600 500

通常,除直线折旧法之外的其他折旧方法被称为加速折旧法,因为它们加快了折旧速度。加速折旧法将更大比例的成本分配到资产使用寿命的早期。如果预计厂房或设备在早期损耗速度较快(例如汽车),则这些方法适用。一种常用的加速折旧方法是余额递减法(也称为余额递减法)。示例 4演示了余额递减法。

Generally, alternatives to the straight-line method of depreciation are called accelerated methods of depreciation because they accelerate (i.e., speed up) the timing of depreciation. Accelerated depreciation methods allocate a greater proportion of the cost to the early years of an asset’s useful life. These methods are appropriate if the plant or equipment is expected to be used up faster in the early years (e.g., an automobile). A commonly used accelerated method is the diminishing balance method, (also known as the declining balance method). The diminishing balance method is demonstrated in Example 4.

例 4

余额递减折旧法示例

An Illustration of Diminishing Balance Depreciation

假设计算机设备的成本为 11,000 美元,预计残值为 1,000 美元,预计使用寿命为五年。采用余额递减法(或称余额递减法)时,第一步是确定直线折旧率,即资产采用直线折旧法计提折旧的比率。该比率的计算方法为 100% 除以使用寿命,即五年使用寿命对应的折旧率为 20%。根据直线折旧法,每年计提的折旧费用为资产可折旧成本的 1/5 或 20%(此处为 11,000 美元 - 1,000 美元 = 10,000 美元),持续五年:每年的折旧费用为 2,000 美元。

Assume the cost of computer equipment was $11,000, the estimated residual value is $1,000, and the estimated useful life is five years. Under the diminishing or declining balance method, the first step is to determine the straight-line rate, the rate at which the asset would be depreciated under the straight-line method. This rate is measured as 100 percent divided by the useful life or 20 percent for a five-year useful life. Under the straight-line method, 1/5 or 20 percent of the depreciable cost of the asset (here, $11,000 – $1,000 = $10,000) would be expensed each year for five years: The depreciation expense would be $2,000 per year.

下一步是确定一个能够近似反映资产损耗模式的加速因子。常用的加速因子为150%和200%。后者被称为双倍余额递减折旧法,因为它以直线折旧率的两倍来计算资产折旧。使用200%的加速因子,余额递减率为40%(20% × 2.0)。然后,将该比率应用于每个期间资产的剩余未折旧余额(称为账面净值)。

The next step is to determine an acceleration factor that approximates the pattern of the asset’s wear. Common acceleration factors are 150 percent and 200 percent. The latter is known as double declining balance depreciation because it depreciates the asset at double the straight-line rate. Using the 200 percent acceleration factor, the diminishing balance rate would be 40 percent (20 percent × 2.0). This rate is then applied to the remaining undepreciated balance of the asset each period (known as the net book value).

第一年初,该资产的账面净值为 11,000 美元。该资产第一年全年的折旧费用为 11,000 美元的 40%,即 4,400 美元。根据此方法,残值(如有)通常不计入每期折旧的计算中(40% 的折旧率是应用于 11,000 美元,而不是 11,000 美元减去残值)。但是,当达到残值时,公司将停止计提折旧。

At the beginning of the first year, the net book value is $11,000. Depreciation expense for the first full year of use of the asset would be 40 percent of $11,000, or $4,400. Under this method, the residual value, if any, is generally not used in the computation of the depreciation each period (the 40 percent is applied to $11,000 rather than to $11,000 minus residual value). However, the company will stop taking depreciation when the salvage value is reached.

 

 

第二年初,净账面价值的计量方法如下:

At the beginning of Year 2, the net book value is measured as

资产成本 11,000 美元
减:累计折旧 (4,400)
净账面价值 6600美元

第二个完整年度的折旧费用为 6,600 美元 × 40%,即 2,640 美元。在第二年末(即第三年初),已计提的折旧总额为 7,040 美元(4,400 美元 + 2,640 美元)。因此,第三年初的剩余账面净值为

For the second full year, depreciation expense would be $6,600 × 40 percent, or $2,640. At the end of the second year (i.e., beginning of the third year), a total of $7,040 ($4,400 + $2,640) of depreciation would have been recorded. So, the remaining net book value at the beginning of the third year would be

资产成本 11,000 美元
减:累计折旧 (7,040)
净账面价值 3960美元

第三个完整年度的折旧额为 3,960 美元 × 40%,即 1,584 美元。第三年末,累计折旧额为 8,624 美元(4,400 美元 + 2,640 美元 + 1,584 美元)。因此,第四年初的账面净值为多少?

For the third full year, depreciation would be $3,960 × 40 percent, or $1,584. At the end of the third year, a total of $8,624 ($4,400 + $2,640 + $1,584) of depreciation would have been recorded. So, the remaining net book value at the beginning of the fourth year would be

资产成本 11,000 美元
减:累计折旧 (8,624)
净账面价值 2,376 美元

第四个完整年度的折旧额为 2,376 美元 × 40%,即 950 美元。第四年末,累计折旧额为 9,574 美元(4,400 美元 + 2,640 美元 + 1,584 美元 + 950 美元)。因此,第五年初的账面净值为

For the fourth full year, depreciation would be $2,376 × 40 percent, or $950. At the end of the fourth year, a total of $9,574 ($4,400 + $2,640 + $1,584 + $950) of depreciation would have been recorded. So, the remaining net book value at the beginning of the fifth year would be

资产成本 11,000 美元
减:累计折旧 (9,574)
净账面价值 1426美元

第五年,如果按照前几年的折旧方法计算,折旧额将为 570 美元(1,426 美元 × 40%)。然而,这将导致该资产的账面净值低于其预计残值 1,000 美元。因此,实际折旧额仅为 426 美元,使该资产在第五年末的账面净值为 1,000 美元。

For the fifth year, if deprecation were determined as in previous years, it would amount to $570 ($1,426 × 40 percent). However, this would result in a remaining net book value of the asset below its estimated residual value of $1,000. So, instead, only $426 would be depreciated, leaving a $1,000 net book value at the end of the fifth year.

资产成本 11,000 美元
减:累计折旧 (10,000)
净账面价值 1000美元

公司通常假设残值为零或极小,这会给余额递减法折旧带来问题,因为资产永远无法完全折旧。为了在假设残值为零或极小的情况下,使资产在最初估计的使用寿命内完全折旧,公司通常会采用结合余额递减法和直线法的折旧政策。例如,可以先采用双倍余额递减法折旧,然后在使用寿命过半时转为直线法折旧。

Companies often use a zero or small residual value, which creates problems for diminishing balance depreciation because the asset never fully depreciates. In order to fully depreciate the asset over the initially estimated useful life when a zero or small residual value is assumed, companies often adopt a depreciation policy that combines the diminishing balance and straight-line methods. An example would be a deprecation policy of using double-declining balance depreciation and switching to the straight-line method halfway through the useful life.

与直线折旧法相比,加速折旧法在早期会产生更高的折旧费用。这导致早期折旧年度的费用较高,净利润较低。但到了后期,情况会有所逆转,加速折旧的费用会低于直线折旧法。由于加速折旧法会导致资产使用初期净利润较低,因此有时被认为是一种保守的会计处理方法。

Under accelerated depreciation methods, there is a higher depreciation expense in early years relative to the straight-line method. This results in higher expenses and lower net income in the early depreciation years. In later years, there is a reversal with accelerated depreciation expense lower than straight-line depreciation. Accelerated depreciation is sometimes referred to as a conservative accounting choice because it results in lower net income in the early years of asset use.

对于必须摊销的无形资产(即具有可辨认使用寿命的资产),其摊销流程与折旧相同,仅费用名称不同。国际财务报告准则(IFRS)规定,如果无法确定使用寿命内的摊销模式,则应采用直线法。 20大多数情况下,根据国际财务报告准则和美国通用会计准则(US GAAP),可摊销的无形资产采用直线法摊销,且无残值。商誉 21和使用寿命不确定的无形资产不进行摊销。相反,至少每年对其进行减值测试(即,如果无形资产或商誉的当前价值显著低于其在公司账簿中的价值,则该资产的价值被视为已减值,其在公司账簿中的价值必须减少)。

For those intangible assets that must be amortised (those with an identifiable useful life), the process is the same as for depreciation; only the name of the expense is different. IFRS state that if a pattern cannot be determined over the useful life, then the straight-line method should be used.20 In most cases under IFRS and US GAAP, amortisable intangible assets are amortised using the straight-line method with no residual value. Goodwill21 and intangible assets with indefinite life are not amortised. Instead, they are tested at least annually for impairment (i.e., if the current value of an intangible asset or goodwill is materially lower than its value in the company’s books, the value of the asset is considered to be impaired and its value in the company’s books must be decreased).

总之,要计算折旧和摊销,公司必须选择一种方法,估计资产的使用寿命,并估计残值。显然,不同的选择会对折旧或摊销费用产生不同的影响,从而影响报告的净利润。

In summary, to calculate depreciation and amortisation, a company must choose a method, estimate the asset’s useful life, and estimate residual value. Clearly, different choices have a differing effect on depreciation or amortisation expense and, therefore, on reported net income.

4.3对财务分析的影响

4.3. Implications for Financial Analysis

公司对坏账和/或保修费用的估计会影响其报告的净利润。同样,公司选择的折旧或摊销方法、对资产使用寿命的估计以及对资产残值的估计也会影响报告的净利润。以上仅列举了影响公司报告净利润的部分选择和估计因素。

A company’s estimates for doubtful accounts and/or for warranty expenses can affect its reported net income. Similarly, a company’s choice of depreciation or amortisation method, estimates of assets’ useful lives, and estimates of assets’ residual values can affect reported net income. These are only a few of the choices and estimates that affect a company’s reported net income.

与收入确认政策一样,公司选择的费用确认方式也可以用其相对保守性来衡量。费用确认时间越晚,确认时间越早,则被认为越不保守。此外,许多费用项目需要公司做出估计,而这些估计可能会对净利润产生重大影响。分析公司的财务报表,特别是比较不同公司的财务报表,需要了解这些估计的差异及其潜在影响。

As with revenue recognition policies, a company’s choice of expense recognition can be characterized by its relative conservatism. A policy that results in recognition of expenses later rather than sooner is considered less conservative. In addition, many items of expense require the company to make estimates that can significantly affect net income. Analysis of a company’s financial statements, and particularly comparison of one company’s financial statements with those of another, requires an understanding of differences in these estimates and their potential impact.

例如,如果一家公司坏账率、保修费用占销售额的百分比或资产预计使用寿命的估计值出现显著的年度变化,分析师应努力了解其根本原因。这些变化是否反映了业务运营的变化(例如,保修费用估计值降低反映了近期产品质量提高导致保修索赔减少)?或者,这些变化是否看似与业务运营的变化无关,从而可能表明该公司为了达到某种特定的净利润效果而操纵估计值?

If, for example, a company shows a significant year-to-year change in its estimates of uncollectible accounts as a percentage of sales, warranty expenses as a percentage of sales, or estimated useful lives of assets, the analyst should seek to understand the underlying reasons. Do the changes reflect a change in business operations (e.g., lower estimated warranty expenses reflecting recent experience of fewer warranty claims because of improved product quality)? Or are the changes seemingly unrelated to changes in business operations and thus possibly a signal that a company is manipulating estimates in order to achieve a particular effect on its reported net income?

再举一个例子,如果同一行业的两家公司对坏账占销售额的百分比、保修费用占销售额的百分比或预计使用寿命占资产的百分比的估计值存在显著差异,那么了解其根本原因就至关重要。这些差异是否与两家公司的业务运营差异相符(例如,一家公司较低的坏账可能反映出其客户群信用状况更好,或者可能采取了更严格的信贷政策)?如果一家公司使用了更新的设备,那么两家公司预计的资产使用寿命也可能存在差异,这同样与业务运营差异相符。或者,这些差异是否似乎与两家公司的业务运营差异不符,从而可能表明其中一家公司在操纵估计值?

As another example, if two companies in the same industry have dramatically different estimates for uncollectible accounts as a percentage of their sales, warranty expenses as a percentage of sales, or estimated useful lives as a percentage of assets, it is important to understand the underlying reasons. Are the differences consistent with differences in the two companies’ business operations (e.g., lower uncollectible accounts for one company reflecting a different, more creditworthy customer base or possibly stricter credit policies)? Another difference consistent with differences in business operations would be a difference in estimated useful lives of assets if one of the companies employs newer equipment. Or, alternatively, are the differences seemingly inconsistent with differences in the two companies’ business operations, possibly signaling that a company is manipulating estimates?

有关公司会计政策和重大估计的信息会在财务报表附注和公司年度报告的管理层讨论与分析部分中进行描述。

Information about a company’s accounting policies and significant estimates are described in the notes to the financial statements and in the management discussion and analysis section of a company’s annual report.

如果可能,费用确认政策和估算差异造成的货币影响,有助于与单一公司的历史业绩或多家公司进行更有意义的比较。分析师可以利用这种货币影响来调整已报告的费用,使其具有可比性。

When possible, the monetary effect of differences in expense recognition policies and estimates can facilitate more meaningful comparisons with a single company’s historical performance or across a number of companies. An analyst can use the monetary effect to adjust the reported expenses so that they are on a comparable basis.

即使无法计算政策和估计差异的货币影响,通常也可以描述政策和估计的相对保守性,从而定性评估这些差异可能如何影响报告的费用,进而影响财务比率。

Even when the monetary effects of differences in policies and estimates cannot be calculated, it is generally possible to characterize the relative conservatism of the policies and estimates and, therefore, to qualitatively assess how such differences might affect reported expenses and thus financial ratios.

5.非经常性项目和非经营性项目

5. Non-Recurring Items and Non-Operating Items

从公司的损益表中,我们可以看到它去年和前年的盈利情况。展望未来,问题是:公司明年以及未来几年的盈利情况会如何?

From a company’s income statements, we can see its earnings from last year and in the previous year. Looking forward, the question is: What will the company earn next year and in the years after?

为了评估公司未来的盈利能力,将往年收入和支出中未来可能持续的项目与不太可能持续的项目区分开来是有帮助的。 22一些往年项目显然预计不会在未来期间持续,因此会在公司的损益表中单独披露。这符合“当列示额外的项目、标题和小计有助于理解公司的财务业绩时,企业应当列示这些项目、标题和小计” 23 的规定。国际财务报告准则(IFRS)描述了在决定列示准则未明确规定的信息时需要考虑的因素。IFRS 和美国通用会计准则(US GAAP)均规定,终止经营的业绩应与持续经营的业绩分开列示。其他可能在公司损益表中单独列示的项目,例如非常规项目、不经常发生的项目、会计变更的影响以及非经营性收入,都需要分析师做出一些判断。

To assess a company’s future earnings, it is helpful to separate those prior years’ items of income and expense that are likely to continue in the future from those items that are less likely to continue.22 Some items from prior years are clearly not expected to continue in the future periods and are separately disclosed on a company’s income statement. This is consistent with “An entity shall present additional line items, headings, and subtotals … when such presentation is relevant to an understanding of the entity’s financial performance.”23 IFRS describe considerations that enter into the decision to present information other than that explicitly specified by a standard. Both IFRS and US GAAP specify that the results of discontinued operations should be reported separately from continuing operations. Other items that may be reported separately on a company’s income statement, such as unusual items, items that occur infrequently, effects due to accounting changes, and non-operating income, require the analyst to make some judgments.

5.1终止经营

5.1. Discontinued Operations

当一家公司处置或制定处置其某项组成业务的计划,且不再参与该业务运营时,根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),损益表应将该处置的影响作为“终止经营”单独列示。财务准则对单独列示该影响提供了多种标准,通常要求终止经营的组成部分在物理上和运营上都必须是可分离的。24

When a company disposes of or establishes a plan to dispose of one of its component operations and will have no further involvement in the operation, the income statement reports separately the effect of this disposal as a “discontinued” operation under both IFRS and US GAAP. Financial standards provide various criteria for reporting the effect separately, which are generally that the discontinued component must be separable both physically and operationally.24

附录 1中,百威英博报告称,2017 年和 2016 年的终止经营业务利润分别为 2800 万美元和 4800 万美元。在附录 2中,摩森康胜报告称,2017 年和 2015 年的终止经营业务收入分别为 150 万美元和 390 万美元,而 2016 年的终止经营业务亏损为 280 万美元。

In Exhibit 1, AB InBev reported profit from discontinued operations of $28 million in 2017 and $48 million in 2016. In Exhibit 2, Molson Coors reported income from discontinued operations of $1.5 million and $3.9 million in 2017 and 2015, respectively, and a loss from discontinued operations of $2.8 million in 2016.

由于已终止经营的业务将不再为公司带来收益(或现金流),分析师在制定对公司未来财务业绩的预期时,可能会剔除已终止经营的业务。

Because the discontinued operation will no longer provide earnings (or cash flow) to the company, an analyst may eliminate discontinued operations in formulating expectations about a company’s future financial performance.

5.2不常见或罕见物品

5.2. Unusual or Infrequent Items

国际财务报告准则(IFRS)要求,对理解企业财务业绩具有重大性和/或相关性的收入或支出项目应单独披露。非常规或偶发项目通常符合这些标准。根据美国通用会计准则(US GAAP),对于2015年12月15日之后开始的报告期间发生的重大、非常规或偶发项目,虽然计入公司持续经营活动,但仍需单独列示。例如,重组费用,如工厂关闭成本和员工遣散费,被视为公司日常经营活动的一部分。再例如,公司出售资产或部分业务时产生的损益,无论售价高于还是低于账面价值,也应在利润表中单独披露。这些销售被视为日常经营活动。

IFRS require that items of income or expense that are material and/or relevant to the understanding of the entity’s financial performance should be disclosed separately. Unusual or infrequent items are likely to meet these criteria. Under US GAAP, material items that are unusual or infrequent, and that are both as of reporting periods beginning after December 15, 2015, are shown as part of a company’s continuing operations but are presented separately. For example, restructuring charges, such as costs to close plants and employee termination costs, are considered part of a company’s ordinary activities. As another example, gains and losses arising when a company sells an asset or part of a business, for more or less than its carrying value, are also disclosed separately on the income statement. These sales are considered ordinary business activities.

强调这些项目的异常或偶发性有助于分析师判断此类项目再次发生的可能性。这符合国际财务报告准则(IFRS)关于披露与理解实体财务业绩相关的项目的要求。在附录2中,Molson Coors的损益表单独列出了“特殊项目净额”一项。该公司的脚注提供了该金额的详细信息,并解释说,该项包含的收入或支出要么是他们“认为不能反映其核心业务,要么是他们认为对当前经营业绩影响重大,需要单独分类”的项目。在附录3中,达能的损益表列出了“经常性营业收入”的金额,其后单独列出了“其他营业收入(支出)”一项,该项不包含在经常性收入中。附录8摘录了达能关于这项非经常性金额的补充披露内容。

Highlighting the unusual or infrequent nature of these items assists an analyst in judging the likelihood that such items will reoccur. This meets the IFRS criteria of disclosing items that are relevant to the understanding of an entity’s financial performance. In Exhibit 2, Molson Coors’ income statement showed a separate line item for “Special Items, net.” The company’s footnotes provide details on the amount and explain that this line includes revenues or expenses that either they “do not believe to be indicative of [their] core operations, or they believe are significant to [their] current operating results warranting separate classification”. In Exhibit 3, the income statement of Danone shows an amount for “Recurring operating income” followed by a separate line item for “other operating income (expense)”, which is not included as a component of recurring income. Exhibit 8 presents an excerpt from Danone’s additional disclosure about this non-recurring amount.

附录8:突出项目非经常性——摘自达能集团2017年财务报表附注

注6.集团日常活动以外的事件和交易[节选]

NOTE 6. Events and Transactions Outside the Group’s Ordinary Activities [Excerpt]

“其他营业收入(支出)”的定义依据法国国家会计准则委员会(CNC)关于按照国际会计准则编制的合并财务报表格式的第2013-03号建议,包括一些重大项目,由于其特殊性,不能被视为达能当前经营活动固有的。这些项目主要包括出售完全合并公司产生的资本利得和损失、商誉减值费用、与战略重组和重大外部增长交易相关的重大成本,以及与重大危机和重大诉讼相关的已发生或预计成本。此外,根据修订后的国际财务报告准则第3号(IFRS 3)和修订后的国际会计准则第27号(IAS 27),达能还将以下项目归入“其他营业收入(支出)”:(i)与企业合并相关的收购成本;(ii)因失去控制权而产生的重估损益;以及(iii)与企业合并相关且在收购日后发生的或有对价变动。

“2017年,其他营业净收入为1.92亿欧元,主要包括以下项目:

“Other operating income (expense) is defined under Recommendation 2013-03 of the French CNC relating to the format of consolidated financial statements prepared under international accounting standards, and comprises significant items that, because of their exceptional nature, cannot be viewed as inherent to Danone’s current activities. These mainly include capital gains and losses on disposals of fully consolidated companies, impairment charges on goodwill, significant costs related to strategic restructuring and major external growth transactions, and incurred or estimated costs related to major crises and major litigation. Furthermore, in connection with Revised IFRS 3 and Revised IAS 27, Danone also classifies in Other operating income (expense) (i) acquisition costs related to business combinations, (ii) revaluation profit or loss accounted for following a loss of control, and (iii) changes in earn-outs related to business combinations and subsequent to the acquisition date.

“In 2017, the net Other operating income of €192 million consisted mainly of the following items:

(单位:百万欧元) 相关收入(支出)
出售斯托尼菲尔德的资本收益 628
在恒天然案中,新加坡仲裁法院作出裁决后收到的赔偿 105
领土风险,主要集中在ALMA地区的某些国家。 (148)
与 WhiteWave 集成相关的成本 (118)
Waters 和 Specialized Nutrition 报告实体的若干无形资产发生减值 (115)
表格其余部分省略

附录8中,达能详细列出了被视为“特殊”项目而非公司当前经营活动“固有”项目的项目。这些特殊项目包括资产处置收益、法律诉讼所得款项、收购整合成本以及无形资产减值等。通常,在预测未来经营状况时,分析师会评估所列项目是否可能再次发生,以及其对未来收益的潜在影响。一般来说,简单地忽略所有异常项目是不可取的。

In Exhibit 8, Danone provides details on items considered to be “exceptional” items and not “inherent” to the company’s current activities. The exceptional items include gains on asset disposals, receipts from a legal case, costs of integrating an acquisition, and impairment of intangible assets, among others. Generally, in forecasting future operations, an analyst would assess whether the items reported are likely to reoccur and also possible implications for future earnings. It is generally not advisable simply to ignore all unusual items.

5.3会计政策变更

5.3. Changes in Accounting Policies

有时,准则制定机构会发布新的准则,要求公司变更会计政策。根据准则的不同,公司可以选择采用前瞻性(未来适用)或追溯性(重新编制财务报表,如同该准则在过去已生效)。在其他情况下,会计政策的变更(例如,从一种可接受的存货计价方法变更为另一种)是出于其他原因,例如为了更好地反映公司的业绩。除非不切实际,否则 会计政策的变更通常采用追溯性应用进行报告。

At times, standard setters issue new standards that require companies to change accounting policies. Depending on the standard, companies may be permitted to adopt the standards prospectively (in the future) or retrospectively (restate financial statements as though the standard existed in the past). In other cases, changes in accounting policies (e.g., from one acceptable inventory costing method to another) are made for other reasons, such as providing a better reflection of the company’s performance. Changes in accounting policies are reported through retrospective application25 unless it is impractical to do so.

追溯应用是指公司财务报告中列示的所有会计年度的财务报表均按照新采用的会计准则编制,如同该准则已应用于整个会计期间一样。财务报表附注会描述这一变更并解释其合理性。由于会计准则的变更采用追溯应用,因此同一财务报告中的财务报表具有可比性。

Retrospective application means that the financial statements for all fiscal years shown in a company’s financial report are presented as if the newly adopted accounting principle had been used throughout the entire period. Notes to the financial statements describe the change and explain the justification for the change. Because changes in accounting principles are retrospectively applied, the financial statements that appear within a financial report are comparable.

例 5摘录了微软公司截至 2018 年 6 月 30 日财年的 10-K 表格,描述了因新的收入确认准则而导致的会计原则变更。微软选择于 2017 年 7 月 1 日采用新准则,早于规定的采用日期。微软还选择采用“完全追溯法”,该方法要求公司重述前期业绩。在其损益表中,2016 年和 2017 年的业绩均按新准则实施的情况列示。微软在其财务报表附注中披露了新准则的影响。

Example 5 presents an excerpt from Microsoft Corporation’s Form 10-K for the fiscal year ended 30 June 2018 describing a change in accounting principle resulting from the new revenue recognition standard. Microsoft elected to adopt the new standard 1 July 2017, earlier than the required adoption date. Microsoft also elected to use the “full retrospective method,” which requires companies to restate prior periods’ results. On its income statement, both 2016 and 2017 are presented as if the new standard had been used throughout both years. In the footnotes to its financial statements, Microsoft discloses the impact of the new standard.

例5

微软公司财务报表附注摘录

Microsoft Corporation Excerpt from Footnotes to the Financial Statements

新收入确认准则对软件许可收入的会计处理影响最为显著。具体而言,对于 Windows 10,我们主要在开票和交付时确认收入,而不是在相关设备的生命周期内按比例确认。对于某些包含独立软件许可和软件保障 (SA) 的多年期商业软件订阅,我们会在合同签订时确认许可收入,而不是在订阅期内确认。由于我们某些商业许可订阅合同的复杂性,该准则下实际的收入确认处理取决于合同的具体条款,在某些情况下可能与开票时确认的收入确认有所不同。与我们的硬件、云服务(例如 Office 365)、LinkedIn 和专业服务相关的收入确认基本保持不变。有关采用该准则对我们合并财务报表的影响,请参阅下文“对先前报告业绩的影响”。

The most significant impact of the [new revenue recognition] standard relates to our accounting for software license revenue. Specifically, for Windows 10, we recognize revenue predominantly at the time of billing and delivery rather than ratably over the life of the related device. For certain multi-year commercial software subscriptions that include both distinct software licenses and SA, we recognize license revenue at the time of contract execution rather than over the subscription period. Due to the complexity of certain of our commercial license subscription contracts, the actual revenue recognition treatment required under the standard depends on contract-specific terms and in some instances may vary from recognition at the time of billing. Revenue recognition related to our hardware, cloud offerings (such as Office 365), LinkedIn, and professional services remains substantially unchanged. Refer to Impacts to Previously Reported Results below for the impact of adoption of the standard in our consolidated financial statements.

(除每股金额外,所有金额均以百万美元计) 如先前报道所述 新收入标准调整 重述
损益表
截至2017年6月30日止年度
收入 89,950 6,621 96,571
所得税准备金 1,945 2,467 4,412
净利 21,204 4,285 25,489
稀释后每股收益 2.71 0.54 3.25
 
截至2016年6月30日止年度
收入 85,320 5,834 91,154
所得税准备金 2,953 2,147 5,100
净利 16,798 3,741 20,539
稀释后每股收益 2.1 0.46 2.56

问题:根据以上信息,描述微软在新收入确认准则下业绩是更好还是更差。

Question: Based on the above information, describe whether Microsoft’s results appear better or worse under the new revenue recognition standard.

解决方案:

Solution:

微软在新收入确认准则下的业绩表现更佳。新准则下的收入和利润均有所提高,净利润率也更高。2017 年,新准则下的净利润率为 26.4% (= 25,489/96,571),而旧准则下的净利润率为 23.6% (= 21,204/89,950)。新准则下报告的收入增长速度也更快。新准则下的收入增长率为 5.9% [= (96,571/91,154) – 1],而旧准则下的收入增长率为 5.4% [= (89,950/85,320) – 1]。

Microsoft’s results appear better under the new revenue recognition standard. Revenues and income are higher under the new standard. The net profit margin is higher under the new standard. For 2017, the net profit margin is 26.4% (= 25,489/96,571) under the new standard versus 23.6% (= 21,204/89,950) under the old standard. Reported revenue grew faster under the new standard. Revenue growth under the new standard was 5.9% [= (96,571/91,154) – 1] compared to 5.4% [= (89,950/85,320) – 1)] under the old standard.

微软对新收入确认方式的影响的阐述,使分析师能够识别会计准则变化的影响。

Microsoft’s presentation of the effects of the new revenue recognition enables an analyst to identify the impact of the change in accounting standards.

值得注意的是,新的收入确认准则还允许公司选择采用“修正的追溯调整法”。根据修正的追溯调整法,公司无需修改之前编制的财务报表。相反,它们只需调整留存收益(以及其他适用账户)的期初余额,以反映新准则的累计影响。

Note that the new revenue recognition standard also offered companies the option of using a “modified retrospective” method of adoption. Under the modified retrospective approach, companies were not required to revise previously reported financial statements. Instead, they adjusted opening balances of retained earnings (and other applicable accounts) for the cumulative impact of the new standard.

与会计政策变更(例如是否将员工股票期权的成本计入费用)不同,公司有时会变更会计估计(例如折旧资产的使用寿命)。会计估计的变更采用未来适用法处理,变更将影响变更当期及以后期间的财务报表。不会对之前的报表进行调整,调整后的报表也不会在损益表正文中列示。重大变更应在附注中披露。附录9摘录了美国生物技术公司Catalent Inc.的年度10-K表格,其中说明了会计估计的变更。

In contrast to changes in accounting policies (such as whether to expense the cost of employee stock options), companies sometimes make changes in accounting estimates (such as the useful life of a depreciable asset). Changes in accounting estimates are handled prospectively, with the change affecting the financial statements for the period of change and future periods. No adjustments are made to prior statements, and the adjustment is not shown on the face of the income statement. Significant changes should be disclosed in the notes. Exhibit 9 provides an excerpt from the annual Form 10-K of Catalent Inc., a US-based biotechnology company, that illustrates a change in accounting estimate.

附录9. 会计估计变更

Catalent公司披露,其用于计算与固定收益养老金计划相关的年度费用的方法有所变更。该公司将不再使用单一的加权平均折现率进行计算,而是采用适用于每笔预计现金流的即期利率。

Catalent Inc. discloses a change in the method it uses to calculate both annual expenses related to its defined benefit pension plans. Rather than use a single, weighted-average discount rate in its calculations, the company will use the spot rates applicable to each projected cash flow.

退休后及养老金计划

……相关福利义务的计量以及每年记录的净定期福利成本均基于精算计算,这需要管理层对某些假设做出判断。这些假设包括用于计算福利义务和净定期福利成本现值的折现率……

自2016年6月30日起,公司变更了用于估算福利计划净定期福利成本中服务成本和利息成本的方法,以更精确地计量服务成本和利息成本。以往,公司采用单一加权平均折现率来估算这些服务成本和利息成本,该折现率源自期初用于计量福利义务的收益率曲线。今后,公司选择采用一种方法,即使用源自预期现金流期间收益率曲线的适用即期利率对各项预期现金流进行折现。公司已将此变更视为会计估计变更,且该变更与会计原则变更密不可分,因此公司采用未来适用法进行会计处理。

Post-Retirement and Pension Plans

…The measurement of the related benefit obligations and the net periodic benefit costs recorded each year are based upon actuarial computations, which require management’s judgment as to certain assumptions. These assumptions include the discount rates used in computing the present value of the benefit obligations and the net periodic benefit costs...

Effective June 30, 2016, the approach used to estimate the service and interest components of net periodic benefit cost for benefit plans was changed to provide a more precise measurement of service and interest costs. Historically, the Company estimated these service and interest components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. Going forward, the Company has elected to utilize an approach that discounts the individual expected cash flows using the applicable spot rates derived from the yield curve over the projected cash flow period. The Company has accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and accordingly has accounted for it prospectively.

另一种可能的调整是更正前期错误(例如,更正以前年度发布的财务报表中的错误)。这不能简单地通过调整当期损益表来处理。更正前期错误需要重述当前财务报表所列示的前期财务报表(包括资产负债表、所有者权益变动表和现金流量表)。26需要对该错误进行附注披露。应仔细审查这些披露,因为它们可能揭示公司会计系统和财务控制方面的缺陷。

Another possible adjustment is a correction of an error for a prior period (e.g., in financial statements issued for an earlier year). This cannot be handled by simply adjusting the current period income statement. Correction of an error for a prior period is handled by restating the financial statements (including the balance sheet, statement of owners’ equity, and cash flow statement) for the prior periods presented in the current financial statements.26 Note disclosures are required regarding the error. These disclosures should be examined carefully because they may reveal weaknesses in the company’s accounting systems and financial controls.

5.4非运营项目

5.4. Non-Operating Items

非经营性项目通常与经营性收入分开列示,因为它们对理解企业的财务业绩具有重要性和/或相关性。根据国际财务报告准则(IFRS),经营活动没有明确定义,选择列示经营性收入或经营活动成果的公司应确保这些项目代表通常被视为经营性的活动。根据美国通用会计准则(US GAAP),经营活动通常涉及生产和交付商品以及提供服务,并包括所有未被定义为投资或筹资活动的交易和其他事项。例如,如果一家非金融服务公司投资于另一家公司发行的股权或债务证券,则出售这些证券产生的任何利息、股息或利润都将列示为非经营性收入。一般来说,对于非金融服务公司而言,利润表(或附注)中单独披露的非经营性收入包括通过投资活动获得的收益。

Non-operating items are typically reported separately from operating income because they are material and/or relevant to the understanding of the entity’s financial performance. Under IFRS, there is no definition of operating activities, and companies that choose to report operating income or the results of operating activities should ensure that these represent activities that are normally regarded as operating. Under US GAAP, operating activities generally involve producing and delivering goods and providing services and include all transactions and other events that are not defined as investing or financing activities.27 For example, if a non-financial service company invests in equity or debt securities issued by another company, any interest, dividends, or profits from sales of these securities will be shown as non-operating income. In general, for non-financial services companies,28 non-operating income that is disclosed separately on the income statement (or in the notes) includes amounts earned through investing activities.

在损益表(或附注)的非经营性项目中,非金融服务公司还会披露其债务证券的利息支出,包括任何折价或溢价的摊销。利息支出的金额与公司的借款金额相关,通常在财务报表附注中予以说明。对于金融服务公司而言,利息收入和支出很可能属于经营活动的组成部分。(需要注意的是,损益表中将利息和股息归类为非经营性项目,与现金流量表中的分类并不一定一致。具体而言,根据国际财务报告准则(IFRS),收到的利息和股息可以在现金流量表中列为经营活动或投资活动;而根据美国通用会计准则(US GAAP),收到的利息和股息则列为经营活动现金流量。根据国际财务报告准则,支付的利息和股息可以在现金流量表中列为经营活动或筹资活动;而根据美国通用会计准则,支付的利息列为经营活动现金流量,支付的股息列为筹资活动现金流量。)

Among non-operating items on the income statement (or accompanying notes), non-financial service companies also disclose the interest expense on their debt securities, including amortisation of any discount or premium. The amount of interest expense is related to the amount of a company’s borrowings and is generally described in the notes to the financial statements. For financial service companies, interest income and expense are likely components of operating activities. (Note that the characterization of interest and dividends as non-operating items on the income statement is not necessarily consistent with the classification on the statement of cash flows. Specifically, under IFRS, interest and dividends received can be shown either as operating or as investing on the statement of cash flows, while under US GAAP interest and dividends received are shown as operating cash flows. Under IFRS, interest and dividends paid can be shown either as operating or as financing on the statement of cash flows, while under US GAAP, interest paid is shown as operating and dividends paid are shown as financing.)

实际上,公司通常会分别披露利息支出和利息收入,并提供净额。例如,在附录1中,ABN InBev 2017年的损益表显示,其财务成本为68.85亿美元,财务收入为3.78亿美元,净财务成本为65.07亿美元。同样,在附录3中,达能2017年的损益表显示,其利息收入为1.3亿欧元,利息支出为2.76亿欧元,净债务成本为1.46亿欧元。

In practice, companies often disclose the interest expense and income separately, along with a net amount. For example, in Exhibit 1, ABN InBev’s 2017 income statement shows finance cost of $6,885 million, finance income of $378 million, and net finance cost of $6,507 million. Similarly, in Exhibit 3, Danone’s 2017 income statement shows interest income of €130, interest expense of €276, and cost of net debt of €146.

为了评估公司的未来业绩,融资费用取决于公司的融资政策(目标资本结构)和借贷成本。投资收益则取决于投资活动的目的和成效。对于非金融公司而言,如果出现数额巨大的财务收益,通常需要进一步探究。公司投资其他公司证券的根本原因是什么?公司仅仅是将多余的现金投资于短期证券以获得高于现金存款的收益,还是出于战略目的(例如获取原材料供应或进行研发)而购买其他公司发行的证券?

For purposes of assessing a company’s future performance, the amount of financing expense will depend on the company’s financing policy (target capital structure) and borrowing costs. The amount of investing income will depend on the purpose and success of investing activities. For a non-financial company, a significant amount of financial income would typically warrant further exploration. What are the reasons underlying the company’s investments in the securities of other companies? Is the company simply investing excess cash in short-term securities to generate income higher than cash deposits, or is the company purchasing securities issued by other companies for strategic reasons, such as access to raw material supply or research?

6.每股收益

6. Earnings per Share

对于股权投资者而言,每股收益 (EPS) 是一项尤为重要的指标。EPS 是市盈率等比率的输入参数。此外,公司每位股东持有的股份数量各不相同。国际财务报告准则 (IFRS) 要求在损益表中列示 EPS,包括净利润或亏损(净收入)以及持续经营业务的利润或亏损(收入)。 29美国通用会计准则 (US GAAP) 也要求类似的列示方式。 30本节概述了 EPS 的计算方法,并解释了简单资本结构和复杂资本结构下 EPS 计算方法的差异。

One metric of particular importance to an equity investor is earnings per share (EPS). EPS is an input into ratios such as the price/earnings ratio. Additionally, each shareholder in a company owns a different number of shares. IFRS require the presentation of EPS on the face of the income statement for net profit or loss (net income) and profit or loss (income) from continuing operations.29 Similar presentation is required under US GAAP.30 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure.

6.1简单资本结构与复杂资本结构

6.1. Simple versus Complex Capital Structure

公司的资本由权益和债务构成。某些类型的权益享有优先权,而某些债务(及其他工具)可以转换为权益。根据国际财务报告准则(IFRS),每股收益(EPS)所依据的权益类型称为普通股。普通股是指次于所有其他类型权益的权益股份。普通股股东基本上是公司的所有者——在公司清算时最后获得偿付,并在公司业绩良好时获益最多。根据美国通用会计准则(US GAAP),这种普通股权益被称为普通股普通股,这反映了美国的语言习惯。在以下讨论中,“普通股”、“普通股”和“普通股”这几个术语可以互换使用。

A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares, reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion.

当一家公司发行了任何可能转换为普通股的金融工具时,就称其拥有复杂的资本结构。可能转换为普通股的金融工具包括可转换债券、可转换优先股、员工股票期权和认股权证。 31如果一家公司的资本结构不包含此类可能转换为普通股的金融工具,则称其拥有简单的资本结构。

When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.31 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure.

简单资本结构与复杂资本结构的区别与每股收益 (EPS) 的计算密切相关,因为可能转换为普通股的金融工具,在转换或行权后,可能会稀释(即降低)每股收益。此类潜在稀释的信息对公司现有和潜在股东都至关重要;因此,会计准则要求公司披露,如果所有稀释性金融工具都转换为普通股,其每股收益将是多少。如果所有稀释性金融工具都转换为普通股,则产生的每股收益称为稀释后每股收益。相比之下,基本每股收益是根据母公司普通股股东可分配的已公布收益和加权平均流通股数计算得出的。

The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS. In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding.

公司必须报告基本每股收益 (EPS) 和稀释每股收益 (EPS),以及持续经营业务的每股收益。附录 10显示了百威英博在其损益表底部(见附录 1 )报告的每股收益。该公司 2017 年的基本每股收益(“稀释前”)为 4.06 美元,稀释每股收益(“稀释后”)为 3.98 美元。此外,与百威英博的损益表将持续经营业务的收入与总收入分开列示的方式相同,持续经营业务的每股收益也与总每股收益分开列示。2017 年,持续经营业务的基本每股收益和稀释每股收益分别为 4.04 美元和 3.96 美元。从所有指标来看,百威英博 2017 年的每股收益均远高于 2016 年。分析师会试图了解每股收益变化背后的原因,我们将在解释基本每股收益和稀释每股收益的计算方法之后探讨这一主题。

Companies are required to report both basic and diluted EPS as well as amounts for continuing operations. Exhibit 10 shows the per share amounts reported by AB InBev at the bottom of its income statement that was presented in Exhibit 1. The company’s basic EPS (“before dilution”) was $4.06, and diluted EPS (“after dilution”) was $3.98 for 2017. In addition, in the same way that AB InBev’s income statement shows income from continuing operations separately from total income, EPS from continuing operations is also shown separately from total EPS. For 2017, the basic and diluted EPS from continuing operations were $4.04 and $3.96, respectively. Across all measures, AB InBev’s EPS was much higher in 2017 than in 2016. An analyst would seek to understand the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS.

图表 10. 百威英博每股收益
截至12月31日的12个月
2017 2016 2015
每股基本收益 4.06美元 0.72美元 5.05美元
稀释后每股收益 3.98 0.71 4.96
持续经营业务的基本每股收益 4.04 0.69 5.05
持续经营业务的稀释后每股收益 3.96美元 0.68美元 4.96美元

6.2 . 基本 EPS

6.2. Basic EPS

基本每股收益(EPS)是指普通股股东可分配的净利润除以某一时期内已发行普通股的加权平均数。普通股股东可分配的净利润是指在支付优先股股息(如有)后剩余的净利润。因此,基本每股收益的计算公式为:

Basic EPS is the amount of income available to common shareholders divided by the weighted average number of common shares outstanding over a period. The amount of income available to common shareholders is the amount of net income remaining after preferred dividends (if any) have been paid. Thus, the formula to calculate basic EPS is:

公式(1) 

Equation (1) 

流通股加权平均数是普通股流通股数量的加权平均值。例如,假设一家公司年初流通在外的普通股为2,000,000股,并在7月1日回购了100,000股普通股。则流通股加权平均数为2,000,000股×半年 + 1,900,000股×半年,即1,950,000股。因此,该公司在计算其基本每股收益(EPS)时,将使用1,950,000股作为流通股加权平均数。

The weighted average number of shares outstanding is a time weighting of common shares outstanding. For example, assume a company began the year with 2,000,000 common shares outstanding and repurchased 100,000 common shares on 1 July. The weighted average number of common shares outstanding would be the sum of 2,000,000 shares × 1/2 year + 1,900,000 shares × 1/2 year, or 1,950,000 shares. So the company would use 1,950,000 shares as the weighted average number of shares in calculating its basic EPS.

如果由于股票股利或股票分割导致普通股股数增加,则每股收益的计算会追溯反映该变化至期初。

If the number of shares of common stock increases as a result of a stock dividend or a stock split, the EPS calculation reflects the change retroactively to the beginning of the period.

6、7和8说明了基本 EPS计算方法。

Examples 6, 7, and 8 illustrate the computation of basic EPS.

例 6

基本的每股收益计算(1)

A Basic EPS Calculation (1)

截至2018年12月31日止年度,Shopalot公司净利润为1,950,000美元。该公司发行在外的普通股为1,500,000股,没有优先股,也没有可转换金融工具。Shopalot的基本每股收益(EPS)是多少?

For the year ended 31 December 2018, Shopalot Company had net income of $1,950,000. The company had 1,500,000 shares of common stock outstanding, no preferred stock, and no convertible financial instruments. What is Shopalot’s basic EPS?

解决方案:

Solution:

Shopalot 的基本每股收益为 1.30 美元(1,950,000 美元除以 1,500,000 股)。

Shopalot’s basic EPS is $1.30 ($1,950,000 divided by 1,500,000 shares).

例 7

基本每股收益计算(2)

A Basic EPS Calculation (2)

截至2018年12月31日止年度,Angler Products公司净利润为2,500,000美元。该公司已宣告并支付了200,000美元的优先股股息。该公司还有以下普通股股份信息:

For the year ended 31 December 2018, Angler Products had net income of $2,500,000. The company declared and paid $200,000 of dividends on preferred stock. The company also had the following common stock share information:

截至2018年1月1日已发行股份数 1,000,000
2018年4月1日发行的股份 20万
2018年10月1日回购的股份(库存股) (100,000)
截至2018年12月31日已发行股份数 1,100,000
  1. 该公司的加权平均流通股数量是多少?

  2. What is the company’s weighted average number of shares outstanding?

  3. 该公司的基本每股收益是多少?

  4. What is the company’s basic EPS?

问题1的解答:

Solution to 1:

流通股数量的加权平均值由每批股份的流通时间长短决定:

The weighted average number of shares outstanding is determined by the length of time each quantity of shares was outstanding:

1,000,000 × (3 个月/12 个月) = 250,000
1,200,000 × (6 个月/12 个月) = 60万
1,100,000 × (3 个月/12 个月) = 275,000
流通股加权平均数 1,125,000

答案二:

Solution to 2:

基本每股收益 = (净利润 – 优先股股息)/ 加权平均股数 = (2,500,000 美元 – 200,000 美元)/ 1,125,000 = 2.04 美元

Basic EPS = (Net income – Preferred dividends)/Weighted average number of shares = ($2,500,000 – $200,000)/1,125,000 = $2.04

例 8

基本的每股收益计算(3)

A Basic EPS Calculation (3)

假设与例 7相同,但 2018 年 12 月 1 日,之前宣布的 1 拆 2 的股票分割生效。每位登记在册的股东每持有 1 股现有股票,将获得 2 股新股票。该公司的基本每股收益 (EPS) 是多少?

Assume the same facts as Example 7 except that on 1 December 2018, a previously declared 2-for-1 stock split took effect. Each shareholder of record receives two shares in exchange for each current share that he or she owns. What is the company’s basic EPS?

解决方案:

Solution:

为计算每股收益 (EPS),股票拆分被视为发生在期初。因此,加权平均股数为 2,250,000 股,基本每股收益为 1.02 美元 [= (2,500,000 美元 – 200,000 美元)/2,250,000]。

For EPS calculation purposes, a stock split is treated as if it occurred at the beginning of the period. The weighted average number of shares would, therefore, be 2,250,000, and the basic EPS would be $1.02 [= ($2,500,000 – $200,000)/2,250,000].

6.3 . 稀释后每股收益

6.3. Diluted EPS

如果一家公司的资本结构简单(即不包含任何可能稀释股权的金融工具),那么其基本每股收益等于其稀释每股收益。但是,如果一家公司拥有可能稀释股权的金融工具,其稀释每股收益可能与基本每股收益不同。根据定义,稀释每股收益始终等于或小于基本每股收益。以下各节将描述三种可能稀释股权的金融工具对稀释每股收益的影响:可转换优先股、可转换债券和员工股票期权。最后一节将解释为什么并非所有可能稀释股权的金融工具都会导致基本每股收益和稀释每股收益之间出现差异。

If a company has a simple capital structure (in other words, one that includes no potentially dilutive financial instruments), then its basic EPS is equal to its diluted EPS. However, if a company has potentially dilutive financial instruments, its diluted EPS may differ from its basic EPS. Diluted EPS, by definition, is always equal to or less than basic EPS. The sections below describe the effects of three types of potentially dilutive financial instruments on diluted EPS: convertible preferred, convertible debt, and employee stock options. The final section explains why not all potentially dilutive financial instruments actually result in a difference between basic and diluted EPS.

6.3.1 . 当公司发行有可转换优先股时,稀释后每股收益

6.3.1. Diluted EPS When a Company Has Convertible Preferred Stock Outstanding

当一家公司发行有可转换优先股时,稀释每股收益 (EPS) 的计算采用“假设转换法”。“假设转换法”基于假设期初可转换优先股全部转换后每股收益的计算结果。换句话说,该方法计算的是假设期初可转换优先股全部转换后的影响。如果可转换优先股全部转换,将会产生两方面的影响。首先,可转换优先股将不再流通在外;取而代之的是,流通在外的普通股数量将增加。因此,采用“假设转换法”计算出的加权平均流通股数量将高于基本每股收益计算方法。其次,如果进行了转换,公司将不会支付优先股股息。因此,采用“假设转换法”计算出的普通股股东可分配净利润将高于基本每股收益计算方法。

When a company has convertible preferred stock outstanding, diluted EPS is calculated using the if-converted method. The if-converted method is based on what EPS would have been if the convertible preferred securities had been converted at the beginning of the period. In other words, the method calculates what the effect would have been if the convertible preferred shares converted at the beginning of the period. If the convertible shares had been converted, there would be two effects. First, the convertible preferred securities would no longer be outstanding; instead, additional common stock would be outstanding. Thus, under the if-converted method, the weighted average number of shares outstanding would be higher than in the basic EPS calculation. Second, if such a conversion had taken place, the company would not have paid preferred dividends. Thus, under the if-converted method, the net income available to common shareholders would be higher than in the basic EPS calculation.

采用转换法计算可转换优先股的稀释每股收益,等于净利润除以基本每股收益计算中已发行普通股的加权平均数,再加上优先股转换时将发行的额外普通股数。因此,采用转换法计算优先股稀释每股收益的公式为:

Diluted EPS using the if-converted method for convertible preferred stock is equal to net income divided by the weighted average number of shares outstanding from the basic EPS calculation plus the additional shares of common stock that would be issued upon conversion of the preferred. Thus, the formula to calculate diluted EPS using the if-converted method for preferred stock is:

公式(2) 

Equation (2) 

示例 9提供了使用转换法计算优先股稀释每股收益的方法。

A diluted EPS calculation using the if-converted method for preferred stock is provided in Example 9.

例9

使用转换法计算优先股稀释后每股收益

A Diluted EPS Calculation Using the If-Converted Method for Preferred Stock

截至2018年12月31日止年度,布莱特-沃姆公用事业公司(虚构)净利润为1,750,000美元。该公司平均发行500,000股普通股、20,000股可转换优先股,且无其他可能稀释股权的证券。每股优先股派发10美元股息,且每股优先股可转换为5股公司普通股。计算该公司的基本每股收益和稀释每股收益。

For the year ended 31 December 2018, Bright-Warm Utility Company (fictitious) had net income of $1,750,000. The company had an average of 500,000 shares of common stock outstanding, 20,000 shares of convertible preferred, and no other potentially dilutive securities. Each share of preferred pays a dividend of $10 per share, and each is convertible into five shares of the company’s common stock. Calculate the company’s basic and diluted EPS.

解决方案:

Solution:

如果20,000股可转换优先股每股转换为5股公司普通股,公司将额外拥有100,000股普通股(每股20,000股优先股转换为5股普通股)。如果转换发生,公司将无需支付200,000美元的优先股股息(每股10美元)。如 附录11所示,公司的基本每股收益为3.10美元,稀释每股收益为2.92美元。

If the 20,000 shares of convertible preferred had each converted into 5 shares of the company’s common stock, the company would have had an additional 100,000 shares of common stock (5 shares of common for each of the 20,000 shares of preferred). If the conversion had taken place, the company would not have paid preferred dividends of $200,000 ($10 per share for each of the 20,000 shares of preferred). As shown in Exhibit 11, the company’s basic EPS was $3.10 and its diluted EPS was $2.92.

附录 11. 采用转换法计算 Bright-Warm Utility 公司稀释后每股收益:优先股案例
基本 EPS 采用转换法计算稀释后每股收益
净利 1,750,000 美元 1,750,000 美元
优先股股息 -200,000 0
分子 1,550,000 美元 1,750,000 美元
流通股加权平均数 500,000 500,000
若优先股转换,则发行额外股份。 0 100,000
分母 500,000 60万
EPS 3.10美元 2.92美元

6.3.2 . 当公司有未偿付可转换债券时,稀释后每股收益 (EPS) 的变化

6.3.2. Diluted EPS When a Company Has Convertible Debt Outstanding

当公司有未偿付的可转换债券时,稀释每股收益的计算也采用“假设转换法”。稀释每股收益的计算方法是假设期初可转换债券已全部转换。如果可转换债券已转换,则该债券将不再流通在外;取而代之的是,流通在外的普通股数量将增加。此外,如果发生转换,公司将无需支付可转换债券的利息,因此归属于普通股股东的净利润将增加,增加额为已转换债券的税后利息支出。

When a company has convertible debt outstanding, the diluted EPS calculation also uses the if-converted method. Diluted EPS is calculated as if the convertible debt had been converted at the beginning of the period. If the convertible debt had been converted, the debt securities would no longer be outstanding; instead, additional shares of common stock would be outstanding. Also, if such a conversion had taken place, the company would not have paid interest on the convertible debt, so the net income available to common shareholders would increase by the after-tax amount of interest expense on the debt converted.

因此,采用可转换债券转换法计算稀释后每股收益的公式为:

Thus, the formula to calculate diluted EPS using the if-converted method for convertible debt is:

公式(3) 

Equation (3) 

示例 10提供了使用可转换债务转换方法计算稀释每股收益的方法。

A diluted EPS calculation using the if-converted method for convertible debt is provided in Example 10.

例10

使用可转换债券转换法计算稀释后每股收益

A Diluted EPS Calculation Using the If-Converted Method for Convertible Debt

虚构的奥普诺克斯公司(Oppnox Company)公布截至2018年12月31日止年度的净利润为750,000美元。该公司流通在外的普通股加权平均数为690,000股。此外,该公司仅有一项可能稀释股权的证券:50,000美元的6%可转换债券,可转换为10,000股普通股。假设税率为30%,请计算奥普诺克斯公司的基本每股收益和稀释每股收益。

Oppnox Company (fictitious) reported net income of $750,000 for the year ended 31 December 2018. The company had a weighted average of 690,000 shares of common stock outstanding. In addition, the company has only one potentially dilutive security: $50,000 of 6 percent convertible bonds, convertible into a total of 10,000 shares. Assuming a tax rate of 30 percent, calculate Oppnox’s basic and diluted EPS.

解决方案:

Solution:

如果这些可转换债券已转换,则这些债券将不再流通,取而代之的是新增10,000股普通股。此外,如果这些债券已转换,公司将无需支付3,000美元的可转换债券利息,因此普通股股东可分配的税后净利润将增加2,100美元[= 3,000美元(1 – 0.30)]。附录12展示了使用“假设转换”法计算可转换债券稀释后每股收益的过程。

If the debt securities had been converted, the debt securities would no longer be outstanding and instead, an additional 10,000 shares of common stock would be outstanding. Also, if the debt securities had been converted, the company would not have paid interest of $3,000 on the convertible debt, so net income available to common shareholders would have increased by $2,100 [= $3,000(1 – 0.30)] on an after-tax basis. Exhibit 12 illustrates the calculation of diluted EPS using the if-converted method for convertible debt.

附录 12. 使用转换法计算 Oppnox 公司稀释后每股收益:可转换债券案例
基本 EPS 采用转换法计算稀释后每股收益
净利 75万美元 75万美元
税后利息成本 2100
分子 75万美元 752,100 美元
流通股加权平均数 690,000 690,000
如果转换 0 10,000
分母 690,000 70万
EPS 1.09美元 1.07美元

6.3.3 . 当公司持有未行使的股票期权、认股权证或其等价物时,稀释后每股收益 (EPS) 的计算方法

6.3.3. Diluted EPS When a Company Has Stock Options, Warrants, or Their Equivalents Outstanding

当一家公司有未行使的股票期权、认股权证或其等价物时,稀释每股收益的计算方法是假设这些金融工具已被行使,并且公司已将行使所得款项用于以该期间普通股的平均市场价格尽可能多地回购普通股。因此,稀释每股收益的加权平均流通股数量加上行使时将发行的股份数量,再减去用行使所得款项将购买的股份数量。根据美国通用会计准则(US GAAP),这种方法被称为库存股法,因为公司通常会将回购的股份作为库存股持有。国际财务报告准则(IFRS)也采用相同的方法,但没有明确命名。

When a company has stock options, warrants, or their equivalents32 outstanding, diluted EPS is calculated as if the financial instruments had been exercised and the company had used the proceeds from exercise to repurchase as many shares of common stock as possible at the average market price of common stock during the period. The weighted average number of shares outstanding for diluted EPS is thus increased by the number of shares that would be issued upon exercise minus the number of shares that would have been purchased with the proceeds. This method is called the treasury stock method under US GAAP because companies typically hold repurchased shares as treasury stock. The same method is used under IFRS but is not named.

使用此方法计算稀释后每股收益时,假设这些金融工具被行使,将产生以下影响:

For the calculation of diluted EPS using this method, the assumed exercise of these financial instruments would have the following effects:

  • 预计该公司将在行权时收到现金,并以发行股票作为交换。

  • The company is assumed to receive cash upon exercise and, in exchange, to issue shares.

  • 假设该公司将使用现金收益按该期间的加权平均市场价格回购股票。

  • The company is assumed to use the cash proceeds to repurchase shares at the weighted average market price during the period.

由于上述两项因素的影响,流通股数量将增加,增加的金额为新增发行股数量(即发行给股东的股份数量与公司预期回购的股份数量之差)。在计算稀释每股收益时,新增股份数量的权重取决于该金融工具在当年的存续时间。如果该金融工具在年初之前发行,则加权平均流通股数量将增加新增股份数量。如果该金融工具在年内发行,则新增股份数量的权重取决于该金融工具在当年的存续时间。

As a result of these two effects, the number of shares outstanding would increase by the incremental number of shares issued (the difference between the number of shares issued to the holders and the number of shares assumed to be repurchased by the company). For calculating diluted EPS, the incremental number of shares is weighted based upon the length of time the financial instrument was outstanding in the year. If the financial instrument was issued prior to the beginning of the year, the weighted average number of shares outstanding increases by the incremental number of shares. If the financial instruments were issued during the year, then the incremental shares are weighted by the amount of time the financial instruments were outstanding during the year.

假设这些金融工具被行使,则不会影响净利润。因此,在计算每股收益时,分子无需更改。使用库存股法(与国际财务报告准则 (IFRS) 下使用的方法相同,但未明确命名)计算期权稀释每股收益的公式为:

The assumed exercise of these financial instruments would not affect net income. For calculating EPS, therefore, no change is made to the numerator. The formula to calculate diluted EPS using the treasury stock method (same method as used under IFRS but not named) for options is:

公式(4) 

Equation (4) 

例 11提供了使用库存股法计算稀释每股收益的方法。

A diluted EPS calculation using the treasury stock method for options is provided in Example 11.

例11

使用库存股法计算期权稀释后每股收益

A Diluted EPS Calculation Using the Treasury Stock Method for Options

Hihotech公司(虚构)公布截至2018年6月30日止年度的净利润为230万美元,加权平均流通普通股数为80万股。本财年初,该公司有3万份未行使期权,行权价格为每股35美元。除此以外,该公司没有其他可能稀释股权的金融工具。本财年,该公司的平均股价为每股55美元。请计算该公司的基本每股收益和稀释每股收益。

Hihotech Company (fictitious) reported net income of $2.3 million for the year ended 30 June 2018 and had a weighted average of 800,000 common shares outstanding. At the beginning of the fiscal year, the company has outstanding 30,000 options with an exercise price of $35. No other potentially dilutive financial instruments are outstanding. Over the fiscal year, the company’s market price has averaged $55 per share. Calculate the company’s basic and diluted EPS.

解决方案:

Solution:

使用库存股法,我们首先计算出,如果所有期权都已行使,公司将收到 1,050,000 美元(30,000 份已行使期权,每份 35 美元)。届时,这些期权将不再流通在外;取而代之的是 30,000 股普通股。根据库存股法,我们假设公司将用行使期权所得的现金回购股票。假设平均市场价格为每股 55 美元,那么行使期权所得的 1,050,000 美元可以回购 19,091 股。因此,新增发行股数为 10,909 股(计算方法为 30,000 减去 19,091)。在计算稀释每股收益时,分子保持不变。如附录 13所示,该公司的基本每股收益为 2.88 美元,稀释每股收益为 2.84 美元。

Using the treasury stock method, we first calculate that the company would have received $1,050,000 ($35 for each of the 30,000 options exercised) if all the options had been exercised. The options would no longer be outstanding; instead, 30,000 shares of common stock would be outstanding. Under the treasury stock method, we assume that shares would be repurchased with the cash received upon exercise of the options. At an average market price of $55 per share, the $1,050,000 proceeds from option exercise, the company could have repurchased 19,091 shares. Therefore, the incremental number of shares issued is 10,909 (calculated as 30,000 minus 19,091). For the diluted EPS calculation, no change is made to the numerator. As shown in Exhibit 13, the company’s basic EPS was $2.88 and the diluted EPS was $2.84.

图表 13. 使用库存股法计算 Hihotech 公司稀释后每股收益:股票期权案例
基本 EPS 采用库存股法计算的稀释后每股收益
净利 230万美元 230万美元
分子 230万美元 230万美元
流通股加权平均数 80万 80万
如果转换 0 10,909
分母 80万 810,909
EPS 2.88美元 2.84美元

如前所述,国际财务报告准则(IFRS)要求进行类似的计算,但并未将其称为“库存股法”。公司需要考虑任何假定的收益均来自以该期间平均市场价格发行的新股。这些新的“推断”股份在计算稀释每股收益时将被忽略,但根据期权合约将发行的新股数量减去这些新的推断股份数量后,应加到加权平均流通股数中。结果与库存股法相同,如例12所示。

As noted, IFRS require a similar computation but does not refer to it as the “treasury stock method.” The company is required to consider that any assumed proceeds are received from the issuance of new shares at the average market price for the period. These new “inferred” shares would be disregarded in the computation of diluted EPS, but the excess of the new shares that would be issued under options contracts minus the new inferred shares would be added to the weighted average number of shares outstanding. The results are the same as the treasury stock method, as shown in Example 12.

例 12

根据国际财务报告准则计算的期权稀释后每股收益

Diluted EPS for Options under IFRS

假设与例 11中的事实相同,根据 IFRS 计算稀释每股收益的加权平均流通股数。

Assuming the same facts as in Example 11, calculate the weighted average number of shares outstanding for diluted EPS under IFRS.

解决方案:

Solution:

如果行使期权,公司将获得 1,050,000 美元。如果这笔款项是通过以每股 55 美元的平均市场价格发行新股获得的,则公司将发行 19,091 股。国际财务报告准则 (IFRS) 将公司按市场价格发行的这 19,091 股称为推断股份。根据期权发行的股份数量 (30,000 股) 减去推断股份数量 (19,091 股) 等于 10,909 股。将此金额加到 800,000 股的加权平均流通股数量上,即可得出稀释股份数量为 810,909 股。请注意,这与根据美国通用会计准则 (US GAAP) 得出的结果相同,只是计算方法不同。

If the options had been exercised, the company would have received $1,050,000. If this amount had been received from the issuance of new shares at the average market price of $55 per share, the company would have issued 19,091 shares. IFRS refer to the 19,091 shares the company would have issued at market prices as the inferred shares. The number of shares issued under options (30,000) minus the number of inferred shares (19,091) equals 10,909. This amount is added to the weighted average number of shares outstanding of 800,000 to get diluted shares of 810,909. Note that this is the same result as that obtained under US GAAP; it is just derived in a different manner.

6.3.4 . 稀释后每股收益的其他问题

6.3.4. Other Issues with Diluted EPS

某些潜在可转换证券可能具有反稀释性(即,若将其纳入计算,则每股收益将高于公司的基本每股收益)。根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),反稀释性证券不计入稀释每股收益的计算。稀释每股收益应反映潜在稀释性金融工具转换或行权可能造成的最大稀释。稀释每股收益始终小于或等于基本每股收益。示例13提供了一个反稀释性证券的示例。

It is possible that some potentially convertible securities could be antidilutive (i.e., their inclusion in the computation would result in an EPS higher than the company’s basic EPS). Under IFRS and US GAAP, antidilutive securities are not included in the calculation of diluted EPS. Diluted EPS should reflect the maximum potential dilution from conversion or exercise of potentially dilutive financial instruments. Diluted EPS will always be less than or equal to basic EPS. Example 13 provides an illustration of an antidilutive security.

例13

反稀释证券

An Antidilutive Security

截至2018年12月31日止年度,虚构的Dim-Cool Utility公司净利润为1,750,000美元。该公司平均发行500,000股普通股、20,000股可转换优先股,且无其他可能稀释股权的证券。每股优先股支付10美元的股息,且每股优先股可转换为三股公司普通股。该公司的基本每股收益和稀释每股收益分别是多少?

For the year ended 31 December 2018, Dim-Cool Utility Company (fictitious) had net income of $1,750,000. The company had an average of 500,000 shares of common stock outstanding, 20,000 shares of convertible preferred, and no other potentially dilutive securities. Each share of preferred pays a dividend of $10 per share, and each is convertible into three shares of the company’s common stock. What was the company’s basic and diluted EPS?

解决方案:

Solution:

如果20,000股可转换优先股每股转换为3股公司普通股,公司将额外拥有60,000股普通股(每股20,000股优先股转换为3股普通股)。如果转换发生,公司将无需支付200,000美元的优先股股息(每股10美元,对应20,000股优先股)。如附录14所示,采用转换假设法计算的每股收益为3.13美元。由于该值高于公司3.10美元的基本每股收益,因此这些证券具有反稀释性,其转换的影响不计入稀释每股收益。稀释每股收益与基本每股收益相同(即3.10美元)。

If the 20,000 shares of convertible preferred had each converted into 3 shares of the company’s common stock, the company would have had an additional 60,000 shares of common stock (3 shares of common for each of the 20,000 shares of preferred). If the conversion had taken place, the company would not have paid preferred dividends of $200,000 ($10 per share for each of the 20,000 shares of preferred). The effect of using the if-converted method would be EPS of $3.13, as shown in Exhibit 14. Because this is greater than the company’s basic EPS of $3.10, the securities are said to be antidilutive and the effect of their conversion would not be included in diluted EPS. Diluted EPS would be the same as basic EPS (i.e., $3.10).

附录14. 反稀释担保的计算
基本 EPS 采用转换法计算稀释后每股收益
净利 1,750,000 美元 1,750,000 美元
优先股股息 -200,000 0
分子 1,550,000 美元 1,750,000 美元
流通股加权平均数 500,000 500,000
如果转换 0 60,000
分母 500,000 560,000
EPS 3.10美元 3.13美元 ←超过基本每股收益;证券具有反稀释性,因此包含在内。报告的稀释后每股收益 = 3.10 美元

6.4每股收益变化

6.4. Changes in EPS

在解释了基本每股收益和稀释每股收益的计算方法之后,我们回到对每股收益变化的分析。如上所述,百威英博持续经营业务的完全稀释每股收益从2016年的0.68美元增至2017年的3.96美元。一般来说,每股收益的增长源于净利润的增长、流通股数量的减少,或两者兼而有之。百威英博在其财务报表附注(未列出)中披露,2017年基本每股收益和完全稀释每股收益的加权平均流通股数量均高于2016年。因此,对于百威英博而言,2016年至2017年每股收益的增长主要由净利润的增长所驱动。分子和分母的变化从算术上解释了每股收益的变化。要了解这些变化背后的业务驱动因素,还需要进一步的研究。下一节将介绍分析师可以用来突出需要进一步研究领域的分析工具。

Having explained the calculations of both basic and diluted EPS, we return to an examination of changes in EPS. As noted above, AB InBev’s fully diluted EPS from continuing operations increased from $0.68 in 2016 to $3.96 in 2017. In general, an increase in EPS results from an increase in net income, a decrease in the number of shares outstanding, or a combination of both. In the notes to its financial statements (not shown), AB InBev discloses that the weighted average number of shares for both the basic and fully-diluted calculations was greater in 2017 than in 2016. Thus, for AB InBev, the improvement in EPS from 2016 to 2017 was driven by an increase in net income. Changes in the numerator and denominator explain the changes in EPS arithmetically. To understand the business drivers of those changes requires further research. The next section presents analytical tools that an analyst can use to highlight areas for further examination.

7.损益表分析

7. Analysis of the Income Statement

本节将运用两种分析工具来分析损益表:共同比分析和损益比率分析。此分析旨在评估公司在一段时间内的业绩——并将其与自身过往业绩或其他公司的业绩进行比较。

In this section, we apply two analytical tools to analyze the income statement: common-size analysis and income statement ratios. The objective of this analysis is to assess a company’s performance over a period of time—compared with its own past performance or the performance of another company.

7.1损益表的共同比分析

7.1. Common-Size Analysis of the Income Statement

可以通过将损益表中的每一项都表示为收入的百分比来进行损益表通用比例分析。 33通用比例报表有助于跨时间段(时间序列分析)和跨公司(横截面分析)进行比较,因为每项的标准化消除了规模的影响。

Common-size analysis of the income statement can be performed by stating each line item on the income statement as a percentage of revenue.33 Common-size statements facilitate comparison across time periods (time series analysis) and across companies (cross-sectional analysis) because the standardization of each line item removes the effect of size.

例如,图表 15的 A 部分列出了同一行业中三家假设公司的损益表。A 公司和 B 公司的销售额均为 1000 万美元,规模(按销售额衡量)大于 C 公司(销售额仅为 200 万美元)。此外,A 公司和 B 公司的营业利润也更高,分别为 200 万美元和 150 万美元,而 C 公司的营业利润仅为 40 万美元。

To illustrate, Panel A of Exhibit 15 presents an income statement for three hypothetical companies in the same industry. Company A and Company B, each with $10 million in sales, are larger (as measured by sales) than Company C, which has only $2 million in sales. In addition, Companies A and B both have higher operating profit: $2 million and $1.5 million, respectively, compared with Company C’s operating profit of only $400,000.

分析师如何才能有效地比较这些公司的业绩?通过编制通用格式的损益表(如表B所示),分析师可以清楚地看到,C公司的费用和利润占销售额的百分比与A公司完全相同。此外,虽然C公司的营业利润绝对值低于B公司,但其百分比更高(C公司为20%,而B公司仅为15%)。每100美元的销售额,C公司比B公司多产生5美元的营业利润。换句话说,根据这一指标,C公司的相对盈利能力高于B公司。

How can an analyst meaningfully compare the performance of these companies? By preparing a common-size income statement, as illustrated in Panel B, an analyst can readily see that the percentages of Company C’s expenses and profit relative to its sales are exactly the same as for Company A. Furthermore, although Company C’s operating profit is lower than Company B’s in absolute dollars, it is higher in percentage terms (20 percent for Company C compared with only 15 percent for Company B). For each $100 of sales, Company C generates $5 more operating profit than Company B. In other words, Company C is relatively more profitable than Company B based on this measure.

通用格式的损益表也突显了公司战略的差异。比较两家规模较大的公司,A公司的毛利润率(占销售额的百分比)明显高于B公司(70% 对 25%)。鉴于两家公司都在同一行业运营,为什么A公司的毛利润能高出这么多?一个可能的解释是比较两家公司的运营费用。A公司在研发和广告方面的投入远高于B公司。研发投入通常会带来技术更先进的产品,而广告投入则会提升品牌知名度。因此,基于这些差异,A公司很可能销售技术更先进、品牌形象更好的产品。B公司可能以更低的价格销售产品(毛利润率较低),但通过不投资研发或广告来节省成本。实际上,公司之间的差异可能更为微妙,但概念是类似的。分析师如果发现显著差异,会进行更深入的研究,试图了解造成这些差异的根本原因及其对公司未来业绩的影响。

The common-size income statement also highlights differences in companies’ strategies. Comparing the two larger companies, Company A reports significantly higher gross profit as a percentage of sales than does Company B (70 percent compared with 25 percent). Given that both companies operate in the same industry, why can Company A generate so much higher gross profit? One possible explanation is found by comparing the operating expenses of the two companies. Company A spends significantly more on research and development and on advertising than Company B. Expenditures on research and development likely result in products with superior technology. Expenditures on advertising likely result in greater brand awareness. So, based on these differences, it is likely that Company A is selling technologically superior products with a better brand image. Company B may be selling its products more cheaply (with a lower gross profit as a percentage of sales) but saving money by not investing in research and development or advertising. In practice, differences across companies are more subtle, but the concept is similar. An analyst, noting significant differences, would do more research and seek to understand the underlying reasons for the differences and their implications for the future performance of the companies.

展品15
A组:A、B、C三家公司的损益表(美元)
一个 B C
销售量 1000万美元 1000万美元 2,000,000 美元
销售成本 3,000,000 7,500,000 60万
毛利 7,000,000 2,500,000 1,400,000
销售、一般及行政费用 1,000,000 1,000,000 20万
研究与开发 2,000,000 40万
广告 2,000,000 40万
营业利润 2,000,000 1,500,000 40万
表B:A、B、C三家公司的通用比例损益表(%)
一个 B C
销售量 100% 100% 100%
销售成本 30 75 30
毛利 70 25 70
销售、一般及行政费用 10 10 10
研究与开发 20 0 20
广告 20 0 20
营业利润 20 15 20

:每项均以公司销售额的百分比表示。

Note: Each line item is expressed as a percentage of the company’s sales.

对于大多数费用而言,与销售额进行比较是合适的。然而,对于税项,将税额与税前利润进行比较更有意义。分析师可以利用附注披露来探究实际税率差异的原因。为了预测公司未来的净利润,分析师会预测公司的税前利润,并应用一个部分基于历史税率确定的预估实际税率。

For most expenses, comparison to the amount of sales is appropriate. However, in the case of taxes, it is more meaningful to compare the amount of taxes with the amount of pretax income. Using note disclosure, an analyst can then examine the causes for differences in effective tax rates. To project the companies’ future net income, an analyst would project the companies’ pretax income and apply an estimated effective tax rate determined in part by the historical tax rates.

对损益表进行纵向通用比例分析在横截面分析中尤为有用——它可以用于比较特定时间段内各公司的业绩,或将公司与行业或板块数据进行比较。分析师可以选择个别同业公司进行比较,使用公开来源的行业数据,或基于选定的同业公司或更广泛的行业数据,从数据库中汇总数据。例如,图表 16展示了使用 2017 年数据,根据标普 500 指数成分股公司按标普/MSCI 全球行业分类系统 (GICS) 的 10 个板块分类后,汇总的损益表中位数通用比例数据。需要注意的是,在汇总此类数据时,必须进行一定程度的汇总,并且可能不如同业公司财务报表那样详细。可以将单个公司的业绩与行业或同业公司数据进行比较,以评估其相对表现。

Vertical common-size analysis of the income statement is particularly useful in cross-sectional analysis—comparing companies with each other for a particular time period or comparing a company with industry or sector data. The analyst could select individual peer companies for comparison, use industry data from published sources, or compile data from databases based on a selection of peer companies or broader industry data. For example, Exhibit 16 presents median common-size income statement data compiled for the components of the S&P 500 classified into the 10 S&P/MSCI Global Industrial Classification System (GICS) sectors using 2017 data. Note that when compiling aggregate data such as this, some level of aggregation is necessary and less detail may be available than from peer company financial statements. The performance of an individual company can be compared with industry or peer company data to evaluate its relative performance.

图表 16. 2017 年按标普/MSCI GICS 行业数据分类的标普 500 指数成分股公司通用规模损益表中位数统计数据
活力 材料 工业 非必需消费品 必需消费品 卫生保健
观测次数 34 27 69 81 34 59
毛利率 37.7% 33.0% 36.8% 37.6% 43.4% 59.0%
营业利润率 6.4% 14.9% 13.5% 11.0% 17.2% 17.4%
净利润率 4.9% 9.9% 8.8% 6.0% 10.9% 7.2%
  财务 信息技术 电信服务 公用事业 房地产
观测次数 63 64 4 29 29
毛利率 40.5% 62.4% 56.4% 34.3% 39.8%
营业利润率 36.5% 21.1% 15.4% 21.7% 30.1%
净利润率 18.5% 11.3% 13.1% 10.1% 21.3%

7.2损益表比率

7.2. Income Statement Ratios

财务业绩的一个方面是盈利能力。盈利能力的一个指标是净利润率,也称为利润率销售回报率,其计算方法为净收入除以收入(或销售额)。34

One aspect of financial performance is profitability. One indicator of profitability is net profit margin, also known as profit margin and return on sales, which is calculated as net income divided by revenue (or sales).34

净利润率衡量的是公司每收入一美元所能产生的利润。净利润率越高,表明盈利能力越强,因此也越理想。净利润率也可以直接在通用格式的损益表中找到。

Net profit margin measures the amount of income that a company was able to generate for each dollar of revenue. A higher level of net profit margin indicates higher profitability and is thus more desirable. Net profit margin can also be found directly on the common-size income statements.

2017年,百威英博(AB InBev)持续经营业务的净利润率为16.2%(计算方法为:持续经营业务利润91.55亿美元除以营收564.44亿美元)。为了更好地理解这一比率,需要进行一些比较。百威英博的盈利能力可以与其他公司或自身以往的业绩进行比较。与往年相比,百威英博的盈利能力高于2016年,但低于2015年。2016年,百威英博持续经营业务的净利润率为6.0%,而2015年为22.9%。

For AB InBev, net profit margin based on continuing operations for 2017 was 16.2 percent (calculated as profit from continuing operations of $9,155 million, divided by revenue of $56,444 million). To judge this ratio, some comparison is needed. AB InBev’s profitability can be compared with that of another company or with its own previous performance. Compared with previous years, AB InBev’s profitability is higher than in 2016 but lower than 2015. In 2016, net profit margin based on continuing operations was 6.0 percent, and in 2015, it was 22.9 percent.

衡量盈利能力的另一个指标是毛利率。毛利润(毛利率)的计算方法是收入减去销售成本,而毛利率的计算方法是毛利润除以收入。

Another measure of profitability is the gross profit margin. Gross profit (gross margin) is calculated as revenue minus cost of goods sold, and the gross profit margin is calculated as the gross profit divided by revenue.

毛利率衡量的是公司每1美元收入所产生的毛利润。较高的毛利率意味着更高的盈利能力,因此通常更受欢迎。然而,不同公司毛利率的差异反映了公司战略的不同。例如,假设一家公司采取差异化产品战略(例如,基于品牌、质量、先进技术或专利保护而实现差异化的产品)。该公司很可能能够以高于类似但无差异化产品的价格出售差异化产品,因此其毛利率也可能高于销售无差异化产品的公司。尽管销售差异化产品的公司毛利率可能更高,但这需要时间。在战略初期,公司可能需要投入成本来打造差异化产品,例如广告或研发费用,这些成本不会反映在毛利率的计算中。

The gross profit margin measures the amount of gross profit that a company generated for each dollar of revenue. A higher level of gross profit margin indicates higher profitability and thus is generally more desirable, although differences in gross profit margins across companies reflect differences in companies’ strategies. For example, consider a company pursuing a strategy of selling a differentiated product (e.g., a product differentiated based on brand name, quality, superior technology, or patent protection). The company would likely be able to sell the differentiated product at a higher price than a similar, but undifferentiated, product and, therefore, would likely show a higher gross profit margin than a company selling an undifferentiated product. Although a company selling a differentiated product would likely show a higher gross profit margin, this may take time. In the initial stage of the strategy, the company would likely incur costs to create a differentiated product, such as advertising or research and development, which would not be reflected in the gross margin calculation.

百威英博2017年的毛利润(见附录1)为350.58亿美元,2016年为277.15亿美元,2015年为264.67亿美元。以毛利润占收入的百分比表示,2017年的毛利率为62.1%,2016年为60.9%,2015年为60.7%。从绝对值来看,百威英博2016年的毛利润高于2015年。然而,2016年的毛利率低于2015年。

AB InBev’s gross profit (shown in Exhibit 1) was $35,058 million in 2017, $27,715 million in 2016, and $26,467 million in 2015. Expressing gross profit as a percentage of revenues, we see that the gross profit margin was 62.1 percent in 2017, 60.9 percent in 2016, and 60.7 percent in 2015. In absolute terms, AB InBev’s gross profit was higher in 2016 than in 2015. However, AB InBev’s gross profit margin was lower in 2016 than in 2015.

图表 17列出了百威英博的通用格式损益表,并重点展示了一些盈利能力比率。上文提到的净利润率和毛利率只是通用格式损益表中众多小计中的两个。分析师使用的其他“利润率”还包括营业利润率(营业利润除以收入)和税前利润率(税前利润除以收入)。

Exhibit 17 presents a common-size income statement for AB InBev, and highlights certain profitability ratios. The net profit margin and gross profit margin described above are just two of the many subtotals that can be generated from common-size income statements. Other “margins” used by analysts include the operating profit margin (profit from operations divided by revenue) and the pretax margin (profit before tax divided by revenue).

图表 17. 百威英博利润率:简化的通用格式损益表
截至12月31日的12个月
2017 2016 2015
$ % $ % $ %
收入 56,444 100.0 45,517 100.0 43,604 100.0
销售成本 (21,386) (37.9) (17,803) (39.1) (17,137) (39.3)
毛利 35,058 62.1 27,715 60.9 26,467 60.7
分配费用 (5,876) (10.4) (4,543) (10.0) (4,259) (9.8)
销售和市场营销费用 (8,382) (14.9) (7,745) (17.0) (6,913) (15.9)
行政费用 (3,841) (6.8) (2,883) (6.3) (2,560) (5.9)
省略部分
运营利润 17,152 30.4 12,882 28.3 13,904 31.9
融资成本 (6,885) (12.2) (9,382) (20.6) (3,142) (7.2)
金融收入 378 0.7 818 1.8 1,689 3.9
净财务收入/(成本) (6,507) (11.5) (8,564) (18.8) (1,453) (3.3)
联营公司和合资企业的利润份额 430 0.8 16 0.0 10 0.0
税前利润 11,076 19.6 4,334 9.5 12,461 28.6
所得税费用 (1,920) (3.4) (1,613) (3.5) (2,594) (5.9)
持续经营利润 9,155 16.2 2,721 6.0 9,867 22.6
已终止经营业务的利润 28 0.0 48 0.1
年度利润 9,183 16.3 2,769 6.1 9,867 22.6

盈利能力比率和通用格式损益表能够快速揭示公司业绩的变化。例如,百威英博2016年盈利能力的下降并非由毛利率下降所致。事实上,2016年的毛利率略高于2015年。该公司2016年盈利能力的下降部分原因是运营费用增加,尤其是财务成本大幅上升。财务成本的增加源于2016年与SABMiller的合并。此次收购价值超过1000亿美元,是历史上规模最大的收购案之一。百威英博与SABMiller的合并也解释了公司营收从约450亿美元增长到超过560亿美元的现象。因此,盈利能力比率和通用格式损益表有助于分析师了解他们可能希望进一步研究的领域。

The profitability ratios and the common-size income statement yield quick insights about changes in a company’s performance. For example, AB InBev’s decrease in profitability in 2016 was not driven by a decrease in gross profit margin. Gross profit margin in 2016 was actually slightly higher than in 2015. The company’s decrease in profitability in 2016 was driven in part by higher operating expenses and, in particular, by a significant increase in finance costs. The increased finance costs resulted from the 2016 merger with SABMiller. Valued at more than $100 billion, the acquisition was one of the largest in history. The combination of AB InBev and SABMiller also explains the increase in revenue from around $45 billion to over $56 billion. The profitability ratios and the common-size income statement thus serve to highlight areas about which an analyst might wish to gain further understanding.

8.综合收益

8. Comprehensive Income

净利润的一般表达式是收入减去费用。然而,根据会计惯例,某些收入和费用项目不计入净利润的计算。为了理解某一期间报告的股东权益与下一期间报告的股东权益之间的联系,我们必须了解这些被排除的项目,即其他综合收益。根据国际财务报告准则(IFRS),其他综合收益包括“根据其他国际财务报告准则的要求或允许,未在损益中确认的收入和费用项目”。综合收益总额是指“某一期间内因交易和其他事项导致的权益变动,但不包括因与所有者以所有者身份进行的交易而导致的权益变动”。 35

The general expression for net income is revenue minus expenses. There are, however, certain items of revenue and expense that, by accounting convention, are excluded from the net income calculation. To understand how reported shareholders’ equity of one period links with reported shareholders’ equity of the next period, we must understand these excluded items, known as other comprehensive income. Under IFRS, other comprehensive income includes items of income and expense that are “not recognized in profit or loss as required or permitted by other IFRS.” Total comprehensive income is “the change in equity during a period resulting from transaction and other events, other than those changes resulting from transactions with owners in their capacity as owners.”35

根据美国通用会计准则(US GAAP),综合收益定义为“企业在某一期间内,因非所有者来源的交易、事项或其他情况而导致的权益(净资产)变动。它包括该期间内所有权益变动,但不包括所有者投资和向所有者分配利润所导致的变动。” 36虽然措辞有所不同,但国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)下的综合收益概念相同。

Under US GAAP, comprehensive income is defined as “the change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.”36 While the wording differs, comprehensive income is conceptually the same under IFRS and US GAAP.

综合收益包括净利润以及不计入净利润计算的其他收入和支出项目(统称为“其他综合收益”)。例如,假设一家公司期初股东权益为 1.1 亿欧元,当年净利润为 1000 万欧元,当年现金股利为 200 万欧元,且未发行或回购普通股。如果该公司实际期末股东权益为 1.23 亿欧元,则有 500 万欧元 [1.23 亿欧元 – (1.1 亿欧元 + 1000 万欧元 – 200 万欧元)] 因被归类为其他综合收益而未计入净利润计算。如果该公司没有其他综合收益,则其期末股东权益将为 1.18 亿欧元 [1.1 亿欧元 + 1000 万欧元 – 200 万欧元]。

Comprehensive income includes both net income and other revenue and expense items that are excluded from the net income calculation (collectively referred to as Other Comprehensive Income). Assume, for example, a company’s beginning shareholders’ equity is €110 million, its net income for the year is €10 million, its cash dividends for the year are €2 million, and there was no issuance or repurchase of common stock. If the company’s actual ending shareholders’ equity is €123 million, then €5 million [€123 – (€110 + €10 – €2)] has bypassed the net income calculation by being classified as other comprehensive income. If the company had no other comprehensive income, its ending shareholders’ equity would have been €118 million [€110 + €10 – €2].

根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),有四类项目被列为其他综合收益。(其中一些项目的具体处理方式在两套准则中有所不同,但这些项目类型是两者共有的。)

Four types of items are treated as other comprehensive income under both IFRS and US GAAP. (The specific treatment of some of these items differs between the two sets of standards, but these types of items are common to both.)

  • 外币折算调整。在合并境外子公司的财务报表时,将子公司资产负债表资产和负债按现行汇率折算所产生的影响计入其他综合收益。

  • Foreign currency translation adjustments. In consolidating the financial statements of foreign subsidiaries, the effects of translating the subsidiaries’ balance sheet assets and liabilities at current exchange rates are included as other comprehensive income.

  • 衍生品合约的未实现损益作为套期保值进行会计处理。衍生品公允价值的变动在每个会计期间均有记录,但某些价值变动计入其他综合收益,因此不计入利润表。

  • Unrealized gains or losses on derivatives contracts accounted for as hedges. Changes in the fair value of derivatives are recorded each period, but certain changes in value are treated as other comprehensive income and thus bypass the income statement.

  • 特定类别投资证券的未实现持有损益,即根据美国通用会计准则(US GAAP)可供出售的债务证券和根据国际财务报告准则(IFRS)指定为“以公允价值计量且其变动计入其他综合收益”的证券。(注:国际财务报告准则(IFRS)而非美国通用会计准则(US GAAP)还包括指定为以公允价值计量且其变动计入其他综合收益的权益投资类别。)

  • Unrealized holding gains and losses on a certain category of investment securities, namely, available-for-sale debt securities under US GAAP and securities designated as “fair value through other comprehensive income” under IFRS. (Note: IFRS, but not US GAAP, also includes a category of equity investments designated at fair value through other comprehensive income.)

  • 公司固定收益退休计划的某些成本未在当期确认。

  • Certain costs of a company’s defined benefit post-retirement plans that are not recognized in the current period.

此外,根据国际财务报告准则(IFRS),其他综合收益包括某些采用重估价模式而非成本模式计量的长期资产价值变动。同时,根据IFRS,公司不得将其他综合收益中的某些项目重分类至损益,并且公司必须分别列示哪些其他综合收益项目将随后重分类至损益,哪些项目不会。

In addition, under IFRS, other comprehensive income includes certain changes in the value of long-lived assets that are measured using the revaluation model rather than the cost model. Also, under IFRS, companies are not permitted to reclassify certain items of other comprehensive income to profit or loss, and companies must present separately the items of other comprehensive income that will and will not be reclassified subsequently to profit or loss.

上述第三类项目或许最容易解释。证券持有收益是指公司在一个会计期间内持有证券,且该证券价值增加时产生的收益。同样,证券持有损失是指公司在一个会计期间内持有证券,且该证券价值下降时产生的损失。如果公司尚未出售这些证券(即尚未实现收益或损失),则其持有收益或损失被称为未实现收益或损失。问题是:公司是否应该将未实现收益和损失从损益表中排除;是否应该将这些未实现持有收益和损失反映在损益表中;还是应该将这些未实现持有收益作为其他综合收益反映?

The third type of item listed above is perhaps the simplest to illustrate. Holding gains on securities arise when a company owns securities over an accounting period, during which time the securities’ value increases. Similarly, holding losses on securities arise when a company owns securities over a period during which time the securities’ value decreases. If the company has not sold the securities (i.e., has not realized the gain or loss), its holding gain or loss is said to be unrealized. The question is: Should the company exclude unrealized gains and losses from income; reflect these unrealized holding gains and losses in its income statement (i.e., statement of profit and loss); or reflect these unrealized holding gains as other comprehensive income?

根据会计准则,答案取决于公司如何对证券进行分类。分类取决于公司打算如何处置这些证券(即管理资产的业务模式)以及证券的现金流量。对于公司计划持有至到期的债务证券,未实现损益不计入损益。这些持有至到期的债务证券按摊余成本列报,因此不报告未实现损益。对于其他按公允价值列报的证券,未实现损益反映在利润表或其他综合收益中。

According to accounting standards, the answer depends on how the company has categorized the securities. Categorization depends on what the company intends to do with the securities (i.e., the business model for managing the asset) and on the cash flows of the security. Unrealized gains and losses are excluded from income for debt securities that the company intends to hold to maturity. These held-to-maturity debt securities are reported at their amortized cost, so no unrealized gains or losses are reported. For other securities reported at fair value, the unrealized gains or losses are reflected either in the income statement or as other comprehensive income.

根据美国通用会计准则(US GAAP),以下各项的未实现损益反映在损益表中:(a) 指定为交易性证券的债务证券;以及 (b) 所有权益证券投资(不包括那些导致对被投资方产生重大影响的股权投资)。交易性证券是指以出售而非持有收取利息和本金为目的而取得的债务证券。此外,根据美国通用会计准则,指定为可供出售证券的债务证券的未实现损益反映在其他综合收益中。可供出售证券是指既非持有至到期证券也非交易性证券的债务证券。

Under US GAAP, unrealized gains and losses are reflected in the income statement for: (a) debt securities designated as trading securities; and (b) all investments in equity securities (other than investments giving rise to ownership positions that confer significant influence over the investee). The trading securities category pertains to a debt security that is acquired with the intent of selling it rather than holding it to collect the interest and principal payments. Also, under US GAAP, unrealized gains and losses are reflected as other comprehensive income for debt securities designated as available-for-sale securities. Available-for-sale debt securities are those not designated as either held-to-maturity or trading.

根据国际财务报告准则(IFRS),以下各项的未实现损益应计入利润表:(a) 权益投资,除非公司另行作出不可撤销的选择;以及 (b) 债务证券,如果该等证券不属于其他计量类别,或者公司另行作出不可撤销的选择,将损益计入利润表。这些债务和权益投资被称为以公允价值计量且其变动计入当期损益。同样根据IFRS,以下各项的未实现损益应计入其他综合收益:(a) “在以收取合同现金流量和出售金融资产为目标的商业模式下持有的债务证券”;以及 (b) 公司在初始确认时另行作出不可撤销的选择,将损益计入其他综合收益的权益投资。这些债务和权益投资被称为以公允价值计量且其变动计入其他综合收益。这些证券的会计处理与美国通用会计准则(US GAAP)中可供出售债务证券的会计处理类似。

Under IFRS, unrealized gains and losses are reflected in the income statement for: (a) investments in equity investments, unless the company makes an irrevocable election otherwise; and (b) debt securities, if the securities do not fall into the other measurement categories or if the company makes an irrevocable election to show gains and losses on the income statement. These debt and equity investments are referred to as being measured at fair value through profit or loss. Also under IFRS, unrealized gains and losses are reflected as other comprehensive income for: (a) “debt securities held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets”; and (b) equity investments for which the company makes an irrevocable election at initial recognition to show gains and losses as part of other comprehensive income. These debt and equity investments are referred to as being measured at fair value through other comprehensive income. Accounting for these securities is similar to accounting for US GAAP’s available-for-sale debt securities.

即使未实现的持有损益不计入公司的净收入(利润和亏损),它们也计入其他综合收益,因此构成公司综合收益的一部分。

Even where unrealized holding gains and losses are excluded from a company’s net income (profit and loss), they are included in other comprehensive income and thus form a part of a company’s comprehensive income.

例14

其他综合收益

Other Comprehensive Income

假设一家公司期初股东权益为2亿欧元,当年净利润为2000万欧元,当年现金股利为300万欧元,且未发行或回购普通股。该公司实际期末股东权益为2.27亿欧元。

Assume a company’s beginning shareholders’ equity is €200 million, its net income for the year is €20 million, its cash dividends for the year are €3 million, and there was no issuance or repurchase of common stock. The company’s actual ending shareholders’ equity is €227 million.

  1. 有多少金额因被归类为其他综合收益而未计入净利润计算?

    1. 0 欧元。

    2. 700万欧元。

    3. 1000万欧元。

  2. What amount has bypassed the net income calculation by being classified as other comprehensive income?

    1. €0.

    2. €7 million.

    3. €10 million.

  3. 以下哪项陈述最能描述其他综合收益?

    1. 收入来源于不同地域和细分市场活动。

    2. 增加股东权益但未计入净利润的收入。

    3. 从公司日常经营活动之外的活动中获得的收入。

  4. Which of the following statements best describes other comprehensive income?

    1. Income earned from diverse geographic and segment activities.

    2. Income that increases stockholders’ equity but is not reflected as part of net income.

    3. Income earned from activities that are not part of the company’s ordinary business activities.

问题1的解答:

Solution to 1:

C选项正确。如果公司实际期末股东权益为2.27亿欧元,那么1000万欧元[2.27亿欧元 - (2亿欧元 + 2000万欧元 - 300万欧元)]由于被归类为其他综合收益,因此未计入净利润计算。

C is correct. If the company’s actual ending shareholders’ equity is €227 million, then €10 million [€227– (€200 + €20 – €3)] has bypassed the net income calculation by being classified as other comprehensive income.

答案二:

Solution to 2:

B选项正确。A和C选项不正确,因为它们没有明确说明该收入是否计入净利润并在损益表中列示。

B is correct. Answers A and C are not correct because they do not specify whether such income is reported as part of net income and shown in the income statement.

例15

其他综合收益分析

Other Comprehensive Income in Analysis

一位分析师正在研究两家可比公司。A 公司的市盈率 (P/E) 低于 B 公司,由此得出的结论是 A 公司被低估了。为了验证这一结论,分析师决定探究以下问题:如果使用每股综合收益总额(而非每股净收益)作为相关指标,A 公司的市盈率会是多少?

An analyst is looking at two comparable companies. Company A has a lower price/earnings (P/E) ratio than Company B, and the conclusion that has been suggested is that Company A is undervalued. As part of examining this conclusion, the analyst decides to explore the question: What would the company’s P/E look like if total comprehensive income per share—rather than net income per share—were used as the relevant metric?

A公司 B公司
价格 35美元 30美元
EPS 1.60美元 0.90美元
市盈率 21.9倍 33.3倍
其他综合收益(损失)百万美元 (16.272 美元) (1.757)
股数(百万股) 22.6 25.1

解决方案:

Solution:

如下表所示,A公司市盈率较低的部分原因可能是其重大亏损(计入其他综合收益)未计入市盈率。

As shown in the following table, part of the explanation for Company A’s lower P/E ratio may be that its significant losses—accounted for as other comprehensive income (OCI)—are not included in the P/E ratio.

A公司 B公司
价格 35美元 30美元
EPS 1.60美元 0.90美元
OCI(损失)百万美元 (16.272 美元) (1.757)
股数(百万股) 22.6 25.1
每股其他综合收益(亏损) (0.72) $(0.07)
综合每股收益 = 每股收益 + 每股其他综合收益 0.88美元 0.83美元
价格/综合每股收益比率 39.8× 36.1倍

国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)都允许公司采用两种不同的列报方式。一种方式是编制两份报表——一份单独的利润表和一份包含其他综合收益的报表。另一种方式是编制一份包含其他综合收益的报表。尤其是在比较两家公司的财务报表时,考察综合收益方面的显著差异至关重要。

Both IFRS and US GAAP allow companies two alternative presentations. One alternative is to present two statements—a separate income statement and a second statement additionally including other comprehensive income. The other alternative is to present a single statement of other comprehensive income. Particularly in comparing financial statements of two companies, it is relevant to examine significant differences in comprehensive income.

概括

Summary

本文介绍了损益表分析的基本要素。损益表反映了公司在一段时间内的经营活动财务结果;它揭示了公司在该期间内的收入以及与产生这些收入相关的成本。公司的净利润及其组成部分(例如,毛利率、营业利润和税前利润)是权益分析和信用分析过程中至关重要的输入数据。权益分析师关注盈利,因为股票市场通常会给予盈利相对较高或较低的增长型公司高于平均水平或低于平均水平的估值。固定收益分析师会分析损益表(包括过去和预测的损益表)的组成部分,以了解公司在整个商业周期内偿还债务的能力。公司财务公告通常比其他财务报表更侧重于损益表。

This reading has presented the elements of income statement analysis. The income statement presents information on the financial results of a company’s business activities over a period of time; it communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. A company’s net income and its components (e.g., gross margin, operating earnings, and pretax earnings) are critical inputs into both the equity and credit analysis processes. Equity analysts are interested in earnings because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize income statements more than the other financial statements.

本文要点包括以下几点:

Key points to this reading include the following:

  • 损益表列示收入、支出和净利润。

  • The income statement presents revenue, expenses, and net income.

  • 损益表的组成部分包括:收入;销售成本;销售、一般及行政费用;其他营业费用;非营业收入和支出;收益和损失;非经常性项目;净利润;以及每股收益。

  • The components of the income statement include: revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.

  • 如果损益表列示了毛利润小计(收入减去销售成本),则称为多步式损益表;如果不列示该小计,则称为单步式损益表。

  • An income statement that presents a subtotal for gross profit (revenue minus cost of goods sold) is said to be presented in a multi-step format. One that does not present this subtotal is said to be presented in a single-step format.

  • 收入在其赚取期间确认,该期间可能与相关现金收款期间相同,也可能不同。收入在赚取时确认是权责发生制会计的基本原则。

  • Revenue is recognized in the period it is earned, which may or may not be in the same period as the related cash collection. Recognition of revenue when earned is a fundamental principal of accrual accounting.

  • 分析师应识别各公司收入确认方法的差异,并在可能的情况下调整已报告的收入,以提高可比性。如果现有信息不允许进行调整,分析师可以对收入确认的保守程度进行评价,从而定性评估政策差异可能如何影响财务比率和盈利能力判断。

  • An analyst should identify differences in companies’ revenue recognition methods and adjust reported revenue where possible to facilitate comparability. Where the available information does not permit adjustment, an analyst can characterize the revenue recognition as more or less conservative and thus qualitatively assess how differences in policies might affect financial ratios and judgments about profitability.

  • 截至2018年初,收入确认准则已趋于一致。一致准则的核心原则是,收入的确认应“反映向客户转移承诺的商品或服务的金额,该金额应反映企业预期有权就该等商品或服务交换而获得的对价”。

  • As of the beginning of 2018, revenue recognition standards have converged. The core principle of the converged standards is that revenue should be recognized to “depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in an exchange for those goods or services.”

  • 为实现核心原则,该准则阐述了确认收入的五个步骤。该准则还规定了一些相关合同成本的处理方法和披露要求。

  • To achieve the core principle, the standard describes the application of five steps in recognizing revenue. The standard also specifies the treatment of some related contract costs and disclosure requirements.

  • 费用确认的一般原则包括将费用与收入(例如,销售成本)或支出发生的期间(例如,行政工资等期间成本)或支出预期收益的期间(例如,折旧)进行匹配的过程。

  • The general principles of expense recognition include a process to match expenses either to revenue (such as, cost of goods sold) or to the time period in which the expenditure occurs (period costs such as, administrative salaries) or to the time period of expected benefits of the expenditures (such as, depreciation).

  • 在费用确认方面,方法的选择(例如折旧法和存货成本法)以及估计值(例如坏账、保修费用、资产使用寿命和残值)都会影响公司报告的收益。分析师应识别各公司费用确认方法的差异,并在可能的情况下调整已报告的财务报表,以提高可比性。如果现有信息不允许进行调整,分析师可以对各项政策和估计值的保守程度进行评价,从而定性评估政策差异可能如何影响财务比率以及对公司业绩的判断。

  • In expense recognition, choice of method (i.e., depreciation method and inventory cost method), as well as estimates (i.e., uncollectible accounts, warranty expenses, assets’ useful life, and salvage value) affect a company’s reported income. An analyst should identify differences in companies’ expense recognition methods and adjust reported financial statements where possible to facilitate comparability. Where the available information does not permit adjustment, an analyst can characterize the policies and estimates as more or less conservative and thus qualitatively assess how differences in policies might affect financial ratios and judgments about companies’ performance.

  • 为了评估一家公司未来的收益,将往年可能在未来继续发生的收入和支出项目与不太可能继续发生的项目区分开来是很有帮助的。

  • To assess a company’s future earnings, it is helpful to separate those prior years’ items of income and expense that are likely to continue in the future from those items that are less likely to continue.

  • 根据国际财务报告准则(IFRS),当列示其他项目、标题和分类明细有助于理解公司财务业绩时,公司应列示除已规定的项目之外的其他项目。某些往年项目显然预计不会在未来期间继续发生,因此应在公司利润表中单独披露。根据美国通用会计准则(US GAAP),重大且不寻常或偶发的项目应在持续经营损益中单独列示。

  • Under IFRS, a company should present additional line items, headings, and subtotals beyond those specified when such presentation is relevant to an understanding of the entity’s financial performance. Some items from prior years clearly are not expected to continue in future periods and are separately disclosed on a company’s income statement. Under US GAAP, unusual and/or infrequently occurring items, which are material, are presented separately within income from continuing operations.

  • 非经营性项目与经营性项目在损益表中分开列示。根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),损益表会将处置某个组成部分业务的影响单独列示为“终止经营业务”。

  • Non-operating items are reported separately from operating items on the income statement. Under both IFRS and US GAAP, the income statement reports separately the effect of the disposal of a component operation as a “discontinued” operation.

  • 基本每股收益(EPS)是指普通股股东可分配的收益除以某一时期内已发行普通股的加权平均数。普通股股东可分配的收益是指在支付优先股股息(如有)后剩余的净收益。

  • Basic EPS is the amount of income available to common shareholders divided by the weighted average number of common shares outstanding over a period. The amount of income available to common shareholders is the amount of net income remaining after preferred dividends (if any) have been paid.

  • 如果一家公司的资本结构简单(即没有可能稀释每股收益的证券),那么其基本每股收益等于其稀释每股收益。但是,如果一家公司有可能稀释每股收益的证券,那么其稀释每股收益将低于其基本每股收益。

  • If a company has a simple capital structure (i.e., one with no potentially dilutive securities), then its basic EPS is equal to its diluted EPS. If, however, a company has dilutive securities, its diluted EPS is lower than its basic EPS.

  • 对于可转换证券,稀释每股收益采用转换后法计算;对于期权,稀释每股收益采用库存股法计算。

  • Diluted EPS is calculated using the if-converted method for convertible securities and the treasury stock method for options.

  • 损益表通用格式分析法是将损益表中的每一项都表示为销售额的百分比。通用格式报表便于不同时期和不同规模公司的业绩比较。

  • Common-size analysis of the income statement involves stating each line item on the income statement as a percentage of sales. Common-size statements facilitate comparison across time periods and across companies of different sizes.

  • 损益表中衡量盈利能力的两个指标是净利润率和毛利润率。

  • Two income-statement-based indicators of profitability are net profit margin and gross profit margin.

  • 综合收益包括净收益以及净收益计算中排除的其他收入和支出项目

  • Comprehensive income includes both net income and other revenue and expense items that are excluded from the net income calculation.

练习题

Practice Problems

  1. 损益表中的费用可按以下方式分组:

    1. 自然属性,而非功能属性。

    2. 功能上如此,但本质上并非如此。

    3. 功能或性质。

  2. Expenses on the income statement may be grouped by:

    1. nature, but not by function.

    2. function, but not by nature.

    3. either function or nature.

  3. 按功能进行费用分类的一个例子是:

    1. 税费支出。

    2. 利息支出。

    3. 销售成本。

  4. An example of an expense classification by function is:

    1. tax expense.

    2. interest expense.

    3. cost of goods sold.

  5. Denali Limited 是一家制造企业,其损益表信息如下:

    收入 4,000,000 美元
    销售成本 300万美元
    其他运营费用 50万美元
    利息支出 10万美元
    税项支出 12万美元

    德纳利公司的毛利润等于:

    1. 28万美元。

    2. 50万美元。

    3. 100万美元。

  6. Denali Limited, a manufacturing company, had the following income statement information:

    Revenue $4,000,000
    Cost of goods sold $3,000,000
    Other operating expenses $500,000
    Interest expense $100,000
    Tax expense $120,000

    Denali’s gross profit is equal to:

    1. $280,000.

    2. $500,000.

    3. $1,000,000.

  7. 根据国际财务报告准则,收入包括以下各项带来的经济利益增加:

    1. 与业主出资无关的负债增加。

    2. 与所有者出资无关的资产增值。

    3. 与所有者出资相关的所有者权益增加。

  8. Under IFRS, income includes increases in economic benefits from:

    1. increases in liabilities not related to owners’ contributions.

    2. enhancements of assets not related to owners’ contributions.

    3. increases in owners’ equity related to owners’ contributions.

  9. Fairplay公司掌握了以下与2009年(公司成立的第一年)产品销售相关的信息:

    收入 1,000,000 美元
    退货 10万美元
    现金收入 80万美元
    销售成本 70万美元

    根据权责发生制会计原则,Fairplay 2009 年的损益表上将报告多少净收入?

    1. 20万美元。

    2. 90万美元。

    3. 100万美元。

  10. Fairplay had the following information related to the sale of its products during 2009, which was its first year of business:

    Revenue $1,000,000
    Returns of goods sold $100,000
    Cash collected $800,000
    Cost of goods sold $700,000

    Under the accrual basis of accounting, how much net revenue would be reported on Fairplay’s 2009 income statement?

    1. $200,000.

    2. $900,000.

    3. $1,000,000.

  11. Apex Consignment是一家通过互联网为个人寄售商品的公司。Apex从物品所有者处收到物品,将其上架销售,并从售出的商品中收取25%的佣金。Apex向买家收取全款,并将扣除佣金后的净额支付给物品所有者。未售出的商品将在90天后退还给所有者。2009年,Apex拥有以下信息:

    • 2009 年寄售商品的总销售价格为 2,000,000 欧元。

    • 2009 年 Apex 为这些项目保留的总佣金为 500,000 欧元。

    Apex公司2009年损益表中应报告多少收入?

    1. 50万欧元。

    2. 200万欧元。

    3. 150万欧元。

  12. Apex Consignment sells items over the internet for individuals on a consignment basis. Apex receives the items from the owner, lists them for sale on the internet, and receives a 25 percent commission for any items sold. Apex collects the full amount from the buyer and pays the net amount after commission to the owner. Unsold items are returned to the owner after 90 days. During 2009, Apex had the following information:

    • Total sales price of items sold during 2009 on consignment was €2,000,000.

    • Total commissions retained by Apex during 2009 for these items was €500,000.

    How much revenue should Apex report on its 2009 income statement?

    1. €500,000.

    2. €2,000,000.

    3. €1,500,000.

  13. 一家公司之前将获得合同的增量成本计入费用。在其他条件相同的情况下,采用2014年5月国际会计准则理事会(IASB)和美国财务会计准则委员会(FASB)关于收入确认的趋同会计准则,会使该公司的盈利能力最初看起来:

    1. 降低。

    2. 未改变。

    3. 更高。

  14. A company previously expensed the incremental costs of obtaining a contract. All else being equal, adopting the May 2014 IASB and FASB converged accounting standards on revenue recognition makes the company’s profitability initially appear:

    1. lower.

    2. unchanged.

    3. higher.

  15. 2009年,Accent Toys Plc.公司于当年10月开始营业。10月份,该公司以每件10英镑的价格购入了10,000件玩具。该玩具在10月份销售情况良好。为了应对12月份的销售旺季,Accent在11月份又以每件11英镑的价格购入了5,000件玩具。2009年全年,Accent共售出12,000件玩具,售价为每件15英镑。根据先进先出法(FIFO),Accent在2009年的销售成本是多少?

    1. 12万英镑。

    2. 122,000英镑。

    3. 124,000英镑。

  16. During 2009, Accent Toys Plc., which began business in October of that year, purchased 10,000 units of a toy at a cost of ₤10 per unit in October. The toy sold well in October. In anticipation of heavy December sales, Accent purchased 5,000 additional units in November at a cost of ₤11 per unit. During 2009, Accent sold 12,000 units at a price of ₤15 per unit. Under the first in, first out (FIFO) method, what is Accent’s cost of goods sold for 2009?

    1. ₤120,000.

    2. ₤122,000.

    3. ₤124,000.

  17. 使用与问题 8 中相同的信息,采用加权平均成本法计算,Accent 的销售成本是多少?

    1. 12万英镑。

    2. 122,000英镑。

    3. 124,000英镑。

  18. Using the same information as in Question 8, what would Accent’s cost of goods sold be under the weighted average cost method?

    1. ₤120,000.

    2. ₤122,000.

    3. ₤124,000.

  19. 在国际财务报告准则(IFRS)下,最不可能采用哪种存货计价方法?

    1. 先进先出(FIFO)。

    2. 后进先出(LIFO)。

    3. 加权平均值。

  20. Which inventory method is least likely to be used under IFRS?

    1. First in, first out (FIFO).

    2. Last in, first out (LIFO).

    3. Weighted average.

  21. 2009年初,Glass Manufacturing公司为其装配线购置了一台新机器,成本为60万美元。该机器的预计使用寿命为10年,预计残值为5万美元。根据直线法,Glass公司在2010年财务报告中应计提多少折旧?

    1. 55,000美元。

    2. 6万美元。

    3. 65,000美元。

  22. At the beginning of 2009, Glass Manufacturing purchased a new machine for its assembly line at a cost of $600,000. The machine has an estimated useful life of 10 years and estimated residual value of $50,000. Under the straight-line method, how much depreciation would Glass take in 2010 for financial reporting purposes?

    1. $55,000.

    2. $60,000.

    3. $65,000.

  23. 使用与问题 16 中相同的信息,根据双倍余额递减法,Glass 公司在 2009 年的财务报告中应计提多少折旧?

    1. 6万美元。

    2. 11万美元。

    3. 12万美元。

  24. Using the same information as in Question 16, how much depreciation would Glass take in 2009 for financial reporting purposes under the double-declining balance method?

    1. $60,000.

    2. $110,000.

    3. $120,000.

  25. 在购置可折旧资产的当年,哪种折旧方法和使用寿命的组合最为保守?

    1. 采用直线折旧法,使用寿命较短。

    2. 采用余额递减法折旧,使用寿命长。

    3. 采用余额递减法折旧,使用寿命较短。

  26. Which combination of depreciation methods and useful lives is most conservative in the year a depreciable asset is acquired?

    1. Straight-line depreciation with a short useful life.

    2. Declining balance depreciation with a long useful life.

    3. Declining balance depreciation with a short useful life.

  27. 根据国际财务报告准则(IFRS),火灾造成的财产损失最有可能被归类为:

    1. 持续经营。

    2. 已停止运营。

    3. 其他综合收益。

  28. Under IFRS, a loss from the destruction of property in a fire would most likely be classified as:

    1. continuing operations.

    2. discontinued operations.

    3. other comprehensive income.

  29. 一家公司决定变更会计政策。这项变更要求该公司在可行的情况下重述以下财务报表:

    1. 所有先前时期。

    2. 当前和未来时期。

    3. 报告中显示的先前期间。

  30. A company chooses to change an accounting policy. This change requires that, if practical, the company restate its financial statements for:

    1. all prior periods.

    2. current and future periods.

    3. prior periods shown in a report.

  31. 2009年,Flamingo Products公司净利润为100万美元。截至2009年1月1日,该公司流通股为100万股。2009年7月1日,该公司以每股20美元的价格发行了10万股新股。该公司向普通股股东支付了20万美元的股息。Flamingo公司2009年的基本每股收益是多少?

    1. 0.80美元。

    2. 0.91美元。

    3. 0.95美元。

  32. For 2009, Flamingo Products had net income of $1,000,000. At 1 January 2009, there were 1,000,000 shares outstanding. On 1 July 2009, the company issued 100,000 new shares for $20 per share. The company paid $200,000 in dividends to common shareholders. What is Flamingo’s basic earnings per share for 2009?

    1. $0.80.

    2. $0.91.

    3. $0.95.

  33. 卡尔文水务公司(CWC)财年结束时公布的净利润为1200万美元,加权平均流通普通股数为200万股。该公司支付了80万美元的优先股股息,并有10万份未行使期权,平均行权价格为每股20美元。CWC全年平均股价为每股25美元。CWC的稀释后每股收益最接近于:

    1. 5.33美元。

    2. 5.54美元。

    3. 5.94美元。

  34. For its fiscal year-end, Calvan Water Corporation (CWC) reported net income of $12 million and a weighted average of 2,000,000 common shares outstanding. The company paid $800,000 in preferred dividends and had 100,000 options outstanding with an average exercise price of $20. CWC’s market price over the year averaged $25 per share. CWC’s diluted EPS is closest to:

    1. $5.33.

    2. $5.54.

    3. $5.94.

  35. 一家没有债务或可转换证券的公司在本财年三次发行公开交易的普通股。根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),该公司:

    1. 基本每股收益等于稀释每股收益。

    2. 年末资本结构被认为较为复杂。

    3. 基本每股收益是通过使用流通股数量的简单平均数计算得出的。

  36. A company with no debt or convertible securities issued publicly traded common stock three times during the current fiscal year. Under both IFRS and US GAAP, the company’s:

    1. basic EPS equals its diluted EPS.

    2. capital structure is considered complex at year-end.

    3. basic EPS is calculated by using a simple average number of shares outstanding.

  37. 劳雷利建筑公司(LB)公布了截至12月31日的年度财务数据如下:

    截至1月1日,已发行普通股数量为1月1日。 2,020,000
    6月1日,以股票股息形式发行普通股。 380,000
    截至1月1日,未执行的认股权证 500,000
    净利 3,350,000 美元
    优先股股息支付 43万美元
    普通股股息支付 24万美元

    关于LB每股收益(EPS)的计算方法,以下哪个说法准确?

    1. LB 的基本每股收益为 1.12 美元。

    2. LB 的稀释后每股收益等于或低于其基本每股收益。

    3. 加权平均流通股数为 2,210,000 股。

  38. Laurelli Builders (LB) reported the following financial data for year-end 31 December:

    Common shares outstanding, 1 January 2,020,000
    Common shares issued as stock dividend, 1 June 380,000
    Warrants outstanding, 1 January 500,000
    Net income $3,350,000
    Preferred stock dividends paid $430,000
    Common stock dividends paid $240,000

    Which statement about the calculation of LB’s EPS is most accurate?

    1. LB’s basic EPS is $1.12.

    2. LB’s diluted EPS is equal to or less than its basic EPS.

    3. The weighted average number of shares outstanding is 2,210,000.

  39. Cell Services Inc. (CSI) 在 2009 年全年平均流通股数为 1,000,000 股。2009 年,CS​​I 还发行了 10,000 份期权,每份期权的行权价格为 10 美元。CSI 在 2009 年的平均股价为 15 美元。为了计算稀释后每股收益,分母应使用多少股?

    1. 1,003,333。

    2. 1,006,667。

    3. 1,010,000。

  40. Cell Services Inc. (CSI) had 1,000,000 average shares outstanding during all of 2009. During 2009, CSI also had 10,000 options outstanding with exercise prices of $10 each. The average stock price of CSI during 2009 was $15. For purposes of computing diluted earnings per share, how many shares would be used in the denominator?

    1. 1,003,333.

    2. 1,006,667.

    3. 1,010,000.

  41. Sublyme公司公布其财政年度净利润为2亿美元,加权平均流通普通股数为5000万股。该公司发行了200万股可转换优先股,每股年股息为5美元。每股优先股可转换为两股普通股。稀释后每股收益最接近于

    1. 3.52美元。

    2. 3.65美元。

    3. 3.70美元。

  42. For its fiscal year-end, Sublyme Corporation reported net income of $200 million and a weighted average of 50,000,000 common shares outstanding. There are 2,000,000 convertible preferred shares outstanding that paid an annual dividend of $5. Each preferred share is convertible into two shares of the common stock. The diluted EPS is closest to:

    1. $3.52.

    2. $3.65.

    3. $3.70.

  43. 在计算稀释每股收益时,资本结构中的下列哪种证券会在不影响普通股股东可分配净利润的情况下增加已发行普通股的加权平均数?

    1. 股票期权

    2. 具有稀释性的可转换债券

    3. 可转换优先股具有稀释性

  44. When calculating diluted EPS, which of the following securities in the capital structure increases the weighted average number of common shares outstanding without affecting net income available to common shareholders?

    1. Stock options

    2. Convertible debt that is dilutive

    3. Convertible preferred stock that is dilutive

  45. 以下哪个说法准确?一份常用格式的损益表:

    1. 将损益表中的每一项都重新表述为净利润的百分比。

    2. 允许分析师通过消除公司规模的影响来进行横截面分析。

    3. 它对损益表的每个项目进行了标准化,但未能帮助分析师识别公司战略的差异。

  46. Which statement is most accurate? A common size income statement:

    1. restates each line item of the income statement as a percentage of net income.

    2. allows an analyst to conduct cross-sectional analysis by removing the effect of company size.

    3. standardizes each line item of the income statement but fails to help an analyst identify differences in companies’ strategies.

  47. 下面列出了 Workhard 的部分年末财务报表数据。

    数百万美元
    期初股东权益 475
    期末股东权益 493
    可供出售证券的未实现收益 5
    衍生品未实现损失已计入对冲交易 -3
    合并过程中的外币折算收益 2
    已支付股息 1
    净利 15

    Workhard公司本年度综合收益:

    1. 价值1800万美元。

    2. 加上作为对冲工具的衍生品,总额有所增加。

    3. 其中包括 400 万美元的其他综合收益。

  48. Selected year-end financial statement data for Workhard are shown below.

    $ millions
    Beginning shareholders’ equity 475
    Ending shareholders’ equity 493
    Unrealized gain on available-for-sale securities 5
    Unrealized loss on derivatives accounted for as hedges –3
    Foreign currency translation gain on consolidation 2
    Dividends paid 1
    Net income 15

    Workhard’s comprehensive income for the year:

    1. is $18 million.

    2. is increased by the derivatives accounted for as hedges.

    3. includes $4 million in other comprehensive income.

  49. 编制损益表时,下列哪些项目最有可能被归类为其他综合收益?

    1. 外币折算调整

    2. 为交易目的而持有的证券的未实现收益

    3. 衍生品合约的已实现收益未计入对冲交易中

  50. When preparing an income statement, which of the following items would most likely be classified as other comprehensive income?

    1. A foreign currency translation adjustment

    2. An unrealized gain on a security held for trading purposes

    3. A realized gain on a derivative contract not accounted for as a hedge

解决方案

Solutions

  1. C选项正确。国际会计准则第1号规定,费用可以按性质或功能进行分类。

  2. C is correct. IAS No. 1 states that expenses may be categorized by either nature or function.

  3. C选项正确。销售成本是按功能分类的,而其他两项费用则是按性质分类的。

  4. C is correct. Cost of goods sold is a classification by function. The other two expenses represent classifications by nature.

  5. C选项正确。毛利率是收入减去销售成本。A选项代表净利润,B选项代表营业利润。

  6. C is correct. Gross margin is revenue minus cost of goods sold. Answer A represents net income and B represents operating income.

  7. B选项正确。根据国际财务报告准则(IFRS),收入包括资产增加带来的经济利益增加、资产增值以及负债减少。

  8. B is correct. Under IFRS, income includes increases in economic benefits from increases in assets, enhancement of assets, and decreases in liabilities.

  9. B 是正确的。净收入是指该期间售出商品的收入减去任何退货和折让,即 1,000,000 美元减去 100,000 美元 = 900,000 美元。

  10. B is correct. Net revenue is revenue for goods sold during the period less any returns and allowances, or $1,000,000 minus $100,000 = $900,000.

  11. A选项正确。Apex并非货物的拥有者,因此只能将净佣金计入收入。

  12. A is correct. Apex is not the owner of the goods and should only report its net commission as revenue.

  13. C选项正确。根据趋同会计准则,获取合同的增量成本以及履行合同所产生的某些成本必须资本化。如果一家公司在采用趋同准则之前的年度中将这些增量成本计入费用,那么在其他条件相同的情况下,其在趋同准则下的盈利能力会更高。

  14. C is correct. Under the converged accounting standards, the incremental costs of obtaining a contract and certain costs incurred to fulfill a contract must be capitalized. If a company expensed these incremental costs in the years prior to adopting the converged standards, all else being equal, its profitability will appear higher under the converged standards.

  15. B 是正确的。按照先进先出法(FIFO),售出的前 10,000 件商品来自 10 月份以 10 英镑的价格购入的商品,售出的接下来的 2,000 件商品来自 11 月份以 11 英镑的价格购入的商品。

  16. B is correct. Under the first in, first out (FIFO) method, the first 10,000 units sold came from the October purchases at £10, and the next 2,000 units sold came from the November purchases at £11.

  17. C选项正确。根据加权平均成本法:

    十月份的采购 10,000 台 10万美元
    11月购买 5000个单位 55,000 美元
       全部的 15,000 台 155,000 美元

    155,000 美元/15,000 单位 = 10.3333 美元 × 12,000 单位 = 124,000 美元。

  18. C is correct. Under the weighted average cost method:

    October purchases 10,000 units $100,000
    November purchases 5,000 units $55,000
       Total 15,000 units $155,000

    $155,000/15,000 units = $10.3333 × 12,000 units = $124,000.

  19. B选项正确。后进先出法(LIFO)不符合国际财务报告准则(IFRS)。其他两种方法均被允许。

  20. B is correct. The last in, first out (LIFO) method is not permitted under IFRS. The other two methods are permitted.

  21. A 是正确的。直线折旧法的折旧额为(600,000 美元 – 50,000 美元)/10,即 55,000 美元。

  22. A is correct. Straight-line depreciation would be ($600,000 – $50,000)/10, or $55,000.

  23. C选项正确。双倍余额递减法的折旧额为600,000美元×20%(直线折旧率的两倍)。计算折旧时,无需从初始账面价值中减去残值。但是,资产的账面价值(账面金额)不会低于估计残值。

  24. C is correct. Double-declining balance depreciation would be $600,000 × 20 percent (twice the straight-line rate). The residual value is not subtracted from the initial book value to calculate depreciation. However, the book value (carrying amount) of the asset will not be reduced below the estimated residual value.

  25. C选项正确。这将导致第一年的折旧额最高,因此与其他选项相比,净收入最低。

  26. C is correct. This would result in the highest amount of depreciation in the first year and hence the lowest amount of net income relative to the other choices.

  27. A选项正确。火灾虽然不常发生,但仍属于持续经营业务的一部分,需要在损益表中列示。终止经营业务则是指决定处置某个经营部门。

  28. A is correct. A fire may be infrequent, but it would still be part of continuing operations and reported in the profit and loss statement. Discontinued operations relate to a decision to dispose of an operating division.

  29. C选项正确。如果一家公司变更会计政策,则在可行的情况下,该公司财务报告中列示的所有会计年度的财务报表均应按照新采用的会计政策编制;这种追溯性应用变更的做法使得报告中所包含的任何先前年度的财务业绩都具有可比性。财务报表附注会描述变更内容并解释变更的理由。

  30. C is correct. If a company changes an accounting policy, the financial statements for all fiscal years shown in a company’s financial report are presented, if practical, as if the newly adopted accounting policy had been used throughout the entire period; this retrospective application of the change makes the financial results of any prior years included in the report comparable. Notes to the financial statements describe the change and explain the justification for the change.

  31. C选项正确。2009年加权平均流通股数为1,050,000股。每股基本收益为1,000,000美元除以1,050,000股,即0.95美元。

  32. C is correct. The weighted average number of shares outstanding for 2009 is 1,050,000. Basic earnings per share would be $1,000,000 divided by 1,050,000, or $0.95.

  33. B选项正确。稀释后每股收益的计算公式如下:

    稀释每股收益 = (净利润 – 优先股股息) / [加权平均流通股数 + (期权行权时本应发行的新股 – 行权时收到的现金可购买的股份) × (金融工具流通在年内的比例)]。

    其基本假设是,未行使的期权将被行使,然后发行新股所得款项将用于回购已发行在外的股份:

    期权行权所得 = 100,000 × $20 = $2,000,000

    回购股份 = 2,000,000 美元 / 25 美元 = 80,000 股

    因此,流通股净增加 100,000 – 80,000 = 20,000。因此,CWC 的稀释每股收益 = (12,000,000 – 800,000)/2,020,000 = 5.54 美元。

  34. B is correct. The formula to calculate diluted EPS is as follows:

    Diluted EPS = (Net income – Preferred dividends)/[Weighted average number of shares outstanding + (New shares that would have been issued at option exercise – Shares that could have been purchased with cash received upon exercise) × (Proportion of year during which the financial instruments were outstanding)].

    The underlying assumption is that outstanding options are exercised, and then the proceeds from the issuance of new shares are used to repurchase shares already outstanding:

    Proceeds from option exercise = 100,000 × $20 = $2,000,000

    Shares repurchased = $2,000,000/$25 = 80,000

    The net increase in shares outstanding is thus 100,000 – 80,000 = 20,000. Therefore, the diluted EPS for CWC = ($12,000,000 – $800,000)/2,020,000 = $5.54.

  35. A选项正确。对于资本结构简单的公司而言,基本每股收益和稀释每股收益相等。仅发行普通股,且不发行任何可转换为普通股的金融工具的公司,其资本结构即为简单资本结构。基本每股收益的计算方法是使用加权平均流通股数。

  36. A is correct. Basic and diluted EPS are equal for a company with a simple capital structure. A company that issues only common stock, with no financial instruments that are potentially convertible into common stock has a simple capital structure. Basic EPS is calculated using the weighted average number of shares outstanding.

  37. B选项正确。LB的资本结构中包含认股权证;如果行权价格低于当年的加权平均市场价格,则认股权证转换将增加流通在外普通股的加权平均数量,导致稀释后每股收益低于基本每股收益。如果行权价格等于加权平均市场价格,则发行股份数量等于回购股份数量。因此,流通在外普通股的加权平均数量不受影响,稀释后每股收益等于基本每股收益。如果行权价格高于加权平均市场价格,则认股权证转换具有反稀释作用。因此,认股权证不计入基本每股收益的计算。LB的基本每股收益为1.22美元[=(3,350,000美元 – 430,000美元)/2,400,000]。股票股利被视为追溯至期初发放。

  38. B is correct. LB has warrants in its capital structure; if the exercise price is less than the weighted average market price during the year, the effect of their conversion is to increase the weighted average number of common shares outstanding, causing diluted EPS to be lower than basic EPS. If the exercise price is equal to the weighted average market price, the number of shares issued equals the number of shares repurchased. Therefore, the weighted average number of common shares outstanding is not affected and diluted EPS equals basic EPS. If the exercise price is greater than the weighted average market price, the effect of their conversion is anti-dilutive. As such, they are not included in the calculation of basic EPS. LB’s basic EPS is $1.22 [= ($3,350,000 – $430,000)/2,400,000]. Stock dividends are treated as having been issued retroactively to the beginning of the period.

  39. A 正确。对于股票期权,必须采用库存股法。根据该方法,公司将收到 100,000 美元(10,000 × 10 美元),并回购 6,667 股股票(100,000 美元 / 15 美元)。分母中的股票数量为:

    流通股 1,000,000
    期权行使 10,000
    已购入的库存股 (6,667)
    分母 1,003,333

  40. A is correct. With stock options, the treasury stock method must be used. Under that method, the company would receive $100,000 (10,000 × $10) and would repurchase 6,667 shares ($100,000/$15). The shares for the denominator would be:

    Shares outstanding 1,000,000
    Options exercises 10,000
    Treasury shares purchased (6,667)
    Denominator 1,003,333

  41. C选项正确。

    稀释后每股收益 = (净利润)/(加权平均流通股数 + 转换时将发行的新普通股)

     = 200,000,000 美元 / [50,000,000 + (2,000,000 × 2)]

     = 3.70 美元

    稀释每股收益假设不支付优先股股息,并且股份在期初转换。

  42. C is correct.

    Diluted EPS = (Net income)/(Weighted average number of shares outstanding + New common shares that would have been issued at conversion)

     = $200,000,000/[50,000,000 + (2,000,000 × 2)]

     = $3.70

    The diluted EPS assumes that the preferred dividend is not paid and that the shares are converted at the beginning of the period.

  43. A选项正确。当一家公司持有未行权的股票期权时,稀释每股收益的计算方式是假设这些金融工具已被行使,并且公司已将行使所得款项用于以该期间普通股的加权平均市场价格尽可能多地回购股票。因此,股票期权的转换会增加流通在外的普通股数量,但不会影响普通股股东可分配的净利润。可转换债券的转换会使普通股股东可分配的净利润增加,增加额为节省的税后利息支出。可转换优先股的转换会使普通股股东可分配的净利润增加,增加额为已支付的优先股股息;此时,分子变为净利润。

  44. A is correct. When a company has stock options outstanding, diluted EPS is calculated as if the financial instruments had been exercised and the company had used the proceeds from the exercise to repurchase as many shares possible at the weighted average market price of common stock during the period. As a result, the conversion of stock options increases the number of common shares outstanding but has no effect on net income available to common shareholders. The conversion of convertible debt increases the net income available to common shareholders by the after-tax amount of interest expense saved. The conversion of convertible preferred shares increases the net income available to common shareholders by the amount of preferred dividends paid; the numerator becomes the net income.

  45. B选项正确。通用格式损益表通过将损益表中的每一项都表示为收入的百分比,便于跨时间段(时间序列分析)和跨公司(横截面分析)进行比较。由于数字的标准化消除了规模的影响,因此可以更轻松地评估不同公司的相对业绩。通用格式损益表将损益表中的每一项都表示为收入的百分比。每项的标准化使得通用格式损益表有助于识别公司战略的差异。

  46. B is correct. Common size income statements facilitate comparison across time periods (time-series analysis) and across companies (cross-sectional analysis) by stating each line item of the income statement as a percentage of revenue. The relative performance of different companies can be more easily assessed because scaling the numbers removes the effect of size. A common size income statement states each line item on the income statement as a percentage of revenue. The standardization of each line item makes a common size income statement useful for identifying differences in companies’ strategies.

  47. C选项正确。综合收益包括净利润和其他综合收益。

    其他综合收益 = 可供出售证券未实现收益 – 作为套期保值措施核算的衍生工具未实现损失 + 合并时的外币折算收益

     = 500万美元 – 300万美元 + 200万美元

     = 400万美元

    或者,

    综合收益 – 净收益 = 其他综合收益

    综合收益 = (期末股东权益 – 期初股东权益)+ 股利

     = (4.93亿美元 – 4.75亿美元) + 100万美元

     = 1800万美元 + 100万美元 = 1900万美元

    净收入为1500万美元,因此其他综合收益为400万美元。

  48. C is correct. Comprehensive income includes both net income and other comprehensive income.

    Other comprehensive income = Unrealized gain on available-for-sale securities – Unrealized loss on derivatives accounted for as hedges + Foreign currency translation gain on consolidation

     = $5 million – $3 million + $2 million

     = $4 million

    Alternatively,

    Comprehensive income – Net income = Other comprehensive income

    Comprehensive income = (Ending shareholders equity – Beginning shareholders equity) + Dividends

     = ($493 million – $475 million) + $1 million

     = $18 million + $1 million = $19 million

    Net income is $15 million so other comprehensive income is $4 million.

  49. A选项正确。其他综合收益包括影响股东权益但未反映在公司利润表中的项目。在合并境外子公司的财务报表时,将子公司资产负债表资产和负债按现行汇率折算所产生的影响计入其他综合收益。

  50. A is correct. Other comprehensive income includes items that affect shareholders’ equity but are not reflected in the company’s income statement. In consolidating the financial statements of foreign subsidiaries, the effects of translating the subsidiaries’ balance sheet assets and liabilities at current exchange rates are included as other comprehensive income.

笔记

Notes

阅读 22 了解资产负债表

Reading 22 Understanding Balance Sheets

作者:伊莱恩·亨利(Elaine Henry,博士,特许金融分析师)和托马斯·R·罗宾逊(Thomas R. Robinson,博士,特许金融分析师)

Elaine Henry,博士,特许金融分析师 (CFA),任职于美国史蒂文斯理工学院。Thomas R. Robinson,博士,特许金融分析师 (CFA),任职于美国AACSB国际商学院协会。

Elaine Henry, PhD, CFA, is at Stevens Institute of Technology (USA). Thomas R. Robinson, PhD, CFA, is at AACSB International (USA).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 描述资产负债表的要素:资产、负债和所有者权益;

  2. describe the elements of the balance sheet: assets, liabilities, and equity;

  3. 描述资产负债表在财务分析中的用途和局限性;

  4. describe uses and limitations of the balance sheet in financial analysis;

  5. 描述资产负债表列报的其他格式;

  6. describe alternative formats of balance sheet presentation;

  7. 区分流动资产和非流动资产,以及流动负债和非流动负债;

  8. distinguish between current and non-current assets and current and non-current liabilities;

  9. 描述不同类型的资产和负债及其计量基础;

  10. describe different types of assets and liabilities and the measurement bases of each;

  11. 描述股东权益的组成部分;

  12. describe the components of shareholders’ equity;

  13. 将资产负债表转换为通用格式资产负债表并解读通用格式资产负债表;

  14. convert balance sheets to common-size balance sheets and interpret common-size balance sheets;

  15. 计算并解读流动性比率和偿付能力比率。

  16. calculate and interpret liquidity and solvency ratios.

1.引言

1. Introduction

资产负债表提供有关公司资源(资产)及其资金来源(权益和负债/债务)的信息。这些信息有助于分析师评估公司支付近期运营需求、履行未来债务义务以及向所有者分配利润的能力。资产负债表的基本等式是:资产 = 负债 + 权益。

The balance sheet provides information on a company’s resources (assets) and its sources of capital (equity and liabilities/debt). This information helps an analyst assess a company’s ability to pay for its near-term operating needs, meet future debt obligations, and make distributions to owners. The basic equation underlying the balance sheet is Assets = Liabilities + Equity.

分析人员应注意,不同类型的资产和负债可能采用不同的计量方法。例如,有些项目按历史成本或其变式计量,而另一些则按公允价值计量。¹理解计量问题有助于分析。资产负债表的计量问题当然与影响利润表收入和费用确认问题密切相关。本文将阐述并举例说明影响资产负债表的计量问题与影响利润表的收入和费用确认问题之间的一些联系。

Analysts should be aware that different types of assets and liabilities may be measured differently. For example, some items are measured at historical cost or a variation thereof and others at fair value.1 An understanding of the measurement issues will facilitate analysis. The balance sheet measurement issues are, of course, closely linked to the revenue and expense recognition issues affecting the income statement. Throughout this reading, we describe and illustrate some of the linkages between the measurement issues affecting the balance sheet and the revenue and expense recognition issues affecting the income statement.

本文结构如下:第二部分描述并举例说明资产负债表的要素和格式。第三部分讨论流动资产和流动负债。第四部分重点介绍资产,第五部分重点介绍负债。第六部分描述权益的构成要素,并阐述股东权益变动表。第七部分介绍资产负债表分析。最后总结要点并提供CFA协会多项选择题形式的练习题。

This reading is organized as follows: In Section 2, we describe and give examples of the elements and formats of balance sheets. Section 3 discusses current assets and current liabilities. Section 4 focuses on assets, and Section 5 focuses on liabilities. Section 6 describes the components of equity and illustrates the statement of changes in shareholders’ equity. Section 7 introduces balance sheet analysis. A summary of the key points and practice problems in the CFA Institute multiple-choice format conclude the reading.

2.资产负债表的组成部分和格式

2. Components and Format of the Balance Sheet

资产负债表(也称财务状况表财务状况报表)披露了企业在特定时点的资产(或控制权) 、负债以及所有者的债权。

The balance sheet (also called the statement of financial position or statement of financial condition) discloses what an entity owns (or controls), what it owes, and what the owners’ claims are at a specific point in time.2

公司的财务状况可以用其基本要素(资产、负债和所有者权益)来描述:

The financial position of a company is described in terms of its basic elements (assets, liabilities, and equity):

  • 资产(A)是指公司拥有(或控制)的财产。更正式地说,资产是指公司因过去的交易活动而控制的资源,预期这些资源将在未来公司带来经济利益。

  • Assets (A) are what the company owns (or controls). More formally, assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

  • 负债(L)是指公司所欠的款项。更正式地说,负债代表公司因过去的交易或事项而产生的义务,这些义务的清偿预计将导致公司未来经济利益的流出

  • Liabilities (L) are what the company owes. More formally, liabilities represent obligations of a company arising from past events, the settlement of which is expected to result in a future outflow of economic benefits from the entity.

  • 权益(E)代表所有者在公司资产减去负债后所享有的剩余权益。权益通常被称为股东权益所有者权益,其计算方法是用公司资产减去负债,由此得出会计等式: A – L = EA = L + E。

  • Equity (E) represents the owners’ residual interest in the company’s assets after deducting its liabilities. Commonly known as shareholders’ equity or owners’ equity, equity is determined by subtracting the liabilities from the assets of a company, giving rise to the accounting equation: A – L = E or A = L + E.

等式 A =​​ L + E 有时可概括如下:等式左侧反映公司控制的资源,右侧反映这些资源的融资方式。对于所有财务报表项目,只有当与该项目相关的未来经济利益很可能流入或流出公司,且该项目具有可可靠计量的成本或价值时,该项目才应在财务报表中确认。3

The equation A = L + E is sometimes summarized as follows: The left side of the equation reflects the resources controlled by the company and the right side reflects how those resources were financed. For all financial statement items, an item should only be recognized in the financial statements if it is probable that any future economic benefit associated with the item will flow to or from the entity and if the item has a cost or value that can be measured with reliability.3

资产负债表提供了有关公司财务状况的重要信息,但出于以下几个原因,资产负债表中的权益金额(资产减去负债)不应被视为衡量公司权益市场价值或内在价值的指标。首先,根据现行会计准则,资产负债表采用混合计量模式。部分资产和负债按历史成本计量,有时会进行调整;而其他资产和负债则按公允价值计量,公允价值代表其在资产负债表日的当前价值。计量基础的不同可能会对报告金额产生重大影响。其次,即使是按现值计量的项目,也反映的是报告期末的当前价值。这些项目的价值显然会在资产负债表编制后发生变化。第三,公司的价值取决于诸多因素,包括公司预期产生的未来现金流和当前的市场状况。公司产生未来现金流能力的重要方面——例如,其声誉和管理能力——并未包含在资产负债表中。

The balance sheet provides important information about a company’s financial condition, but the balance sheet amounts of equity (assets, net of liabilities) should not be viewed as a measure of either the market or intrinsic value of a company’s equity for several reasons. First, the balance sheet under current accounting standards is a mixed model with respect to measurement. Some assets and liabilities are measured based on historical cost, sometimes with adjustments, whereas other assets and liabilities are measured based on a fair value, which represents its current value as of the balance sheet date. The measurement bases may have a significant effect on the amount reported. Second, even the items measured at current value reflect the value that was current at the end of the reporting period. The values of those items obviously can change after the balance sheet is prepared. Third, the value of a company is a function of many factors, including future cash flows expected to be generated by the company and current market conditions. Important aspects of a company’s ability to generate future cash flows—for example, its reputation and management skills—are not included in its balance sheet.

2.1资产负债表组成部分

2.1. Balance Sheet Components

为了说明资产负债表的组成部分和格式,我们展示了两家公司资产负债表的主要小计。图表 1图表 2分别基于 SAP 集团和苹果公司的资产负债表。SAP 集团是一家总部位于德国的领先商业软件公司,其财务报表按照国际财务报告准则 (IFRS) 编制。苹果公司是一家总部位于美国的科技制造商,其财务报表按照美国通用会计准则 (US GAAP) 编制。为便于讨论,图表 1和图表2仅列出这两家公司资产负债表的主要小计和总计。本文后续的图表将对这些小计进行更详细的阐述。

To illustrate the components and formats of balance sheets, we show the major subtotals from two companies’ balance sheets. Exhibit 1 and Exhibit 2 are based on the balance sheets of SAP Group and Apple Inc. SAP Group is a leading business software company based in Germany and prepares its financial statements in accordance with IFRS. Apple is a technology manufacturer based in the United States and prepares its financial statements in accordance with US GAAP. For purposes of discussion, Exhibits 1 and 2 show only the main subtotals and totals of these companies’ balance sheets. Additional exhibits throughout this reading will expand on these subtotals.

附件1. SAP集团合并财务状况表

(节选)(单位:百万欧元)
12月31日
资产 2017 2016*
流动资产总额 11,930 11,564
非流动资产总额 30,567 32,713
总资产 42,497 44,277
权益和负债
流动负债总额 10,210 9,675
非流动负债总额 6,747 8,205
总负债 16,957 17,880
总权益 25,540 26,397
权益和负债 42,497 44,277

资料来源:SAP集团2017年年度报告。

Source: SAP Group 2017 annual report.

:数字均来自公司编制的年度报告,其中存在一些四舍五入的情况。

Notes: Numbers exactly from the annual report as prepared by the company, which reflects some rounding.

* 这些数字是 SAP 集团 2017 年年度报告中重新分类的数字。

* Numbers are the reclassified numbers from the SAP Group 2017 annual report.

附录2. 苹果公司合并资产负债表

(节选)*(单位:百万美元)
资产 2017年9月30日 2016年9月24日
流动资产总额 128,645 106,869
[所有其他资产] 246,674 214,817
总资产 375,319 321,686
负债和股东权益
流动负债总额 100,814 79,006
非流动负债总额 140,458 114,431
总负债 241,272 193,437
股东权益总额 134,047 128,249
总负债和股东权益 375,319 321,686

*:本摘录中以斜​​体显示的汇总数字并未在公司编制的财务报表中明确列出。

*Note: The italicized subtotals presented in this excerpt are not explicitly shown on the face of the financial statement as prepared by the company.

资料来源:苹果公司 2017 年年度报告(10-K 表格)。

Source: Apple Inc. 2017 annual report (Form 10K).

SAP集团使用“财务状况表”的名称,而苹果公司使用“资产负债表”的名称。尽管名称不同,但两份报表都报告了三个基本要素:资产、负债和所有者权益。两家公司均采用合并报表,即包含其所有控股子公司。SAP集团资产负债表中的数字以百万欧元为单位,而苹果公司资产负债表中的数字以百万美元为单位。

SAP Group uses the title Statement of Financial Position and Apple uses the title Balance Sheet. Despite their different titles, both statements report the three basic elements: assets, liabilities, and equity. Both companies are reporting on a consolidated basis, i.e., including all their controlled subsidiaries. The numbers in SAP Group’s balance sheet are in millions of euro, and the numbers in Apple’s balance sheet are in millions of dollars.

资产负债表信息反映的是特定时间点的情况。这些图表均来自各公司的年度财务报表,因此资产负债表信息截至其各自财政年度的最后一天。SAP集团的财政年度与日历年相同,其资产负债表信息截至12月31日。苹果公司的财政年度于每年9月的最后一个星期六结束,因此实际日期每年都会有所不同。大约每六年,苹果公司的财政年度将包含53周而非52周。需要注意的是,苹果公司财政年度的这一特点,但通常来说,多出的一周对于评估跨越一段时间的报表(例如损益表和现金流量表)比对于反映特定时间点信息的资产负债表更为重要。

Balance sheet information is as of a specific point in time. These exhibits are from the companies’ annual financial statements, so the balance sheet information is as of the last day of their respective fiscal years. SAP Group’s fiscal year is the same as the calendar year and the balance sheet information is as of 31 December. Apple’s fiscal year ends on the last Saturday of September, so the actual date changes from year to year. About every six years, Apple’s fiscal year will include 53 weeks rather than 52 weeks. This feature of Apple’s fiscal year should be noted, but in general, the extra week is more relevant to evaluating statements spanning a period of time (the income and cash flow statements) rather than the balance sheet which captures information as of a specific point in time.

公司支付短期运营需求的能力与流动性概念密切相关。就公司整体而言,流动性指的是可用于满足这些短期需求的现金储备。就特定资产或负债而言,流动性指的是其“接近现金”的程度。流动性资产是指能够在短时间内以接近公允市场价值的价格轻松变现的资产。例如,持有少量活跃交易的股票比投资商业地产等资产(尤其是在房地产市场疲软的情况下)的流动性要好得多。

A company’s ability to pay for its short term operating needs relates to the concept of liquidity. With respect to a company overall, liquidity refers to the availability of cash to meet those short-term needs. With respect to a particular asset or liability, liquidity refers to its “nearness to cash.” A liquid asset is one that can be easily converted into cash in a short period of time at a price close to fair market value. For example, a small holding of an actively traded stock is much more liquid than an investment in an asset such as a commercial real estate property, particularly in a weak property market.

将流动资产和非流动资产及负债分开列示,有助于分析公司的流动性状况(至少在会计期末)。国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)均要求资产负债表区分流动资产和非流动资产,以及流动负债和非流动负债,并分别列示。但IFRS规定,如果基于流动性的列示方式能够提供更可靠、更相关的信息,则无需区分流动资产和非流动资产。表1和表2展示了区分流动资产和非流动资产的列示方式。第2.3节的表3展示了基于流动性的列示方式。

The separate presentation of current and non-current assets and liabilities facilitates analysis of a company’s liquidity position (at least as of the end of the fiscal period). Both IFRS and US GAAP require that the balance sheet distinguish between current and non-current assets and between current and non-current liabilities and present these as separate classifications. An exception to this requirement, under IFRS, is that the current and non-current classifications are not required if a liquidity-based presentation provides reliable and more relevant information. Presentations distinguishing between current and non-current elements are shown in Exhibits 1 and 2. Exhibit 3 in Section 2.3 shows a liquidity-based presentation.

2.2当前和非当前分类

2.2. Current and Non-Current Classification

主要用于交易或预计在报告期后一年内或一个经营周期内(以较长者为准)出售、消耗或以其他方式变现的资产,归类为 流动资产。公司的经营周期是指从购入存货到收到客户销售款项的平均时间。(如果企业的正常经营周期无法明确确定,则假定其持续时间为一年。)对于制造商而言,经营周期是指从购入原材料到通过销售将其转化为现金的平均时间。烟草、酿酒和木材行业的公司,其经营周期可能超过一年。尽管这类公司通常持有存货的时间超过一年,但由于预计存货将在一个经营周期内售出,因此仍将其归类为流动资产。预计在一年内或一个企业经营周期内(以较长者为准)不会出售或用完的资产,归类为非流动资产(长期、长寿命资产)。

Assets that are held primarily for the purpose of trading or that are expected to be sold, used up, or otherwise realized in cash within one year or one operating cycle of the business, whichever is greater, after the reporting period are classified as current assets. A company’s operating cycle is the average amount of time that elapses between acquiring inventory and collecting the cash from sales to customers. (When the entity’s normal operating cycle is not clearly identifiable, its duration is assumed to be one year.) For a manufacturer, the operating cycle is the average amount of time between acquiring raw materials and converting these into cash from a sale. Examples of companies that might be expected to have operating cycles longer than one year include those operating in the tobacco, distillery, and lumber industries. Even though these types of companies often hold inventories longer than one year, the inventory is classified as a current asset because it is expected to be sold within an operating cycle. Assets not expected to be sold or used up within one year or one operating cycle of the business, whichever is greater, are classified as non-current assets (long-term, long-lived assets).

流动资产通常用于经营活动,除现金外,还包括预计在本经营周期内转化为现金(例如应收账款)、消耗掉(例如办公用品、预付费用)或出售(例如存货)的项目。流动资产反映了企业的经营活动和经营能力。例如,“应收账款”或“应收账款”表明公司向客户提供信贷。非流动资产代表企业运营所需的基础设施,这些资产在本期不会被消耗或出售。对这类资产的投资是出于战略和长期考虑。

Current assets are generally maintained for operating purposes, and these assets include—in addition to cash—items expected to be converted into cash (e.g., trade receivables), used up (e.g., office supplies, prepaid expenses), or sold (e.g., inventories) in the current operating cycle. Current assets provide information about the operating activities and the operating capability of the entity. For example, the item “trade receivables” or “accounts receivable” would indicate that a company provides credit to its customers. Non-current assets represent the infrastructure from which the entity operates and are not consumed or sold in the current period. Investments in such assets are made from a strategic and longer term perspective.

同样,预计在报告期后一年内或一个经营周期内(以较长者为准)清偿的负债也归类为流动负债。将负债归类为流动负债的具体标准包括以下几点:

Similarly, liabilities expected to be settled within one year or within one operating cycle of the business, whichever is greater, after the reporting period are classified as current liabilities. The specific criteria for classification of a liability as current include the following:

  • 预计将在该实体的正常经营周期内解决;

  • It is expected to be settled in the entity’s normal operating cycle;

  • 其主要持有目的是为了进行交易;4

  • It is held primarily for the purpose of being traded;4

  • 应在资产负债表日后一年内结算;或

  • It is due to be settled within one year after the balance sheet date; or

  • 该实体不享有无条件递延至资产负债表日后至少一年内履行负债的权利。5

  • The entity does not have an unconditional right to defer settlement of the liability for at least one year after the balance sheet date.5

国际财务报告准则(IFRS)规定,某些流动负债,例如应付账款以及部分员工工资和其他运营成本的应计项目,属于企业正常经营周期中使用的营运资本。即使这些运营项目将在资产负债表日后一年以上结算,也应归类为流动负债。所有其他负债均归类为非流动负债。非流动负债包括提供长期融资的金融负债。

IFRS specify that some current liabilities, such as trade payables and some accruals for employee and other operating costs, are part of the working capital used in the entity’s normal operating cycle. Such operating items are classified as current liabilities even if they will be settled more than one year after the balance sheet date. All other liabilities are classified as non-current liabilities. Non-current liabilities include financial liabilities that provide financing on a long-term basis.

流动资产超过流动负债的部分称为营运资本。营运资本水平能够为分析人员提供企业偿付到期债务能力的信息。充足的营运资本固然重要,但过剩的营运资本也并非必要,这样可以避免资金被不恰当地占用,从而提高企业的生产力。

The excess of current assets over current liabilities is called working capital. The level of working capital provides analysts with information about the ability of an entity to meet liabilities as they fall due. Although adequate working capital is essential, excessive working capital should be so that funds that could be used more productively elsewhere are not inappropriately tied up.

将流动资产和非流动资产及负债分别分类的资产负债表称为分类资产负债表。分类通常也指将账户分组到不同的子类别中。附录1和附录2中汇总的两家公司的资产负债表均为分类资产负债表。虽然两家公司的资产负债表均将流动资产列于非流动资产之前,流动负债列于非流动负债之前,但这并非强制要求。国际财务报告准则(IFRS)并未规定公司在流动/非流动分类资产负债表中列示项目的顺序或格式。

A balance sheet with separately classified current and non-current assets and liabilities is referred to as a classified balance sheet. Classification also refers generally to the grouping of accounts into subcategories. Both companies’ balance sheets that are summarized in Exhibits 1 and 2 are classified balance sheets. Although both companies’ balance sheets present current assets before non-current assets and current liabilities before non-current liabilities, this is not required. IFRS does not specify the order or format in which a company presents items on a current/non-current classified balance sheet.

2.3 . 基于流动性的列报

2.3. Liquidity-Based Presentation

当流动性列报方式(而非流动/非流动列报方式)能够提供更可靠、更相关的信息时,便采用流动性列报方式。流动性列报方式中,所有资产和负债均按流动性高低大致排列。

A liquidity-based presentation, rather than a current/non-current presentation, is used when such a presentation provides information that is reliable and more relevant. With a liquidity-based presentation, all assets and liabilities are presented broadly in order of liquidity.

银行等机构适合采用流动性基础列报方式。附录3列示了汇丰控股有限公司(汇丰)的资产负债表资产部分。汇丰是一家采用国际财务报告准则(IFRS)的全球金融服务公司。汇丰的资产负债表采用流动性基础列报方式。如图所示,资产部分首先列示现金和中央银行存款。流动性较差的项目,例如“联营公司及合营企业的权益”,则列于资产清单的底部附近。

Entities such as banks are candidates to use a liquidity-based presentation. Exhibit 3 presents the assets portion of the balance sheet of HSBC Holdings plc (HSBC), a global financial services company that reports using IFRS. HSBC’s balance sheet is ordered using a liquidity-based presentation. As shown, the asset section begins with cash and balances at central banks. Less liquid items such as “Interest in associates and joint ventures” appear near the bottom of the asset listing.

附件3. 汇丰控股有限公司截至12月31日的合并财务状况表(摘录:仅资产)(单位:百万美元)
合并资产负债表 - 美元 ($) 单位:百万美元 2017年12月31日 2016年12月31日
资产
中央银行的现金和余额 180,624 美元 128,009 美元
从其他银行收款过程中的物品 6,628 5,003
香港政府债务凭证 34,186 31,228
交易资产 287,995 235,125
按公允价值指定的金融资产 29,464 24,756
衍生品 219,818 290,872
银行贷款和垫款 90,393 88,126
向客户提供贷款和预付款 962,964 861,504
反向回购协议——非交易性 201,553 160,974
金融投资 389,076 436,797
预付款、应计收入和其他资产 67,191 63,909
当前税务资产 1,006 1,145
在联营公司和合资企业中的权益 22,744 20,029
商誉和无形资产 23,453 21,346
递延所得税资产 4,676 6,163
总资产 2,521,771 2,374,986

资料来源:汇丰控股有限公司 2017 年年度报告及账目。

Source: HSBC Holdings plc 2017 Annual Report and Accounts.

3.流动资产和流动负债

3. Current Assets and Current Liabilities

本节将更详细地探讨流动资产和流动负债。

This section examines current assets and current liabilities in greater detail.

3.1流动资产

3.1. Current Assets

会计准则要求,某些特定项目(如果金额较大)必须在资产负债表上列示。流动资产的必列项目包括现金及现金等价物、应收账款及其他应收款项、存货以及金融资产(短期到期)。公司可根据需要列示其他项目,但须符合分别列示各类类似项目的要求。例如,附录4附录5分别列出了SAP集团和苹果公司的资产负债表摘录,其中列示了这两家公司流动资产的各项项目。

Accounting standards require that certain specific line items, if they are material, must be shown on a balance sheet. Among the current assets’ required line items are cash and cash equivalents, trade and other receivables, inventories, and financial assets (with short maturities). Companies present other line items as needed, consistent with the requirements to separately present each material class of similar items. As examples, Exhibit 4 and Exhibit 5 present balance sheet excerpts for SAP Group and Apple Inc. showing the line items for the companies’ current assets.

附件 4. SAP 集团合并财务状况表(节选:流动资产明细)(单位:百万欧元)
截至12月31日
资产 2017 2016
现金及现金等价物 4,011 欧元 3,702 欧元
其他金融资产 990 1,124
贸易应收款及其他应收款 5,899 5,924
其他非金融资产 725 581
税务资产 306 233
流动资产总额 11,930 11,564
非流动资产总额 30,567 32,713
总资产 42,497 44,277
流动负债总额 10,210 9,674
非流动负债总额 6,747 8,205
总负债 16,958 17,880
总权益 25,540 26,397
总权益和负债 42,497 欧元 44,277 欧元

资料来源:SAP集团2017年年度报告。

Source: SAP Group 2017 annual report.

附录 5. 苹果公司合并资产负债表(节选:流动资产明细)*(单位:百万美元)
资产 2017年9月30日 2016年9月24日
现金及现金等价物 20,289 美元 20,484 美元
短期有价证券 53,892 46,671
应收账款,分别减去备抵金额 58 美元和 53 美元。 17,874 15,754
库存 4,855 2,132
供应商非贸易应收款 17,799 13,545
其他流动资产 13,936 8,283
流动资产总额 128,645 106,869
[所有其他资产] 246,674 214,817
总资产 375,319 321,686
流动负债总额 100,814 79,006
非流动负债总额 140,458 114,431
总负债 241,272 193,437
股东权益总额 134,047 128,249
总负债和股东权益 375,319 美元 321,686 美元

*:本摘录中以斜​​体显示的汇总数字并未在公司编制的财务报表中明确列出。

*Note: The italicized subtotals presented in this excerpt are not explicitly shown on the face of the financial statement as prepared by the company.

资料来源:苹果公司 2017 年年度报告(10-K 表格)。

Source: Apple Inc. 2017 annual report (Form 10K).

3.1.1现金及现金等价物

3.1.1. Cash and Cash Equivalents

现金等价物是流动性极强的短期投资,由于其到期日临近,因此价值受利率变动影响的风险极低。现金及现金等价物属于金融资产。金融资产通常以摊余成本公允价值计量和报告。摊余成本是指资产的历史成本(初始确认成本)经摊销和减值调整后的成本。根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),公允价值基于退出价格,即在计量日,两个市场参与者之间有序交易中出售资产或转移负债所支付的价格。

Cash equivalents are highly liquid, short-term investments that are so close to maturity,6 the risk is minimal that their value will change significantly with changes in interest rates. Cash and cash equivalents are financial assets. Financial assets, in general, are measured and reported at either amortised cost or fair value. Amortised cost is the historical cost (initially recognised cost) of the asset adjusted for amortisation and impairment. Under IFRS and US GAAP, fair value is based on an exit price, the price received to sell an asset or paid to transfer a liability in an orderly transaction between two market participants at the measurement date.

对于现金及现金等价物,摊余成本和公允价值可能存在微不足道的差异。现金等价物的例子包括银行活期存款和流动性极强的投资(例如美国国库券、商业票据和货币市场基金),这些投资的原始期限为三个月或更短。现金及现金等价物不包括至少12个月内使用受限的款项。所有公司的现金流量表均列示了特定时期内现金变动的信息。2017财年,SAP集团的现金及现金等价物从37.02亿欧元增至40.11亿欧元,而苹果公司的现金及现金等价物则从204.84亿美元减少至202.89亿美元。

For cash and cash equivalents, amortised cost and fair value are likely to be immaterially different. Examples of cash equivalents are demand deposits with banks and highly liquid investments (such as US Treasury bills, commercial paper, and money market funds) with original maturities of three months or less. Cash and cash equivalents excludes amounts that are restricted in use for at least 12 months. For all companies, the Statement of Cash Flows presents information about the changes in cash over a period. For the fiscal year 2017, SAP Group’s cash and cash equivalents increased from €3,702 million to €4,011 million, and Apple’s cash and cash equivalents decreased from $20,484 million to $20,289 million.

3.1.2有价证券

3.1.2. Marketable Securities

有价证券也属于金融资产,包括在公开市场交易的债务或权益证券投资,其价值可根据公开市场的价格信息确定。有价证券的例子包括国库券、票据、债券以及权益证券,例如普通股和共同基金份额。公司会在其财务报表附注中披露有关其持仓的更多细节。例如,SAP集团披露其其他金融资产包括定期存款、其他应收款以及向员工和第三方提供的贷款等项目。苹果公司截至2017财年末和2016财年末的短期有价证券总额分别为539亿美元和467亿美元,其中包括美国国债、公司证券、商业票据和定期存款。债务和权益证券投资等金融资产涉及多种计量问题,将在4.5节中进行讨论。

Marketable securities are also financial assets and include investments in debt or equity securities that are traded in a public market, and whose value can be determined from price information in a public market. Examples of marketable securities include treasury bills, notes, bonds, and equity securities, such as common stocks and mutual fund shares. Companies disclose further detail in the notes to their financial statements about their holdings. For example, SAP Group discloses that its other financial assets consist of items such as time deposits, other receivables, and loans to employees and third parties. Apple’s short-term marketable securities, totaling $53.9 billion and $46.7 billion at the end of fiscal 2017 and 2016, respectively, include holdings of US treasuries, corporate securities, commercial paper, and time deposits. Financial assets such as investments in debt and equity securities involve a variety of measurement issues and will be addressed in Section 4.5.

3.1.3应收账款

3.1.3. Trade Receivables

应收账款,也称为贸易应收款,是另一种金融资产。它是指客户因公司已交付的产品和服务而欠公司的款项。应收账款通常以净变现价值列报,净变现价值是基于对可收回款项的估计而得出的公允价值近似值。分析师通常需要关注应收账款的几个方面。首先,应收账款占销售额的总体水平(这将在比率分析中进一步讨论)非常重要,因为应收账款占销售额比例的显著增加可能表明公司在收回客户款项方面遇到了困难。

Trade receivables, also referred to as accounts receivable, are another type of financial asset. These are amounts owed to a company by its customers for products and services already delivered. They are typically reported at net realizable value, an approximation of fair value, based on estimates of collectability. Several aspects of accounts receivable are usually relevant to an analyst. First, the overall level of accounts receivable relative to sales (a topic to be addressed further in ratio analysis) is important because a significant increase in accounts receivable relative to sales could signal that the company is having problems collecting cash from its customers.

应收账款的第二个相关方面是坏账准备。坏账准备反映了公司对最终无法收回的应收账款金额的估计。特定期间的坏账准备增加额计入坏账费用,而坏账准备的余额则从应收账款总额中扣除,最终得出净额,即对净变现价值的估计。当特定应收账款被认定为无法收回时,将通过减少应收账款和坏账准备来予以核销。坏账准备被称为抵减账户,因为它与应收账款余额(一项资产账户)相抵销(即减少)。例如,SAP集团的资产负债表显示,截至2017年12月31日,其当期净应收账款及其他应收款项为58.99亿欧元。坏账准备金额(7400万欧元)在财务报表附注7中披露。苹果公司在资产负债表上披露了坏账准备;截至2017年9月30日,该准备金为5800万美元。当日应收账款余额为178.74亿美元,已扣除该准备金。苹果公司披露,该准备金的计提依据是“历史经验、应收账款账龄、公司客户的信用质量、当前经济状况以及其他可能影响客户支付能力的因素”。应收账款账龄是指应收账款未结清的时间,包括逾期天数。

A second relevant aspect of accounts receivable is the allowance for doubtful accounts. The allowance for doubtful accounts reflects the company’s estimate of the amount of receivables that will ultimately be uncollectible. Additions to the allowance in a particular period are reflected as bad debt expenses, and the balance of the allowance for doubtful accounts reduces the gross receivables amount to a net amount that is an estimate of net realizable value. When specific receivables are deemed to be uncollectible, they are written off by reducing accounts receivable and the allowance for doubtful accounts. The allowance for doubtful accounts is called a contra account because it is netted against (i.e., reduces) the balance of accounts receivable, which is an asset account. SAP Group’s balance sheet, for example, reports current net trade and other receivables of €5,899 million as of 31 December 2017. The amount of the allowance for doubtful accounts (€74 million) is disclosed in the notes7 to the financial statements. Apple discloses the allowance for doubtful accounts on the face of the balance sheet; as of 30 September 2017, the allowance was $58 million. The $17,874 million of accounts receivable on that date is net of the allowance. Apple’s disclosures state that the allowance is based on “historical experience, the age of the accounts receivable balances, credit quality of the Company’s customers, current economic conditions, and other factors that may affect customers’ abilities to pay.” The age of an accounts receivable balance refers to the length of time the receivable has been outstanding, including how many days past the due date.

应收账款的另一个相关方面是信用风险集中度。例如,SAP集团的年度报告披露,由于其客户群庞大且多元化,涵盖不同行业、公司规模和国家,因此信用风险集中度有限。同样,苹果公司的年度报告指出,没有单一客户的收入占比达到或超过10%。然而,苹果公司2017年的披露数据显示,有两家客户分别占其贸易应收款总额的10%或以上,其移动网络运营商的收入占贸易应收款总额的59%。在其供应商非贸易应收款中,三家供应商分别占总额的42%、19%和10%

Another relevant aspect of accounts receivable is the concentration of credit risk. For example, SAP Group’s annual report discloses that concentration of credit risk is limited because they have a large customer base diversified across various industries, company sizes, and countries. Similarly, Apple’s annual report notes that no single customer accounted for 10 percent or more of its revenues. However, Apple’s disclosures for 2017 indicate that two customers individually represented 10% or more of its total trade receivables and its cellular network carriers accounted for 59% of trade receivables. Of its vendor non-trade receivables, three vendors represent 42%, 19%, and 10% of the total. 8

例 1

应收账款分析

Analysis of Accounts Receivable

  1. 根据附录 5中苹果公司的资产负债表摘录,苹果公司估计其 2017 年和 2016 年应收账款总额中有多少百分比将无法收回?

  2. Based on the balance sheet excerpt for Apple Inc. in Exhibit 5, what percentage of its total accounts receivable in 2017 and 2016 does Apple estimate will be uncollectible?

  3. 一般来说,坏账准备金额与坏账费用之间有何关系?

  4. In general, how does the amount of allowance for doubtful accounts relate to bad debt expense?

  5. 一般来说,哪些因素会导致公司的坏账准备金减少?

  6. In general, what are some factors that could cause a company’s allowance for doubtful accounts to decrease?

问题1的解答:

Solution to 1:

(百万美元)2017 年应收账款预计无法收回的比例为 0.32%,计算方法为 58 美元 / (17,874 美元 + 58 美元)。请注意,17,874 美元是扣除 58 美元坏账准备后的净额,因此应收账款总额是通过在净额基础上加上坏账准备来确定的。2016 年应收账款预计无法收回的比例为 0.34% [53 美元 / (15,754 美元 + 53 美元)]。

($ millions) The percentage of 2017 accounts receivable estimated to be uncollectible is 0.32 percent, calculated as $58/($17,874 + $58). Note that the $17,874 is net of the $58 allowance, so the gross amount of accounts receivable is determined by adding the allowance to the net amount. The percentage of 2016 accounts receivable estimated to be uncollectible is 0.34 percent [$53/($15,754 + $53)].

答案二:

Solution to 2:

坏账费用是公司根据其对该期间赊销额中最终无法收回的款项比例的估计而计提的当期费用。坏账准备是一个资产抵减账户,与应收账款这一资产账户进行抵销。

Bad debt expense is an expense of the period, based on a company’s estimate of the percentage of credit sales in the period, for which cash will ultimately not be collected. The allowance for bad debts is a contra asset account, which is netted against the asset accounts receivable.

为了记录预计的坏账,公司会确认一笔坏账费用(这会影响净利润),并将坏账准备金的余额增加相同的金额。为了记录特定应收账款的核销,公司会减少坏账准备金的余额,并将应收账款的余额减少相同的金额。

To record the estimated bad debts, a company recognizes a bad debt expense (which affects net income) and increases the balance in the allowance for doubtful accounts by the same amount. To record the write off of a particular account receivable, a company reduces the balance in the allowance for doubtful accounts and reduces the balance in accounts receivable by the same amount.

问题3的解答:

Solution to 3:

一般来说,公司坏账准备金绝对值的减少可能是由于赊销额的减少造成的。

In general, a decrease in a company’s allowance for doubtful accounts in absolute terms could be caused by a decrease in the amount of credit sales.

可能导致公司坏账准备金占应收账款比例下降的因素包括以下几点:

Some factors that could cause a company’s allowance for doubtful accounts to decrease as a percentage of accounts receivable include the following:

  • 公司现有客户信用质量的改善(无论是客户自身状况的改善还是整体经济状况的改善所致);

  • Improvements in the credit quality of the company’s existing customers (whether driven by a customer-specific improvement or by an improvement in the overall economy);

  • 更严格的信贷政策(例如,拒绝允许信用度较低的客户进行信贷购买,而是要求他们支付现金、提供抵押品或提供其他形式的财务支持);和/或

  • Stricter credit policies (for example, refusing to allow less creditworthy customers to make credit purchases and instead requiring them to pay cash, to provide collateral, or to provide some additional form of financial backing); and/or

  • 更严格的风险管理政策(例如,购买更多保险以防范潜在的违约风险)。

  • Stricter risk management policies (for example, buying more insurance against potential defaults).

除了上述业务因素外,由于坏账准备是基于管理层对可收回款项的估计,管理层有可能通过人为操纵这些估计来影响报告的收益。例如,为了提高报告收入,管理团队可能会故意高估某一时期的可收回款项,并低估该时期的坏账费用。反之,在盈利良好的时期,管理层可能会低估可收回款项,并高估坏账费用,以期在盈利较差的时期扭转这种偏差。

In addition to the business factors noted above, because the allowance is based on management’s estimates of collectability, management can potentially bias these estimates to manipulate reported earnings. For example, a management team aiming to increase reported income could intentionally over-estimate collectability and under-estimate the bad debt expense for a period. Conversely, in a period of good earnings, management could under-estimate collectability and over-estimate the bad debt expense with the intent of reversing the bias in a period of poorer earnings.

3.1.4库存

3.1.4. Inventories

库存是指最终将出售给公司客户的有形产品,可以是成品,也可以是用于生产最终产品的投入品(原材料和在制品)。与任何制造商一样,苹果公司也持有库存。苹果公司2017年的资产负债表显示,其库存为48.55亿美元。SAP集团的资产负债表上没有库存这一项,这与SAP集团主要是一家软件和服务提供商的事实相符。

Inventories are physical products that will eventually be sold to the company’s customers, either in their current form (finished goods) or as inputs into a process to manufacture a final product (raw materials and work-in-process). Like any manufacturer, Apple holds inventories. The 2017 balance sheet of Apple Inc. shows $4,855 million of inventories. SAP Group’s balance sheet does not include a line item for inventory, consistent with the fact that SAP Group is primarily a software and services provider.

根据国际财务报告准则(IFRS),存货计量采用成本与可变现净值孰低法。存货成本包括所有购置成本、加工成本以及使存货达到当前位置和状态所发生的其他成本。可变现净值是指预计售价减去预计完工成本和完成销售所需的其他成本。可变现净值适用于IFRS下的所有存货。根据美国通用会计准则(US GAAP),存货也采用成本与可变现净值孰低法计量,除非采用后进先出法(LIFO)或零售存货法计量。采用LIFO或零售存货法时,存货采用成本与市场价值孰低法计量。US GAAP将市场价值定义为现行重置成本,但设有上限和下限;账面价值不得超过可变现净值,也不得低于可变现净值减去正常利润率。

Inventories are measured at the lower of cost and net realizable value (NRV) under IFRS. The cost of inventories comprises all costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition. NRV is the estimated selling price less the estimated costs of completion and costs necessary to complete the sale. NRV is applicable for all inventories under IFRS. Under US GAAP, inventories are also measured at the lower of cost and NRV unless they are measured using the last-in, first-out (LIFO) or retail inventory methods. When using LIFO or the retail inventory methods, inventories are measured at the lower of cost or market value. US GAAP defines market value as current replacement cost but with upper and lower limits; the recorded value cannot exceed NRV and cannot be lower than NRV less a normal profit margin.

如果公司存货的净变现价值或市场价值(在某些情况下,根据美国通用会计准则)低于其账面价值,则公司必须对该存货进行减值处理。价值损失反映在损益表中。例如,苹果公司在其管理层讨论与分析及附注中指出,公司每个季度都会审查其存货,并对已过时、超出预期需求或账面价值高于市场价值的存货进行减值。根据国际财务报告准则,如果前期减值的存货随后增值,则原减值金额将被冲回。而美国通用会计准则不允许对存货减值进行后续冲回。

If the net realizable value or market value (under US GAAP, in certain cases) of a company’s inventory falls below its carrying amount, the company must write down the value of the inventory. The loss in value is reflected in the income statement. For example, within its Management’s Discussion and Analysis and notes, Apple indicates that the company reviews its inventory each quarter and records write-downs of inventory that has become obsolete, exceeds anticipated demand, or is carried at a value higher than its market value. Under IFRS, if inventory that was written down in a previous period subsequently increases in value, the amount of the original write-down is reversed. Subsequent reversal of an inventory write-down is not permitted under US GAAP.

当存货售出时,该存货的成本会作为一项费用列报,即“销售成本”。会计准则允许采用不同的计价方法来确定利润表中“销售成本”的金额,从而确定资产负债表中“存货”的金额。(在国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)下,存货计价方法分别被称为成本公式和成本流转假设。)IFRS 仅允许先进先出法(FIFO)、加权平均成本法和个别计价法。一些会计准则(例如 US GAAP)也允许后进先出法(LIFO)作为额外的存货计价方法。但 IFRS 不允许使用 LIFO 方法。

When inventory is sold, the cost of that inventory is reported as an expense, “cost of goods sold.” Accounting standards allow different valuation methods for determining the amounts that are included in cost of goods sold on the income statement and thus the amounts that are reported in inventory on the balance sheet. (Inventory valuation methods are referred to as cost formulas and cost flow assumptions under IFRS and US GAAP, respectively.) IFRS allows only the first-in, first-out (FIFO), weighted average cost, and specific identification methods. Some accounting standards (such as US GAAP) also allow last-in, first-out (LIFO) as an additional inventory valuation method. The LIFO method is not allowed under IFRS.

3.1.5其他流动资产

3.1.5. Other Current Assets

“其他流动资产”项下显示的金额反映的是那些单独列示金额不足以在资产负债表上单独列出,因而被汇总为一个总额的项目。公司通常会在财务报表附注中披露其他资产的构成。预付费用是其他流动资产中的一个典型项目。预付费用是指已预先支付的正常运营费用。由于费用是在其发生期间确认的,而非一定是在支付期间确认的,因此,预先支付未来费用会产生一项资产。该资产(预付费用)将在未来期间随着其消耗而确认为费用。例如,考虑预付保险费。假设一家公司在当年12月31日支付了下一年度的保险费。在支付之时,该公司确认一项资产(预付保险费)。该费用并非在支付当日发生;而是随着时间的推移而发生(在本例中,即在接下来的每个月支付十二分之一,即1/12)。因此,该项费用将在年内确认,资产价值将在财务报表中减少。

The amounts shown in “other current assets” reflect items that are individually not material enough to require a separate line item on the balance sheet and so are aggregated into a single amount. Companies usually disclose the components of other assets in a note to the financial statements. A typical item included in other current assets is prepaid expenses. Prepaid expenses are normal operating expenses that have been paid in advance. Because expenses are recognized in the period in which they are incurred—and not necessarily the period in which the payment is made—the advance payment of a future expense creates an asset. The asset (prepaid expenses) will be recognized as an expense in future periods as it is used up. For example, consider prepaid insurance. Assume a company pays its insurance premium for coverage over the next calendar year on 31 December of the current year. At the time of the payment, the company recognizes an asset (prepaid insurance expense). The expense is not incurred at that date; the expense is incurred as time passes (in this example, one-twelfth, 1/12, in each following month). Therefore, the expense is recognized and the value of the asset is reduced in the financial statements over the course of the year.

SAP的财务报表附注披露了资产负债表上列示的其他非金融资产金额的组成部分。其中最大部分为预付费用,主要包括经营租赁、支持服务和软件特许权使用费的预付款。苹果的附注则未披露其他流动资产的组成部分。

SAP’s notes to the financial statements disclose components of the amount shown as other non-financial assets on the balance sheet. The largest portion pertains to prepaid expenses, primarily prepayments for operating leases, support services, and software royalties. Apple’s notes do not disclose components of other current assets.

3.2流动负债

3.2. Current Liabilities

流动负债是指预计在企业正常经营周期内结算、主要用于交易或在资产负债表日后12个月内到期的负债。附录6附录7分别列示了SAP集团和苹果公司的资产负债表摘录,其中列出了各公司流动负债的明细项目。下文将讨论一些常见的流动负债类型,包括应付账款、金融负债、应计费用和递延收益。

Current liabilities are those liabilities that are expected to be settled in the entity’s normal operating cycle, held primarily for trading, or due to be settled within 12 months after the balance sheet date. Exhibit 6 and Exhibit 7 present balance sheet excerpts for SAP Group and Apple Inc. showing the line items for the companies’ current liabilities. Some of the common types of current liabilities, including trade payables, financial liabilities, accrued expenses, and deferred income, are discussed below.

附录 6. SAP 集团合并财务状况表(节选:流动负债明细)(单位:百万欧元)
截至12月31日
2017 2016
资产
流动资产总额 11,930 11,564
非流动资产总额 30,567 32,713
总资产 42,497 44,277
权益和负债
贸易及其他应付款项 1,151 1,281
税务责任 597 316
财务负债 1,561 1,813
其他非金融负债 3,946 3,699
条款 184 183
递延收入 2,771 2,383
流动负债总额 10,210 9,674
非流动负债总额 6,747 8,205
总负债 16,958 17,880
总权益 25,540 26,397
总权益和负债 42,497 欧元 44,277 欧元

资料来源:SAP集团2017年年度报告。

Source: SAP Group 2017 annual report.

附录 7. 苹果公司合并资产负债表(节选:流动负债明细)*(单位:百万美元)
资产 2017年9月30日 2016年9月24日
流动资产总额 128,645 106,869
[所有其他资产] 246,674 214,817
总资产 375,319 321,686
负债和股东权益
应付账款 49,049 37,294
应计费用 25,744 22,027
递延收入 7,548 8,080
商业票据 11,977 8,105
长期债务的当前部分 6,496 3,500
流动负债总额 100,814 79,006
非流动负债总额 140,458 114,431
总负债 241,272 193,437
股东权益总额 134,047 128,249
总负债和股东权益 375,319 321,686

*:本摘录中以斜​​体显示的汇总数字并未在公司编制的财务报表中明确列出。

*Note: The italicized subtotals presented in this excerpt are not explicitly shown on the face of the financial statement as prepared by the company.

资料来源:苹果公司 2017 年年度报告(10-K 表格)。

Source: Apple Inc. 2017 annual report (Form 10K).

应付账款,也称贸易应付款项,是指公司因购买商品和服务而欠供应商的款项。换句话说,它代表了截至资产负债表日公司赊购商品和服务的未付款项。分析师关注的一个问题是应付账款相对于采购额的总体趋势(这将在比率分析中进一步探讨)。应付账款相对于采购额的显著变化可能预示着公司与其供应商之间的信用关系可能发生改变。“贸易信用”是指供应商向公司提供的信贷。贸易信用是一种融资来源,允许公司先进行采购,然后在稍后日期付款。

Trade payables, also called accounts payable, are amounts that a company owes its vendors for purchases of goods and services. In other words, these represent the unpaid amount as of the balance sheet date of the company’s purchases on credit. An issue relevant to analysts is the trend in overall levels of trade payables relative to purchases (a topic to be addressed further in ratio analysis). Significant changes in accounts payable relative to purchases could signal potential changes in the company’s credit relationships with its suppliers. The general term “trade credit” refers to credit provided to a company by its vendors. Trade credit is a source of financing that allows the company to make purchases and then pay for those purchases at a later date.

一年内或一个营业周期内(以较长者为准)到期的金融负债列于资产负债表的流动负债部分。金融负债包括借款,例如银行贷款、应付票据(指公司通过正式贷款协议对债权人,包括贸易债权人和银行,所负的金融负债)以及商业票据。此外,一年内到期的长期负债部分(即长期负债的流动部分)也列于资产负债表的流动负债部分。根据其附注披露,SAP 15.61亿欧元的流动金融负债中大部分为明年到期的应付债券。苹果公司则披露了119.77亿美元的商业票据借款(公司发行的短期本票)和64.96亿美元的明年到期的长期债务。

Financial liabilities that are due within one year or the operating cycle, whichever is longer, appear in the current liability section of the balance sheet. Financial liabilities include borrowings such as bank loans, notes payable (which refers to financial liabilities owed by a company to creditors, including trade creditors and banks, through a formal loan agreement), and commercial paper. In addition, any portions of long-term liabilities that are due within one year (i.e., the current portion of long-term liabilities) are also shown in the current liability section of the balance sheet. According to its footnote disclosures, most of SAP’s €1,561 million of current financial liabilities is for bonds payable due in the next year. Apple shows $11,977 million of commercial paper borrowing (short-term promissory notes issued by companies) and $6,496 million of long-term debt due within the next year.

应计费用(也称为应付应计费用、应计负债和其他非金融负债)是指公司在损益表中确认但截至资产负债表日尚未支付的费用。例如,SAP 2017 年的资产负债表显示其税项负债为 5.97 亿欧元。除应付所得税外,其他常见的应计费用还包括应付应计利息、应计保修成本和应计员工薪酬(即应付工资)。SAP 的附注披露,例如,2017 年其他非金融负债项下的 39.46 亿欧元中包含 25.65 亿欧元的员工相关负债。

Accrued expenses (also called accrued expenses payable, accrued liabilities, and other non-financial liabilities) are expenses that have been recognized on a company’s income statement but not yet been paid as of the balance sheet date. For example, SAP’s 2017 balance sheet shows €597 million of tax liabilities. In addition to income taxes payable, other common examples of accrued expenses are accrued interest payable, accrued warranty costs, and accrued employee compensation (i.e., wages payable). SAP’s notes disclose that the €3,946 million line item of other non-financial liabilities in 2017, for example, includes €2,565 million of employee-related liabilities.

递延收入(也称递延收益或未实现收入)是指公司在交付与其相关的商品或服务之前收到的款项。公司有义务提供商品或服务,或者退还已收到的现金。例如,租赁开始时收到的租赁付款、服务期开始时收到的办公设备维修费以及订阅期开始时收到的杂志订阅费都属于递延收入。SAP 的资产负债表显示,截至 2017 年底,其递延收入为 27.71 亿欧元,略高于 2016 年底的 23.83 亿欧元。苹果公司的资产负债表显示,截至 2017 财年末,其递延收入为 75.48 亿美元,略低于 2016 财年末的 80.8 亿美元。示例 3列出了两家公司关于递延收入的披露信息,并探讨了其一些影响。

Deferred income (also called deferred revenue or unearned revenue) arises when a company receives payment in advance of delivery of the goods and services associated with the payment. The company has an obligation either to provide the goods or services or to return the cash received. Examples include lease payments received at the beginning of a lease, fees for servicing office equipment received at the beginning of the service period, and payments for magazine subscriptions received at the beginning of the subscription period. SAP’s balance sheet shows deferred income of €2,771 million at the end of 2017, up slightly from €2,383 million at the end of 2016. Apple’s balance sheet shows deferred revenue of $7,548 million at the end of fiscal 2017, down slightly from $8,080 million at the end of fiscal 2016. Example 3 presents each company’s disclosures about deferred revenue and discusses some of the implications.

例 2

递延收入分析

Analysis of Deferred Revenue

SAP 在其 2017 年财务报表附注中对其递延收益描述如下:

In the notes to its 2017 financial statements, SAP describes its deferred income as follows:

递延收入主要包括客户预付的云订阅和支持费用;软件支持和服务费用;分配给未交付部分的多要素安排费用;以及……因收购而需履行的已收购客户合同项下的义务的款项。

Deferred income consists mainly of prepayments made by our customers for cloud subscriptions and support; software support and services; fees from multiple-element arrangements allocated to undelivered elements; and amounts … for obligations to perform under acquired customer contracts in connection with acquisitions.

苹果公司的递延收入也源于涉及多个要素的销售,部分要素在销售时交付,部分要素则在未来交付。此外,苹果公司还确认与礼品卡销售和服务合同相关的递延收入。在其2017年财务报表附注中,苹果公司对其递延收入的描述如下:

Apple’s deferred revenue also arises from sales involving multiple elements, some delivered at the time of sale and others to be delivered in the future. In addition, Apple recognizes deferred revenue in connection with sales of gifts cards as well as service contracts. In the notes to its 2017 financial statements, Apple describes its deferred revenue as follows:

公司在收到预付款(即产品交付或服务履行之前)时确认递延收入。这包括已递延确认的未指定和指定软件升级权以及与硬件和软件产品相关的非软件服务的款项。公司销售可在其零售店和网上商店兑换的礼品卡……公司在售出礼品卡时确认递延收入,并在客户兑换礼品卡时确认递延收入。AppleCare 服务和支持合同的收入递延确认,并在服务覆盖期内分期确认。AppleCare 服务和支持合同通常包括公司标准有限保修范围内提供的延长电话支持、维修服务、网络支持资源和诊断工具。

The Company records deferred revenue when it receives payments in advance of the delivery of products or the performance of services. This includes amounts that have been deferred for unspecified and specified software upgrade rights and non-software services that are attached to hardware and software products. The Company sells gift cards redeemable at its retail and online stores ... The Company records deferred revenue upon the sale of the card, which is relieved upon redemption of the card by the customer. Revenue from AppleCare service and support contracts is deferred and recognized over the service coverage periods. AppleCare service and support contracts typically include extended phone support, repair services, web-based support resources and diagnostic tools offered under the Company’s standard limited warranty.

  1. 一般来说,在交易发生的期间,公司资产负债表应如何反映因销售而产生的 100 美元递延收入?(为简化起见,假设公司所有销售均以现金收取,公司应缴所得税按现金收入的 30% 计算,并且公司在产生所有相关所得税义务时均以现金支付。忽略任何相关的递延成本。)

  2. In general, in the period a transaction occurs, how would a company’s balance sheet reflect $100 of deferred revenue resulting from a sale? (Assume, for simplicity, that the company receives cash for all sales, the company’s income tax payable is 30 percent based on cash receipts, and the company pays cash for all relevant income tax obligations as they arise. Ignore any associated deferred costs.)

  3. 一般来说,递延收入在其首次确认后的期间内,会对公司的财务报表产生怎样的影响?

  4. In general, how does deferred revenue impact a company’s financial statements in the periods following its initial recognition?

  5. 解释 SAP 列示的递延收益和 Apple 列示的递延收入的金额。

  6. Interpret the amounts shown by SAP as deferred income and by Apple as deferred revenue.

  7. 应付账款和递延收入均归类为流动负债。请讨论以下陈述:

    1. 在评估一家公司的流动性时,应付账款金额的影响与递延收入金额的影响不同。

    2. 一些投资者将递延收入的数额作为未来收入增长的指标。

  8. Both accounts payable and deferred revenue are classified as current liabilities. Discuss the following statements:

    1. When assessing a company’s liquidity, the implication of amounts in accounts payable differs from the implication of amounts in deferred revenue.

    2. Some investors monitor amounts in deferred revenue as an indicator of future revenue growth.

问题1的解答:

Solution to 1:

在递延收入产生的期间,公司将确认现金资产增加100美元,递延收入负债增加100美元。此外,由于公司应付所得税基于现金收入并在当期支付,公司将确认现金资产减少30美元,递延所得税资产增加30美元。递延所得税资产增加的原因是公司已就尚未确认的收入缴纳了税款。实际上,从会计角度来看,公司已预付了税款。

In the period that deferred revenue arises, the company would record a $100 increase in the asset Cash and a $100 increase in the liability Deferred Revenues. In addition, because the company’s income tax payable is based on cash receipts and is paid in the current period, the company would record a $30 decrease in the asset Cash and a $30 increase in the asset Deferred Tax Assets. Deferred tax assets increase because the company has paid taxes on revenue it has not yet recognized for accounting purposes. In effect, the company has prepaid taxes from an accounting perspective.

答案二:

Solution to 2:

在后续期间,公司将在确认递延收入时予以确认。当收入确认时,递延收入负债将减少。此外,所得税费用将在确认收入时计入损益表,因此相关的递延所得税资产金额也将减少。

In subsequent periods, the company will recognize the deferred revenue as it is earned. When the revenue is recognized, the liability Deferred Revenue will decrease. In addition, the tax expense is recognized on the income statement as the revenue is recognized and thus the associated amounts of Deferred Tax Assets will decrease.

问题3的解答:

Solution to 3:

SAP资产负债表上的递延收益和Apple资产负债表上的递延收入,在各自2017财年末,将在2017财年之后的损益表中确认为收入、销售额或类似项目,具体确认时间取决于商品或服务的提供或债务的减少。交付商品或服务的成本也将一并确认。

The deferred income on SAP’s balance sheet and deferred revenue on Apple’s balance sheet at the end of their respective 2017 fiscal years will be recognized as revenue, sales, or a similar item in income statements subsequent to the 2017 fiscal year, as the goods or services are provided or the obligation is reduced. The costs of delivering the goods or services will also be recognised.

4A题的解答:

Solution to 4A:

应付账款代表公司未来向供应商支付现金的义务。与之相反,递延收入代表公司已收到的客户款项,而未来的义务是提供相关服务。就流动性而言,结算应付账款需要现金流出,而结算递延收入则不需要。

The amount of accounts payable represents a future obligation to pay cash to suppliers. In contrast, the amount of deferred revenue represents payments that the company has already received from its customers, and the future obligation is to deliver the related services. With respect to liquidity, settling accounts payable will require cash outflows whereas settling deferred revenue obligations will not.

4B题的解答:

Solution to 4B:

一些投资者将递延收入金额作为未来增长的指标,因为递延收入中的金额将在未来确认为收入。因此,递延收入金额的增长意味着公司收入中该部分未来也会增长。

Some investors monitor amounts in deferred revenue as an indicator of future growth because the amounts in deferred revenue will be recognized as revenue in the future. Thus, growth in the amount of deferred revenue implies future growth of that component of a company’s revenue.

4.非流动资产

4. Non-Current Assets

本节概述了流动资产以外的资产,这些资产有时统称为非流动资产、长期资产或长寿命资产。讨论的类别包括:固定资产;投资性房地产;无形资产;商誉;金融资产;以及递延所得税资产。附录 8附录 9分别列出了 SAP 集团和苹果公司的资产负债表摘录,其中列出了两家公司非流动资产的明细项目。

This section provides an overview of assets other than current assets, sometimes collectively referred to as non-current, long-term, or long-lived assets. The categories discussed are property, plant, and equipment; investment property; intangible assets; goodwill; financial assets; and deferred tax assets. Exhibit 8 and Exhibit 9 present balance sheet excerpts for SAP Group and Apple Inc. showing the line items for the companies’ non-current assets.

附件 8. SAP 集团合并财务状况表(摘录:非流动资产明细)(单位:百万欧元)
截至12月31日
资产 2017 2016
流动资产总额 11,930 11,564
善意 21,274 23,311
无形资产 2,967 3,786
固定资产、厂房和设备 2,967 2,580
其他金融资产 1,155 1,358
贸易应收款及其他应收款 118 126
其他非金融资产 621 532
税务资产 443 450
递延所得税资产 1,022 571
非流动资产总额 30,567 32,713
总资产 42,497 44,277
流动负债总额 10,210 9,674
非流动负债总额 6,747 8,205
总负债 16,958 17,880
总权益 25,540 26,397
总权益和负债 42,497 欧元 44,277 欧元

资料来源:SAP集团2017年年度报告。

Source: SAP Group 2017 annual report.

附录 9. 苹果公司合并资产负债表(摘录:非流动资产明细)*(单位:百万美元)
资产 2017年9月30日 2016年9月24日
流动资产总额 128,645 106,869
长期有价证券 194,714 170,430
固定资产净值 33,783 27,010
善意 5,717 5,414
已收购无形资产净值 2,298 3,206
其他非流动资产 10,162 8,757
[所有其他资产] 246,674 214,817
总资产 375,319 321,686
负债和股东权益
流动负债总额 100,814 79,006
非流动负债总额 140,458 114,431
总负债 241,272 193,437
股东权益总额 134,047 128,249
总负债和股东权益 375,319 321,686

*:本摘录中以斜​​体显示的汇总数字并未在公司编制的财务报表中明确列出。

*Note: The italicized subtotals presented in this excerpt are not explicitly shown on the face of the financial statement as prepared by the company.

资料来源:苹果公司 2017 年年度报告(10-K 表格)。

Source: Apple Inc. 2017 annual report (Form 10K).

4.1固定资产、厂房和设备

4.1. Property, Plant, and Equipment

固定资产(PPE)是指公司运营中使用的有形资产,预计其使用期限(即提供经济利益)超过一个会计期间。被视为固定资产的有形资产包括土地、建筑物、设备、机器、家具以及矿产和石油资源等自然资源。国际财务报告准则(IFRS)允许公司采用成本模式或重估模式报告固定资产。虽然IFRS允许公司对某些类别的资产采用成本模式,对其他类别的资产采用重估模式,但公司必须对同一类别的所有资产采用相同的模式。美国通用会计准则(US GAAP)仅允许采用成本模式报告固定资产。

Property, plant, and equipment (PPE) are tangible assets that are used in company operations and expected to be used (provide economic benefits) over more than one fiscal period. Examples of tangible assets treated as property, plant, and equipment, include land, buildings, equipment, machinery, furniture, and natural resources such as mineral and petroleum resources. IFRS permits companies to report PPE using either a cost model or a revaluation model.9 While IFRS permits companies to use the cost model for some classes of assets and the revaluation model for others, the company must apply the same model to all assets within a particular class of assets. US GAAP permits only the cost model for reporting PPE.

在成本模式下,固定资产按摊余成本(历史成本减去累计折旧或累计损耗,再减去减值损失)计量。历史成本通常包括资产的购置价格、运费以及使资产投入使用而产生的其他额外成本(例如安装机器的成本)。折旧和损耗是指将长期资产的成本在其使用寿命内分摊(确认为费用)的过程。土地不计提折旧。由于固定资产在资产负债表中列示的是扣除折旧后的净值,而折旧费用在利润表中确认,因此折旧方法的选择以及相关的使用寿命和残值估计都会影响公司的资产负债表和利润表。

Under the cost model, PPE is carried at amortised cost (historical cost less any accumulated depreciation or accumulated depletion, and less any impairment losses). Historical cost generally consists of an asset’s purchase price, plus its delivery cost, and any other additional costs incurred to make the asset operable (such as costs to install a machine). Depreciation and depletion refer to the process of allocating (recognizing as an expense) the cost of a long-lived asset over its useful life. Land is not depreciated. Because PPE is presented on the balance sheet net of depreciation and depreciation expense is recognised in the income statement, the choice of depreciation method and the related estimates of useful life and salvage value impact both a company’s balance sheet and income statement.

折旧是将成本在资产的使用寿命内进行系统性分摊,而减值损失则反映的是资产价值的意外下降。当资产的可收回金额小于其账面价值时,就会发生减值,相关术语在国际财务报告准则第10条中定义如下:

Whereas depreciation is the systematic allocation of cost over an asset’s useful life, impairment losses reflect an unanticipated decline in value. Impairment occurs when the asset’s recoverable amount is less than its carrying amount, with terms defined as follows under IFRS:10

  • 可收回金额:资产的公允价值减去出售成本与使用价值两者中的较高者。

  • Recoverable amount: The higher of an asset’s fair value less cost to sell, and its value in use.

  • 公允价值减去出售成本:在知情且自愿的交易双方之间进行公平交易时出售资产所能获得的金额,减去出售成本。

  • Fair value less cost to sell: The amount obtainable in a sale of the asset in an arms-length transaction between knowledgeable willing parties, less the costs of the sale.

  • 使用价值:预期从该资产获得的未来现金流的现值。

  • Value in use: The present value of the future cash flows expected to be derived from the asset.

当一项资产被认定为减值时,公司会在发现减值当期在损益表中确认减值损失。国际财务报告准则(IFRS)允许转回减值损失,而美国通用会计准则(US GAAP)则不允许。

When an asset is considered impaired, the company recognizes the impairment loss in the income statement in the period the impairment is identified. Reversals of impairment losses are permitted under IFRS but not under US GAAP.

在重估模式下,固定资产的报告价值和账面价值均为重估日的公允价值减去任何后续累计折旧。根据具体情况,重估模式下固定资产价值的变动会直接影响权益或损益。

Under the revaluation model, the reported and carrying value for PPE is the fair value at the date of revaluation less any subsequent accumulated depreciation. Changes in the value of PPE under the revaluation model affect equity directly or profit and loss depending upon the circumstances.

附录8和附录9中,SAP报告称,截至2017财年末,其固定资产(PPE)为29.67亿欧元,苹果公司报告称,其固定资产为337.83亿美元。SAP的固定资产约占总资产的7%,苹果公司的固定资产约占总资产的9%。两家公司均在附注中披露,固定资产通常采用直线法在其预计使用寿命内计提折旧。

In Exhibits 8 and 9, SAP reports €2,967 million of PPE and Apple reports $33,783 million of PPE at the end of fiscal year 2017. For SAP, PPE represents approximately 7 percent of total assets and for Apple, PPE represents approximately 9 percent of total assets. Both companies disclose in the notes that PPE are generally depreciated over their expected useful lives using the straight-line method.

4.2投资性房产

4.2. Investment Property

有些财产并非用于生产商品或提供服务,也并非用于行政管理目的。相反,它们用于赚取租金收入或资本增值(或两者兼有)。根据国际财务报告准则(IFRS),此类财产被视为投资性房地产11美国通用会计准则(US GAAP)并未对投资性房地产做出明确定义。IFRS允许公司选择采用成本模式或公允价值模式来报告投资性房地产。一般来说,公司必须将其选择的模式(成本模式或公允价值模式)应用于其所有投资性房地产。投资性房地产的成本模式与固定资产的成本模式相同:换言之,投资性房地产按成本减去累计折旧和累计减值损失计量。根据公允价值模式,投资性房地产按其公允价值计量。当公司采用公允价值模式计量其投资性房地产的价值时,投资性房地产公允价值变动产生的任何损益均应在其发生期间计入损益表,即利润表。 12

Some property is not used in the production of goods or services or for administrative purposes. Instead, it is used to earn rental income or capital appreciation (or both). Under IFRS, such property is considered to be investment property.11 US GAAP does not include a specific definition for investment property. IFRS provides companies with the choice to report investment property using either a cost model or a fair value model. In general, a company must apply its chosen model (cost or fair value) to all of its investment property. The cost model for investment property is identical to the cost model for PPE: In other words, investment property is carried at cost less any accumulated depreciation and any accumulated impairment losses. Under the fair value model, investment property is carried at its fair value. When a company uses the fair value model to measure the value of its investment property, any gain or loss arising from a change in the fair value of the investment property is recognized in profit and loss, i.e., on the income statement, in the period in which it arises.12

SAP集团和苹果公司均未披露其投资性房地产的持有情况。通常持有投资性房地产的公司类型包括房地产投资公司和物业管理公司。人寿保险公司和捐赠基金等机构也可能在其投资组合中持有投资性房地产。

Neither SAP Group nor Apple disclose ownership of investment property. The types of companies that typically hold investment property are real estate investment companies or property management companies. Entities such as life insurance companies and endowment funds may also hold investment properties as part of their investment portfolio.

4.3无形资产

4.3. Intangible Assets

无形资产是指不具有实物形态的可辨认非货币性资产。 13可辨认资产可以是单独取得的(可以从企业中分离出来),也可以是特定合同或法律权利或特权的产物。例如,专利、许可和商标。最常见的非单独可辨认资产是会计商誉,它产生于企业合并,将在4.4节中进一步讨论。

Intangible assets are identifiable non-monetary assets without physical substance.13 An identifiable asset can be acquired singly (can be separated from the entity) or is the result of specific contractual or legal rights or privileges. Examples include patents, licenses, and trademarks. The most common asset that is not a separately identifiable asset is accounting goodwill, which arises in business combinations and is discussed further in Section 4.4.

国际财务报告准则(IFRS)允许公司采用成本模式或重估模式报告无形资产。只有当无形资产存在活跃市场时,才能选择重估模式。这些计量模式与固定资产的计量模式基本相同。美国通用会计准则(US GAAP)仅允许采用成本模式。

IFRS allows companies to report intangible assets using either a cost model or a revaluation model. The revaluation model can only be selected when there is an active market for an intangible asset. These measurement models are essentially the same as described for PPE. US GAAP permits only the cost model.

公司对每项无形资产进行评估,以确定其使用寿命是有限的还是无限的。摊销和减值原则适用如下:

For each intangible asset, a company assesses whether the useful life of the asset is finite or indefinite. Amortisation and impairment principles apply as follows:

  • 对于使用寿命有限的无形资产,应按照其使用寿命的最佳估计值进行系统性摊销,摊销方法和使用寿命估计值至少每年审查一次。

  • An intangible asset with a finite useful life is amortised on a systematic basis over the best estimate of its useful life, with the amortisation method and useful life estimate reviewed at least annually.

  • 对于使用寿命有限的无形资产,其减值原则与固定资产的减值原则相同。

  • Impairment principles for an intangible asset with a finite useful life are the same as for PPE.

  • 对于使用寿命不确定的无形资产,不进行摊销。相反,至少每年应审查假设该资产使用寿命不确定是否合理,并对该资产进行减值测试。

  • An intangible asset with an indefinite useful life is not amortised. Instead, at least annually, the reasonableness of assuming an indefinite useful life for the asset is reviewed and the asset is tested for impairment.

财务分析师历来对无形资产(尤其是商誉)的估值持谨慎态度。因此,在评估财务报表时,分析师通常会剔除无形资产的账面价值,将净资产相应减少,并将与无形资产相关的摊销费用或减值计入税前利润。随意将无形资产的价值设为零是不可取的;分析师应仔细审查每一项列示的无形资产,并评估是否需要进行调整。值得注意的是,有关无形资产的披露信息可能对分析师有所帮助。这些披露信息包括无形资产的使用寿命、摊销率和方法,以及已确认或已转回的减值损失。

Financial analysts have traditionally viewed the values assigned to intangible assets, particularly goodwill, with caution. Consequently, in assessing financial statements, analysts often exclude the book value assigned to intangibles, reducing net equity by an equal amount and increasing pretax income by any amortisation expense or impairment associated with the intangibles. An arbitrary assignment of zero value to intangibles is not advisable; instead, an analyst should examine each listed intangible and assess whether an adjustment should be made. Note disclosures about intangible assets may provide useful information to the analyst. These disclosures include information about useful lives, amortisation rates and methods, and impairment losses recognised or reversed.

此外,公司内部可能积累了一些无形资产,这些资产只能在特定情况下确认。公司也可能拥有一些从未在资产负债表上记录的资产,因为这些资产没有实物形态且无法识别。这些资产可能包括管理技能、品牌知名度、良好声誉等等。此类资产具有价值,理论上会反映在公司股权证券的市场交易价格中(以及在收购交易中出售公司全部股权的价格中)。如果公司被收购,此类资产可能会被确认为商誉,但只有在收购发生时才会被确认。

Further, a company may have developed intangible assets internally that can only be recognised in certain circumstances. Companies may also have assets that are never recorded on a balance sheet because they have no physical substance and are non-identifiable. These assets might include management skill, name recognition, a good reputation, and so forth. Such assets are valuable and are, in theory, reflected in the price at which the company’s equity securities trade in the market (and the price at which the entirety of the company’s equity would be sold in an acquisition transaction). Such assets may be recognised as goodwill if a company is acquired, but are not recognised until an acquisition occurs.

4.3.1可识别的无形资产

4.3.1. Identifiable Intangibles

根据国际财务报告准则(IFRS),如果可辨认的无形资产很可能在未来为公司带来经济利益,且其成本能够可靠计量,则该资产应在资产负债表上确认。可辨认的无形资产的例子包括专利、商标、版权、特许经营权、许可和其他权利。可辨认的无形资产可能是公司内部创造的,也可能是公司购买的。确定内部创造的无形资产的成本可能较为困难且具有主观性。因此,根据IFRS和美国通用会计准则(US GAAP),一般要求将内部创造的可辨认无形资产计入费用,而不是在资产负债表上列示。

Under IFRS, identifiable intangible assets are recognised on the balance sheet if it is probable that future economic benefits will flow to the company and the cost of the asset can be measured reliably. Examples of identifiable intangible assets include patents, trademarks, copyrights, franchises, licenses, and other rights. Identifiable intangible assets may have been created internally or purchased by a company. Determining the cost of internally created intangible assets can be difficult and subjective. For these reasons, under IFRS and US GAAP, the general requirement is that internally created identifiable intangibles are expensed rather than reported on the balance sheet.

国际财务报告准则(IFRS)规定,对于公司内部创造的无形资产,公司必须分别识别研发阶段和开发阶段。 14研发阶段包括寻求新知识或新产品的活动。开发阶段发生在研发阶段之后,包括原型和模型的设计或测试。IFRS要求,研发阶段内部创造无形资产的成本必须在损益表中计入费用。开发阶段发生的成本如果满足某些标准,可以资本化为无形资产,这些标准包括技术可行性、使用或出售所得资产的能力以及完成项目的能力。

IFRS provides that for internally created intangible assets, the company must separately identify the research phase and the development phase.14 The research phase includes activities that seek new knowledge or products. The development phase occurs after the research phase and includes design or testing of prototypes and models. IFRS require that costs to internally generate intangible assets during the research phase must be expensed on the income statement. Costs incurred in the development stage can be capitalized as intangible assets if certain criteria are met, including technological feasibility, the ability to use or sell the resulting asset, and the ability to complete the project.

美国通用会计准则禁止将大多数内部开发的无形资产和研发成本资本化为资产。所有此类成本通常都必须计入费用。根据国际财务报告准则和美国通用会计准则,以下几类成本通常计入费用:

US GAAP prohibits the capitalization as an asset of most costs of internally developed intangibles and research and development. All such costs usually must be expensed. Costs related to the following categories are typically expensed under IFRS and US GAAP. They include:

  • 内部生成的品牌、报头、出版物名称、客户名单等;

  • internally generated brands, mastheads, publishing titles, customer lists, etc.;

  • 启动成本;

  • start-up costs;

  • 培训费用;

  • training costs;

  • 行政及其他一般管理费用;

  • administrative and other general overhead costs;

  • 广告和促销;

  • advertising and promotion;

  • 搬迁和重组费用;以及

  • relocation and reorganization expenses; and

  • 裁员及其他终止成本。

  • redundancy and other termination costs.

一般而言,如果获得的无形资产源于合同权利(例如许可协议)、其他法律权利(例如专利),或者能够分离和出售(例如客户名单),则应将其列为可单独识别的无形资产(而不是商誉)。

Generally, acquired intangible assets are reported as separately identifiable intangibles (as opposed to goodwill) if they arise from contractual rights (such as a licensing agreement), other legal rights (such as patents), or have the ability to be separated and sold (such as a customer list).

例 3

无形资产的计量

Measuring Intangible Assets

汽车制造商 Alpha 公司旗下的研发部门在年内开展了以下项目:

Alpha Inc., a motor vehicle manufacturer, has a research division that worked on the following projects during the year:

  1. 项目 1

    这项研究旨在寻找一种转向机构,这种机构的运作方式与传统的方向盘不同,而是对驾驶员手指的脉冲做出反应。

  2. Project 1

    Research aimed at finding a steering mechanism that does not operate like a conventional steering wheel but reacts to the impulses from a driver’s fingers.

  3. 项目 2

    设计了一种采用电子控制而非机械控制的焊接原型设备。该设备经鉴定在技术上可行、具有市场竞争力且易于生产。

  4. Project 2

    The design of a prototype welding apparatus that is controlled electronically rather than mechanically. The apparatus has been determined to be technologically feasible, salable, and feasible to produce.

以下是研究部门的支出汇总(单位:千欧元):

The following is a summary of the expenses of the research division (in thousands of €):

一般的 项目 1 项目 2
材料和服务 128 935 620
劳动
• 直接人工 630 320
• 行政人员 720
设计、建造和测试 270 450 470

行政人员成本的 5% 可归因于项目 1 和项目 2。请根据 IFRS 和 US GAAP 解释 Alpha 公司项目 1 和项目 2 的成本会计处理方法。

Five percent of administrative personnel costs can be attributed to each of Projects 1 and 2. Explain the accounting treatment of Alpha’s costs for Projects 1 and 2 under IFRS and US GAAP.

解决方案:

Solution:

根据国际财务报告准则,项目 1 和项目 2 的开发成本资本化如下:

Under IFRS, the capitalization of development costs for Projects 1 and 2 would be as follows:

已资本化为资产的金额(千欧元)
项目 1: 由于该项目仍处于研发阶段,因此所有成本均确认为费用。
项目 2: 由于该项目仍处于开发阶段,因此成本可以资本化。请注意,管理费用不予资本化。 (620 + 320 + 410 + 60)

= 1,410

根据美国通用会计准则,项目 1 和项目 2 的成本计入费用。

Under US GAAP, the costs of Projects 1 and 2 are expensed.

如附录89所示,SAP 2017年的资产负债表显示其无形资产为29.67亿欧元,而苹果公司2017年的资产负债表显示其收购的无形资产净值为22.98亿美元。SAP的附注披露了无形资产的类型(软件和数据库许可、将整合到其产品中的已购软件、客户合同以及已收购的商标许可),并指出除商誉外,其所有已购入的无形资产均具有有限的使用寿命,并根据预期经济利益消耗或直线法在其预计使用寿命内进行摊销,预计使用寿命为2至20年。苹果公司的附注披露,其收购的无形资产主要包括专利和许可,几乎全部为使用寿命确定且可摊销的资产,截至2017年,其剩余加权平均摊销期为3.4年。

As presented in Exhibits 8 and 9, SAP’s 2017 balance sheet shows €2,967 million of intangible assets, and Apple’s 2017 balance sheet shows acquired intangible assets, net of $2,298 million. SAP’s notes disclose the types of intangible assets (software and database licenses, purchased software to be incorporated into its products, customer contracts, and acquired trademark licenses) and notes that all of its purchased intangible assets other than goodwill have finite useful lives and are amortised either based on expected consumption of economic benefits or on a straight-line basis over their estimated useful lives which range from two to 20 years. Apple’s notes disclose that its acquired intangible assets consist primarily of patents and licenses, and almost the entire amount represents definite-lived and amortisable assets for which the remaining weighted-average amortisation period is 3.4 years as of 2017.

4.4 . 善意

4.4. Goodwill

当一家公司收购另一家公司时,收购价格会根据公允价值分配给所有被收购的可辨认资产(有形和无形)和负债。如果收购价格高于收购方在被收购可辨认资产和负债公允价值中所占的权益,则超出部分将被确认为一项资产,称为商誉。为了理解为什么收购方愿意支付高于目标公司可辨认资产(扣除负债后)公允价值的价格来收购一家公司,请考虑以下三点。首先,如前所述,某些未在公司自身财务报表中确认的项目(例如,公司声誉、成熟的分销系统、训练有素的员工)具有价值。其次,目标公司在研发方面的支出可能并未产生符合确认标准的单独可辨认资产,但仍然可能创造了一定的价值。第三,收购的部分价值可能源于相对于竞争对手的战略定位或预期的协同效应。收购价格可能不仅限于所收购的可单独识别的资产和负债,因此可能超过这些净资产的价值,因为收购在保护收购方所有现有资产的价值方面发挥了作用,或者由于合并公司带来的成本节约和收益。

When one company acquires another, the purchase price is allocated to all the identifiable assets (tangible and intangible) and liabilities acquired, based on fair value. If the purchase price is greater than the acquirer’s interest in the fair value of the identifiable assets and liabilities acquired, the excess amount is recognized as an asset, described as goodwill. To understand why an acquirer would pay more to purchase a company than the fair value of the target company’s identifiable assets net of liabilities, consider the following three observations. First, as noted, certain items not recognized in a company’s own financial statements (e.g., its reputation, established distribution system, trained employees) have value. Second, a target company’s expenditures in research and development may not have resulted in a separately identifiable asset that meets the criteria for recognition but nonetheless may have created some value. Third, part of the value of an acquisition may arise from strategic positioning versus a competitor or from perceived synergies. The purchase price might not pertain solely to the separately identifiable assets and liabilities acquired and thus may exceed the value of those net assets due to the acquisition’s role in protecting the value of all of the acquirer’s existing assets or to cost savings and benefits from combining the companies.

在财务报表中确认商誉这一议题,在专业人士中引发了支持者和反对者的争论。商誉确认的支持者认为,商誉是公司预期获得的超额收益的现值。他们认为,确定这些超额收益的现值,类似于确定其他资产和项目未来现金流的现值。而商誉确认的反对者则认为,收购价格往往基于不切实际的预期,从而导致未来商誉的减值。

The subject of recognizing goodwill in financial statements has found both proponents and opponents among professionals. The proponents of goodwill recognition assert that goodwill is the present value of excess returns that a company is expected to earn. This group claims that determining the present value of these excess returns is analogous to determining the present value of future cash flows associated with other assets and projects. Opponents of goodwill recognition claim that the prices paid for acquisitions often turn out to be based on unrealistic expectations, thereby leading to future write-offs of goodwill.

分析师应区分会计商誉和经济商誉。经济商誉基于企业的经济业绩,而会计商誉则基于会计准则,且仅在收购交易中列示。经济商誉对分析师和投资者至关重要,但它并非必然反映在资产负债表中。相反,经济商誉(至少在理论上)会反映在股价中。一些财务报表使用者认为,商誉不应列入资产负债表,因为它无法与企业分离出售。这些使用者认为,只有能够单独识别和出售的资产才应反映在资产负债表中。另一些使用者则会分析商誉及其后续的减值费用,以评估管理层在先前收购交易中的业绩。

Analysts should distinguish between accounting goodwill and economic goodwill. Economic goodwill is based on the economic performance of the entity, whereas accounting goodwill is based on accounting standards and is reported only in the case of acquisitions. Economic goodwill is important to analysts and investors, and it is not necessarily reflected on the balance sheet. Instead, economic goodwill is reflected in the stock price (at least in theory). Some financial statement users believe that goodwill should not be listed on the balance sheet, because it cannot be sold separately from the entity. These financial statement users believe that only assets that can be separately identified and sold should be reflected on the balance sheet. Other financial statement users analyze goodwill and any subsequent impairment charges to assess management’s performance on prior acquisitions.

根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),收购产生的商誉均需资本化。商誉不进行摊销,但每年进行减值测试。如果商誉被认定为减值,则在当期损益中计提减值损失。减值损失会降低当期收益。减值损失还会减少总资产,因此某些业绩指标,例如资产回报率(净利润除以平均总资产),在未来期间实际上可能会增加。减值损失属于非现金项目。

Under both IFRS and US GAAP, accounting goodwill arising from acquisitions is capitalized. Goodwill is not amortised but is tested for impairment annually. If goodwill is deemed to be impaired, an impairment loss is charged against income in the current period. An impairment loss reduces current earnings. An impairment loss also reduces total assets, so some performance measures, such as return on assets (net income divided by average total assets), may actually increase in future periods. An impairment loss is a non-cash item.

会计准则对商誉确认的要求可概括为以下步骤:

Accounting standards’ requirements for recognizing goodwill can be summarized by the following steps:

  1. 确定收购目标公司(被收购方)的总成本。

  2. The total cost to purchase the target company (the acquiree) is determined.

  3. 被收购方的可辨认资产按公允价值计量。被收购方的负债和或有负债也按公允价值计量。可辨认资产的公允价值与负债和或有负债的公允价值之间的差额等于收购的可辨认资产净值。

  4. The acquiree’s identifiable assets are measured at fair value. The acquiree’s liabilities and contingent liabilities are measured at fair value. The difference between the fair value of identifiable assets and the fair value of the liabilities and contingent liabilities equals the net identifiable assets acquired.

  5. 收购产生的商誉是指收购目标公司的成本超过所收购的净可辨认资产的部分。有时,交易涉及收购的净可辨认资产的价值高于收购成本。这种交易称为“优惠收购”。优惠收购产生的任何收益均在其发生期间计入损益。15

  6. Goodwill arising from the purchase is the excess of a) the cost to purchase the target company over b) the net identifiable assets acquired. Occasionally, a transaction will involve the purchase of net identifiable assets with a value greater than the cost to purchase. Such a transaction is called a “bargain purchase.” Any gain from a bargain purchase is recognized in profit and loss in the period in which it arises.15

公司还必须披露相关信息,以便用户评估企业合并的性质和财务影响。所需披露的信息包括,例如,收购日收购目标公司总成本的公允价值、收购日确认的各类主要资产和负债金额,以及构成已确认商誉的各项因素的定性描述。

Companies are also required to disclose information that enables users to evaluate the nature and financial effect of business combinations. The required disclosures include, for example, the acquisition date fair value of the total cost to purchase the target company, the acquisition date amount recognized for each major class of assets and liabilities, and a qualitative description of the factors that make up the goodwill recognized.

尽管会计准则中已纳入相关指导,但分析师仍应意识到,公允价值的估算涉及管理层的大量判断。在分析收购项目时,诸如计算机软件等无形资产的价值可能难以验证。管理层对估值的判断反过来会影响当前和未来的财务报表,因为具有确定使用寿命的可辨认无形资产会随时间推移进行摊销。相比之下,商誉和使用寿命不确定的可辨认无形资产均不进行摊销;如前所述,两者都需每年进行减值测试。

Despite the guidance incorporated in accounting standards, analysts should be aware that the estimations of fair value involve considerable management judgment. Values for intangible assets, such as computer software, might not be easily validated when analyzing acquisitions. Management judgment about valuation in turn impacts current and future financial statements because identifiable intangible assets with definite lives are amortised over time. In contrast, neither goodwill nor identifiable intangible assets with indefinite lives are amortised; instead, as noted, both are tested annually for impairment.

商誉的确认和减值会显著影响公司间财务报表的可比性。因此,分析师通常会调整公司的财务报表,以消除商誉的影响。此类调整包括:

The recognition and impairment of goodwill can significantly affect the comparability of financial statements between companies. Therefore, analysts often adjust the companies’ financial statements by removing the impact of goodwill. Such adjustments include:

  • 从用于计算财务比率的资产负债表数据中剔除商誉,以及

  • excluding goodwill from balance sheet data used to compute financial ratios, and

  • 从用于分析经营趋势的收入数据中剔除商誉减值损失。

  • excluding goodwill impairment losses from income data used to examine operating trends.

此外,分析师可以通过考虑收购价格与被收购公司净资产和盈利前景之间的关系,来预测该公司在收购后的业绩表现。例4提供了一个商誉减值的历史案例。

In addition, analysts can develop expectations about a company’s performance following an acquisition by taking into account the purchase price paid relative to the net assets and earnings prospects of the acquired company. Example 4 provides an historical example of goodwill impairment.

例 4

商誉减值

Goodwill Impairment

Safeway公司是一家北美食品和药品零售商。2010年2月25日,Safeway发布了一份新闻稿,其中包含以下信息:

Safeway, Inc., is a North American food and drug retailer. On 25 February 2010, Safeway issued a press release that included the following information:

Safeway公司今日公布,2009年第四季度(16周)净亏损16.091亿美元(每股摊薄亏损4.06美元)。若不计入18.182亿美元的非现金商誉减值支出(税后每股摊薄亏损4.59美元),则净利润为2.091亿美元(每股摊薄盈利0.53美元)。2008年第四季度(17周)净利润为3.38亿美元(每股摊薄盈利0.79美元)。

2009年第四季度,Safeway计提了19.742亿美元的非现金商誉减值准备(税后净额为18.182亿美元)。减值的主要原因是Safeway市值下降和经济疲软……该商誉源于之前的收购。

Safeway公司截至2010年1月2日的资产负债表显示,商誉为4.266亿美元,总资产为149.636亿美元。该公司截至2009年1月3日的资产负债表显示,商誉为23.902亿美元,总资产为174.847亿美元。

Safeway Inc. today reported a net loss of $1,609.1 million ($4.06 per diluted share) for the 16-week fourth quarter of 2009. Excluding a non-cash goodwill impairment charge of $1,818.2 million, net of tax ($4.59 per diluted share), net income would have been $209.1 million ($0.53 per diluted share). Net income was $338.0 million ($0.79 per diluted share) for the 17-week fourth quarter of 2008.

In the fourth quarter of 2009, Safeway recorded a non-cash goodwill impairment charge of $1,974.2 million ($1,818.2 million, net of tax). The impairment was due primarily to Safeway’s reduced market capitalization and a weak economy….The goodwill originated from previous acquisitions.

Safeway’s balance sheet as of 2 January 2010 showed goodwill of $426.6 million and total assets of $14,963.6 million. The company’s balance sheet as of 3 January 2009 showed goodwill of $2,390.2 million and total assets of $17,484.7 million.

  1. 这项商誉减值费用有多大?

  2. How significant is this goodwill impairment charge?

  3. 就收购价格而言,这种商誉减值可能预示着什么?

  4. With reference to acquisition prices, what might this goodwill impairment indicate?

问题1的解答:

Solution to 1:

商誉减值额超过商誉总价值的80%和总资产的11%,因此显然数额巨大。(19.742亿美元的费用相当于年初商誉23.902亿美元的82.6%,以及年初总资产174.847亿美元的11.3%。)

The goodwill impairment was more than 80 percent of the total value of goodwill and 11 percent of total assets, so it was clearly significant. (The charge of $1,974.2 million equals 82.6 percent of the $2,390.2 million of goodwill at the beginning of the year and 11.3 percent of the $17,484.7 million total assets at the beginning of the year.)

答案二:

Solution to 2:

商誉源于之前的收购。减值支出意味着被收购业务的现值低于收购时支付的价格。

The goodwill had originated from previous acquisitions. The impairment charge implies that the acquired operations are now worth less than the price that was paid for their acquisition.

如附录8和附录9所示,SAP 2017年的资产负债表显示商誉为212.74亿欧元,而苹果公司2017年的资产负债表显示商誉为57.17亿美元。商誉占SAP总资产的50.1%,而仅占苹果公司总资产的1.5%。分析师可能会对SAP如此高的商誉占总资产比例感到担忧。

As presented in Exhibits 8 and 9, SAP’s 2017 balance sheet shows €21,274 million of goodwill, and Apple’s 2017 balance sheet shows goodwill of $5,717 million. Goodwill represents 50.1 percent of SAP’s total assets and only 1.5 percent of Apple’s total assets. An analyst may be concerned that goodwill represents such a high proportion of SAP’s total assets.

4.5金融资产

4.5. Financial Assets

国际财务报告准则(IFRS)将金融工具定义为一种合约,该合约产生一方的金融资产和另一方的金融负债或权益工具。 16本节将重点讨论金融资产,例如公司对另一公司发行的股票的投资,或对另一公司(或政府实体)发行的票据、债券或其他固定收益工具的投资。公司自身发行的应付票据和应付债券等金融负债将在本部分的负债章节中讨论。某些金融工具可能根据合约条款和当前市场状况被归类为资产或负债。衍生品就是此类金融工具的一个例子。 衍生品是一种金融工具,其价值基于某些基础因素(利率、汇率、商品价格、证券价格或信用评级),且几乎不需要或完全不需要初始投资。

IFRS define a financial instrument as a contract that gives rise to a financial asset of one entity, and a financial liability or equity instrument of another entity.16 This section will focus on financial assets such as a company’s investments in stocks issued by another company or its investments in the notes, bonds, or other fixed-income instruments issued by another company (or issued by a governmental entity). Financial liabilities such as notes payable and bonds payable issued by the company itself will be discussed in the liability portion of this reading. Some financial instruments may be classified as either an asset or a liability depending on the contractual terms and current market conditions. One example of such a financial instrument is a derivative. Derivatives are financial instruments for which the value is derived based on some underlying factor (interest rate, exchange rate, commodity price, security price, or credit rating) and for which little or no initial investment is required.

金融工具通常在企业成为该工具合同条款的当事方时予以确认。一般来说,金融工具在初始取得后有两种基本的计量方法:公允价值或摊余成本。公允价值是指在有序的市场交易中出售资产或转移负债所能收到的价格。 17金融资产(或负债)的摊余成本是指其初始确认金额减去任何本金偿还额,加上或减去任何折价或溢价摊销额,再减去任何减值损失。

Financial instruments are generally recognized when the entity becomes a party to the contractual provisions of the instrument. In general, there are two basic alternative ways that financial instruments are measured subsequent to initial acquisition: fair value or amortised cost. Recall that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly market transaction.17 The amortised cost of a financial asset (or liability) is the amount at which it was initially recognized, minus any principal repayments, plus or minus any amortisation of discount or premium, and minus any reduction for impairment.

根据国际财务报告准则(IFRS),如果金融资产的现金流量发生在特定日期,且仅包含本金和利息,并且其商业模式是持有至到期,则该资产随后按摊余成本计量。美国通用会计准则(US GAAP)的概念与之类似,将此类资产称为“持有至到期投资”。例如,投资于其他公司或政府发行的长期债券;债券价值会波动,例如受利率变动的影响,但如果该债券被归类为持有至到期投资,则在投资公司的资产负债表中,它将按摊余成本计量。其他按历史成本计量的金融资产类型包括向其他公司提供的贷款。

Under IFRS, financial assets are subsequently measured at amortised cost if the asset’s cash flows occur on specified dates and consist solely of principal and interest, and if the business model is to hold the asset to maturity. The concept is similar in US GAAP, where this category of asset is referred to as held-to-maturity. An example is an investment in a long-term bond issued by another company or by a government; the value of the bond will fluctuate, for example with interest rate movements, but if the bond is classified as a held-to-maturity investment, it will be measured at amortised cost on the balance sheet of the investing company. Other types of financial assets measured at historical cost are loans to other companies.

收购后未按摊余成本计量的金融资产,在报告日按公允价值计量。对于按公允价值计量的金融工具,公允价值净变动的确认方式有两种基本选择:在利润表中确认为损益,或作为其他综合收益(损失)确认,后者不计入利润表。需要注意的是,这些选择指的是实现的公允价值变动,即期末仍持有的未出售金融资产的价值变动。未实现的损益也称为持有期损益。如果金融资产在期内出售,售价高于账面价值则实现收益,售价低于账面价值则实现损失。出售金融资产时,任何已实现的损益均在利润表中列报。

Financial assets not measured at amortised cost subsequent to acquisition are measured at fair value as of the reporting date. For financial instruments measured at fair value, there are two basic alternatives in how net changes in fair value are recognized: as profit or loss on the income statement, or as other comprehensive income (loss) which bypasses the income statement. Note that these alternatives refer to unrealized changes in fair value, i.e., changes in the value of a financial asset that has not been sold and is still owned at the end of the period. Unrealized gains and losses are also referred to as holding period gains and losses. If a financial asset is sold within the period, a gain is realized if the selling price is greater than the carrying value and a loss is realized if the selling price is less than the carrying value. When a financial asset is sold, any realized gain or loss is reported on the income statement.

根据国际财务报告准则(IFRS),如果企业的商业模式目标既包括收取合同现金流量,也包括出售金融资产,则金融资产随后以公允价值计量且其变动计入其他综合收益(即,任何未实现的持有损益均计入其他综合收益)。这一IFRS类别专门适用于债务投资,即现金流量在特定日期发生且仅包含本金和利息的资产。但是,如果公司在购买股权投资时决定做出不可撤销的选择,以公允价值计量且其变动计入其他综合收益,则IFRS也允许股权投资以公允价值计量且其变动计入其他综合收益。 18这一概念类似于美国通用会计准则(US GAAP)中的可供出售资产类别,该类别中资产以公允价值计量,任何未实现的持有损益均计入其他综合收益。但是,与IFRS不同的是,US GAAP中的可供出售资产类别仅适用于债务证券,不允许用于股权证券投资。 19

Under IFRS, financial assets are subsequently measured at fair value through other comprehensive income (i.e., any unrealized holding gains or losses are recognized in other comprehensive income) if the business model’s objective involves both collecting contractual cash flows and selling the financial assets. This IFRS category applies specifically to debt investments, namely assets with cash flows occurring on specified dates and consisting solely of principal and interest. However, IFRS also permits equity investments to be measured at fair value through other comprehensive income if, at the time a company buys an equity investment, the company decides to make an irrevocable election to measure the asset in this manner.18 The concept is similar to the US GAAP investment category available-for-sale in which assets are measured at fair value, with any unrealized holding gains or losses recognized in other comprehensive income. However, unlike IFRS, the US GAAP category available-for-sale applies only to debt securities and is not permitted for investments in equity securities.19

根据国际财务报告准则(IFRS),如果金融资产未被归入上述其他两种计量类别,则应按公允价值计量且其变动计入当期损益(即,任何未实现的持有损益均在利润表中确认)。此外,IFRS允许公司在收购时做出不可撤销的选择,以该类别计量金融资产。根据美国通用会计准则(US GAAP),所有权益证券投资(不包括产生对被投资方具有重大影响的所有权地位的投资)均按公允价值计量,未实现的持有损益在利润表中确认。根据US GAAP,被指定为交易性证券的债务证券也按公允价值计量,未实现的持有损益在利润表中确认。交易性证券类别指的是以出售而非持有收取利息和本金为目的而收购的债务证券。

Under IFRS, financial assets are subsequently measured at fair value through profit or loss (i.e., any unrealized holding gains or losses are recognized in the income statement) if they are not assigned to either of the other two measurement categories described above. In addition, IFRS allows a company to make an irrevocable election at acquisition to measure a financial asset in this category. Under US GAAP, all investments in equity securities (other than investments giving rise to ownership positions that confer significant influence over the investee) are measured at fair value with unrealized holding gains or losses recognized in the income statement. Under US GAAP, debt securities designated as trading securities are also measured at fair value with unrealized holding gains or losses recognized in the income statement. The trading securities category pertains to a debt security that is acquired with the intent of selling it rather than holding it to collect the interest and principal payments.

附录 10总结了各种金融资产在收购后如何进行分类和计量。

Exhibit 10 summarizes how various financial assets are classified and measured subsequent to acquisition.

附录10. 金融资产的计量
按成本或摊余成本计量 以公允价值计量且其变动计入其他综合收益 以公允价值计量并计入损益
  • 持有至到期的债务证券。

  • Debt securities that are to be held to maturity.

  • 贷款和应收票据

  • Loans and notes receivable

  • 未上市权益工具(在公允价值无法可靠计量的有限情况下,成本可作为公允价值的替代(估计))。

  • Unquoted equity instruments (in limited circumstances where the fair value is not reliably measurable, cost may serve as a proxy (estimate) for fair value)

  • “可供出售”债务证券(美国通用会计准则);商业模式涉及收取利息和本金并出售证券的债务证券(国际财务报告准则);

  • “Available-for-sale” debt securities (US GAAP); Debt securities where the business model involves both collecting interest and principal and selling the security (IFRS);

  • 公司在收购时不可撤销地选择采用此计量方法的股权投资(仅限国际财务报告准则)

  • Equity investments for which the company irrevocably elects this measurement at acquisition (IFRS only)

  • 除非该投资能使投资者获得重大影响力(仅限美国通用会计准则),否则所有股权证券均属于本条所指。

  • All equity securities unless the investment gives the investor significant influence (US GAAP only)

  • “交易”债务证券(美国通用会计准则)

  • “Trading” debt securities (US GAAP)

  • 未归入其他两类证券,或公司在收购时不可撤销地选择采用此计量方法的投资(仅限国际财务报告准则)

  • Securities not assigned to either of the other two categories, or investments for which the company irrevocably elects this measurement at acquisition (IFRS only)

为了说明金融资产损益的不同会计处理方法,假设某实体于200X年1月1日投资1亿欧元于一项固定收益证券,该证券年利率为5%,每半年付息一次。六个月后,该公司收到第一笔利息250万欧元。此外,由于市场利率下降,截至200X年6月30日,该固定收益投资的价值增加了​​200万欧元。附录11展示了该实体在以下三种金融资产计量类别(交易性资产、可供出售资产和持有至到期资产)下,如何在资产负债表和利润表(不考虑税项)中体现上述情况。

To illustrate the different accounting treatments of the gains and losses on financial assets, consider an entity that invests €100,000,000 on 1 January 200X in a fixed-income security investment, with a 5 percent coupon paid semi-annually. After six months, the company receives the first coupon payment of €2,500,000. Additionally, market interest rates have declined such that the value of the fixed-income investment has increased by €2,000,000 as of 30 June 200X. Exhibit 11 illustrates how this situation will be portrayed in the balance sheet and income statement (ignoring taxes) of the entity concerned, under each of the following three measurement categories of financial assets: assets held for trading purposes, assets available for sale, and held-to-maturity assets.

附录11. 有价证券损益的会计处理
国际财务报告准则类别 按成本或摊余成本计量 以公允价值计量且其变动计入其他综合收益 以公允价值计量并计入损益
美国通用会计准则可比类别 持有至到期 可供出售的债务证券 交易债务证券
损益表(200X年1月1日至6月30日)
利息收入 2,500,000 2,500,000 2,500,000
未实现收益 2,000,000
对损益的影响 2,500,000 2,500,000 4,500,000
截至200X年6月30日的资产负债表
资产
现金及现金等价物 2,500,000 2,500,000 2,500,000
证券成本 1亿 1亿 1亿
证券未实现收益 2,000,000 2,000,000
102,500,000 104,500,000 104,500,000
负债
公平
实收资本 1亿 1亿 1亿
留存收益 2,500,000 2,500,000 4,500,000
其他综合收益累计 2,000,000
102,500,000 104,500,000 104,500,000

对于持有至到期证券,损益表仅列示利息收入(该利息收入随后反映在期末资产负债表的留存收益中)。由于此类证券按成本而非公允价值计量,因此不确认未实现收益。在资产负债表中,该投资资产按其摊余成本 1 亿欧元列示。对于分类为按公允价值计量且其变动计入当期损益(国际财务报告准则)或等效地分类为可供出售债务证券(美国通用会计准则)的证券,损益表仅列示利息收入(该利息收入随后反映在资产负债表的留存收益中)。未实现收益不出现在损益表中;相反,它将作为其他综合收益列示在综合收益表中。在资产负债表中,该投资资产按其公允价值 1.02 亿欧元列示。 (附录 11单独列出未实现收益,仅为突出价值变动的影响。实际上,投资将按公允价值列示在同一行。)对于按公允价值计量且其变动计入当期损益(国际财务报告准则)或等效地按交易性债务证券(美国通用会计准则)分类的证券,利息收入和未实现收益均计入利润表,因此反映在资产负债表的留存收益中。

In the case of held-to-maturity securities, the income statement shows only the interest income (which is then reflected in retained earnings of the ending balance sheet). Because the securities are measured at cost rather than fair value, no unrealized gain is recognized. On the balance sheet, the investment asset is shown at its amortised cost of €100,000,000. In the case of securities classified as Measured at Fair Value through Other Comprehensive Income (IFRS) or equivalently as Available-for-sale debt securities (US GAAP), the income statement shows only the interest income (which is then reflected in retained earnings of the balance sheet). The unrealized gain does not appear on the income statement; instead, it would appear on a Statement of Comprehensive Income as Other Comprehensive Income. On the balance sheet, the investment asset is shown at its fair value of €102,000,000. (Exhibit 11 shows the unrealized gain on a separate line solely to highlight the impact of the change in value. In practice, the investments would be shown at their fair value on a single line.) In the case of securities classified as Measured at Fair Value through Profit and Loss (IFRS) or equivalently as trading debt securities (US GAAP), both the interest income and the unrealized gain are included on the income statement and thus reflected in retained earnings on the balance sheet.

附录4和附录8显示,SAP 2017年的资产负债表显示,其其他金融资产为9.9亿欧元(流动资产)和11.55亿欧元(非流动资产)。公司附注披露,流动资产中最大的组成部分是贷款和其他应收金融款项(7.93亿欧元),非流动资产中最大的组成部分是可供出售的股权投资(8.27亿欧元)。

In Exhibits 4 and 8, SAP’s 2017 balance sheet shows other financial assets of €990 million (current) and €1,155 million (non-current). The company’s notes disclose that the largest component of the current financial assets are loans and other financial receivables (€793 million) and the largest component of the non-current financial assets is €827 million of available-for-sale equity investments.

附录5和附录9显示,苹果公司2017年的资产负债表显示,其短期有价证券为538.92亿美元,长期有价证券为1947.14亿美元。有价证券总额占苹果公司3753亿美元总资产的66%以上。有价证券加上现金及现金等价物约占公司总资产的72%。苹果公司的附注披露,其大部分有价证券为美国政府或其机构发行的固定收益证券(602.37亿美元)以及其他公司发行的固定收益证券,其中包括商业票据(1534.51亿美元)。根据其投资政策,苹果公司投资于高评级证券(公司定义为投资级),并限制其对任何单一发行人的信用风险敞口。公司将其有价证券分类为可供出售证券,并在资产负债表中按公允价值列报。未实现损益计入其他综合收益。

In Exhibits 5 and 9, Apple’s 2017 balance sheet shows $53,892 million of short-term marketable securities and $194,714 million of long-term marketable securities. In total, marketable securities represent more than 66 percent of Apple’s $375.3 billion in total assets. Marketable securities plus cash and cash equivalents represent around 72 percent of the company’s total assets. Apple’s notes disclose that most of the company’s marketable securities are fixed-income securities issued by the US government or its agencies ($60,237 million) and by other companies including commercial paper ($153,451 million). In accordance with its investment policy, Apple invests in highly rated securities (which the company defines as investment grade) and limits its credit exposure to any one issuer. The company classifies its marketable securities as available for sale and reports them on the balance sheet at fair value. Unrealized gains and losses are reported in other comprehensive income.

4.6递延所得税资产

4.6. Deferred Tax Assets

SAP资产负债表上列示的递延所得税资产部分金额代表在损益表确认所得税费用之前发生的所得税。当某一期间基于应纳税所得额的实际应纳税所得额超过基于财务报表已确认收入的所得税费用时,由于暂时性时间差异,可能会产生递延所得税资产。例如,公司可能需要在当期确认某些应纳税所得额,但将该收入的确认递延至后续期间。在这种情况下,公司将按照税法规定缴纳所得税,而应纳税所得额与财务报表中已递延确认的收入相关的所得税费用之间的差额将作为递延所得税资产列示。当该收入随后在损益表中确认时,相关的所得税费用也将同时确认,从而减少递延所得税资产。

Portions of the amounts shown as deferred tax assets on SAP’s balance sheet represent income taxes incurred prior to the time that the income tax expense will be recognized on the income statement. Deferred tax assets may result when the actual income tax payable based on income for tax purposes in a period exceeds the amount of income tax expense based on the reported financial statement income due to temporary timing differences. For example, a company may be required to report certain income for tax purposes in the current period but to defer recognition of that income for financial statement purposes to subsequent periods. In this case, the company will pay income tax as required by tax laws, and the difference between the taxes payable and the tax expense related to the income for which recognition was deferred on the financial statements will be reported as a deferred tax asset. When the income is subsequently recognized on the income statement, the related tax expense is also recognized which will reduce the deferred tax asset.

此外,公司在财务报表中申报的某些费用,只能在后续期间用于税务申报。在这种情况下,与之前的例子一样,财务报表中的税前利润低于应纳税所得额。因此,基于应纳税所得额的应纳税所得额超过了基于会计税前净利润的所得税费用。预计未来当财务报表中的利润超过应纳税所得额时,由于该费用可以用于税务申报,这一差额将会转回。未使用的税务亏损和税收抵免的结转也可能导致递延所得税资产(这些并非暂时性时间差异)。只有当预期未来将产生应纳税所得额,且暂时性差异或结转的税务亏损或税收抵免可用于减少应纳税所得额时,才能确认递延所得税资产。

Also, a company may claim certain expenses for financial statement purposes that it is only allowed to claim in subsequent periods for tax purposes. In this case, as in the previous example, the financial statement income before taxes is less than taxable income. Thus, income taxes payable based on taxable income exceeds income tax expense based on accounting net income before taxes. The difference is expected to reverse in the future when the income reported on the financial statements exceeds the taxable income as a deduction for the expense becomes allowed for tax purposes. Deferred tax assets may also result from carrying forward unused tax losses and credits (these are not temporary timing differences). Deferred tax assets are only to be recognized if there is an expectation that there will be taxable income in the future, against which the temporary difference or carried forward tax losses or credits can be applied to reduce taxes payable.

5.非流动负债

5. Non-Current Liabilities

所有未被归类为流动负债的负债均被视为非流动负债或长期负债。附录1213分别列出了SAP集团和苹果公司的资产负债表摘录,其中列出了两家公司非流动负债的明细项目。

All liabilities that are not classified as current are considered to be non-current or long-term. Exhibits 12 and 13 present balance sheet excerpts for SAP Group and Apple Inc. showing the line items for the companies’ non-current liabilities.

两家公司的资产负债表均列示了非流动期未实现收入(SAP集团为递延收益,苹果公司为递延收入)。这些金额代表与预计在报告期后十二个月以上交付的商品和服务相关的未实现收入。以下章节将重点介绍两种常见的非流动(长期)负债:长期金融负债和递延所得税负债。

Both companies’ balance sheets show non-current unearned revenue (deferred income for SAP Group and deferred revenue for Apple). These amounts represent the amounts of unearned revenue relating to goods and services expected to be delivered in periods beyond twelve months following the reporting period. The sections that follow focus on two common types of non-current (long-term) liabilities: long-term financial liabilities and deferred tax liabilities.

附件 12. SAP 集团合并财务状况表(摘录:非流动负债明细)(单位:百万欧元)
截至12月31日
2017 2016
资产
流动资产总额 11,930 11,564
非流动资产总额 30,567 32,713
总资产 42,497 44,277
流动负债总额 10,210 9,674
贸易及其他应付款项 119 127
税务责任 470 365
财务负债 5,034 6,481
其他非金融负债 503 461
条款 303 217
递延所得税负债 240 411
递延收入 79 143
非流动负债总额 6,747 8,205
总负债 16,958 17,880
总权益 25,540 26,397
总权益和负债 42,497 欧元 44,277 欧元

资料来源:SAP集团2017年年度报告。

Source: SAP Group 2017 annual report.

附录 13. 苹果公司合并资产负债表(摘录:非流动负债明细)*(单位:百万美元)
资产 2017年9月30日 2016年9月24日
流动资产总额 128,645 106,869
[所有其他资产] 246,674 214,817
总资产 375,319 321,686
负债和股东权益
流动负债总额 100,814 79,006
递延收入,非流动资产 2,836 2,930
长期债务 97,207 75,427
其他非流动负债 40,415 36,074
非流动负债总额 140,458 114,431
总负债 241,272 193,437
股东权益总额 134,047 128,249
总负债和股东权益 375,319 321,686

*:本摘录中以斜​​体显示的汇总数字并未在公司编制的财务报表中明确列出。

*Note: The italicized subtotals presented in this excerpt are not explicitly shown on the face of the financial statement as prepared by the company.

资料来源:苹果公司 2017 年年度报告(10-K 表格)。

Source: Apple Inc. 2017 annual report (Form 10K).

5.1长期财务负债

5.1. Long-term Financial Liabilities

典型的长期金融负债包括贷款(即向银行借款)和应付票据或债券(即向投资者发行的固定收益证券)。应付贷款和应付债券等负债通常在资产负债表上以摊余成本列示。到期时,债券的摊余成本(账面价值)将等于债券的面值。例如,如果一家公司按面值发行1000万美元的债券,则这些债券在资产负债表中列为1000万美元的长期负债。从发行日到到期日,债券的账面价值(摊余成本)始终为1000万美元。再举一个例子,如果一家公司以97.50的价格(低于面值)发行1000万美元的债券,则这些债券在发行日列为975万美元的负债。在债券存续期内,25万美元的折价将被摊销,因此该债券到期时将被列为1000万美元的负债。同样,对于发行价格高于面值或票面价值的债券,任何溢价也将被摊销。

Typical long-term financial liabilities include loans (i.e., borrowings from banks) and notes or bonds payable (i.e., fixed-income securities issued to investors). Liabilities such as loans payable and bonds payable are usually reported at amortised cost on the balance sheet. At maturity, the amortised cost of the bond (carrying amount) will be equal to the face value of the bond. For example, if a company issues $10,000,000 of bonds at par, the bonds are reported as a long-term liability of $10 million. The carrying amount (amortised cost) from the date of issue to the date of maturity remains at $10 million. As another example, if a company issues $10,000,000 of bonds at a price of 97.50 (a discount to par), the bonds are reported as a liability of $9,750,000 at issue date. Over the bond’s life, the discount of $250,000 is amortised so that the bond will be reported as a liability of $10,000,000 at maturity. Similarly, any bond premium would be amortised for bonds issued at a price in excess of face or par value.

在某些情况下,公司发行的债券等负债会按公允价值列报。这些情况包括用于交易的金融负债、构成公司负债的衍生品,以及某些非衍生工具(例如已被衍生品对冲的工具)。

In certain cases, liabilities such as bonds issued by a company are reported at fair value. Those cases include financial liabilities held for trading, derivatives that are a liability to the company, and some non-derivative instruments such as those which are hedged by derivatives.

SAP的资产负债表(见附录12)显示其金融负债为50.34亿欧元,附注披露这些负债主要为应付债券。苹果公司的资产负债表显示其长期债务为972.07亿美元,附注披露该债务包括期限不同的浮动利率和固定利率债券。

SAP’s balance sheet in Exhibit 12 shows €5,034 million of financial liabilities, and the notes disclose that these liabilities are mostly for bonds payable. Apple’s balance sheet shows $97,207 million of long-term debt, and the notes disclose that this debt includes floating- and fixed-rate notes with varying maturities.

5.2递延所得税负债

5.2. Deferred Tax Liabilities

递延所得税负债源于公司就税务目的报告的收入(应纳税所得额)与就财务报表目的报告的收入(已报告收入)之间的暂时性时间差异。当某一期间的应纳税所得额及其对应的实际应纳税所得额小于财务报表中报告的税前利润及其对应的所得税费用时,就会产生递延所得税负债。递延所得税负债是指因应纳税暂时性差异而需在未来期间缴纳的所得税金额。 20与此相反,在前文讨论未实现收入时,将收入计入前期应纳税所得额会产生递延所得税资产(本质上是预付税款)。

Deferred tax liabilities result from temporary timing differences between a company’s income as reported for tax purposes (taxable income) and income as reported for financial statement purposes (reported income). Deferred tax liabilities result when taxable income and the actual income tax payable in a period based on it is less than the reported financial statement income before taxes and the income tax expense based on it. Deferred tax liabilities are defined as the amounts of income taxes payable in future periods in respect of taxable temporary differences.20 In contrast, in the previous discussion of unearned revenue, inclusion of revenue in taxable income in an earlier period created a deferred tax asset (essentially prepaid tax).

递延所得税负债通常产生于费用项目在财务报表净利润之前计入应纳税所得额的情况。这导致之前期间的应纳税所得额低于税前利润。因此,基于应纳税所得额计算的应纳税所得额低于基于税前会计利润计算的所得税费用。应纳税所得额与所得税费用之间的差额即为递延所得税负债——例如,当公司出于税务目的采用加速折旧法而出于财务报表目的采用直线折旧法时。当收入项目在后期计入应纳税所得额时也会产生递延所得税负债——例如,当公司的子公司拥有尚未分配、因而也尚未纳税的利润时。

Deferred tax liabilities typically arise when items of expense are included in taxable income in earlier periods than for financial statement net income. This results in taxable income being less than income before taxes in the earlier periods. As a result, taxes payable based on taxable income are less than income tax expense based on accounting income before taxes. The difference between taxes payable and income tax expense results in a deferred tax liability—for example, when companies use accelerated depreciation methods for tax purposes and straight-line depreciation methods for financial statement purposes. Deferred tax liabilities also arise when items of income are included in taxable income in later periods—for example, when a company’s subsidiary has profits that have not yet been distributed and thus have not yet been taxed.

SAP在附录12中的资产负债表显示其递延所得税负债为2.4亿欧元。苹果公司在附录13中的资产负债表虽然没有单独列出递延所得税负债,但附注披露表明,苹果公司资产负债表上报告的其他非流动负债404.15亿美元中,大部分为递延所得税负债,总计315.04亿美元。

SAP’s balance sheet in Exhibit 12 shows €240 million of deferred tax liabilities. Apple’s balance sheet in Exhibit 13 does not show a separate line item for deferred tax liabilities, however, note disclosures indicate that most of the $40,415 million of other non-current liabilities reported on Apple’s balance sheet represents deferred tax liabilities, which totaled $31,504 million.

6.公平

6. Equity

权益是指所有者在扣除公司负债后对公司资产的剩余索取权。它代表所有者对公司的索取权。权益包括所有者直接投资于公司的资金,以及随着时间推移而再投资的收益。权益还可以包括未在公司损益表中确认的损益项目。

Equity is the owners’ residual claim on a company’s assets after subtracting its liabilities.21 It represents the claim of the owner against the company. Equity includes funds directly invested in the company by the owners, as well as earnings that have been reinvested over time. Equity can also include items of gain or loss that are not recognized on the company’s income statement.

6.1权益的组成部分

6.1. Components of Equity

所有者权益总额通常由六个主要部分组成。以下列出的前五个部分是归属于母公司所有者的权益。第六个部分是归属于少数股东权益的权益。

Six main components typically comprise total owners’ equity. The first five components listed below comprise equity attributable to owners of the parent company. The sixth component is the equity attributable to non-controlling interests.

  1. 股东出资(或普通股,或已发行股本)是指股东向公司投入的资金。公司所有权通过发行普通股来体现。普通股可以有面值(或法定价值),也可以发行无面值股票(取决于公司章程的规定)。如果存在面值或法定价值要求,则必须在资产负债表的权益部分披露。此外,公司还必须披露每类股票的授权股数、已发行股数和流通股数。授权股数是指公司根据其章程可以出售的股票数量。已发行股数是指已出售给投资者的股票数量。流通股数是指已发行股数减去库存股数。

  2. Capital contributed by owners (or common stock, or issued capital). The amount contributed to the company by owners. Ownership of a corporation is evidenced through the issuance of common shares. Common shares may have a par value (or stated value) or may be issued as no par shares (depending on regulations governing the incorporation). Where par or stated value requirements exist, it must be disclosed in the equity section of the balance sheet. In addition, the number of shares authorized, issued, and outstanding must be disclosed for each class of share issued by the company. The number of authorized shares is the number of shares that may be sold by the company under its articles of incorporation. The number of issued shares refers to those shares that have been sold to investors. The number of outstanding shares consists of the issued shares less treasury shares.

  3. 优先股根据其特性而非法律形式,被归类为权益或金融负债。例如,永续的、不可赎回的优先股被归类为权益。相反,在未来某个日期以固定金额强制赎回的优先股则被归类为金融负债。优先股享有优先于普通股股东的权利——这些权利通常包括获得股息以及在公司清算时获得资产。

  4. Preferred shares. Classified as equity or financial liabilities based upon their characteristics rather than legal form. For example, perpetual, non-redeemable preferred shares are classified as equity. In contrast, preferred shares with mandatory redemption at a fixed amount at a future date are classified as financial liabilities. Preferred shares have rights that take precedence over the rights of common shareholders—rights that generally pertain to receipt of dividends and receipt of assets if the company is liquidated.

  5. 库存股(或称库存股、回购股份)是指公司回购并作为库存股持有的股份,而非注销的股份。公司可以出售(重新发行)这些股份。当管理层认为股份价值被低估、需要股份来履行员工的股票期权,或希望限制各种员工股票激励计划造成的股权稀释时,公司可能会回购股份。回购先前发行的股份会减少股东权益,减少的金额等于回购股份的成本,并减少流通股总数。如果库存股随后被重新发行,公司不会在损益表中确认任何重新发行的损益。库存股不具有投票权,也不享有公司宣布的任何股息。

  6. Treasury shares (or treasury stock or own shares repurchased). Shares in the company that have been repurchased by the company and are held as treasury shares, rather than being cancelled. The company is able to sell (reissue) these shares. A company may repurchase its shares when management considers the shares undervalued, needs shares to fulfill employees’ stock options, or wants to limit the effects of dilution from various employee stock compensation plans. A repurchase of previously issued shares reduces shareholders’ equity by the amount of the cost of repurchasing the shares and reduces the number of total shares outstanding. If treasury shares are subsequently reissued, a company does not recognize any gain or loss from the reissuance on the income statement. Treasury shares are non-voting and do not receive any dividends declared by the company.

  7. 留存收益。指公司损益表中确认的、尚未以股息形式支付给公司所有者的累计收益金额。

  8. Retained earnings. The cumulative amount of earnings recognized in the company’s income statements which have not been paid to the owners of the company as dividends.

  9. 其他综合收益累计额(或其他储备)。其他综合收益或损失的累计金额。综合收益包括:a) 在利润表中确认并反映在留存收益中的净利润;以及 b) 不作为净利润确认并反映在其他综合收益累计额中的其他综合收益。22

  10. Accumulated other comprehensive income (or other reserves). The cumulative amount of other comprehensive income or loss. The term comprehensive income includes both a) net income, which is recognized on the income statement and is reflected in retained earnings, and b) other comprehensive income which is not recognized as part of net income and is reflected in accumulated other comprehensive income.22

  11. 非控股权益(或少数股东权益)。指母公司(控股公司)合并经营但并非完全控股的子公司中,少数股东所持有的股权。

  12. Noncontrolling interest (or minority interest). The equity interests of minority shareholders in the subsidiary companies that have been consolidated by the parent (controlling) company but that are not wholly owned by the parent company.

附录1415分别列示了SAP集团和苹果公司资产负债表的节选,并详细列出了各公司权益部分的各项内容。SAP的资产负债表显示,该公司已发行股本为12.29亿欧元,财务报表附注披露,该公司已发行12.29亿股无面值普通股,每股面值为1欧元。SAP的资产负债表还显示,该公司持有15.91亿欧元的库存股,财务报表附注披露,该公司持有3500万股库存股。5.7亿欧元的股份溢价项目包括库存股交易(以及其他一些交易)的金额。247.94亿欧元的留存收益代表该公司在损益表中确认的累计收益(扣除股息后)。SAP的5.08亿欧元“其他权益组成部分”包括该公司累计的其他综合收益。附注披露,这部分收益包括汇兑损益3.3亿欧元、可供出售金融资产重估收益1.57亿欧元以及现金流量套期保值收益2100万欧元。资产负债表接下来列示归属于母公司的权益小计255.09亿欧元,以及归属于少数股东权益的小计3100万欧元。权益总额包括归属于母公司的权益和归属于少数股东权益的权益。

Exhibits 14 and 15 present excerpts of the balance sheets of SAP Group and Apple Inc., respectively, with detailed line items for each company’s equity section. SAP’s balance sheet indicates that the company has €1,229 million issued capital, and the notes to the financial statements disclose that the company has issued 1,229 million no-par common stock with a nominal value of €1 per share. SAP’s balance sheet also indicates that the company has €1,591 of treasury shares, and the notes to the financial statements disclose that the company holds 35 million of its shares as treasury shares. The line item share premium of €570 million includes amounts from treasury share transactions (and certain other transactions). The amount of retained earnings, €24,794 million, represents the cumulative amount of earnings that the company has recognized in its income statements, net of dividends. SAP’s €508 million of “Other components of equity” includes the company’s accumulated other comprehensive income. The notes disclose that this is composed of €330 million gains on exchange differences in translation, €157 million gains on remeasuring available-for-sale financial assets, and €21 million gains on cash flow hedges. The balance sheet next presents a subtotal for the amount of equity attributable to the parent company €25,509 million followed by the amount of equity attributable to non-controlling interests €31 million. Total equity includes both equity attributable to the parent company and equity attributable to non-controlling interests.

苹果公司资产负债表的权益部分仅包含三项:普通股、留存收益和其他综合收益/(损失)累计额。尽管苹果公司的资产负债表上没有库存股,但该公司确实会回购自身股份,不过会注销回购的股份,而不是将其作为库存股持有。苹果公司的资产负债表显示,截至2017财年末,已发行并流通在外的股份为5,126,201,000股;截至2016财年末,已发行并流通在外的股份为5,336,166,000股。有关流通股变动的详情,请参见附录15中的股东权益变动表。该表显示,2017年苹果公司回购了246,496,000股先前发行的普通股,并向员工发行了36,531,000股。

The equity section of Apple’s balance sheet consists of only three line items: common stock, retained earnings, and accumulated other comprehensive income/(loss). Although Apple’s balance sheet shows no treasury stock, the company does repurchase its own shares but cancels the repurchased shares rather than holding the shares in treasury. Apple’s balance sheet shows that 5,126,201 thousand shares were issued and outstanding at the end of fiscal 2017 and 5,336,166 thousand shares were issued and outstanding at the end of fiscal 2016. Details on the change in shares outstanding is presented on the Statement of Shareholders’ Equity in Exhibit 15, which shows that in 2017 Apple repurchased 246,496 thousand shares of its previously issued common stock and issued 36,531 thousand shares to employees.

附件 14. SAP 集团合并财务状况表(摘录:权益明细)(单位:百万欧元)
截至12月31日
资产 2017 2016
流动资产总额 11,930 11,564
非流动资产总额 30,567 32,713
总资产 42,497 44,277
流动负债总额 10,210 9,674
非流动负债总额 6,747 8,205
总负债 16,958 17,880
已发行资本 1,229 1,229
分享溢价 570 599
留存收益 24,794 22,302
股权的其他组成部分 508 3,346
库存股 (1,591) (1,099)
归属于母公司所有者的权益 25,509 26,376
非控股权益 31 21
总权益 25,540 26,397
总权益和负债 42,497 欧元 44,277 欧元

资料来源:SAP集团2017年年度报告。

Source: SAP Group 2017 annual report.

附录 15. 苹果公司合并资产负债表(摘录:权益明细)(单位:百万美元)(股份数量以千股为单位)
资产 2017年9月30日 2016年9月24日
流动资产总额 128,645 106,869
[所有其他资产] 246,674 214,817
总资产 375,319 321,686
负债和股东权益
流动负债总额 100,814 79,006
非流动负债总额 140,458 114,431
总负债 241,272 193,437
普通股及额外实缴资本,面值0.00001美元:授权股数12,600,000股;已发行及流通股数分别为5,126,201股和5,336,166股。 35,867 31,251
留存收益 98,330 96,364
其他综合收益/(损失)累计 (150) 634
股东权益总额 134,047 128,249
总负债和股东权益 375,319 321,686

资料来源:苹果公司 2017 年年度报告(10K)。

Source: Apple Inc. 2017 annual report (10K).

6.2权益变动表

6.2. Statement of Changes in Equity

权益变动表(或股东权益变动表)反映公司权益在一定时期内的增减情况。国际财务报告准则(IFRS)要求权益变动表包含以下信息:

The statement of changes in equity (or statement of shareholders’ equity) presents information about the increases or decreases in a company’s equity over a period. IFRS requires the following information in the statement of changes in equity:

  • 该期间的综合收益总额;

  • total comprehensive income for the period;

  • 追溯适用于以前期间的任何会计变更的影响;

  • the effects of any accounting changes that have been retrospectively applied to previous periods;

  • 与所有者的资本交易和向所有者的分配;以及

  • capital transactions with owners and distributions to owners; and

  • 23.对年初和年末权益各组成部分的账面价值进行调节。

  • reconciliation of the carrying amounts of each component of equity at the beginning and end of the year.23

根据美国通用会计准则(US GAAP),美国证券交易委员会(SEC)规定的要求是,公司必须对资产负债表中列示的股东权益各组成部分的变动情况进行分析。24

Under US GAAP, the requirement as specified by the SEC is for companies to provide an analysis of changes in each component of stockholders’ equity that is shown in the balance sheet.24

附录16摘录了苹果公司合并股东权益变动表的部分内容。该摘录仅显示了实际报表所列示的其中一个年份。它从2016年9月24日(即2017财年年初)的余额开始,并分析了截至2017年9月30日苹果公司资产负债表上各项权益组成部分的变动情况。如上所述,由于公司回购了246,496,000股普通股并发行了36,531,000股新股,流通股数量从5,336,166,000股减少至5,126,201,000股,导致实收资本和留存收益的美元余额分别减少了9.13亿美元和5.81亿美元。此外,由于股权激励,普通股的美元余额增加了49.09亿美元。留存收益因净利润增加 483.51 亿美元,减去 128.03 亿美元的股息、330.01 亿美元的股票回购以及与股票发行相关的 5.81 亿美元调整。对于支付股息的公司,股息金额单独列示为留存收益的扣减项。该报表还详细说明了苹果公司累计其他综合收益 7.84 亿美元的变动。请注意,该报表提供了包含净利润和其他综合收益各组成部分的综合收益总额小计。

Exhibit 16 presents an excerpt from Apple’s Consolidated Statements of Changes in Shareholders’ Equity. The excerpt shows only one of the years presented on the actual statement. It begins with the balance as of 24 September 2016 (i.e., the beginning of fiscal 2017) and presents the analysis of changes to 30 September 2017 in each component of equity that is shown on Apple’s balance sheet. As noted above, the number of shares outstanding decreased from 5,336,166 thousand to 5,126,201 thousand as the company repurchased 246,496 thousand shares of its common stock and issued 36,531 thousand new shares which reduced the dollar balance of Paid-in Capital and Retained earnings by $913 million and $581 million, respectively. The dollar balance in common stock also increased by $ 4,909 million in connection with share-based compensation. Retained earnings increased by $48,351 million net income, minus $12,803 million dividends, $33,001 million for the share repurchase and $581 million adjustment in connection with the stock issuance. For companies that pay dividends, the amount of dividends are shown separately as a deduction from retained earnings. The statement also provides details on the $784 million change in Apple’s Accumulated other comprehensive income. Note that the statement provides a subtotal for total comprehensive income that includes net income and each of the components of other comprehensive income.

附录 16. 苹果公司合并股东权益变动表摘录(单位:百万,股份数量单位为千)
普通股和额外实缴资本 留存收益 其他综合收益/(损失)累计额 股东权益总额
股票 数量
截至2016年9月24日的余额 5,336,166 31,251 96,364 634 128,249
净利 48,351 48,351
其他综合收益/(损失) (784) (784)
已宣布派发股息及股息等价物 (12,803) (12,803)
普通股回购 (246,496) (33,001) (33,001)
股权激励 4,909 4,909
已发行普通股(扣除已预扣的员工税股份) 36,531 (913) (581) (1,494)
股权激励带来的税收优惠,包括转让定价调整 620 620
截至2017年9月30日的余额 5,126,201 35,867 98,330 (150) 134,047

7.资产负债表分析

7. Analysis of the Balance Sheet

本节介绍两种资产负债表分析工具:通用比率分析和资产负债表比率。分析公司的资产负债表可以深入了解公司在资产负债表日的流动性和偿付能力,以及公司所掌控的经济资源。流动性是指公司履行短期财务承诺的能力。流动性评估侧重于公司将资产变现并支付运营需求的能力。偿付能力是指公司履行长期财务义务的能力。偿付能力评估侧重于公司的财务结构及其偿还长期融资债务的能力。

This section describes two tools for analyzing the balance sheet: common-size analysis and balance sheet ratios. Analysis of a company’s balance sheet can provide insight into the company’s liquidity and solvency—as of the balance sheet date—as well as the economic resources the company controls. Liquidity refers to a company’s ability to meet its short-term financial commitments. Assessments of liquidity focus a company’s ability to convert assets to cash and to pay for operating needs. Solvency refers to a company’s ability to meet its financial obligations over the longer term. Assessments of solvency focus on the company’s financial structure and its ability to pay long-term financing obligations.

7.1资产负债表的共同比分析

7.1. Common-Size Analysis of the Balance Sheet

第一种方法是纵向共同比率分析,即将资产负债表上的每个项目表示为总资产的百分比。25共同比率报表有助于比较公司资产负债表随时间的变化(时间序列分析)以及同一行业内不同公司之间的变化。例如,图表 17的 A 部分列出了三家假设公司的资产负债表。C 公司资产为 975 万美元,远大于 A 公司和 B 公司(两家公司的资产均为 325 万美元)。B 部分所示的共同比率资产负债表便于对这些规模不同的公司进行比较。

The first technique, vertical common-size analysis, involves stating each balance sheet item as a percentage of total assets.25 Common-size statements are useful in comparing a company’s balance sheet composition over time (time-series analysis) and across companies in the same industry. To illustrate, Panel A of Exhibit 17 presents a balance sheet for three hypothetical companies. Company C, with assets of $9.75 million is much larger than Company A and Company B, each with only $3.25 million in assets. The common-size balance sheet presented in Panel B facilitates a comparison of these different sized companies.

展品17
A组:A公司、B公司和C公司的资产负债表
(千美元) 一个 B C
资产
流动资产
   现金及现金等价物 1,000 200 3,000
   短期有价证券 900 300
   应收账款 500 1,050 1,500
   存货 100 950 300
流动资产总额 2,500 2,200 5,100
固定资产净值 750 750 4,650
无形资产 200
善意 100
总资产 3,250 3,250 9,750
负债和股东权益
流动负债
   应付账款 2,500 600
流动负债总额 2,500 600
长期应付债券 10 10 9,000
总负债 10 2,510 9,600
股东权益总额 3,240 740 150
总负债和股东权益 3,250 3,250 9,750
B 部分:A、B 和 C 三家公司的通用比例资产负债表
(百分比) 一个 B C
资产
流动资产
   现金及现金等价物 30.8 6.2 30.8
   短期有价证券 27.7 0.0 3.1
   应收账款 15.4 32.3 15.4
   存货 3.1 29.2 3.1
流动资产总额 76.9 67.7 52.3
固定资产净值 23.1 23.1 47.7
无形资产 0.0 6.2 0.0
善意 0.0 3.1 0.0
总资产 100.0 100.0 100.0
负债和股东权益
流动负债
   应付账款 0.0 76.9 6.2
流动负债总额 0.0 76.9 6.2
长期应付债券 0.3 0.3 92.3
总负债 0.3 77.2 98.5
股东权益总额 99.7 22.8 1.5
总负债和股东权益 100.0 100.0 100.0

A公司和B公司的大部分资产均为流动资产;然而,A公司近60%的总资产为现金和短期有价证券,而B公司仅有6%的资产为现金。A公司的流动性优于B公司。A公司没有流动负债(其流动负债四舍五入后不足1万美元),并且拥有100万美元的现金,足以应对任何近期财务义务。相比之下,B公司的流动负债高达250万美元,超过了其仅有的20万美元可用现金。为了偿还这些近期债务,B公司需要收回部分应收账款、销售更多存货、向银行贷款和/或筹集更多长期资本(例如,发行更多债券或股票)。C公司的流动性似乎也优于B公司。其超过30%的总资产为现金和短期有价证券,而其流动负债仅占总资产的6.2%。

Most of the assets of Company A and B are current assets; however, Company A has nearly 60 percent of its total assets in cash and short-term marketable securities while Company B has only 6 percent of its assets in cash. Company A is more liquid than Company B. Company A shows no current liabilities (its current liabilities round to less than $10 thousand), and it has cash on hand of $1.0 million to meet any near-term financial obligations it might have. In contrast, Company B has $2.5 million of current liabilities which exceed its available cash of only $200 thousand. To pay those near-term obligations, Company B will need to collect some of its accounts receivables, sell more inventory, borrow from a bank, and/or raise more long-term capital (e.g., by issuing more bonds or more equity). Company C also appears more liquid than Company B. It holds over 30 percent of its total assets in cash and short-term marketable securities, and its current liabilities are only 6.2 percent of the amount of total assets.

C公司拥有330万美元的现金和短期有价证券,远高于其60万美元的流动负债。然而,就偿付能力而言,值得注意的是,C公司98.5%的资产是由负债融资的。如果C公司现金流出现大幅波动,可能无力偿还长期债券的本金和利息。相比之下,A公司的偿付能力远强于C公司,其资产中只有不到1%是由负债融资的。

Company C’s $3.3 million in cash and short-term marketable securities is substantially more than its current liabilities of $600 thousand. Turning to the question of solvency, however, note that 98.5 percent of Company C’s assets are financed with liabilities. If Company C experiences significant fluctuations in cash flows, it may be unable to pay the interest and principal on its long-term bonds. Company A is far more solvent than Company C, with less than one percent of its assets financed with liabilities.

请注意,这些例子仅为假设。除了概括性的比较之外,若缺乏更详细的信息,很难进行更深入的探讨。实际上,诸多因素都会影响公司的流动性管理和资本结构。最优资本结构的研究是公司金融领域的一个基础性问题。资本指的是公司的长期债务和股权融资;资本结构指的是债务融资与股权融资的比例。

Note that these examples are hypothetical only. Other than general comparisons, little more can be said without further detail. In practice, a wide range of factors affect a company’s liquidity management and capital structure. The study of optimal capital structure is a fundamental issue addressed in corporate finance. Capital refers to a company’s long-term debt and equity financing; capital structure refers to the proportion of debt versus equity financing.

共同比资产负债表还可以凸显公司战略的差异。比较各公司的资产构成,C公司在固定资产、厂房和设备方面的投资比例更高——这可能是因为其更多产品是自主生产的。B公司资产负债表上的商誉表明其过去曾进行过一次或多次收购。相比之下,A公司和C公司资产负债表上均无商誉,这表明这两家公司可能采取了内部增长而非收购增长的战略。A公司的资产负债表构成表明,该公司可能处于初创或清算阶段。其存货相对较少,且没有应付账款。该公司要么尚未建立贸易信用,要么正在清算过程中偿还债务。

Common-size balance sheets can also highlight differences in companies’ strategies. Comparing the asset composition of the companies, Company C has made a greater proportional investment in property, plant, and equipment—possibly because it manufactures more of its products in-house. The presence of goodwill on Company B’s balance sheet signifies that it has made one or more acquisitions in the past. In contrast, the lack of goodwill on the balance sheets of Company A and Company C suggests that these two companies may have pursued a strategy of internal growth rather than growth by acquisition. Company A may be in either a start-up or liquidation stage of operations as evidenced by the composition of its balance sheet. It has relatively little inventory and no accounts payable. It either has not yet established trade credit or it is in the process of paying off its obligations in the process of liquidating.

例5

通用尺寸分析

Common-Size Analysis

对附录4、6、8和12中列出SAP 集团资产负债表摘录进行共同比分析回答以下问题:2017 年相对于 2016 年,下列哪些项目占资产的百分比有所增加?

Applying common-size analysis to the excerpts of SAP Group’s balance sheets presented in Exhibits 4, 6, 8, and 12, answer the following: In 2017 relative to 2016, which of the following line items increased as a percentage of assets?

  1. 现金及现金等价物。

  2. Cash and cash equivalents.

  3. 流动资产总额。

  4. Total current assets.

  5. 金融负债总额

  6. Total financial liabilities

  7. 递延收入总额。

  8. Total deferred income.

解决方案:

Solution:

A、B 和 D 选项正确。下列各项占总资产的百分比有所增长:

A, B, and D are correct. The following items increased as a percentage of total assets:

  • 现金及现金等价物占总资产的比例从 2016 年的 8.4%(3,702 欧元 ÷ 44,277 欧元)增加到 2017 年的 9.4%(4,011 欧元 ÷ 42,497 欧元)。

  • Cash and cash equivalents increased from 8.4 percent of total assets in 2016 (€3,702 ÷ €44,277) to 9.4 percent in 2017 (€4,011 ÷ €42,497).

  • 2016 年流动资产占总资产的比例为 26.1%(11,564 欧元 ÷ 44,277 欧元),2017 年流动资产占总资产的比例为 28.1%(11,930 欧元 ÷ 42,497 欧元)。

  • Total current assets increased from 26.1 percent of total assets in 2016 (€11,564 ÷ €44,277) to 28.1 percent in 2017 (€11,930 ÷ €42,497).

  • 2016 年递延收入占总资产的比例为 5.7%((€ 2,383 +€143)÷ €44,277),2017 年递延收入占总资产的比例为 6.7%((€ 2,771 +€79)÷ €42,497)。

  • Total deferred income increased from 5.7 percent of total assets in 2016 ((€ 2,383 +€143) ÷ €44,277) to 6.7 percent in 2017 ((€ 2,771 +€79) ÷ €42,497).

与上年相比,金融负债总额无论以绝对欧元金额还是占总资产的百分比均有所下降。

Total financial liabilities decreased both in absolute Euro amounts and as a percentage of total assets when compared with the previous year.

请注意,公司部分递延收益和金融负债被归类为流动负债(见附录6),部分被归类为非流动负债(见附录12 )。因此,递延收益和金融负债的总额(包括流动负债和非流动负债)是通过将附录6和附录12中的金额相加得到的。

Note that some amounts of the company’s deferred income and financial liabilities are classified as current liabilities (shown in Exhibit 6) and some amounts are classified as non-current liabilities (shown in Exhibit 12). The total amounts—current and non-current—of deferred income and financial liabilities, therefore, are obtained by summing the amounts in Exhibits 6 and 12.

总体而言,与2016年相比,公司2017年的流动性状况有所改善。公司现金余额占总资产的比例有所上升。虽然流动负债占总资产的比例有所上升,而总负债的比例基本保持不变,但负债结构发生了变化。代表未来现金支出的金融负债占总资产的比例有所下降,而代表收入确认前已收到的现金的递延收入则有所上升。

Overall, aspects of the company’s liquidity position are somewhat stronger in 2017 compared to 2016. The company’s cash balances as a percentage of total assets increased. While current liabilities increased as a percentage of total assets and total liabilities remained approximately the same percentage, the mix of liabilities shifted. Financial liabilities, which represent future cash outlays, decreased as a percentage of total assets, while deferred revenues, which represent cash received in advance of revenue recognition, increased.

资产负债表通用比例分析在横截面分析中尤为有用——它可以用于比较特定时期内不同公司的业绩,或将公司与行业或板块数据进行比较。分析师可以选择个别同业公司进行比较,使用公开渠道的行业数据,或从数据库中收集数据。在分析公司时,许多分析师倾向于选择同业公司进行比较,或自行收集行业统计数据。

Common-size analysis of the balance sheet is particularly useful in cross-sectional analysis—comparing companies to each other for a particular time period or comparing a company with industry or sector data. The analyst could select individual peer companies for comparison, use industry data from published sources, or compile data from databases. When analyzing a company, many analysts prefer to select the peer companies for comparison or to compile their own industry statistics.

图表 18展示了使用 2017 年数据编制的标普 500 指数 10 个行业的通用格式资产负债表数据。行业分类遵循标普/MSCI 全球行业分类系统 (GICS)。该图表列出了 Compustat 数据库中 2017 年数据可用的标普 500 指数成分股公司的通用格式资产负债表平均值和中位数。26

Exhibit 18 presents common-size balance sheet data compiled for the 10 sectors of the S&P 500 using 2017 data. The sector classification follows the S&P/MSCI Global Industrial Classification System (GICS). The exhibit presents mean and median common-size balance sheet data for those companies in the S&P 500 for which 2017 data was available in the Compustat database.26

图表 18. 按 S&P/MSCI GICS 行业分类的 S&P 500 指数通用规模资产负债表统计数据

(除观测值数量外,均以百分比表示;数据为 2017 年数据)
A组数据(中位数)
  10 15 20 25 30 35 40 45 50 55 60
  活力 材料 工业 非必需消费品 必需消费品 卫生保健 财务 信息技术 电信服务 公用事业 房地产
观测次数 34 27 68 81 33 59 64 64 4 29 30
现金和短期投资 6.8% 6.3% 8.1% 8.3% 4.1% 11.2% 6.2% 22.7% 1.2% 0.7% 1.4%
应收账款 5.8% 8.8% 12.9% 6.8% 6.5% 9.7% 20.4% 9.6% 3.7% 3.6% 2.0%
库存 1.6% 8.9% 6.9% 14.9% 9.6% 4.3% 0.0% 1.3% 0.3% 1.7% 0.0%
流动资产总额 16.1% 26.0% 30.5% 41.5% 29.1% 31.4% 不适用 48.7% 8.6% 7.3% 10.8%
个人防护装备 73.3% 36.3% 12.5% 19.8% 17.2% 8.1% 0.9% 6.2% 35.0% 72.0% 33.4%
无形资产 1.6% 27.9% 33.3% 16.8% 41.9% 37.6% 2.8% 26.4% 49.6% 6.2% 1.0%
善意 0.7% 20.0% 28.3% 11.3% 26.2% 22.8% 2.2% 22.3% 26.0% 4.8% 0.0%
应付账款 5.7% 7.3% 6.2% 8.0% 8.0% 3.1% 27.0% 2.7% 2.5% 3.0% 1.3%
流动负债 10.9% 16.5% 22.5% 25.8% 25.0% 16.5% 不适用 21.2% 11.5% 11.5% 7.1%
长期债务 27.3% 31.4% 28.0% 28.7% 32.3% 24.3% 6.4% 22.9% 46.8% 32.5% 43.4%
总负债 49.3% 64.2% 65.5% 64.9% 63.8% 59.2% 86.7% 59.9% 75.8% 71.8% 53.3%
普通股 47.3% 33.8% 34.5% 34.7% 36.2% 39.4% 12.6% 39.3% 23.9% 27.7% 40.4%
优先股 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
总权益 47.3% 33.8% 34.5% 34.7% 36.2% 39.4% 13.2% 39.3% 23.9% 28.0% 41.8%
展品18。(续)
面板 B. 平均数据
  10 15 20 25 30 35 40 45 50 55 60
  活力 材料 工业 非必需消费品 必需消费品 卫生保健 财务 信息技术 电信服务 公用事业 房地产
观测次数 34 27 68 81 33 59 64 64 4 29 30
现金和短期投资 6.9% 7.4% 9.2% 12.9% 7.3% 15.4% 11.2% 28.3% 3.6% 1.3% 2.9%
应收账款 6.6% 10.5% 15.2% 9.0% 7.7% 11.2% 31.5% 11.8% 5.0% 3.8% 3.8%
库存 3.4% 9.3% 7.8% 18.3% 10.6% 6.3% 3.8% 4.1% 0.3% 1.6% 0.1%
流动资产总额 17.7% 28.8% 32.9% 40.6% 27.8% 36.4% 不适用 49.4% 10.1% 8.6% 16.1%
个人防护装备 68.0% 36.9% 24.5% 25.1% 21.6% 11.2% 2.1% 10.3% 39.0% 69.9% 34.9%
无形资产 7.8% 26.6% 35.6% 23.0% 43.6% 43.9% 11.4% 31.1% 48.2% 6.8% 10.3%
善意 5.4% 18.4% 26.8% 14.6% 24.6% 27.3% 7.7% 24.5% 25.9% 5.7% 5.7%
应付账款 5.9% 8.1% 7.1% 11.8% 9.8% 8.1% 35.9% 5.1% 3.1% 2.9% 2.0%
流动负债 11.8% 17.0% 23.0% 26.8% 24.6% 21.2% 不适用 26.1% 11.9% 11.8% 12.8%
长期债务 28.3% 31.2% 29.4% 31.3% 32.4% 28.5% 10.3% 24.8% 47.5% 35.0% 44.8%
总负债 50.3% 63.4% 67.1% 67.5% 68.3% 60.1% 80.1% 61.8% 77.6% 73.9% 54.5%
普通股 46.4% 34.2% 32.3% 32.3% 30.9% 38.9% 18.2% 37.5% 22.2% 24.7% 40.2%
优先股 0.0% 0.0% 0.1% 0.0% 0.0% 0.1% 0.4% 0.3% 0.0% 0.3% 2.2%
总权益 46.4% 34.2% 32.4% 32.3% 30.9% 39.0% 18.5% 37.8% 22.2% 25.0% 42.3%

PPE = 固定资产、厂房和设备,LT = 长期。

PPE = Property, plant, and equipment, LT = Long term.

来源:基于 Compustat 的数据。

Source: Based on data from Compustat.

从这些数据中可以得出一些有趣的普遍性结论:

Some interesting general observations can be made from these data:

  • 能源和公用事业公司拥有最多的固定资产、厂房和设备(PPE)。电信服务业和公用事业的长期债务水平最高。公用事业公司也发行一些优先股。

  • Energy and utility companies have the largest amounts of property, plant, and equipment (PPE). Telecommunication services, followed by utilities, have the highest level of long-term debt. Utilities also use some preferred stock.

  • 金融公司负债总额占比最高。金融公司通常财务杠杆率也相对较高。

  • Financial companies have the greatest percentage of total liabilities. Financial companies typically have relatively high financial leverage.

  • 电信服务和公用事业公司的应收账款水平最低。

  • Telecommunications services and utility companies have the lowest level of receivables.

  • 消费品库存水平最高,非必需消费品最高。原材料和生活必需品库存水平次之。

  • Inventory levels are highest for consumer discretionary. Materials and consumer staples have the next highest inventories.

  • 信息技术公司使用的杠杆率最低,这体现在其长期债务和总负债的百分比最低,而普通股和总权益的百分比最高。

  • Information technology companies use the least amount of leverage as evidenced by the lowest percentages for long-term debt and total liabilities and highest percentages for common and total equity.

例 6讨论了分析师使用横截面共同规模资产负债表数据的情况。

Example 6 discusses an analyst using cross-sectional common-size balance sheet data.

例 6

横截面共同尺寸分析

Cross-Sectional Common-Size Analysis

Jason Lu正在比较计算机行业的两家公司,以评估它们资产负债表所反映的相对财务状况。他整理了以下苹果和微软的垂直通用规模数据。

Jason Lu is comparing two companies in the computer industry to evaluate their relative financial position as reflected on their balance sheets. He has compiled the following vertical common-size data for Apple and Microsoft.

横截面分析:合并资产负债表(占总资产的百分比)
苹果 微软
资产: 2017年9月30日 2017年6月30日
流动资产:
   现金及现金等价物 5.4 3.2
   短期有价证券 14.4 52.0
   应收账款 4.8 8.2
   库存 1.3 0.9
   供应商非贸易应收款 4.7 0.0
   其他流动资产 3.7 2.0
流动资产总额 34.3 66.3
长期有价证券 51.9 2.5
固定资产净值 9.0 9.8
善意 1.5 14.6
已收购无形资产净值 0.6 4.2
其他资产 2.7 2.6
总资产 100.0 100.0
负债和股东权益:
流动负债:
   应付账款 13.1 3.1
   短期债务 3.2 3.8
   长期债务的当前部分 1.7 0.4
   应计费用 6.9 2.7
   递延收入 2.0 14.1
其他流动负债 0.0 2.6
流动负债总额 26.9 26.8
长期债务 25.9 31.6
递延收入(非流动资产) 0.8 4.3
其他非流动负债 10.8 7.3
总负债 64.3 70.0
承诺和应急措施
股东权益总额 35.7 30.0
总负债和股东权益 100.0 100.0

资料来源:根据公司年度报告中的数据。

Source: Based on data from companies’ annual reports.

根据这些数据,卢了解到以下信息:

From this data, Lu learns the following:

  • 苹果和微软都持有大量现金和短期有价证券,这与附录18中信息技术行业的普遍情况相符。苹果还持有大量长期有价证券。这可能反映了该公司商业模式的成功,该模式近年来产生了大量的经营现金流。

  • Apple and Microsoft have high levels of cash and short-term marketable securities, consistent with the information technology sector as reported in Exhibit 18. Apple also has a high balance in long-term marketable securities. This may reflect the success of the company’s business model, which has generated large operating cash flows in recent years.

  • 苹果的应收账款水平低于微软,也低于行业平均水平。需要进一步研究以了解这与苹果通过自有零售店的现金销售在多大程度上相关。另一种解释是,该公司比其他公司更多地出售/保理了应收账款;然而,鉴于苹果的现金状况,这种解释不太可能。此外,苹果还列示了供应商非贸易应收款,反映了其与代工制造商之间的协议。

  • Apple’s level of accounts receivable is lower than Microsoft’s and lower than the industry average. Further research is necessary to learn the extent to which this is related to Apple’s cash sales through its own retail stores. An alternative explanation would be that the company has been selling/factoring receivables to a greater degree than the other companies; however, that explanation is unlikely given Apple’s cash position. Additionally, Apple shows vendor non-trade receivables, reflecting arrangements with its contract manufacturers.

  • 苹果和微软的库存水平都很低,与行业中位数水平相近(见附录18)。苹果采用代工模式,可以依赖供应商在需要时才进行库存管理。此外,苹果在其年度报告的管理层讨论与分析部分披露了380亿美元的不可撤销制造采购义务,其中330亿美元将于12个月内到期。这些金额目前并未计入库存,而是反映了苹果使用代工模式组装和测试部分成品的情况。采购承诺和代工模式的使用意味着库存可能被“低估”。微软的低库存水平与其业务结构相符,其软件业务比硬件业务更为重要。

  • Apple and Microsoft both have low levels of inventory, similar to industry medians as reported in Exhibit 18. Apple uses contract manufacturers and can rely on suppliers to hold inventory until needed. Additionally, in the Management Discussion and Analysis section of their annual report, Apple discloses $38 billion of noncancelable manufacturing purchase obligations, $33 billion of which is due within twelve months. These amounts are not currently recorded as inventory and reflect the use of contract manufacturers to assemble and test some finished products. The use of purchase commitments and contract manufacturers implies that inventory may be “understated.” Microsoft’s low level of inventory is consistent with its business mix which is more heavily weighted to software than to hardware.

  • 如附录 18所示,苹果和微软的固定资产、厂房和设备水平与行业中位数相对接近。

  • Apple and Microsoft have a level of property, plant, and equipment that is relatively close to the sector median as reported in Exhibit 18.

  • 苹果公司的商誉水平极低,这反映了其内生增长而非通过收购实现增长的战略。微软的商誉水平虽然高于苹果,但低于行业中位数和平均值。微软曾进行过多次重大收购(例如2014年收购诺基亚),但随后(在2015年)将大量商誉作为减值费用予以冲销。

  • Apple has a very low amount of goodwill, reflecting its strategy to grow organically rather than through acquisition. Microsoft’s level of goodwill, while higher than Apple’s, is lower than the industry median and mean. Microsoft made a number of major acquisitions (for example, Nokia in 2014) but subsequently (in 2015) wrote off significant amounts of goodwill as an impairment charge.

  • 苹果公司的应付账款水平高于行业平均水平,但鉴于该公司拥有大量现金和投资,这不太可能是个问题。

  • Apple’s level of accounts payable is higher than the industry, but given the company’s high level of cash and investments, it is unlikely that this is a problem.

  • 苹果和微软的长期债务水平略高于行业平均水平。不过,鉴于这两家公司拥有充足的现金和投资,这不太可能构成问题。

  • Apple’s and Microsoft’s levels of long-term debt are slightly higher than industry averages. Again, given the companies’ high level of cash and investments, it is unlikely that this is a problem.

7.2资产负债表比率

7.2. Balance Sheet Ratios

比率有助于对公司的财务状况进行时间序列和横截面分析。资产负债表比率仅涉及资产负债表项目。在垂直通用格式的资产负债表上,每个项目都是一个比率,因为它表示资产负债表金额与总资产的关系。其他资产负债表比率则比较资产负债表项目之间的差异。例如,流动比率表示流动资产与流动负债的关系,以此作为衡量公司流动性的指标。资产负债表比率包括流动性比率(衡量公司履行短期债务的能力)和偿债能力比率(衡量公司履行长期债务和其他债务的能力)。这些比率以及其他比率将在后续内容中进行讨论。表19总结了部分资产负债表比率的计算和解释。

Ratios facilitate time-series and cross-sectional analysis of a company’s financial position. Balance sheet ratios are those involving balance sheet items only. Each of the line items on a vertical common-size balance sheet is a ratio in that it expresses a balance sheet amount in relation to total assets. Other balance sheet ratios compare one balance sheet item to another. For example, the current ratio expresses current assets in relation to current liabilities as an indicator of a company’s liquidity. Balance sheet ratios include liquidity ratios (measuring the company’s ability to meet its short-term obligations) and solvency ratios (measuring the company’s ability to meet long-term and other obligations). These ratios and others are discussed in a later reading. Exhibit 19 summarizes the calculation and interpretation of selected balance sheet ratios.

图表 19. 资产负债表比率
流动性比率 计算 表示
当前的 流动资产÷流动负债 偿还现有债务的能力
快速(酸性测试) (现金+有价证券+应收账款)÷流动负债 偿还现有债务的能力
现金 (现金+有价证券)÷流动负债 偿还现有债务的能力
溶解度比率
长期债务权益比率 长期债务总额 ÷ 总权益 财务风险和财务杠杆
债务权益比 总负债÷总权益 财务风险和财务杠杆
总债务 总负债÷总资产 财务风险和财务杠杆
财务杠杆 总资产÷总权益 财务风险和财务杠杆
例 7

比率分析

Ratio Analysis

对于以下比率问题,请参考附录1、4、6、8和12列出的 SAP集团资产负债表信息

For the following ratio questions, refer to the balance sheet information for the SAP Group presented in Exhibits 1, 4, 6, 8, and 12.

  1. 截至2017年12月31日,SAP集团的流动比率最接近以下哪个数值:

    1. 1.17.

    2. 1.20。

    3. 2.00。

  2. The current ratio for SAP Group at 31 December 2017 is closest to:

    1. 1.17.

    2. 1.20.

    3. 2.00.

  3. 下列哪些流动性比率在2017年相对于2016年有所下降?

    1. 现金。

    2. 快的。

    3. 当前的。

  4. Which of the following liquidity ratios decreased in 2017 relative to 2016?

    1. Cash.

    2. Quick.

    3. Current.

  5. 下列哪些杠杆比率在2017年相对于2016年有所下降?

    1. 债务权益比。

    2. 财务杠杆。

    3. 长期债务权益比率。

  6. Which of the following leverage ratios decreased in 2017 relative to 2016?

    1. Debt-to-equity.

    2. Financial leverage.

    3. Long-term debt-to-equity.

问题1的解答:

Solution to 1:

A 是正确的。截至 2017 年 12 月 31 日,SAP 集团的流动比率(流动资产÷流动负债)为 1.17(119.3 亿欧元÷102.1 亿欧元)。

A is correct. SAP Group’s current ratio (Current assets ÷ Current liabilities) at 31 December 2017 is 1.17 (€11,930 million ÷ €10,210 million).

答案二:

Solution to 2:

B 和 C 正确。各项比率如下表所示。2017 年的速动比率和流动比率均低于 2016 年,现金比率略高。

B and C are correct. The ratios are shown in the table below. The quick ratio and current ratio are lower in 2017 than in 2016. The cash ratio is slightly higher.

流动性比率 计算 2017年,单位为百万欧元 2016年,单位为百万欧元
当前的 流动资产÷流动负债 11,930 欧元 ÷ 10,210 欧元 = 1.17 11,564 欧元 ÷ 9,674 欧元 = 1.20
快速(酸性测试) (现金+有价证券+应收账款)÷流动负债 (4,011 欧元 + 990 欧元 + 5,899 欧元)÷ 10,210 欧元 = 1.07 (3,702 欧元 + 1,124 欧元 + 5,924 欧元)÷ 9,674 欧元 = 1.11
现金 (现金+有价证券)÷流动负债 4,011 欧元 ÷ 10,210 欧元 = 0.39 3,702 欧元 ÷ 9,674 欧元 = 0.38

问题3的解答:

Solution to 3:

A、B 和 C 均正确。具体比率如下表所示。2017 年这三个杠杆比率均较 2016 年有所下降。

A, B, and C are correct. The ratios are shown in the table below. All three leverage ratios decreased in 2017 relative to 2016.

溶解度比率
长期债务权益比率 长期债务总额 ÷ 总权益 5,034 欧元 ÷ 25,540 欧元 = 19.7% 6,481 欧元 ÷ 26,397 欧元 = 24.6%
债务权益比 总负债÷总权益 (1,561 欧元 + 5,034 欧元)÷ 25,540 欧元 = 25.8% (1,813 欧元 + 6,481 欧元)÷ 26,397 欧元 = 31.4%
财务杠杆 总资产÷总权益 42,497 欧元 ÷ 25,540 欧元 = 1.66 44,277 欧元 ÷ 26,397 欧元 = 1.68

横截面财务比率分析可能受到会计方法差异的限制。此外,公司经营活动的同质性不足也会限制其可比性。对于在不同行业经营的多元化公司,使用针对不同业务线的行业特定比率可以提供更好的比较结果。公司会披露有关经营分部的信息。可以将各经营分部的财务状况和业绩与相关行业进行比较。

Cross-sectional financial ratio analysis can be limited by differences in accounting methods. In addition, lack of homogeneity of a company’s operating activities can limit comparability. For diversified companies operating in different industries, using industry-specific ratios for different lines of business can provide better comparisons. Companies disclose information on operating segments. The financial position and performance of the operating segments can be compared to the relevant industry.

比率分析需要大量的判断。其中一个关键的判断领域是理解任何比率的局限性。例如,流动比率只能粗略衡量特定时点的流动性。该比率仅反映流动资产的金额,但流动资产的组成部分与现金的接近程度差异很大(例如,有价证券与存货)。流动比率的另一个局限性在于它对期末融资和经营决策的敏感性,这些决策可能会影响流动资产和流动负债的金额。另一个需要判断的领域是确定公司的比率是否在行业内的合理范围内。此外,还需要判断的是评估比率所反映的是持续性状况还是暂时性状况。总而言之,评估特定比率需要考察公司的整体运营情况、竞争对手以及公司所处的外部经济和行业环境。

Ratio analysis requires a significant amount of judgment. One key area requiring judgment is understanding the limitations of any ratio. The current ratio, for example, is only a rough measure of liquidity at a specific point in time. The ratio captures only the amount of current assets, but the components of current assets differ significantly in their nearness to cash (e.g., marketable securities versus inventory). Another limitation of the current ratio is its sensitivity to end-of-period financing and operating decisions that can potentially impact current asset and current liability amounts. Another overall area requiring judgment is determining whether a ratio for a company is within a reasonable range for an industry. Yet another area requiring judgment is evaluating whether a ratio signifies a persistent condition or reflects only a temporary condition. Overall, evaluating specific ratios requires an examination of the entire operations of a company, its competitors, and the external economic and industry setting in which it is operating.

概括

Summary

资产负债表(也称财务状况表)披露了企业在特定时点的资产和负债。权益是指所有者在公司资产中扣除负债后的剩余权益。权益金额会因当年的盈利或发行新股而增加。权益金额会因亏损、支付股息或回购股份而减少。

The balance sheet (also referred to as the statement of financial position) discloses what an entity owns (assets) and what it owes (liabilities) at a specific point in time. Equity is the owners’ residual interest in the assets of a company, net of its liabilities. The amount of equity is increased by income earned during the year, or by the issuance of new equity. The amount of equity is decreased by losses, by dividend payments, or by share repurchases.

了解资产负债表可以让分析师评估公司的流动性、偿付能力和整体财务状况。

An understanding of the balance sheet enables an analyst to evaluate the liquidity, solvency, and overall financial position of a company.

  • 资产负债表区分流动资产和非流动资产,以及流动负债和非流动负债,除非基于流动性的列报方式能够提供更相关、更可靠的信息。

  • The balance sheet distinguishes between current and non-current assets and between current and non-current liabilities unless a presentation based on liquidity provides more relevant and reliable information.

  • 流动性是指公司支付近期运营需求的能力。就公司整体而言,流动性指的是可用于支付这些近期需求的现金。就特定资产或负债而言,流动性指的是其“接近现金”的程度。

  • The concept of liquidity relates to a company’s ability to pay for its near-term operating needs. With respect to a company overall, liquidity refers to the availability of cash to pay those near-term needs. With respect to a particular asset or liability, liquidity refers to its “nearness to cash.”

  • 部分资产和负债按公允价值计量,部分按历史成本计量。财务报表附注提供的信息有助于评估不同公司计量基础的可比性。

  • Some assets and liabilities are measured on the basis of fair value and some are measured at historical cost. Notes to financial statements provide information that is helpful in assessing the comparability of measurement bases across companies.

  • 预计在一年内或一个企业经营周期内(以较长者为准)清算或用尽的资产归类为流动资产。预计不会在一年内或一个企业经营周期内(以较长者为准)清算或用尽的资产归类为非流动资产。

  • Assets expected to be liquidated or used up within one year or one operating cycle of the business, whichever is greater, are classified as current assets. Assets not expected to be liquidated or used up within one year or one operating cycle of the business, whichever is greater, are classified as non-current assets.

  • 预计在一年内或一个企业经营周期内(以较长者为准)结算或偿还的负债归类为流动负债。预计无法在一年内或一个企业经营周期内(以较长者为准)结算或偿还的负债归类为非流动负债。

  • Liabilities expected to be settled or paid within one year or one operating cycle of the business, whichever is greater, are classified as current liabilities. Liabilities not expected to be settled or paid within one year or one operating cycle of the business, whichever is greater, are classified as non-current liabilities.

  • 应收账款,也称贸易应收款,是指客户因公司已交付的产品和服务而欠公司的款项。应收账款在扣除坏账准备后列示。

  • Trade receivables, also referred to as accounts receivable, are amounts owed to a company by its customers for products and services already delivered. Receivables are reported net of the allowance for doubtful accounts.

  • 存货是指最终将出售给公司客户的实物产品,可以是现成的(成品),也可以是生产最终产品过程中的投入品(原材料和在制品)。存货按成本与变现净值孰低计量。如果公司存货的变现净值低于其账面价值,公司必须减记存货价值并计提费用。

  • Inventories are physical products that will eventually be sold to the company’s customers, either in their current form (finished goods) or as inputs into a process to manufacture a final product (raw materials and work-in-process). Inventories are reported at the lower of cost or net realizable value. If the net realizable value of a company’s inventory falls below its carrying amount, the company must write down the value of the inventory and record an expense.

  • 存货成本的确定可以采用个别计价法,也可以采用先进先出法或加权平均法进行估算。一些会计准则(包括美国通用会计准则,但不包括国际财务报告准则)也允许采用后进先出法作为额外的存货计价方法。

  • Inventory cost is based on specific identification or estimated using the first-in, first-out or weighted average cost methods. Some accounting standards (including US GAAP but not IFRS) also allow last-in, first-out as an additional inventory valuation method.

  • 应付账款,也称为贸易应付款项,是指企业因购买商品和服务而欠供应商的款项。

  • Accounts payable, also called trade payables, are amounts that a business owes its vendors for purchases of goods and services.

  • 递延收入(也称为未实现收入)是指公司在收到款项之前,尚未交付与该款项相关的商品和服务。

  • Deferred revenue (also known as unearned revenue) arises when a company receives payment in advance of delivery of the goods and services associated with the payment received.

  • 固定资产(包括厂房、设备和装置)是指公司运营中使用的有形资产,预计使用期限超过一个会计期间。有形资产的例子包括土地、建筑物、设备、机器、家具以及矿产和石油资源等自然资源。

  • Property, plant, and equipment (PPE) are tangible assets that are used in company operations and expected to be used over more than one fiscal period. Examples of tangible assets include land, buildings, equipment, machinery, furniture, and natural resources such as mineral and petroleum resources.

  • 国际财务报告准则(IFRS)允许公司选择采用历史成本模型或重估模型来报告固定资产。而美国通用会计准则(US GAAP)仅允许采用历史成本模型来报告固定资产。

  • IFRS provide companies with the choice to report PPE using either a historical cost model or a revaluation model. US GAAP permit only the historical cost model for reporting PPE.

  • 折旧是指在长期资产的使用寿命内确认其成本的过程。(土地不计提折旧。)

  • Depreciation is the process of recognizing the cost of a long-lived asset over its useful life. (Land is not depreciated.)

  • 根据国际财务报告准则(IFRS),用于赚取租金收入或资本增值的房产被视为投资性房地产。IFRS允许公司选择采用历史成本模式或公允价值模式来报告投资性房地产。

  • Under IFRS, property used to earn rental income or capital appreciation is considered to be an investment property. IFRS provide companies with the choice to report an investment property using either a historical cost model or a fair value model.

  • 无形资产是指可识别的、非货币性的、不具有实物形态的资产。例如专利、许可和商标。对于每项无形资产,公司都会评估其使用寿命是有限的还是无限的。

  • Intangible assets refer to identifiable non-monetary assets without physical substance. Examples include patents, licenses, and trademarks. For each intangible asset, a company assesses whether the useful life is finite or indefinite.

  • 对于使用寿命有限的无形资产,应按其最佳估计使用寿命进行系统性摊销,摊销方法和使用寿命估计至少每年复核一次。使用寿命有限的无形资产的减值原则与固定资产的减值原则相同。

  • An intangible asset with a finite useful life is amortised on a systematic basis over the best estimate of its useful life, with the amortisation method and useful-life estimate reviewed at least annually. Impairment principles for an intangible asset with a finite useful life are the same as for PPE.

  • 使用寿命不确定的无形资产不进行摊销,而是至少每年进行一次减值测试。

  • An intangible asset with an indefinite useful life is not amortised. Instead, it is tested for impairment at least annually.

  • 对于内部产生的无形资产,国际财务报告准则(IFRS)要求研发阶段发生的成本必须计入费用。开发阶段发生的成本如果满足特定条件,则可以资本化为无形资产,这些条件包括技术可行性、使用或出售所得资产的能力以及完成项目的能力。

  • For internally generated intangible assets, IFRS require that costs incurred during the research phase must be expensed. Costs incurred in the development stage can be capitalized as intangible assets if certain criteria are met, including technological feasibility, the ability to use or sell the resulting asset, and the ability to complete the project.

  • 最常见的非单独可辨认无形资产是商誉,它产生于企业合并中。商誉不进行摊销,而是至少每年进行一次减值测试。

  • The most common intangible asset that is not a separately identifiable asset is goodwill, which arises in business combinations. Goodwill is not amortised; instead it is tested for impairment at least annually.

  • 金融工具是指既能产生一方的金融资产,又能产生另一方的金融负债或权益工具的合约。一般来说,金融工具的计量方式主要有两种:公允价值计量或摊余成本计量。对于以公允价值计量的金融工具,其公允价值净变动的确认方式也主要有两种:一是计入利润表的损益;二是计入其他综合收益(或亏损),后者不计入利润表。

  • Financial instruments are contracts that give rise to both a financial asset of one entity and a financial liability or equity instrument of another entity. In general, there are two basic alternative ways that financial instruments are measured: fair value or amortised cost. For financial instruments measured at fair value, there are two basic alternatives in how net changes in fair value are recognized: as profit or loss on the income statement, or as other comprehensive income (loss) which bypasses the income statement.

  • 典型的长期金融负债包括贷款(即向银行借款)和应付票据或债券(即向投资者发行的固定收益证券)。公司发行的债券等负债通常在资产负债表中以摊余成本列示。

  • Typical long-term financial liabilities include loans (i.e., borrowings from banks) and notes or bonds payable (i.e., fixed-income securities issued to investors). Liabilities such as bonds issued by a company are usually reported at amortised cost on the balance sheet.

  • 递延所得税负债是由于公司出于税务目的报告的收入与出于财务报表目的报告的收入之间存在暂时性时间差异而产生的。

  • Deferred tax liabilities arise from temporary timing differences between a company’s income as reported for tax purposes and income as reported for financial statement purposes.

  • 资产负债表中所有者权益部分可能由以下六个部分组成:实收资本、优先股、库存股、留存收益、其他综合收益累计额和少数股东权益。

  • Six potential components that comprise the owners’ equity section of the balance sheet include: contributed capital, preferred shares, treasury shares, retained earnings, accumulated other comprehensive income, and non-controlling interest.

  • 权益变动表反映了公司权益各组成部分在一段时间内的增减情况。

  • The statement of changes in equity reflects information about the increases or decreases in each component of a company’s equity over a period.

  • 资产负债表的纵向共同比率分析是将资产负债表的每个项目表示为总资产的百分比。

  • Vertical common-size analysis of the balance sheet involves stating each balance sheet item as a percentage of total assets.

  • 资产负债表比率包括流动比率(衡量公司履行短期义务的能力)和偿债能力比率(衡量公司履行长期和其他义务的能力)。

  • Balance sheet ratios include liquidity ratios (measuring the company’s ability to meet its short-term obligations) and solvency ratios (measuring the company’s ability to meet long-term and other obligations).

练习题

Practice Problems

  1. 公司因过往事件而控制的资源包括:

    1. 公平。

    2. 资产。

    3. 负债。

  2. Resources controlled by a company as a result of past events are:

    1. equity.

    2. assets.

    3. liabilities.

  3. 公平等于:

    1. 资产 - 负债。

    2. 负债 – 资产。

    3. 资产+负债。

  4. Equity equals:

    1. Assets – Liabilities.

    2. Liabilities – Assets.

    3. Assets + Liabilities.

  5. 区分资产负债表上的流动项目和非流动项目,并列示流动资产和流动负债的小计,称为:

    1. 分类资产负债表。

    2. 未分类的资产负债表。

    3. 以流动性为基础的资产负债表。

  6. Distinguishing between current and non-current items on the balance sheet and presenting a subtotal for current assets and liabilities is referred to as:

    1. a classified balance sheet.

    2. an unclassified balance sheet.

    3. a liquidity-based balance sheet.

  7. 资产负债表上列示的股东权益最有可能与股东权益的市场价值存在差异,原因如下:

    1. 所有资产和负债均采用历史成本基础。

    2. 一些影响未来现金流产生的因素被排除在外。

    3. 资产负债表上报告的股东权益是持续更新的。

  8. Shareholders’ equity reported on the balance sheet is most likely to differ from the market value of shareholders’ equity because:

    1. historical cost basis is used for all assets and liabilities.

    2. some factors that affect the generation of future cash flows are excluded.

    3. shareholders’ equity reported on the balance sheet is updated continuously.

  9. 由于以下方面的不确定性,资产负债表项目提供的信息有限:

    1. 可靠地衡量其成本或价值。

    2. 报告期结束后的现值变化。

    3. 未来经济利益流入或流出该实体的可能性。

  10. The information provided by a balance sheet item is limited because of uncertainty regarding:

    1. measurement of its cost or value with reliability.

    2. the change in current value following the end of the reporting period.

    3. the probability that any future economic benefit will flow to or from the entity.

  11. 以下哪项最有可能被归类为流动负债?

    1. 已收到货款,但产品交付日期至少在资产负债表日之后一年。

    2. 商品货款到期日至少在资产负债表日后一年,但仍在正常经营周期内。

    3. 对于六个月内到期的债务,公司有权无条件地将结算 期限延后至少一年(自资产负债表日起算), 并应支付该笔债务。

  12. Which of the following is most likely classified as a current liability?

    1. Payment received for a product due to be delivered at least one year after the balance sheet date

    2. Payments for merchandise due at least one year after the balance sheet date but still within a normal operating cycle

    3. Payment on debt due in six months for which the company has the unconditional right to defer settlement for at least one year after the balance sheet date

  13. 有可能采用基于流动性的资产负债表列报方式的公司是:

    1. 银行。

    2. 持有库存的电脑制造商。

    3. 拥有贸易应收账款和应付账款的软件公司。

  14. The most likely company to use a liquidity-based balance sheet presentation is a:

    1. bank.

    2. computer manufacturer holding inventories.

    3. software company with trade receivables and payables.

  15. 以下各项均为流动资产,除了

    1. 现金。

    2. 善意。

    3. 库存。

  16. All of the following are current assets except:

    1. cash.

    2. goodwill.

    3. inventories.

  17. 可能同时计入存货成本和固定资产成本的项目包括:

    1. 销售成本。

    2. 仓储成本。

    3. 运费。

  18. The most likely costs included in both the cost of inventory and property, plant, and equipment are:

    1. selling costs.

    2. storage costs.

    3. delivery costs.

  19. 一年内到期的债务被视为:

    1. 当前的。

    2. 首选。

    3. 敞篷车。

  20. Debt due within one year is considered:

    1. current.

    2. preferred.

    3. convertible.

  21. 收到客户预付的、未来将要交付的产品的款项记录为:

    1. 收入和资产。

    2. 一项资产,也是一项负债。

    3. 收入和负债。

  22. Money received from customers for products to be delivered in the future is recorded as:

    1. revenue and an asset.

    2. an asset and a liability.

    3. revenue and a liability.

  23. 抵减资产账户的一个例子是:

    1. 折旧费用。

    2. 销售退货和折让。

    3. 坏账准备金。

  24. An example of a contra asset account is:

    1. depreciation expense.

    2. sales returns and allowances.

    3. allowance for doubtful accounts.

  25. 存货的账面价值反映以下情况:

    1. 它们的历史成本。

    2. 它们目前的价值。

    3. 历史成本与净变现价值两者取其低者。

  26. The carrying value of inventories reflects:

    1. their historical cost.

    2. their current value.

    3. the lower of historical cost or net realizable value.

  27. 公司预付租金后,其资产负债表将显示以下项目减少:

    1. 资产和负债。

    2. 资产和股东权益。

    3. 一类资产增加,而另一类资产增加。

  28. When a company pays its rent in advance, its balance sheet will reflect a reduction in:

    1. assets and liabilities.

    2. assets and shareholders’ equity.

    3. one category of assets and an increase in another.

  29. 应计费用(应计负债)包括:

    1. 已支付的费用。

    2. 当另一项负债减少时,就会产生负债。

    3. 已在损益表中列示但尚未支付的费用。

  30. Accrued expenses (accrued liabilities) are:

    1. expenses that have been paid.

    2. created when another liability is reduced.

    3. expenses that have been reported on the income statement but not yet paid.

  31. 商誉的初始衡量最可能受到以下因素的影响:

    1. 收购的购买价格。

    2. 被收购公司的账面价值。

    3. 收购方资产和负债的公允价值。

  32. The initial measurement of goodwill is most likely affected by:

    1. an acquisition’s purchase price.

    2. the acquired company’s book value.

    3. the fair value of the acquirer’s assets and liabilities.

  33. 将总资产周转率定义为收入除以平均总资产,在其他条件不变的情况下,公司拥有的长期资产的减值损失很可能会导致该公司以下指标增加:

    1. 债务权益比率,而不是总资产周转率。

    2. 总资产周转率,但负债权益比率。

    3. 债务权益比率和总资产周转率。

  34. Defining total asset turnover as revenue divided by average total assets, all else equal, impairment write-downs of long-lived assets owned by a company will most likely result in an increase for that company in:

    1. the debt-to-equity ratio but not the total asset turnover.

    2. the total asset turnover but not the debt-to-equity ratio.

    3. both the debt-to-equity ratio and the total asset turnover.

  35. 一家公司的总负债为 3500 万英镑,总股东权益为 5500 万英镑。在垂直通用格式资产负债表中,总负债以最接近以下哪个百分比表示:

    1. 35%。

    2. 39%。

    3. 64%。

  36. A company has total liabilities of £35 million and total stockholders’ equity of £55 million. Total liabilities are represented on a vertical common-size balance sheet by a percentage closest to:

    1. 35%.

    2. 39%.

    3. 64%.

  37. 对于归类为交易性证券的金融资产,未实现的损益是如何反映在股东权益中的?

    1. 他们不被认可。

    2. 它们通过收入流入留存收益。

    3. 它们是其他综合收益的组成部分。

  38. For financial assets classified as trading securities, how are unrealized gains and losses reflected in shareholders’ equity?

    1. They are not recognized.

    2. They flow through income into retained earnings.

    3. They are a component of accumulated other comprehensive income.

  39. 对于分类为可供出售的金融资产,未实现损益如何在股东权益中反映?

    1. 他们不被认可。

    2. 它们通过留存收益流入市场。

    3. 它们是其他综合收益的组成部分。

  40. For financial assets classified as available for sale, how are unrealized gains and losses reflected in shareholders’ equity?

    1. They are not recognized.

    2. They flow through retained earnings.

    3. They are a component of accumulated other comprehensive income.

  41. 对于被归类为持有至到期的金融资产,未实现的损益是如何反映在股东权益中的?

    1. 他们不被认可。

    2. 它们通过留存收益流入市场。

    3. 它们是其他综合收益的组成部分。

  42. For financial assets classified as held to maturity, how are unrealized gains and losses reflected in shareholders’ equity?

    1. They are not recognized.

    2. They flow through retained earnings.

    3. They are a component of accumulated other comprehensive income.

  43. 合并子公司中的非控股(少数)权益在资产负债表中列示:

    1. 作为一项长期负债。

    2. 单独列示,但作为股东权益的一部分。

    3. 作为负债和股东权益之间的夹层项目。

  44. The non-controlling (minority) interest in consolidated subsidiaries is presented on the balance sheet:

    1. as a long-term liability.

    2. separately, but as a part of shareholders’ equity.

    3. as a mezzanine item between liabilities and shareholders’ equity.

  45. “留存收益”是以下各项的组成部分:

    1. 资产。

    2. 负债。

    3. 股东权益。

  46. The item “retained earnings” is a component of:

    1. assets.

    2. liabilities.

    3. shareholders’ equity.

  47. 当一家公司回购自身股票作为库存股时,它会记录以下项目的减少:

    1. 包括资产和负债。

    2. 包括资产和股东权益。

    3. 资产增加,股东权益增长。

  48. When a company buys shares of its own stock to be held in treasury, it records a reduction in:

    1. both assets and liabilities.

    2. both assets and shareholders’ equity.

    3. assets and an increase in shareholders’ equity.

  49. 分析师最有可能通过对公司多个时期的资产负债表进行通用规模分析来确定以下哪项内容?

    1. 销售额的增加或减少。

    2. 财务杠杆的增加或减少。

    3. 资产利用效率的提高或降低。

  50. Which of the following would an analyst most likely be able to determine from a common-size analysis of a company’s balance sheet over several periods?

    1. An increase or decrease in sales.

    2. An increase or decrease in financial leverage.

    3. A more efficient or less efficient use of assets.

  51. 投资者如果担心公司能否履行其近期债务,最有可能计算的是:

    1. 流动比率。

    2. 总资本回报率。

    3. 财务杠杆率。

  52. An investor concerned whether a company can meet its near-term obligations is most likely to calculate the:

    1. current ratio.

    2. return on total capital.

    3. financial leverage ratio.

  53. 衡量一家公司流动性的最严格标准是:

    1. 现金比率。

    2. 速动比率。

    3. 流动比率。

  54. The most stringent test of a company’s liquidity is its:

    1. cash ratio.

    2. quick ratio.

    3. current ratio.

  55. 担心公司长期偿付能力的投资者最有可能考察其:

    1. 流动比率。

    2. 净资产收益率。

    3. 负债权益比率。

  56. An investor worried about a company’s long-term solvency would most likely examine its:

    1. current ratio.

    2. return on equity.

    3. debt-to-equity ratio.

  57. 根据附录 4 中提供的信息,SAP 集团截至 2017 年 12 月 31 日的速动比率最接近于:

    1. 1.00。

    2. 1.07.

    3. 1.17.

  58. Using the information presented in Exhibit 4, the quick ratio for SAP Group at 31 December 2017 is closest to:

    1. 1.00.

    2. 1.07.

    3. 1.17.

  59. 根据附录 14 中提供的信息,SAP 集团截至 2017 年 12 月 31 日的财务杠杆率最接近于:

    1. 1.50。

    2. 1.66。

    3. 2.00。

  60. Using the information presented in Exhibit 14, the financial leverage ratio for SAP Group at 31 December 2017 is closest to:

    1. 1.50.

    2. 1.66.

    3. 2.00.

第 31 题至第 34 题参考附件 1。

Questions 31 through 34 refer to Exhibit 1.

附录1. A公司、B公司和行业平均水平的通用格式资产负债表
    A公司   B公司   行业平均
资产
  流动资产
  现金及现金等价物 5 5 7
    有价证券 5 0 2
    应收账款净额 5 15 12
    库存 15 20 16
    预付费用 5 15 11
  流动资产总额 35 55 48
    固定资产净值 40 35 37
    善意 25 0 8
    其他资产 0 10 7
总资产 100 100 100
       
负债和股东权益
  流动负债
    应付账款 10 10 10
    短期债务 25 10 15
    应计费用 0 5 3
  流动负债总额 35 25 28
    长期债务 45 20 28
    其他非流动负债 0 10 7
  总负债 80 55 63
    股东权益总额 20 45 37
总负债和股东权益 100 100 100
     
  1. 根据图表 1,以下哪个说法最有可能正确?

    1. A公司流动性风险低于平均水平。

    2. B公司偿付能力风险高于平均水平。

    3. A公司已完成一项或多项收购。

  2. Based on Exhibit 1, which statement is most likely correct?

    1. Company A has below-average liquidity risk.

    2. Company B has above-average solvency risk.

    3. Company A has made one or more acquisitions.

  3. A公司的速动比率最接近于:

    1. 0.43。

    2. 0.57。

    3. 1.00。

  4. The quick ratio for Company A is closest to:

    1. 0.43.

    2. 0.57.

    3. 1.00.

  5. 根据附录1,B公司的财务杠杆率最接近于:

    1. 0.55。

    2. 1.22.

    3. 2.22.

  6. Based on Exhibit 1, the financial leverage ratio for Company B is closest to:

    1. 0.55.

    2. 1.22.

    3. 2.22.

  7. 根据附录1,哪个比率表明A公司的流动性风险低于B公司?

    1. 现金比率

    2. 速动比率

    3. 流动比率

  8. Based on Exhibit 1, which ratio indicates lower liquidity risk for Company A compared with Company B?

    1. Cash ratio

    2. Quick ratio

    3. Current ratio

解决方案

Solutions

  1. B选项正确。资产是指公司通过过去的事件而控制的资源。

  2. B is correct. Assets are resources controlled by a company as a result of past events.

  3. A选项正确。资产=负债+所有者权益,因此,资产-负债=所有者权益。

  4. A is correct. Assets = Liabilities + Equity and, therefore, Assets – Liabilities = Equity.

  5. A选项正确。分类资产负债表将资产和负债分为流动资产和非流动资产,并提供流动资产和流动负债的小计。流动性资产负债表则大致按照流动性强弱列示资产和负债。

  6. A is correct. A classified balance sheet is one that classifies assets and liabilities as current or non-current and provides a subtotal for current assets and current liabilities. A liquidity-based balance sheet broadly presents assets and liabilities in order of liquidity.

  7. B选项正确。资产负债表忽略了公司创造未来现金流能力的重要方面,例如公司的声誉和管理能力。资产负债表按历史成本计量部分资产和负债,而按现值计量其他资产和负债。股东权益的市场价值会持续更新。资产负债表上列示的股东权益仅用于报告目的,代表报告期末的现值。

  8. B is correct. The balance sheet omits important aspects of a company’s ability to generate future cash flows, such as its reputation and management skills. The balance sheet measures some assets and liabilities based on historical cost and measures others based on current value. Market value of shareholders’ equity is updated continuously. Shareholders’ equity reported on the balance sheet is updated for reporting purposes and represents the value that was current at the end of the reporting period.

  9. B选项正确。资产负债表信息反映的是特定时点的情况,按现值计量的项目反映的是报告期末的现值。对于所有财务报表项目,只有当与该项目相关的未来经济利益很可能流入或流出企业,且该项目的成本或价值能够可靠计量时,才应在财务报表中确认该项目。

  10. B is correct. Balance sheet information is as of a specific point in time, and items measured at current value reflect the value that was current at the end of the reporting period. For all financial statement items, an item should be recognized in the financial statements only if it is probable that any future economic benefit associated with the item will flow to or from the entity and if the item has a cost or value that can be measured with reliability.

  11. B选项正确。即使在资产负债表日后一年以上才能结算,企业在一个经营周期内到期的款项也归类为流动负债。在交付商品或服务之前收到的款项会产生一项义务或负债。如果该义务至少在资产负债表日后一年才能履行,则应将其记为非流动负债,例如递延收入或递延利润。公司有权无条件递延至少一年后支付的款项可以归类为非流动负债。

  12. B is correct. Payments due within one operating cycle of the business, even if they will be settled more than one year after the balance sheet date, are classified as current liabilities. Payment received in advance of the delivery of a good or service creates an obligation or liability. If the obligation is to be fulfilled at least one year after the balance sheet date, it is recorded as a non-current liability, such as deferred revenue or deferred income. Payments that the company has the unconditional right to defer for at least one year after the balance sheet may be classified as non-current liabilities.

  13. A选项正确。如果按流动性顺序大致列示资产和负债更可靠、更相关,那么银行等机构可以使用基于流动性的列示方式,而不是按流动/非流动列示方式。

  14. A is correct. A liquidity-based presentation, rather than a current/non-current presentation, may be used by such entities as banks if broadly presenting assets and liabilities in order of liquidity is reliable and more relevant.

  15. B选项正确。商誉是长期资产,其他选项均为流动资产。

  16. B is correct. Goodwill is a long-term asset, and the others are all current assets.

  17. C选项正确。存货成本和固定资产成本都包含运费,即把货物运到使用或转售地点所产生的费用。

  18. C is correct. Both the cost of inventory and property, plant, and equipment include delivery costs, or costs incurred in bringing them to the location for use or resale.

  19. A选项正确。流动负债是指一年内到期的负债,包括债务。优先股是指一类股票。可转换债券是指债券(或优先股)的一种特性,允许持有人将该债券(或优先股)转换为普通股。

  20. A is correct. Current liabilities are those liabilities, including debt, due within one year. Preferred refers to a class of stock. Convertible refers to a feature of bonds (or preferred stock) allowing the holder to convert the instrument into common stock.

  21. B选项正确。从客户处收到的现金代表一项资产。未来提供产品的义务则是一项负债,称为“预收收入”或“未实现收益”。产品交付后,收入将被确认,负债也将相应减少。

  22. B is correct. The cash received from customers represents an asset. The obligation to provide a product in the future is a liability called “unearned income” or “unearned revenue.” As the product is delivered, revenue will be recognized and the liability will be reduced.

  23. C选项正确。资产抵减账户用于抵消(即减少)资产账户的余额。坏账准备会减少应收账款的余额。累计折旧(而非折旧费用)是资产抵减账户。销售退回和折让产生的抵减账户会减少销售额,而不是资产。

  24. C is correct. A contra asset account is netted against (i.e., reduces) the balance of an asset account. The allowance for doubtful accounts reduces the balance of accounts receivable. Accumulated depreciation, not depreciation expense, is a contra asset account. Sales returns and allowances create a contra account that reduce sales, not an asset.

  25. C选项正确。根据国际财务报告准则(IFRS),存货按历史成本计量,除非存货的净变现价值较低。根据美国通用会计准则(US GAAP),存货按成本与市价孰低计量。

  26. C is correct. Under IFRS, inventories are carried at historical cost, unless net realizable value of the inventory is less. Under US GAAP, inventories are carried at the lower of cost or market.

  27. C选项正确。预付租金会减少现金,增加预付费用,而现金和预付费用都是资产。

  28. C is correct. Paying rent in advance will reduce cash and increase prepaid expenses, both of which are assets.

  29. C选项正确。应计负债是指公司损益表中已列示但尚未支付的费用。

  30. C is correct. Accrued liabilities are expenses that have been reported on a company’s income statement but have not yet been paid.

  31. A 是正确的。最初,商誉的计量方法是收购价格与被收购公司(而非收购方)净资产(可辨认资产减去负债)公允价值之间的差额。

  32. A is correct. Initially, goodwill is measured as the difference between the purchase price paid for an acquisition and the fair value of the acquired, not acquiring, company’s net assets (identifiable assets less liabilities).

  33. C选项正确。减值损失会减少资产负债率分母中的权益,但不会影响负债,因此资产负债率预计会上升。减值损失会减少总资产,但不会影响收入。因此,总资产周转率预计会上升。

  34. C is correct. Impairment write-downs reduce equity in the denominator of the debt-to-equity ratio but do not affect debt, so the debt-to-equity ratio is expected to increase. Impairment write-downs reduce total assets but do not affect revenue. Thus, total asset turnover is expected to increase.

  35. B选项正确。纵向通用比率分析法是将资产负债表上的每个项目表示为总资产的百分比。总资产是总负债(3500万英镑)和总股东权益(5500万英镑)之和,即9000万英镑。在纵向通用比率资产负债表中,总负债列示为(3500万英镑/9000万英镑)≈ 39%。

  36. B is correct. Vertical common-size analysis involves stating each balance sheet item as a percentage of total assets. Total assets are the sum of total liabilities (£35 million) and total stockholders’ equity (£55 million), or £90 million. Total liabilities are shown on a vertical common-size balance sheet as (£35 million/£90 million) ≈ 39%.

  37. B选项正确。对于归类为交易性证券的金融资产,未实现损益会在利润表中列示,并作为留存收益的一部分流入股东权益。

  38. B is correct. For financial assets classified as trading securities, unrealized gains and losses are reported on the income statement and flow to shareholders’ equity as part of retained earnings.

  39. C选项正确。对于分类为可供出售的金融资产,未实现损益不计入利润表,而是计入其他综合收益。其他综合收益累计额是股东权益的组成部分。

  40. C is correct. For financial assets classified as available for sale, unrealized gains and losses are not recorded on the income statement and instead are part of other comprehensive income. Accumulated other comprehensive income is a component of Shareholders’ equity

  41. A选项正确。归类为持有至到期的金融资产按摊余成本计量。损益仅在实现时确认。

  42. A is correct. Financial assets classified as held to maturity are measured at amortised cost. Gains and losses are recognized only when realized.

  43. B选项正确。合并子公司中的少数股东权益应作为股东权益的一部分单独列示。

  44. B is correct. The non-controlling interest in consolidated subsidiaries is shown separately as part of shareholders’ equity.

  45. C选项正确。“留存收益”是股东权益的组成部分。

  46. C is correct. The item “retained earnings” is a component of shareholders’ equity.

  47. B选项正确。股票回购会减少公司的现金(一项资产)。由于流通股数量减少,股东权益也会减少,而库存股可以抵消部分股东权益。

  48. B is correct. Share repurchases reduce the company’s cash (an asset). Shareholders’ equity is reduced because there are fewer shares outstanding and treasury stock is an offset to owners’ equity.

  49. B选项正确。共同比率分析(如阅读材料中所述)提供了有关资产负债表构成及其随时间变化的信息。因此,它可以提供有关公司财务杠杆增加或减少的信息。

  50. B is correct. Common-size analysis (as presented in the reading) provides information about composition of the balance sheet and changes over time. As a result, it can provide information about an increase or decrease in a company’s financial leverage.

  51. A 选项正确。流动比率衡量的是可以相对快速变现的资产与一年内必须偿还的负债之间的比率。其他比率更适合用于衡量长期财务状况。

  52. A is correct. The current ratio provides a comparison of assets that can be turned into cash relatively quickly and liabilities that must be paid within one year. The other ratios are more suited to longer-term concerns.

  53. A选项正确。现金比率决定了公司近期债务中有多少可以用现有现金和有价证券来偿还。

  54. A is correct. The cash ratio determines how much of a company’s near-term obligations can be settled with existing amounts of cash and marketable securities.

  55. C选项正确。负债权益比率(也称为偿付能力比率)是衡量财务风险的指标。

  56. C is correct. The debt-to-equity ratio, a solvency ratio, is an indicator of financial risk.

  57. B选项正确。速动比率([现金 + 有价证券 + 应收账款] ÷ 流动负债)为1.07([= 4,011欧元 + 990欧元 + 5,899欧元] ÷ 10,210欧元)。如文中所述,流动金融资产的最大组成部分是贷款和其他金融应收款。因此,金融资产包含在速动比率中,但不包含在现金比率中。

  58. B is correct. The quick ratio ([Cash + Marketable securities + Receivables] ÷ Current liabilities) is 1.07 ([= €4,011 + €990 + €5,899] ÷ €10,210). As noted in the text, the largest component of the current financial assets are loans and other financial receivables. Thus, financial assets are included in the quick ratio but not the cash ratio.

  59. B 是正确的。财务杠杆比率(总资产÷总权益)为 1.66(= €42,497 ÷ €25,540)。

  60. B is correct. The financial leverage ratio (Total assets ÷ Total equity) is 1.66 (= €42,497 ÷ €25,540).

  61. C选项正确。A公司资产负债表上的商誉表明其过去曾进行过一次或多次收购。A公司的流动比率、现金比率和速动比率均低于行业平均水平。这些较低的流动性比率意味着其流动性风险高于平均水平。B公司的总负债比率、长期负债权益比率、负债权益比率和财务杠杆比率均低于行业平均水平。这些较低的偿付能力比率意味着其偿付能力风险低于平均水平。

    A 公司的流动比率为 (35/35) = 1.00,而行业平均流动比率为 (48/28) = 1.71。

    A 公司的现金比率为 (5 + 5)/35 = 0.29,而行业平均水平为 (7 + 2)/28 = 0.32。

    A 公司的速动比率为 (5 + 5 + 5)/35 = 0.43,而行业平均速动比率为 (7 + 2 + 12)/28 = 0.75。

    B公司的总负债率为(55/100)= 0.55,而行业平均水平为(63/100)= 0.63。

    B 公司的长期负债权益比率为 (20/45) = 0.44,而行业平均水平为 (28/37) = 0.76。

    B 公司的债务权益比率为 (55/45) = 1.22,而行业平均水平为 (63/37) = 1.70。

    B 公司的财务杠杆率为 (100/45) = 2.22,而行业平均水平为 (100/37) = 2.70。

  62. C is correct. The presence of goodwill on Company A’s balance sheet signifies that it has made one or more acquisitions in the past. The current, cash, and quick ratios are lower for Company A than for the sector average. These lower liquidity ratios imply above-average liquidity risk. The total debt, long-term debt-to-equity, debt-to-equity, and financial leverage ratios are lower for Company B than for the sector average. These lower solvency ratios imply below-average solvency risk.

    Current ratio is (35/35) = 1.00 for Company A, versus (48/28) = 1.71 for the sector average.

    Cash ratio is (5 + 5)/35 = 0.29 for Company A, versus (7 + 2)/28 = 0.32 for the sector average.

    Quick ratio is (5 + 5 + 5)/35 = 0.43 for Company A, versus (7 + 2 + 12)/28 = 0.75 for the sector average.

    Total debt ratio is (55/100) = 0.55 for Company B, versus (63/100) = 0.63 for the sector average.

    Long-term debt-to-equity ratio is (20/45) = 0.44 for Company B, versus (28/37) = 0.76 for the sector average.

    Debt-to-equity ratio is (55/45) = 1.22 for Company B, versus (63/37) = 1.70 for the sector average.

    Financial leverage ratio is (100/45) = 2.22 for Company B, versus (100/37) = 2.70 for the sector average.

  63. A 的答案是正确的。速动比率的定义为(现金及现金等价物 + 有价证券 + 应收账款)÷ 流动负债。对于 A 公司而言,该计算结果为 (5 + 5 + 5)/35 = 0.43。

  64. A is correct. The quick ratio is defined as (Cash and cash equivalents + Marketable securities + receivables) ÷ Current liabilities. For Company A, this calculation is (5 + 5 + 5)/35 = 0.43.

  65. C选项正确。财务杠杆比率定义为总资产÷总权益。对于B公司,总资产为100,总权益为45;因此,财务杠杆比率为100/45=2.22。

  66. C is correct. The financial leverage ratio is defined as Total assets ÷ Total equity. For Company B, total assets are 100 and total equity is 45; hence, the financial leverage ratio is 100/45 = 2.22.

  67. A选项正确。现金比率的定义为(现金+有价证券)/流动负债。A公司的现金比率为(5+5)/35=0.29,高于B公司的现金比率(5+0)/25=0.20。

  68. A is correct. The cash ratio is defined as (Cash + Marketable securities)/Current liabilities. Company A’s cash ratio, (5 + 5)/35 = 0.29, is higher than (5 + 0)/25 = 0.20 for Company B.

笔记

Notes

阅读23 了解现金流量表

Reading 23 Understanding Cash Flow Statements

作者:Elaine Henry,博士,特许金融分析师 (CFA);Thomas R. Robinson,博士,特许金融分析师 (CFA);J Hennie van Greuning,商业博士,特许金融分析师 (CFA) ;Michael A. Broihahn,注册会计师 (CPA)、注册内部审计师 (CIA)、特许金融分析师 (CFA)

伊莱恩·亨利(Elaine Henry),博士,特许金融分析师(CFA),任职于美国史蒂文斯理工学院。托马斯·R·罗宾逊(Thomas R. Robinson),博士,特许金融分析师(CFA),任职于美国AACSB国际商学院。J·亨尼·范·格鲁宁(J. Hennie van Greuning),商业博士,特许金融分析师(CFA),任职于文莱BIBD公司。迈克尔·A·布罗伊汉(Michael A. Broihahn),注册会计师(CPA),注册内部审计师(CIA),特许金融分析师(CFA),任职于美国巴里大学。

Elaine Henry, PhD, CFA, is at Stevens Institute of Technology (USA). Thomas R. Robinson, PhD, CFA, is at AACSB International (USA). J. Hennie van Greuning, DCom, CFA, is at BIBD (Brunei). Michael A. Broihahn, CPA, CIA, CFA, is at Barry University (USA).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 比较经营活动、投资活动和筹资活动产生的现金流量,并根据项目描述将现金流量项目归类为这三个类别之一;

  2. compare cash flows from operating, investing, and financing activities and classify cash flow items as relating to one of those three categories given a description of the items;

  3. 描述如何报告非现金投资和融资活动;

  4. describe how non-cash investing and financing activities are reported;

  5. 对比按照国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)编制的现金流量表;

  6. contrast cash flow statements prepared under International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (US GAAP);

  7. 区分直接法和间接法列示经营活动现金流量,并描述支持每种方法的理由;

  8. distinguish between the direct and indirect methods of presenting cash from operating activities and describe arguments in favor of each method;

  9. 描述现金流量表与利润表和资产负债表之间的联系;

  10. describe how the cash flow statement is linked to the income statement and the balance sheet;

  11. 描述编制直接现金流量表和间接现金流量表的步骤,包括如何使用损益表和资产负债表数据计算现金流量;

  12. describe the steps in the preparation of direct and indirect cash flow statements, including how cash flows can be computed using income statement and balance sheet data;

  13. 将间接法现金流量转换为直接法现金流量;

  14. convert cash flows from the indirect to direct method;

  15. 分析和解读已列示的现金流量表和通用格式现金流量表;

  16. analyze and interpret both reported and common-size cash flow statements;

  17. 计算并解释公司自由现金流、股权自由现金流以及业绩和覆盖率现金流比率。

  18. calculate and interpret free cash flow to the firm, free cash flow to equity, and performance and coverage cash flow ratios.

1.引言

1. Introduction

现金流量表提供有关公司在会计期间现金收入现金支出的信息。现金流量表提供的基于现金的信息与利润表中基于权责发生制的信息形成对比。例如,利润表反映的是收入的实现时间,而不是现金的收取时间;相反,现金流量表反映的是现金的收取时间,而不是收入的实现时间。报告的利润与经营活动产生的现金流量之间的调节可以提供有用的信息,帮助了解公司何时、是否以及如何通过经营活动产生现金。虽然利润是衡量公司经营活动成果的重要指标,但现金流量也至关重要。举一个极端的例子,假设一家公司所有销售都采用赊销方式,而不考虑是否能够收回应收账款,那么该公司在利润表中会显示健康的销售额,并且很可能报告可观的利润;然而,由于现金流入为零,该公司将无法生存。现金流量表还提供了资产负债表期初和期末现金余额的调节表。

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period. The cash-based information provided by the cash flow statement contrasts with the accrual-based information from the income statement. For example, the income statement reflects revenues when earned rather than when cash is collected; in contrast, the cash flow statement reflects cash receipts when collected as opposed to when the revenue was earned. A reconciliation between reported income and cash flows from operating activities provides useful information about when, whether, and how a company is able to generate cash from its operating activities. Although income is an important measure of the results of a company’s activities, cash flow is also essential. As an extreme illustration, a hypothetical company that makes all sales on account, without regard to whether it will ever collect its accounts receivable, would report healthy sales on its income statement and might well report significant income; however, with zero cash inflow, the company would not survive. The cash flow statement also provides a reconciliation of the beginning and ending cash on the balance sheet.

除了经营活动产生的现金流量(或现金流出)信息外,现金流量表还提供公司投资和筹资活动中产生的现金流量(或现金流出)信息。这些信息使分析师能够回答以下问题:

In addition to information about cash generated (or, alternatively, cash used) in operating activities, the cash flow statement provides information about cash provided (or used) in a company’s investing and financing activities. This information allows the analyst to answer such questions as:

  • 该公司能否从自身运营中产生足够的现金来支付新的投资,还是该公司需要依靠发行新的债务来为其融资?

  • Does the company generate enough cash from its operations to pay for its new investments, or is the company relying on new debt issuance to finance them?

  • 公司向普通股股东支付股息的资金来源是经营活动产生的现金、出售资产所得的现金还是发行债务所得的现金?

  • Does the company pay its dividends to common stockholders using cash generated from operations, from selling assets, or from issuing debt?

这些问题的答案至关重要,因为理论上,经营活动产生的现金流可以无限期地持续下去,但出售资产等方式产生的现金流只有在有资产可供出售的情况下才能实现。同样,债务融资产生的现金流只有在贷款方愿意放贷的情况下才能实现,而贷款决策取决于对公司最终是否有足够现金偿还债务的预期。总之,了解现金来源和用途有助于债权人、投资者和其他财务报表使用者评估公司的流动性、偿付能力和财务灵活性。

Answers to these questions are important because, in theory, generating cash from operations can continue indefinitely, but generating cash from selling assets, for example, is possible only as long as there are assets to sell. Similarly, generating cash from debt financing is possible only as long as lenders are willing to lend, and the lending decision depends on expectations that the company will ultimately have adequate cash to repay its obligations. In summary, information about the sources and uses of cash helps creditors, investors, and other statement users evaluate the company’s liquidity, solvency, and financial flexibility.

本文阐述了公司现金流量表中如何反映现金流量活动。文章结构如下:第二部分介绍现金流量表的组成部分和格式,包括国际财务报告准则 (IFRS) 和美国通用会计准则 (GAAP) 下的现金流量分类,以及现金流量表的直接法和间接法。第三部分讨论现金流量表与利润表和资产负债表的联系,以及现金流量表的编制步骤。第四部分演示了现金流量表的分析方法,包括如何将间接法现金流量表转换为直接法,以及如何在证券分析中使用通用现金流量分析、自由现金流量指标和现金流量比率。文章最后总结了要点,并提供了 CFA 协会多项选择题形式的练习题。

This reading explains how cash flow activities are reflected in a company’s cash flow statement. The reading is organized as follows. Section 2 describes the components and format of the cash flow statement, including the classification of cash flows under International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (GAAP) and the direct and indirect formats for presenting the cash flow statement. Section 3 discusses the linkages of the cash flow statement with the income statement and balance sheet and the steps in the preparation of the cash flow statement. Section 4 demonstrates the analysis of cash flow statements, including the conversion of an indirect cash flow statement to the direct method and how to use common-size cash flow analysis, free cash flow measures, and cash flow ratios used in security analysis. A summary of the key points and practice problems in the CFA Institute multiple-choice format conclude the reading.

2.现金流量表的组成部分和格式

2. Components and Format of the Cash Flow Statement

分析师需要能够从财务报表中提取和解读现金流量信息。现金流量表的基本组成部分和允许的格式已相当成熟。

The analyst needs to be able to extract and interpret information on cash flows from financial statements. The basic components and allowable formats of the cash flow statement are well established.

  • 现金流量表包含若干小节,分别列出与公司经营活动、投资活动和筹资活动相关的具体项目。

  • The cash flow statement has subsections relating specific items to the operating, investing, and financing activities of the company.

  • 操作部分允许采用两种演示形式:直接演示和间接演示。

  • Two presentation formats for the operating section are allowable: direct and indirect.

以下讨论将更详细地介绍这些主题。

The following discussion presents these topics in greater detail.

2.1现金流量和非现金活动的分类

2.1. Classification of Cash Flows and Non-Cash Activities

所有公司都从事经营、投资和筹资活动。这些活动是根据国际财务报告准则 (IFRS) 和美国通用会计准则 (US GAAP) 在现金流量表中使用的分类,具体描述如下:1

All companies engage in operating, investing, and financing activities. These activities are the classifications used in the cash flow statement under both IFRS and US GAAP and are described as follows:1

  • 经营活动包括公司创造收入的日常活动,例如销售存货和提供服务,以及其他不属于投资或融资范畴的活动。现金流入来自现金销售和应收账款的收回。例如,提供服务的现金收入以及特许权使用费、佣金和其他收入。为了创造收入,公司开展诸如生产存货、从供应商处采购存货和支付员工工资等活动。现金流出来自支付存货、工资、税款和其他与经营相关的费用以及支付应付账款的现金支出。此外,经营活动还包括与证券交易相关的现金收支(与下文讨论的作为投资买卖证券不同)。

  • Operating activities include the company’s day-to-day activities that create revenues, such as selling inventory and providing services, and other activities not classified as investing or financing. Cash inflows result from cash sales and from collection of accounts receivable. Examples include cash receipts from the provision of services and royalties, commissions, and other revenue. To generate revenue, companies undertake such activities as manufacturing inventory, purchasing inventory from suppliers, and paying employees. Cash outflows result from cash payments for inventory, salaries, taxes, and other operating-related expenses and from paying accounts payable. Additionally, operating activities include cash receipts and payments related to dealing securities or trading securities (as opposed to buying or selling securities as investments, as discussed below).

  • 投资活动包括购买和出售长期资产及其他投资。这些长期资产及其他投资包括不动产、厂房及设备;无形资产;其他长期资产;以及对其他公司发行的股权和债务(债券和贷款)的长期和短期投资。为此,股权和债务证券投资不包括:a) 任何被视为现金等价物(流动性极强的短期证券);以及 b) 为交易目的而持有的证券,即使对于并非以交易为主要业务的公司而言,其买卖也被视为经营活动。投资类别的现金流入包括出售非交易性证券、不动产、厂房及设备、无形资产和其他长期资产所得的现金收入。现金流出包括购买这些资产的现金支出。

  • Investing activities include purchasing and selling long-term assets and other investments. These long-term assets and other investments include property, plant, and equipment; intangible assets; other long-term assets; and both long-term and short-term investments in the equity and debt (bonds and loans) issued by other companies. For this purpose, investments in equity and debt securities exclude a) any securities considered cash equivalents (very short-term, highly liquid securities) and b) securities held for dealing or trading purposes, the purchase and sale of which are considered operating activities even for companies where this is not a primary business activity. Cash inflows in the investing category include cash receipts from the sale of non-trading securities; property, plant, and equipment; intangibles; and other long-term assets. Cash outflows include cash payments for the purchase of these assets.

  • 筹资活动包括获取或偿还资本,例如股权和长期债务。资本的两个主要来源是股东和债权人。此类现金流入包括发行股票(普通股或优先股)或债券收到的现金,以及借款收到的现金。现金流出包括回购股票(例如库存股)以及偿还债券和其他借款的现金支付。请注意,使用应付账款进行的间接借款不属于筹资活动——此类借款被归类为经营活动。与租赁会计相关的新国际财务报告准则(IFRS 16)影响了经营租赁在现金流量表中的列报方式。 2根据 IFRS 16,经营租赁的处理方式与融资租赁类似——也就是说,租赁付款中的利息部分将反映在经营活动或融资活动中,而租赁付款中的本金部分则计入融资活动。

  • Financing activities include obtaining or repaying capital, such as equity and long-term debt. The two primary sources of capital are shareholders and creditors. Cash inflows in this category include cash receipts from issuing stock (common or preferred) or bonds and cash receipts from borrowing. Cash outflows include cash payments to repurchase stock (e.g., treasury stock) and to repay bonds and other borrowings. Note that indirect borrowing using accounts payable is not considered a financing activity—such borrowing is classified as an operating activity. The new IFRS standard relating to lease accounting (IFRS 16) affects how operating leases are represented in the cash flow statement.2 Under IFRS 16, operating leases are treated similarly to finance leases—that is, the interest component of lease payments will be reflected in either the operating or financing section, and the principal component of lease payments is included in the financing section.

例 1

投资活动产生的现金流量净额

Net Cash Flow from Investing Activities

一家公司在第一年记录了以下内容:

A company recorded the following in Year 1:

发行长期债务所得款项 30万欧元
设备采购 20万欧元
出售设备造成的损失 70,000欧元
出售设备的收益 12万欧元
关联公司收益权益 10,000欧元

在第一年的现金流量表中,公司将报告最接近以下哪个数值的投资活动净现金流量:

On the Year 1 statement of cash flows, the company would report net cash flow from investing activities closest to:

  1. (150,000 欧元)

  2. (€150,000).

  3. (80,000 欧元)

  4. (€80,000).

  5. 20万欧元。

  6. €200,000.

解决方案:

Solution:

B选项正确。只有两项会影响投资部分的支出:购置设备和出售设备所得款项:(€200,000) + €120,000 = (€80,000)。出售设备的损失和联营公司收益权益会影响净利润,但并非现金流。发行债券属于筹资现金流。

B is correct. The only two items that would affect the investing section are the purchase of equipment and the proceeds from sale of equipment: (€200,000) + €120,000 = (€80,000). The loss on sale of equipment and the equity in earnings of affiliate affect net income but are not cash flows. The issuance of debt is a financing cash flow.

国际财务报告准则(IFRS)为公司在报告某些现金流量项目(特别是利息和股息)时提供了多种选择。IFRS解释说,虽然对于金融机构而言,已付和已收利息通常会被归类为经营活动,但对于其他实体,可能适用其他分类。因此,根据IFRS,已收利息可以归类为经营活动或投资活动。根据IFRS,已付利息可以归类为经营活动或筹资活动。此外,根据IFRS,已收股息可以归类为经营活动或投资活动,已付股息可以归类为经营活动或筹资活动。公司必须每年采用一致的分类,并分别披露已收和已付利息及股息的金额以及这些金额的报告位置。

IFRS provide companies with choices in reporting some items of cash flow, particularly interest and dividends. IFRS explain that although for a financial institution interest paid and received would normally be classified as operating activities, for other entities, alternative classifications may be appropriate. For this reason, under IFRS, interest received may be classified either as an operating activity or as an investing activity. Under IFRS, interest paid may be classified as either an operating activity or a financing activity. Furthermore, under IFRS, dividends received may be classified as either an operating activity or an investing activity and dividends paid may be classified as either an operating activity or a financing activity. Companies must use a consistent classification from year to year and disclose separately the amounts of interest and dividends received and paid and where the amounts are reported.

根据美国通用会计准则(US GAAP),利息和股息的分类没有自由裁量权。所有公司收到的利息和支付的利息均作为经营活动列报。 3根据美国通用会计准则,收到的股息始终作为经营活动列报,支付的股息始终作为筹资活动列报。

Under US GAAP, discretion is not permitted in classifying interest and dividends. Interest received and interest paid are reported as operating activities for all companies.3 Under US GAAP, dividends received are always reported as operating activities and dividends paid are always reported as financing activities.

例 2

经营活动现金流与筹资活动现金流

Operating versus Financing Cash Flows

2018年12月31日,一家公司发行了3万英镑、期限180天、年利率8%的票据,并将收到的现金用于支付存货;同时,该公司发行了11万英镑、年利率11%的长期债务,并将收到的现金用于购买新设备。根据国际财务报告准则(IFRS),以下哪项 准确地反映了这两项交易对该公司截至2018年12月31日止年度现金流量的综合影响?现金流量来源:

On 31 December 2018, a company issued a £30,000 180-day note at 8 percent and used the cash received to pay for inventory and issued £110,000 long-term debt at 11 percent annually and used the cash received to pay for new equipment. Which of the following most accurately reflects the combined effect of both transactions on the company’s cash flows for the year ended 31 December 2018 under IFRS? Cash flows from:

  1. 操作流程不变。

  2. operations are unchanged.

  3. 融资额增加 11 万英镑。

  4. financing increase £110,000.

  5. 运营成本减少 3 万英镑。

  6. operations decrease £30,000.

解决方案:

Solution:

C选项正确。支付存货款项会减少经营活动现金流量。发行债务(包括短期债务和长期债务)属于筹资活动,将使筹资活动现金流量增加14万英镑。购买设备属于投资活动。请注意,根据美国通用会计准则(US GAAP),这些交易的处理方式相同。

C is correct. The payment for inventory would decrease cash flows from operations. The issuance of debt (both short-term and long-term debt) is part of financing activities and would increase cash flows from financing activities by £140,000. The purchase of equipment is an investing activity. Note that the treatment under US GAAP would be the same for these transactions.

公司也可能进行非现金投资和融资交易。非现金交易是指任何不涉及现金流入或流出的交易。例如,如果公司用一种非货币性资产交换另一种非货币性资产,则不涉及现金。同样,当公司发行普通股用于支付股息或用于转换可转换债券或可转换优先股时,也不涉及现金。由于非现金交易(根据定义)不涉及现金,因此这些交易不计入现金流量表。但是,由于此类交易可能影响公司的资本或资产结构,因此任何重大的非现金交易都必须披露,披露方式可以是单独附注或现金流量表的补充附表。

Companies may also engage in non-cash investing and financing transactions. A non-cash transaction is any transaction that does not involve an inflow or outflow of cash. For example, if a company exchanges one non-monetary asset for another non-monetary asset, no cash is involved. Similarly, no cash is involved when a company issues common stock either for dividends or in connection with conversion of a convertible bond or convertible preferred stock. Because no cash is involved in non-cash transactions (by definition), these transactions are not incorporated in the cash flow statement. However, because such transactions may affect a company’s capital or asset structures, any significant non-cash transaction is required to be disclosed, either in a separate note or a supplementary schedule to the cash flow statement.

2.2国际财务报告准则与美国通用会计准则差异概述

2.2. A Summary of Differences between IFRS and US GAAP

如前文所述,根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)编制的现金流量表存在一些差异,分析师在比较采用不同准则编制的公司现金流量表时应注意这些差异。主要差异汇总于附录1。其中最重要的是,IFRS在利息支出、股息支出以及所得税费用分类等方面的报告方式上具有更大的灵活性。

As highlighted in the previous section, there are some differences in cash flow statements prepared under IFRS and US GAAP that the analyst should be aware of when comparing the cash flow statements of companies prepared in accordance with different sets of standards. The key differences are summarized in Exhibit 1. Most significantly, IFRS allow more flexibility in the reporting of such items as interest paid or received and dividends paid or received and in how income tax expense is classified.

美国通用会计准则(US GAAP)将从投资中获得的利息和股息归类为经营活动,而国际财务报告准则(IFRS)允许公司将这些项目归类为经营活动现金流或投资活动现金流。同样,美国通用会计准则将利息支出归类为经营活动,即使所发行债务的本金被归类为筹资活动。国际财务报告准则允许公司将利息支出归类为经营活动或筹资活动。美国通用会计准则将支付给股东的股息归类为筹资活动,而国际财务报告准则允许公司将支付的股息归类为经营活动或筹资活动。

US GAAP classify interest and dividends received from investments as operating activities, whereas IFRS allow companies to classify those items as either operating or investing cash flows. Likewise, US GAAP classify interest expense as an operating activity, even though the principal amount of the debt issued is classified as a financing activity. IFRS allow companies to classify interest expense as either an operating activity or a financing activity. US GAAP classify dividends paid to stockholders as a financing activity, whereas IFRS allow companies to classify dividends paid as either an operating activity or a financing activity.

美国通用会计准则将所有所得税费用归类为经营活动。国际财务报告准则也将所得税费用归类为经营活动,除非该税项费用可以明确地与投资或筹资活动联系起来(例如,出售终止经营业务的税务影响可以归类为投资活动)。

US GAAP classify all income tax expenses as an operating activity. IFRS also classify income tax expense as an operating activity, unless the tax expense can be specifically identified with an investing or financing activity (e.g., the tax effect of the sale of a discontinued operation could be classified under investing activities).

附录1. 现金流量表:国际财务报告准则与美国通用会计准则的差异
话题 国际财务报告准则 美国通用会计准则
现金流量分类:
  • 收到的利息

  • Interest received

经营或投资 操作
  • 已付利息

  • Interest paid

运营或融资 操作
  • 收到的股息

  • Dividends received

经营或投资 操作
  • 已支付股息

  • Dividends paid

运营或融资 融资
  • 银行透支

  • Bank overdrafts

被视为现金等价物的一部分 不属于现金及现金等价物,而是归类为融资活动
  • 已缴税款

  • Taxes paid

一般情况下,资金用于运营,但如果能明确归类为投资或融资,则可将一部分资金分配给这些类别。 操作
声明格式 直接或间接;鼓励直接。 可采用直接法或间接法;鼓励采用直接法。无论采用何种方法,都必须提供净利润与经营活动现金流量的调节表。

资料来源:IAS 7;FASB ASC 第 230 号主题;以及普华永道 (2017 年 11 月) 发布的《IFRS 和美国 GAAP:相似之处和不同之处》,网址为www.pwc.com

Sources: IAS 7; FASB ASC Topic 230; and “IFRS and US GAAP: Similarities and Differences,” PricewaterhouseCoopers (November 2017), available at www.pwc.com.

无论采用哪一套标准,公司目前都可以选择不同的格式来列示现金流量表,这将在下一节中讨论。

Under either set of standards, companies currently have a choice of formats for presenting cash flow statements, as discussed in the next section.

2.3经营活动现金流量的直接法和间接法

2.3. Direct and Indirect Methods for Reporting Cash Flow from Operating Activities

经营活动现金流量(也称经营活动现金流量经营现金流量)的列报格式有两种:直接法和间接法。经营活动现金流量是指经营活动产生的现金净额。两种方法计算出的经营现金流量金额相同,区别仅在于经营现金流量部分的列报格式。投资活动和筹资活动现金流量的列报格式完全相同,与采用哪种方法列报经营现金流量无关。

There are two acceptable formats for reporting cash flow from operating activities (also known as cash flow from operations or operating cash flow), defined as the net amount of cash provided from operating activities: the direct and the indirect methods. The amount of operating cash flow is identical under both methods; only the presentation format of the operating cash flow section differs. The presentation format of the cash flows from investing and financing is exactly the same, regardless of which method is used to present operating cash flows.

直接列示了导致报告经营活动现金流量的具体现金流入和流出。它列出了公司现金收入和支出相关的每一笔现金流入和流出。换句话说,直接法消除了应计项目的影响,只列示现金收入和现金支出。直接法的主要优势在于它提供了经营活动现金收入和支出的具体来源信息。这与间接法形成对比,间接法仅列示这些收入和支出的净结果。正如了解收入和支出的具体来源比只知道净结果(净利润)更有用一样,分析师可以从直接法格式的现金流量表中获得更多信息。这些额外信息有助于了解历史业绩并预测未来的经营现金流量。

The direct method shows the specific cash inflows and outflows that result in reported cash flow from operating activities. It shows each cash inflow and outflow related to a company’s cash receipts and disbursements. In other words, the direct method eliminates any impact of accruals and shows only cash receipts and cash payments. The primary argument in favor of the direct method is that it provides information on the specific sources of operating cash receipts and payments. This is in contrast to the indirect method, which shows only the net result of these receipts and payments. Just as information on the specific sources of revenues and expenses is more useful than knowing only the net result—net income—the analyst gets additional information from a direct-format cash flow statement. The additional information is useful in understanding historical performance and in predicting future operating cash flows.

间接展示了如何通过一系列调整,从已报告的净利润中得出经营活动现金流量。间接法以净利润为起点。为了使净利润与经营活动现金流量相符,需要对非现金项目、非经营项目以及经营活动应计项目的净变动进行调整。间接法的主要优势在于它能够揭示净利润与经营活动现金流量差异的原因。(然而,如果公司采用直接法,则在间接法现金流量表和美国通用会计准则要求的补充调节表中,净利润与经营活动现金流量之间的差异同样清晰可见。)间接法的另一个优势在于,它类似于一种预测方法,该方法首先预测未来收入,然后通过调整因权责发生制和收付实现制会计时间差异而导致的资产负债表账户变动来推导出现金流量。

The indirect method shows how cash flow from operations can be obtained from reported net income as the result of a series of adjustments. The indirect format begins with net income. To reconcile net income with operating cash flow, adjustments are made for non-cash items, for non-operating items, and for the net changes in operating accruals. The main argument for the indirect approach is that it shows the reasons for differences between net income and operating cash flows. (However, the differences between net income and operating cash flows are equally visible on an indirect-format cash flow statement and in the supplementary reconciliation required under US GAAP if the company uses the direct method.) Another argument for the indirect method is that it mirrors a forecasting approach that begins by forecasting future income and then derives cash flows by adjusting for changes in balance sheet accounts that occur because of the timing differences between accrual and cash accounting.

国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)都鼓励使用直接法,但允许使用间接法。US GAAP鼓励使用直接法,但也要求公司提供净利润与现金流量的调节表(相当于间接法)。如果选择间接法,则无需提供直接法格式的披露信息。大多数按照IFRS或US GAAP编制财务报告的公司都采用间接法列示经营活动现金流量。

IFRS and US GAAP both encourage the use of the direct method but permit either method. US GAAP encourage the use of the direct method but also require companies to present a reconciliation between net income and cash flow (which is equivalent to the indirect method).4 If the indirect method is chosen, no direct-format disclosures are required. The majority of companies, reporting under IFRS or US GAAP, present using the indirect method for operating cash flows.

许多财务报表使用者,特别是分析师和商业贷款机构,更倾向于采用直接法,因为经营现金收支信息对于评估公司的融资需求和偿付现有债务的能力至关重要。编制者认为,像间接法那样将净利润调整为经营现金流量,比像直接法那样报告经营现金收支总额更容易、成本更低。随着会计系统和技术的进步,收集使用直接法所需的信息是否困难或成本高昂已不再明确。特许金融分析师协会(CFA Institute)一直倡导准则制定机构要求现金流量表的主要列报采用直接法,并将间接法现金流量作为补充披露。

Many users of financial statements prefer the direct format, particularly analysts and commercial lenders, because of the importance of information about operating receipts and payments in assessing a company’s financing needs and capacity to repay existing obligations. Preparers argue that adjusting net income to operating cash flow, as in the indirect format, is easier and less costly than reporting gross operating cash receipts and payments, as in the direct format. With advances in accounting systems and technology, it is not clear that gathering the information required to use the direct method is difficult or costly. CFA Institute has advocated that standard setters require the use of the direct format for the main presentation of the cash flow statement, with indirect cash flows as supplementary disclosure.5

2.3.1根据国际财务报告准则编制的间接法现金流量表

2.3.1. An Indirect-Format Cash Flow Statement Prepared under IFRS

附录2列示了根据国际财务报告准则(IFRS)编制的联合利华集团2017年年度报告中的合并现金流量表。该报表涵盖截至2017年12月31日、2016年12月31日和2015年12月31日止的财政年度,并采用了间接法。联合利华是一家英荷合资的消费品公司,总部位于英国和荷兰

Exhibit 2 presents the consolidated cash flow statement prepared under IFRS from Unilever Group’s 2017 annual report. The statement, covering the fiscal years ended 31 December 2017, 2016, and 2015, shows the use of the indirect method. Unilever is an Anglo-Dutch consumer products company with headquarters in the United Kingdom and the Netherlands.6

附录2. 联合利华集团合并现金流量表(百万欧元)
截至12月31日止年度
2017 2016 2015
经营活动产生的现金流量
纯利 6,486 5,547 5,259
   税收 1,667 1,922 1,961
   合营企业/联营企业净利润份额以及非流动投资和联营企业的其他收入(亏损) (173) (231) (198)
   净融资成本: 877 563 493
营业利润 8,857 7,801 7,515
   折旧、摊销和减值 1,538 1,464 1,370
   营运资金变动: (68) 51 720
      库存 (104) 190 (129)
      贸易应收款和其他流动应收款 (506) 142 2
      应付账款及其他负债 542 (281) 847
   养老金及类似义务减去付款 (904) (327) (385)
   减少付款 200 65 (94)
   消除处置损益 (298) 127 26
   股权激励的非现金费用 284 198 150
   其他调整 (153) (81) 49
经营活动产生的现金流量 9,456 9,298 9,351
已缴纳所得税 (2,164) (2,251) (2,021)
经营活动产生的现金流量净额 7,292 7,047 7,330
   收到的利息 154 105 119
   购买无形资产 (158) (232) (334)
   购买固定资产、厂房和设备 (1,509) (1,804) (1,867)
   处置不动产、厂房和设备 46 158 127
   收购集团公司、合资企业和联营公司 (4,896) (1,731) (1,897)
   处置集团公司、合资企业和联营公司 561 30 199
   收购其他非流动投资 (317) (208) (78)
   处置其他非流动投资 251 173 127
   来自合资企业、联营公司和其他非流动投资的股息 138 186 176
   金融资产的(购买)/出售 (149) 135 (111)
投资活动产生的净现金流量(已用) (5,879) (3,188) (3,539)
   普通股股本支付的股息 (3,916) (3,609) (3,331)
   已支付的利息和优先股股息 (470) (472) (579)
   短期借款净变化 2,695 258 245


   额外财务负债
8,851 6,761 7,566
   偿还金融债务 (2,604) (5,213) (6,270)
   融资租赁租金的资本部分 (14) (35) (14)
   回购优先股 (448)
   股份回购 (5,014)
   库存股的其他变动 (204) (257) (276)
   其他融资活动 (309) (506) (373)
融资活动所用的净现金流量/来自融资活动的现金流量 (1,433) (3,073) (3,032)
现金及现金等价物的净增加/(减少) (20) 786 759
年初现金及现金等价物 3,198 2,128 1,910
外汇汇率变动的影响 (9) 284 (541)
年末现金及现金等价物 3,169 3,198 2,128

首先,从报表底部开始,我们注意到现金从2015年初的19.1亿欧元增加到2017年底的31.69亿欧元,其中2016年的增幅最大。为了更好地理解这些变化,我们接下来分析报表的各个部分。正如一家成熟公司在相对稳定的行业中所预期的那样,每年的主要现金流入都来自经营活动。每年的经营现金流都高于报告的净利润,这同样符合成熟公司的预期,其中最大的差额主要来自折旧的加回。此外,每年的经营现金流都足以覆盖公司的资本支出。例如,2017年,公司经营活动产生的净现金流为72.92亿欧元,并且如投资部分所示,在固定资产、厂房和设备上的支出为15.09亿欧元。经营现金流也足以支付对其他公司的收购。

Beginning first at the bottom of the statement, we note that cash increased from €1,910 million at the beginning of 2015 to €3,169 million at the end of 2017, with the largest increase occurring in 2016. To understand the changes, we next examine the sections of the statement. In each year, the primary cash inflow derived from operating activities, as would be expected for a mature company in a relatively stable industry. In each year, the operating cash flow was more than the reported net profit, again, as would be expected from a mature company, with the largest differences primarily arising from the add-back of depreciation. Also, in each year, the operating cash flow was more than enough to cover the company’s capital expenditures. For example, in 2017, the company generated €7,292 million in net cash from operating activities and—as shown in the investing section—spent €1,509 million on property, plant, and equipment. The operating cash flow was also sufficient to cover acquisitions of other companies.

财务报表中的融资部分显示,公司每年通过股息向普通股股东返还超过33亿欧元,并通过利息和股息向债券持有人和优先股股东返还约5亿欧元。2017年,公司使用现金回购了约50亿欧元的普通股,并通过增加借款获得了现金。短期借款增加额(26.95亿欧元)和新增金融负债(88.51亿欧元)超过了偿还负债的现金额(26.04亿欧元)。

The financing section of the statement shows that each year the company returned more than €3.3 billion to its common shareholders through dividends and around €500 million to its debt holders and preferred shareholders via interest and dividends. In 2017, the company used cash to repurchase about €5 billion in common stock in and generated cash from increased borrowing. The increase in short-term borrowings (€2,695 million) and additional financial liabilities (€8,851 million) exceeded the cash repayment of liabilities (€2,604 million).

在逐项审查了报表后,我们回到联合利华现金流量表的经营活动部分,该部分列示了净利润与经营活动产生的现金流量净额的调节表(即采用间接法)。以下对净利润与经营活动现金流量调节表中若干调整项的讨论,解释了一些主要的调节调整,并参考了2017年的金额。第一项调整是将计算净利润时确认的16.67亿欧元所得税费用(标记为“税项”)加回。然后,将已支付的(现金)所得税的21.64亿欧元扣除额单独列示,作为经营活动部分的最后一项,这符合国际财务报告准则(IFRS)关于单独披露所得税产生的现金流量的要求。应注明已支付所得税的分类。除非能够明确识别出与筹资活动或投资活动相关的税项,否则应将其归类为经营活动。

Having examined each section of the statement, we return to the operating activities section of Unilever’s cash flow statement, which presents a reconciliation of net profit to net cash flow from operating activities (i.e., uses the indirect method). The following discussion of certain adjustments to reconcile net profit to operating cash flows explains some of the main reconciliation adjustments and refers to the amounts in 2017. The first adjustment adds back the €1,667 million income tax expense (labeled “Taxation”) that had been recognized as an expense in the computation of net profit. A €2,164 million deduction for the (cash) income taxes paid is then shown separately, as the last item in the operating activities section, consistent with the IFRS requirement that cash flows arising from income taxes be separately disclosed. The classification of taxes on income paid should be indicated. The classification is in operating activities unless the taxes can be specifically identified with financing or investing activities.

下一项调整从经营活动现金流量部分“剔除”了1.73亿欧元,这笔款项代表联合利华在合营企业收入中所占的份额,此前已计入净利润的计算。随后,投资活动部分列示了从这些合营企业收到的1.38亿欧元(现金)股息流入。同样,8.77亿欧元的调整从经营活动部分剔除了净融资成本。联合利华随后在投资活动部分列示了收到的1.54亿欧元(现金)利息,并在筹资活动部分列示了支付的4.7亿欧元(现金)利息(以及支付的优先股股息)。该间接法财务报表经营活动部分的下一项调整加回了15.38亿欧元的折旧、摊销和减值费用,这些费用此前已在净利润计算中扣除,但并未导致当期现金流出。由于营运资本变动是由于采用权责发生制会计方法造成的,因此并不一定与实际现金流动相符,所以需要对营运资本变动进行6800万欧元的调整。这些调整将在后面的章节中进行更详细的描述。

The next adjustment “removes” from the operating cash flow section the €173 million representing Unilever’s share of joint ventures’ income that had been included in the computation of net profit. A €138 million inflow of (cash) dividends received from those joint ventures is then shown in the investing activities section. Similarly, a €877 million adjustment removes the net finance costs from the operating activities section. Unilever then reports its €154 million (cash) interest received in the investing activities section and its €470 million (cash) interest paid (and preference dividends paid) in the financing activities section. The next adjustment in the operating section of this indirect-method statement adds back €1,538 million depreciation, amortisation, and impairment, all of which are expenses that had been deducted in the computation of net income but which did not involve any outflow of cash in the period. The €68 million adjustment for changes in working capital is necessary because these changes result from applying accrual accounting and thus do not necessarily correspond to the actual cash movement. These adjustments are described in greater detail in a later section.

综上所述,对联合利华现金流量表的分析得出以下一些结论:

In summary, some observations from an analysis of Unilever’s cash flow statement include:

  • 现金总额从 2015 年初的 19.1 亿欧元增加到 2017 年底的 31.69 亿欧元,其中 2016 年增幅最大。

  • Total cash increased from €1,910 million at the beginning of 2015 to €3,169 million at the end of 2017, with the largest increase occurring in 2016.

  • 每年的经营现金流都超过了公布的净利润,这通常符合成熟公司的预期。

  • In each year, the operating cash flow was more than the reported net profit, as would generally be expected from a mature company.

  • 每年的经营现金流都足以支付公司的资本支出。

  • In each year, the operating cash flow was more than enough to cover the company’s capital expenditures.

  • 该公司每年通过分红向其股权投资者返还现金,并在 2017 年通过股票回购进行回购。

  • The company returned cash to its equity investors through dividends in each year and through share buybacks in 2017.

2.3.2根据国际财务报告准则编制的直接式现金流量表

2.3.2. A Direct-Format Cash Flow Statement Prepared under IFRS

现金流量表采用直接格式,清楚地列示了从客户处收到的现金以及其他经营项目。

In the direct format of the cash flow statement, the cash received from customers, as well as other operating items, is clearly shown.

附录3列示了根据国际财务报告准则(IFRS)采用直接法编制的西班牙电信集团(Telefónica Group)现金流量表,该集团是一家总部位于马德里的多元化电信公司。7

Exhibit 3 presents a direct-method format cash flow statement prepared under IFRS for Telefónica Group, a diversified telecommunications company based in Madrid.7

附录3.西班牙电信集团合并现金流量表(百万欧元)
截至12月31日止年度 2017 2016 2015
经营活动产生的现金流量
   经营活动收到的现金 63,456 63,514 67,582
   经营活动支付的现金 (46,929) (47,384) (50,833)
   扣除已收股息后的净利息及其他财务费用 (1,726) (2,143) (2,445)
   已缴税款 (1,005) (649) (689)
   经营活动产生的净现金流量 13,796 13,338 13,615
投资活动产生的现金流量
   (投资收益)/出售不动产、厂房及设备和无形资产所得款项净额 (8,992) (9,187) (10,256)
   处置公司所得款项,扣除已处置的现金及现金等价物后 40 767 354
   对公司投资的付款,扣除已获得的现金及现金等价物。 (128) (54) (3,181)
   未计入现金等价物的金融投资收益 296 489 1,142
   未计入现金等价物的金融投资支出 (1,106) (265) (426)
   (付款)/现金盈余处置所得款项(不包括在现金等价物中) (357) 42 (557)
   收到的政府拨款 2 - 7
   投资活动所用现金净额 (10,245) (8,208) (12,917)
融资活动产生的现金流量
   已支付股息 (2,459) (2,906) (2,775)
   增资所得款项 2 - 4,255
   库存股的收益/(付款)以及与股东和少数股东的其他交易 1,269 (660) (1,772)
   与其他股东的合作 646 656 83
   发行债券及其他债务所得款项 8,390 5,693 1,602
   贷款、借款和本票所得款项 4,844 10,332 8,784
   偿还债券、公司债券及其他债务 (6,687) (6,873) (3,805)
   偿还贷款、借款和本票 (6,711) (8,506) (9,858)
   融资运营支出和对固定资产、厂房及设备的投资以及无形资产支出 (1,046) (1,956) (126)
   用于融资活动的净现金流量 (1,752) (4,220) (3,612)
   汇率变动的影响 (341) 185 (1,000)
   合并方法及其他因素变化的影响 (2) 26
本期间现金及现金等价物的净增加(减少)额 1,456 1,121 (3,914)
1月1日的现金及现金等价物 3,736 2,615 6,529
截至12月31日的现金及现金等价物 5,192 3,736 2,615

如报表底部所示,现金及现金等价物从2015年初的65.29亿欧元减少至2017年底的51.92亿欧元。现金减少幅度最大的是2015年。经营活动产生的现金是主要的现金来源,这符合一家成熟公司在相对稳定的行业中的经营状况。公司每年的经营活动现金流都远超其资本支出所需。例如,2017年,公司经营活动产生的现金流为138亿欧元,而如投资部分所示,在扣除销售所得后,公司仅支出90亿欧元用于购置固定资产。投资部分的另一个值得注意的方面是,与2015年相比,公司在2017年和2016年的收购活动较为有限。2015年,公司进行了超过30亿欧元的收购。如融资部分所示,尽管负现金流的构成有所不同,但过去三年融资活动产生的现金流均为负值。例如,2015 年,该公司通过发行 42 亿欧元的股票筹集了现金,但偿还了大量债务,导致融资活动产生的现金为负。

As shown at the bottom of the statement, cash and cash equivalents decreased from €6,529 million at the beginning of 2015 to €5,192 million at the end of 2017. The largest decrease in cash occurred in 2015. Cash from operations was the primary source of cash, consistent with the profile of a mature company in a relatively stable industry. Each year, the company generated significantly more cash from operations than it required for its capital expenditures. For example, in 2017, the company generated €13.8 billion cash from operations and spent—as shown in the investing section—only €9 billion on property, plant, and equipment, net of proceeds from sales. Another notable item from the investing section is the company’s limited acquisition activity in 2017 and 2016 compared with 2015. In 2015, the company made over €3 billion of acquisitions. As shown in the financing section, cash flows from financing was negative in all three years, although the components of the negative cash flows differed. In 2015, for example, the company generated cash with an equity issuance of €4.2 billion but made significant net repayments of debts resulting in negative cash from financing activities.

综上所述,对西班牙电信现金流量表的分析得出以下一些结论:

In summary, some observations from an analysis of Telefónica’s cash flow statement include

  • 三年期间,现金及现金等价物总额有所下降,其中 2015 年降幅最大。

  • Total cash and cash equivalents decreased over the three-year period, with 2015 showing the biggest decrease.

  • 每年经营活动产生的现金流量都足以支付公司的资本支出。

  • Cash from operating activities was large enough in each year to cover the company’s capital expenditures.

  • 每年用于购置固定资产、厂房设备及无形资产的金额是最大的投资支出。

  • The amount paid for property, plant, and equipment and intangible assets was the largest investing expenditure each year.

  • 该公司在 2015 年进行了大量收购活动。

  • The company had a significant amount of acquisition activity in 2015.

  • 该公司每年都派发股息,尽管 2017 年的股息金额比往年略低。

  • The company paid dividends each year although the amount in 2017 is somewhat lower than in prior years.

2.3.3 . 根据美国通用会计准则编制的现金流量表示例

2.3.3. Illustrations of Cash Flow Statements Prepared under US GAAP

前文我们介绍了按照国际财务报告准则(IFRS)编制的现金流量表。本节将以美国通用会计准则(US GAAP)为例,阐述按照该准则编制的现金流量表。本节列举了两家公司——Tech Data Corporation和沃尔玛——的现金流量表。Tech Data采用直接法报告其经营活动,而沃尔玛则采用更为常见的间接法报告其经营活动。

Previously, we presented cash flow statements prepared under IFRS. In this section, we illustrate cash flow statements prepared under US GAAP. This section presents the cash flow statements of two companies, Tech Data Corporation and Walmart. Tech Data reports its operating activities using the direct method, whereas Walmart reports its operating activities using the more common indirect method.

Tech Data Corporation是一家领先的信息技术产品分销商。 附录4列出了该公司截至2016年1月31日至2018年1月31日止财政年度的年度报告中的比较现金流量表。

Tech Data Corporation is a leading distributor of information technology products. Exhibit 4 presents comparative cash flow statements from the company’s annual report for the fiscal years ended 31 January 2016 through 2018.

附录4. Tech Data Corporation及其子公司合并现金流量表(单位:千美元)
截至1月31日止年度 2018 2017 2016
经营活动产生的现金流量:
   从客户处收到的现金 42,981,601 美元 29,427,357 美元 28,119,687 美元
   支付给供应商和员工的现金 (41,666,356) (28,664,222) (27,819,886)
   净利息支出 (86,544) (22,020) (20,264)
   已缴纳的所得税 (131,632) (84,272) (85,645)
经营活动产生的现金流量净额 1,097,069 656,843 193,892
投资活动产生的现金流量:
   收购业务所得净额(扣除收购现金) (2,249,849) (2,916) (27,848)
   物业和设备支出 (192,235) (24,971) (20,917)
   软件及软件开发成本 (39,702) (14,364) (13,055)
   出售子公司所得款项 0 0 20,020
投资活动所用现金净额 (2,481,786) (42,251) (41,800)
融资活动产生的现金流量:
   长期债务借款 1,008,148 998,405 -
   长期债务的本金支付 (861,394) - (319)
   支付债务发行成本的现金 (6,348) (21,581) -
   循环信贷贷款净借款 (16,028) 3,417 5,912
   用现金购买库存股 - - (147,003)
   员工股权奖励预扣款的支付 (6,027) (4,479) (4,662)
   重新发行库存股所得款项 1,543 733 561
   获得盈利支付 - - (2,736)
融资活动产生的(或使用的)现金流量净额 119,894 976,495 (148,247)
汇率变动对现金及现金等价物的影响 94,860 3,335 (15,671)
现金及现金等价物净(减少)增加 (1,169,963) 1,594,422 (11,826)
年初现金及现金等价物 2,125,591 531,169 542,995
年末现金及现金等价物 955,628 美元 2,125,591 美元 531,169 美元
净利润与经营活动产生的现金流量净额的调节:
净利 116,641 美元 195,095 美元 265,736 美元
调整净利润与经营活动产生的现金流量净额:
   折旧和摊销 150,046 54,437 57,253
   应收账款损失准备金 21,022 5,026 6,061
   股票期权费用 29,381 13,947 14,890
   处置子公司的损失 - - 699
   债务折价和债务发行成本的累积 3,326 835 839
   递延所得税 (4,261) (11,002) 2,387
   经营性资产和负债的变化:
   应收账款 (554,627) (91,961) (297,637)
   库存 (502,352) (20,838) (219,482)
   预付费用和其他资产 32,963 66,027 (44,384)
   应付账款 1,704,307 459,146 426,412
   应计费用和其他负债 100,623 (13,869) (18,882)
总调整 980,428 461,748 (71,844)
经营活动产生的现金流量净额 1,097,069 美元 656,843 美元 193,892 美元

Tech Data Corporation采用直接法编制现金流量表。该公司现金从2016年初的5.43亿美元增至2018年1月底的9.56亿美元,其中2017年增幅最大。2017年的增长主要得益于经营活动现金流和筹资活动现金流的变化。在Tech Data现金流量表的经营活动现金流量部分,该公司列示了2018年从客户收到的现金金额(430亿美元)以及支付给供应商和员工的现金金额(417亿美元)。现金收入较上年同期的294亿美元有所增长,现金支出也大幅增加。2016年和2017年,经营活动产生的现金净额足以覆盖公司的投资活动,但2018年则不足以覆盖,主要原因是用于收购业务的现金支出增加。与此次收购相关的投资性现金流出,附注披露,2018年的这项重大收购导致经营活动部分的现金收入和现金支出大幅增加。同样与2018年的收购相关的是,融资部分显示,该公司在2017年和2018年借入的债务均超过了偿还的债务。2017年,长期债务借款额为9.984亿美元,循环信贷净借款额为340万美元。2018年,该公司通过借入超过偿还额的长期债务获得现金,但用这些现金偿还了循环信贷。该公司没有派发股息,尽管在2016年,该公司支付了1.47亿美元回购了其普通股。

Tech Data Corporation prepares its cash flow statements under the direct method. The company’s cash increased from $543 million at the beginning of 2016 to $956 million at the end of January 2018, with the biggest increase occurring in 2017. The 2017 increase was driven by changes in both operating cash flow and financing cash flow. In the cash flows from operating activities section of Tech Data’s cash flow statements, the company identifies the amount of cash it received from customers, $43 billion for 2018, and the amount of cash that it paid to suppliers and employees, $41.7 billion for 2018. Cash receipts increased from $29.4 billion in the prior year and cash paid also increased substantially. Net cash provided by operating activities was adequate to cover the company’s investing activities in 2016 and 2017 but not in 2018, primarily because of increased amounts of cash used for acquisition of business. Related to this investing cash outflow for an acquisition, footnotes disclose that the major acquisition in 2018 accounted for the large increase in cash receipts and cash payments in the operating section. Also related to the 2018 acquisition, the financing section shows that the company borrowed more debt that it repaid in both 2017 and 2018. In 2017, borrowings on long-term debt were $998.4 million, and net borrowings on revolving credit loans were $3.4 million. In 2018, the company generated cash by borrowing more long-term debt than it repaid but used cash to pay down its revolving credit loans. There are no dividend payments, although in 2016, the company paid $147 million to repurchase its common stock.

根据美国通用会计准则(US GAAP),凡采用直接法,均需附注和调节表,以核对净利润与经营活动产生的现金流量净额。Tech Data 在其合并现金流量表的底部列示了此项调节。该附注和调节表的内容,与该公司若采用间接法而非直接法时在现金流量表正文中列示的内容完全相同。2018 年的调节表显示,该公司应收账款、存货和应付账款均有所增加。

Whenever the direct method is used, US GAAP require a disclosure note and a schedule that reconciles net income with the net cash flow from operating activities. Tech Data shows this reconciliation at the bottom of its consolidated statements of cash flows. The disclosure note and reconciliation schedule are exactly the information that would have been presented in the body of the cash flow statement if the company had elected to use the indirect method rather than the direct method. For 2018, the reconciliation highlights an increase in the company’s accounts receivable, inventory, and payables.

综上所述,对Tech Data现金流量表的分析得出以下一些结论:

In summary, some observations from an analysis of Tech Data’s cash flow statement include:

  • 截至 2018 年 1 月的三年间,该公司现金增加了 4.12 亿美元以上,其中 2017 年增幅最大。

  • The company’s cash increased by over $412 million over the three years ending in January 2018, with the biggest increase occurring in 2017.

  • 该公司2016年和2017年的经营现金足以支付其投资,但2018年则不足以支付,主要原因是进行了一项重大收购。

  • The company’s operating cash was adequate to cover the company’s investments in 2016 and 2017, but not in 2018 primarily because of a major acquisition.

  • 与 2018 年的收购有关,融资部分显示 2017 年和 2018 年的长期借款有所增加,其中 2017 年增加了 9.98 亿美元。

  • Related to the 2018 acquisition, the financing section shows an increase in long-term borrowings in 2017 and 2018, including a $998 million increase in 2017.

  • 该公司过去三年没有派发股息,但融资部分显示,该公司在 2016 年回购了股票。

  • The company has not paid dividends in the past three years, but the financing section shows that in 2016 the company repurchased stock.

沃尔玛是一家全球零售商,旗下拥有沃尔玛和山姆会员店两个品牌。附录5列出了该公司截至2018年1月31日、2017年1月31日和2016年1月31日止财政年度的年度报告中的比较现金流量表。

Walmart is a global retailer that conducts business under the names of Walmart and Sam’s Club. Exhibit 5 presents the comparative cash flow statements from the company’s annual report for the fiscal years ended 31 January 2018, 2017, and 2016.

附录5. 沃尔玛现金流量表(截至1月31日止财政年度,单位:百万美元)
截至1月31日的财政年度 2018 2017 2016
经营活动产生的现金流量:
合并净收入 10,523 14,293 15,080
将持续经营收入调整为经营活动产生的现金流量净额:
   折旧和摊销 10,529 10,080 9,454
   递延所得税 (304) 761 (672)
   债务清偿损失 3,136 - -
   其他经营活动 1,210 206 1,410
   扣除收购影响后,某些资产和负债的变化:
   应收账款净额 (1.074) (402) (19)
   库存 (140) 1,021 (703)
   应付账款 4,086 3,942 2008年
   应计负债 928 1,280 1,466
   应计所得税 (557) 492 (472)
经营活动产生的现金流量净额 28,337 31,673 27,552
投资活动产生的现金流量:
   房产和设备的付款 (10,051) (10,619) (11,477)
   处置财产和设备所得款项 378 456 635
   处置某些业务所得款项 1,046 662 246
   购买可供出售证券 - (1,901) -
   投资和业务收购(扣除收购现金后) (375) (2,463) -
   其他投资活动 (58) (122) (79)
投资活动所用现金净额 (9,060) (13,987) (10,675)
融资活动产生的现金流量:
   短期借款净变化 4,148 (1,673) 1,235
   发行长期债务所得款项 7,476 137 39
   偿还长期债务 (13,061) (2,055) (4,432)
   债务清偿或债务提前偿还费用 (3,059) - -
   已支付股息 (6,124) (6,216) (6,294)
   购买公司股票 (8,296) (8,298) (4,112)
   支付给少数股东的股息 (690) (479) (719)
   收购少数股东权益 (8) (90) (1,326)
   其他融资活动 (261) (398) (676)
融资活动所用的现金净额 (19,875) (19,072) (16,285)
汇率对现金及现金等价物的影响 487 (452) (1,022)
现金及现金等价物的净增加(减少) (111) (1,838) (430)
年初现金及现金等价物 6,867 8,705 9,135
年末现金及现金等价物 6,756 6,867 8,705
现金流量信息的补充披露
已缴纳的所得税 6,179 4,507 8,111
已付利息 2,450 2,351 2,540

沃尔玛的现金流量表显示如下:

Walmart’s cash flow statement indicates the following:

  • 现金及现金等价物在三年内有所下降,从 2016 财年初的 91 亿美元下降到 2018 财年末的 68 亿美元。

  • Cash and cash equivalents declined over the three years, from $9.1 billion at the beginning of fiscal 2016 to $6.8 billion at the end of fiscal 2018.

  • 2016、2017 和 2018 财年,公司经营现金流相对稳定,分别为 276 亿美元、317 亿美元和 283 亿美元。此外,公司每年的经营现金流均显著高于其在固定资产和设备方面的支出。

  • Operating cash flow was relatively steady at $27.6 billion, $31.7 billion, and $28.3 billion in fiscal 2016, 2017, and 2018, respectively. Further, operating cash flow was significantly greater than the company’s expenditures on property and equipment in every year.

  • 过去三年,该公司动用大量现金支付股息和回购普通股。此外,该公司还偿还了借款,尤其是在2018财年。

  • Over the three years, the company used significant amounts of cash to pay dividends and to repurchase its common stock. The company also repaid borrowing, particularly in fiscal 2018.

沃尔玛采用间接法编制现金流量表。在沃尔玛现金流量表的经营活动现金流量部分,该公司将2018年的净利润105亿美元调整为经营活动产生的现金流量净额283亿美元。其中最大的调整项是105亿美元的折旧和摊销。由于折旧和摊销费用在损益表中属于非现金支出,因此需要进行调整。正如之前的例子所示,折旧是许多公司在将净利润调整为经营活动现金流量时需要进行的最大或最大调整项之一。

Walmart prepares its cash flow statements under the indirect method. In the cash flows from operating activities section of Walmart’s cash flow statement, the company reconciles its net income for 2018 of $10.5 billion to net cash provided by operating activities of $28.3 billion. The largest adjustment is for depreciation and amortization of $10.5 billion. Depreciation and amortization expense requires an adjustment because it was a non-cash expense on the income statement. As illustrated in previous examples, depreciation is the largest or one of the largest adjustments made by many companies in the reconciliation of net income to operating cash flow.

当采用间接法时,美国通用会计准则(US GAAP)要求披露支付的利息和所得税金额。需要注意的是,这些项目在使用直接法编制现金流量表时就已经存在,因此无需强制披露。沃尔玛在其现金流量表底部披露了支付的所得税(62亿美元)和利息(25亿美元)。

Whenever the indirect method is used, US GAAP mandate disclosure of how much cash was paid for interest and income taxes. Note that these are line items in cash flow statements using the direct method, so disclosure does not have to be mandated. Walmart discloses the amount of cash paid for income tax ($6.2 billion) and interest ($2.5 billion) at the bottom of its cash flow statements.

3.现金流量表:关联性和编制

3. The Cash Flow Statement: Linkages and Preparation

现金流量表的间接式格式表明,资产负债表账户的变化是决定现金流量的重要因素。下一节将探讨现金流量表与其他财务报表之间的联系。

The indirect format of the cash flow statement demonstrates that changes in balance sheet accounts are an important factor in determining cash flows. The next section addresses the linkages between the cash flow statement and other financial statements.

3.1现金流量表与利润表和资产负债表的联系

3.1. Linkages of the Cash Flow Statement with the Income Statement and Balance Sheet

回顾一下概括资产负债表的会计等式:

Recall the accounting equation that summarizes the balance sheet:

资产 = 负债 + 所有者权益

Assets = Liabilities + Equity

现金是一种资产。现金流量表最终反映的是一个会计期间内现金的变化。公司上年度和本年度的资产负债表上分别列示了期初和期末现金余额,而现金流量表的底部则对期初现金和期末现金进行了调节。这种关系概括如下。

Cash is an asset. The statement of cash flows ultimately shows the change in cash during an accounting period. The beginning and ending balances of cash are shown on the company’s balance sheets for the previous and current years, and the bottom of the cash flow statement reconciles beginning cash with ending cash. The relationship, stated in general terms, is as shown below.

20X8年12月31日期初资产负债表

截至20X9年12月31日止年度现金流量表

20X9年12月31日资产负债表期末报表

期初现金 此外:现金收入(来自经营活动、投资活动和筹资活动) 减:现金支出(用于经营、投资和融资活动) 期末现金

如果现金以以外币形式持有,汇率变动也会对其产生影响。例如,沃尔玛2018年的现金流量表(见附录5)显示,其经营、投资和筹资活动产生的现金流量总额为(1.11)亿美元,其中包括汇率变动对现金及现金等价物造成的4.87亿美元净影响。

In the case of cash held in foreign currencies, there would also be an impact from changes in exchange rates. For example, Walmart’s cash flow statement for 2018, presented in Exhibit 5, shows overall cash flows from operating, investing, and financing activities that total $(111) million during the year, including $487 million net effect of exchange rates on cash and cash equivalents.

沃尔玛现金流量表的主体部分展示了现金变动的原因;换句话说,它反映了公司的经营活动、投资活动和筹资活动(以及外币折算的影响)。现金流量表将期初和期末的现金及现金等价物资产负债表数值联系起来。

The body of Walmart’s cash flow statement shows why the change in cash occurred; in other words, it shows the company’s operating, investing, and financing activities (as well as the impact of foreign currency translation). The beginning and ending balance sheet values of cash and cash equivalents are linked through the cash flow statement.

资产负债表中的流动资产和流动负债部分通常反映公司的经营决策和活动。由于公司的经营活动在利润表中采用权责发生制核算,因此经营交易的权责发生制和收付实现制会计处理之间的任何差异都会导致资产负债表上某些(通常是)短期资产或负债的增加或减少。例如,如果采用权责发生制会计核算的收入高于实际收到的现金,则通常会导致应收账款增加。如果采用权责发生制会计核算的费用低于实际支付的现金,则通常会导致应付账款或其他应计负债账户减少。为了说明资产负债表项目如何通过期初余额和期末余额变化与利润表和/或现金流量表相关联,请考虑应收账款:

The current assets and current liabilities sections of the balance sheet typically reflect a company’s operating decisions and activities. Because a company’s operating activities are reported on an accrual basis in the income statement, any differences between the accrual basis and the cash basis of accounting for an operating transaction result in an increase or decrease in some (usually) short-term asset or liability on the balance sheet. For example, if revenue reported using accrual accounting is higher than the cash actually collected, the result will typically be an increase in accounts receivable. If expenses reported using accrual accounting are lower than cash actually paid, the result will typically be a decrease in accounts payable or another accrued liability account8. As an example of how items on the balance sheet are related to the income statement and/or cash flow statement through the change in the beginning and ending balances, consider accounts receivable:

20X8年12月31日期初资产负债表

截至20X9年12月31日止年度损益表 截至20X9年12月31日止年度现金流量表 20X9年12月31日资产负债表期末报表

期初应收账款 此外:收入 减:从客户处收取的现金 等于:期末应收账款

知道这四项中的任意三项,就能轻松计算出第四项。例如,如果您知道期初应收账款、收入和从客户处收到的现金,就可以计算出期末应收账款。了解资产负债表、利润表和现金流量表之间的相互关系,不仅有助于评估公司的财务状况,还有助于发现会计违规行为。回想一下这个极端的例子:一家假设的公司在不考虑未来收款的情况下进行赊销,因此其利润表上会显示健康的销售额和可观的收入,但却缺乏现金流入。如果公司错误地确认了收入,就会出现这种情况。

Knowing any three of these four items makes it easy to compute the fourth. For example, if you know beginning accounts receivable, revenues, and cash collected from customers, you can compute ending accounts receivable. Understanding the interrelationships among the balance sheet, income statement, and cash flow statement is useful not only in evaluating the company’s financial health but also in detecting accounting irregularities. Recall the extreme illustration of a hypothetical company that makes sales on account without regard to future collections and thus reports healthy sales and significant income on its income statement yet lacks cash inflow. Such a pattern would occur if a company improperly recognized revenue.

公司的投资活动通常与资产负债表中的长期资产部分相关,而其融资活动通常与资产负债表中的权益和长期负债部分相关。下一节将演示如何根据损益表和资产负债表信息编制现金流量表。

A company’s investing activities typically relate to the long-term asset section of the balance sheet, and its financing activities typically relate to the equity and long-term debt sections of the balance sheet. The next section demonstrates the preparation of cash flow information based on income statement and balance sheet information.

3.2编制现金流量表的步骤

3.2. Steps in Preparing the Cash Flow Statement

现金流量表的编制需要用到利润表和比较资产负债表中的数据。

The preparation of the cash flow statement uses data from both the income statement and the comparative balance sheets.

如前所述,公司通常只披露间接经营现金流量信息,而分析师则更倾向于直接现金流量信息。了解现金流量信息的构成方式,将有助于您拆解间接现金流量表,并以更有用的方式重新构建。最终得到的是一份近似的直接现金流量表,虽然并非完全精确,但对分析师来说仍然很有帮助。以下演示将使用附录6和附录7中所示的 Acme 公司(一家虚构的零售公司)的损益表和比较资产负债表,来说明如何编制一份近似的直接现金流量表。

As noted earlier, companies often only disclose indirect operating cash flow information, whereas analysts prefer direct-format information. Understanding how cash flow information is put together will enable you to take an indirect statement apart and reconfigure it in a more useful manner. The result is an approximation of a direct cash flow statement, which—while not perfectly accurate—can be helpful to an analyst. The following demonstration of how an approximation of a direct cash flow statement is prepared uses the income statement and the comparative balance sheets for Acme Corporation (a fictitious retail company) shown in Exhibits 6 and 7.

附件6. Acme公司2018年12月31日止年度损益表
净收入 23,598 美元
销售成本 11,456
毛利 12,142
薪金和工资支出 4,123 美元
折旧费用 1,052
其他运营费用 3,577
   总运营费用 8,752
营业利润 3,390
其他收入(支出):
   出售设备所得收益 205
   利息支出 (246) (41)
税前收入 3,349
所得税费用 1,139
净利 2210美元
附录7. Acme公司2018年12月31日和2017年12月31日比较资产负债表
2018 2017 净变化
现金 1011美元 1163美元 (152)
应收账款 1,012 957 55
存货 3,984 3,277 707
预付费用 155 178 (23)
   流动资产总额 6,162 5,575 587
土地 510 510
建筑物 3,680 3,680
设备* 8,798 8,555 243
减:累计折旧 (3,443) (2,891) (552)
   长期资产总额 9,545 9,854 (309)
总资产 15,707 美元 15,429 美元 278美元
应付账款 3,588 美元 3,325 美元 263美元
应付薪金 85 75 10
应付利息 62 74 (12)
应缴所得税 55 50 5
其他应计负债 1,126 1,104 22
   流动负债总额 4,916 4,628 288
长期债务 3,075 3,575 (500)
普通股 3,750 4,350 (600)
留存收益 3,966 2,876 1,090
总负债和权益 15,707 美元 15,429 美元 278美元

* 2018 年,Acme 公司购置了新设备,总成本为 1,300 美元。除净收入和股息外,没有其他项目影响留存收益。

* During 2018, Acme purchased new equipment for a total cost of $1,300. No items impacted retained earnings other than net income and dividends.

编制现金流量表的第一步是确定经营活动产生的现金流量总额。第3.2.1节至3.2.4节阐述了直接法列示经营活动现金流量的方法。第3.2.5节阐述了间接法列示经营活动现金流量的方法。无论采用直接法还是间接法列示经营活动现金流量,投资活动现金流量和筹资活动现金流量都是相同的。

The first step in preparing the cash flow statement is to determine the total cash flows from operating activities. The direct method of presenting cash from operating activities is illustrated in sections 3.2.1 through 3.2.4. Section 3.2.5 illustrates the indirect method of presenting cash flows from operating activities. Cash flows from investing activities and from financing activities are identical regardless of whether the direct or indirect method is used to present operating cash flows.

3.2.1经营活动:直接法

3.2.1. Operating Activities: Direct Method

我们首先确定 Acme 从客户那里收到了多少现金,然后确定支付给供应商和员工的现金,以及支付给其他运营费用、利息和所得税的现金。

We first determine how much cash Acme received from its customers, followed by how much cash was paid to suppliers and to employees as well as how much cash was paid for other operating expenses, interest, and income taxes.

3.2.1.1 . 从客户处收到的现金

3.2.1.1. Cash Received from Customers

Acme公司2018年12月31日止年度的损益表显示,其收入为23,598美元。为了确定其从客户处收到的现金的大致数额,需要根据该年度应收账款的净变动额对该收入进行调整。如果应收账款在年内增加,则按权责发生制计算的收入高于从客户处收到的现金,反之亦然。Acme公司的应收账款增加了55美元,因此从客户处收到的现金为23,543美元,具体如下:

The income statement for Acme reported revenue of $23,598 for the year ended 31 December 2018. To determine the approximate cash receipts from its customers, it is necessary to adjust this revenue amount by the net change in accounts receivable for the year. If accounts receivable increase during the year, revenue on an accrual basis is higher than cash receipts from customers, and vice versa. For Acme Corporation, accounts receivable increased by $55, so cash received from customers was $23,543, as follows:

收入 23,598 美元
减少:应收账款增加 (55)
从客户处收到的现金 23,543 美元

客户支付的现金对应收账款账户的影响如下:

Cash received from customers affects the accounts receivable account as follows:

期初应收账款 957
加上收入 23,598
减去从顾客那里收取的现金 (23,543)
期末应收账款 1,012 美元

应收账款账户信息也可以按如下方式呈现:

The accounts receivable account information can also be presented as follows:

期初应收账款 957美元
加上收入 23,598
减去期末应收账款 (1,012)
从顾客处收取的现金 23,543 美元
例 3

计算从客户处收到的现金

Computing Cash Received from Customers

虚构的广告公司Blue Bayou最近一年的收入为5000万美元,总支出为3500万美元,净利润为1500万美元。如果应收账款减少了1200万美元,那么该公司从客户那里收到了多少现金?

Blue Bayou, a fictitious advertising company, reported revenues of $50 million, total expenses of $35 million, and net income of $15 million in the most recent year. If accounts receivable decreased by $12 million, how much cash did the company receive from customers?

  1. 3800万美元。

  2. $38 million.

  3. 5000万美元。

  4. $50 million.

  5. 6200万美元。

  6. $62 million.

解决方案:

Solution:

C选项正确。5000万美元的收入加上1200万美元的应收账款减少额,等于从客户处收到的现金6200万美元。应收账款减少额意味着公司收到的现金超过了其报告的收入。

C is correct. Revenues of $50 million plus the decrease in accounts receivable of $12 million equals $62 million cash received from customers. The decrease in accounts receivable means that the company received more in cash than the amount of revenue it reported.

“从客户处收到的现金”有时被称为“从客户处收取的现金”或“现金收款”。

“Cash received from customers” is sometimes referred to as “cash collections from customers” or “cash collections.”

3.2.1.2 . 支付给供应商的现金

3.2.1.2. Cash Paid to Suppliers

Acme公司支付给供应商的现金为11900美元,计算方法如下:

For Acme, the cash paid to suppliers was $11,900, determined as follows:

销售成本 11,456 美元
此外:库存增加 707
等于从供应商处采购 12,163 美元
减少:应付账款增加 (263)
支付给供应商的现金 11,900 美元

这项计算包含两部分:购入的存货数量和支付的金额。为了确定从供应商处采购的金额,需要根据存货的变化调整销售成本。如果年内存货增加,则年内采购金额超过销售成本,反之亦然。Acme公司报告称,截至2018年12月31日止年度的销售成本为11,456美元。Acme公司的存货增加了707美元,因此从供应商处采购的金额为12,163美元。从供应商处采购会影响存货账户,如下所示:

There are two pieces to this calculation: the amount of inventory purchased and the amount paid for it. To determine purchases from suppliers, cost of goods sold is adjusted for the change in inventory. If inventory increased during the year, then purchases during the year exceeded cost of goods sold, and vice versa. Acme reported cost of goods sold of $11,456 for the year ended 31 December 2018. For Acme Corporation, inventory increased by $707, so purchases from suppliers was $12,163. Purchases from suppliers affect the inventory account, as shown below:

期初库存 3,277 美元
加购 12,163
减去销售成本 (11,456)
期末库存 3,984 美元

Acme公司2018年从供应商处购入了价值12,163美元的库存,但这是否就是Acme当年支付给供应商的现金金额呢?未必如此。Acme可能尚未支付所有货款,也可能仍有部分货款尚未支付。换句话说,Acme实际支付给供应商的现金可能少于当年的采购金额,在这种情况下,Acme的负债(应付账款)将增加差额。反之,Acme实际支付给供应商的现金也可能多于当年的采购金额,在这种情况下,Acme的应付账款将减少。

Acme purchased $12,163 of inventory from suppliers in 2018, but is this the amount of cash that Acme paid to its suppliers during the year? Not necessarily. Acme may not have yet paid for all of these purchases and may yet owe for some of the purchases made this year. In other words, Acme may have paid less cash to its suppliers than the amount of this year’s purchases, in which case Acme’s liability (accounts payable) will have increased by the difference. Alternatively, Acme may have paid even more to its suppliers than the amount of this year’s purchases, in which case Acme’s accounts payable will have decreased.

因此,一旦确定了采购额,就可以通过调整应付账款的变化来计算支付给供应商的现金。如果公司所有采购都使用现金,那么应付账款不会发生变化,现金流出将等于采购额。如果年内应付账款增加,那么按权责发生制计算的采购额将高于按收付实现制计算的采购额,反之亦然。在本例中,Acme 公司的采购额超过了其现金支付额,因此应付账款余额增加。Acme 公司支付给供应商的现金为 11,900 美元,计算方法如下:

Therefore, once purchases have been determined, cash paid to suppliers can be calculated by adjusting purchases for the change in accounts payable. If the company made all purchases with cash, then accounts payable would not change and cash outflows would equal purchases. If accounts payable increased during the year, then purchases on an accrual basis would be higher than they would be on a cash basis, and vice versa. In this example, Acme made more purchases than it paid in cash, so the balance in accounts payable increased. For Acme, the cash paid to suppliers was $11,900, determined as follows:

从供应商处采购 12,163 美元
减少:应付账款增加 (263)
支付给供应商的现金 11,900 美元

支付给供应商的现金金额反映在应付账款账户中,如下所示:

The amount of cash paid to suppliers is reflected in the accounts payable account, as shown below:

期初应付账款 3,325 美元
加购 12,163
减去支付给供应商的现金 (11,900)
期末应付账款 3,588 美元
例 4

计算支付给供应商的现金

Computing Cash Paid to Suppliers

虚构的热带饮料生产商 Orange Beverages Plc. 报告称,其年度销售成本为 1 亿美元。总资产增加了 5500 万美元,但存货减少了 600 万美元。总负债增加了 4500 万美元,但应付账款减少了 200 万美元。该公司本年度向供应商支付了多少现金?

Orange Beverages Plc., a fictitious manufacturer of tropical drinks, reported cost of goods sold for the year of $100 million. Total assets increased by $55 million, but inventory declined by $6 million. Total liabilities increased by $45 million, but accounts payable decreased by $2 million. How much cash did the company pay to its suppliers during the year?

  1. 9600万美元。

  2. $96 million.

  3. 1.04亿美元。

  4. $104 million.

  5. 1.08亿美元。

  6. $108 million.

解决方案:

Solution:

A选项正确。销售成本1亿美元减去存货减少600万美元,等于从供应商处采购的商品金额9400万美元。应付账款减少200万美元,意味着公司支付了9600万美元现金(9400万美元加200万美元)。

A is correct. Cost of goods sold of $100 million less the decrease in inventory of $6 million equals purchases from suppliers of $94 million. The decrease in accounts payable of $2 million means that the company paid $96 million in cash ($94 million plus $2 million).

3.2.1.3 . 支付给员工的现金

3.2.1.3. Cash Paid to Employees

为了确定支付给员工的现金,需要根据本年度应付工资的净变化调整工资费用。如果本年度应付工资增加,则按权责发生制计算的工资费用将高于为此支付的现金金额,反之亦然。对于 Acme 公司而言,应付工资增加了 10 美元,因此支付的工资现金为 4,113 美元,具体如下:

To determine the cash paid to employees, it is necessary to adjust salary and wages expense by the net change in salary and wages payable for the year. If salary and wages payable increased during the year, then salary and wages expense on an accrual basis would be higher than the amount of cash paid for this expense, and vice versa. For Acme, salary and wages payable increased by $10, so cash paid for salary and wages was $4,113, as follows:

工资和薪金支出 4,123 美元
减少:应付工资和薪金的增加 (10)
支付给员工的现金 4,113 美元

支付给员工的现金金额反映在应付工资账户中,如下所示:

The amount of cash paid to employees is reflected in the salary and wages payable account, as shown below:

起始工资及应付薪金 75美元
加上工资和薪金支出 4,123
扣除支付给员工的现金 (4,113)
期末应付薪金及工资 85美元

3.2.1.4 .支付其他运营费用的现金

3.2.1.4. Cash Paid for Other Operating Expenses

为了确定其他运营费用的现金支出,需要根据本年度预付费用和应计费用负债的净变动额,对损益表中的其他运营费用金额进行调整。如果本年度预付费用增加,则按现金制计算的其他运营费用将高于按权责发生制计算的其他运营费用,反之亦然。同样,如果本年度应计费用负债增加,则按现金制计算的其他运营费用将低于按权责发生制计算的其他运营费用,反之亦然。Acme公司2018年支付的运营费用现金为3,532美元,具体如下:

To determine the cash paid for other operating expenses, it is necessary to adjust the other operating expenses amount on the income statement by the net changes in prepaid expenses and accrued expense liabilities for the year. If prepaid expenses increased during the year, other operating expenses on a cash basis would be higher than on an accrual basis, and vice versa. Likewise, if accrued expense liabilities increased during the year, other operating expenses on a cash basis would be lower than on an accrual basis, and vice versa. For Acme Corporation, the amount of cash paid for operating expenses in 2018 was $3,532, as follows:

其他运营费用 3,577 美元
减少:预付费用减少 (23)
减少:其他应计负债增加 (22)
支付其他运营费用的现金 3,532 美元
例5

计算其他运营费用的现金支出

Computing Cash Paid for Other Operating Expenses

虚构的运动服装制造商 Black Ice 报告称,其他运营费用为 3000 万美元。预付保险费用增加了 400 万美元,应计水电费减少了 700 万美元。保险费和水电费是其他运营费用的唯二组成部分。该公司实际支付了多少现金用于其他运营费用?

Black Ice, a fictitious sportswear manufacturer, reported other operating expenses of $30 million. Prepaid insurance expense increased by $4 million, and accrued utilities payable decreased by $7 million. Insurance and utilities are the only two components of other operating expenses. How much cash did the company pay in other operating expenses?

  1. 1900万美元。

  2. $19 million.

  3. 3300万美元。

  4. $33 million.

  5. 4100万美元。

  6. $41 million.

解决方案:

Solution:

C选项正确。其他运营费用3000万美元,加上预付保险费用增加400万美元,加上应付公用事业费减少700万美元,等于4100万美元。

C is correct. Other operating expenses of $30 million plus the increase in prepaid insurance expense of $4 million plus the decrease in accrued utilities payable of $7 million equals $41 million.

3.2.1.5 . 支付利息的现金

3.2.1.5. Cash Paid for Interest

根据美国通用会计准则(US GAAP),支付利息的现金计入经营活动现金流量;而根据国际财务报告准则(IFRS),支付利息的现金可能计入经营活动现金流量或筹资活动现金流量。为确定支付利息的现金金额,需要根据当年应付利息净额的变动调整利息费用。如果当年应付利息增加,则按权责发生制计算的利息费用将高于支付利息的现金金额,反之亦然。以Acme公司为例,其应付利息减少了12美元,支付利息的现金金额为258美元,具体如下:

The cash paid for interest is included in operating cash flows under US GAAP and may be included in operating or financing cash flows under IFRS. To determine the cash paid for interest, it is necessary to adjust interest expense by the net change in interest payable for the year. If interest payable increases during the year, then interest expense on an accrual basis will be higher than the amount of cash paid for interest, and vice versa. For Acme Corporation, interest payable decreased by $12, and cash paid for interest was $258, as follows:

利息支出 246美元
此外:应付利息减少 12
支付利息的现金 258美元

或者,也可以通过分析应付利息账户来确定已支付的利息现金,如下所示:

Alternatively, cash paid for interest may also be determined by an analysis of the interest payable account, as shown below:

期初应付利息 74美元
加上利息支出 246
减去已支付的利息现金 (258)
期末应付利息 62美元

3.2.1.6 . 已支付的所得税现金

3.2.1.6. Cash Paid for Income Taxes

为了确定支付的所得税现金额,需要根据当年应收税款、应付税款和递延所得税的净变动额调整损益表中的所得税费用金额。如果当年应收税款或递延所得税资产增加,则按现金制计算的所得税将高于按权责发生制计算的所得税,反之亦然。同样,如果当年应付税款或递延所得税负债增加,则按现金制计算的所得税费用将低于按权责发生制计算的所得税,反之亦然。Acme公司2018年支付的所得税现金额为1,134美元,具体如下:

To determine the cash paid for income taxes, it is necessary to adjust the income tax expense amount on the income statement by the net changes in taxes receivable, taxes payable, and deferred income taxes for the year. If taxes receivable or deferred tax assets increase during the year, income taxes on a cash basis will be higher than on an accrual basis, and vice versa. Likewise, if taxes payable or deferred tax liabilities increase during the year, income tax expense on a cash basis will be lower than on an accrual basis, and vice versa. For Acme Corporation, the amount of cash paid for income taxes in 2018 was $1,134, as follows:

所得税费用 1139美元
减少:应缴所得税增加 (5)
现金支付的所得税 1134美元

3.2.2投资活动

3.2.2. Investing Activities

编制现金流量表的第二步和第三步是确定投资活动产生的现金流量总额和筹资活动产生的现金流量总额。无论经营活动现金流量采用直接法还是间接法,这些信息的列报方式都相同。

The second and third steps in preparing the cash flow statement are to determine the total cash flows from investing activities and from financing activities. The presentation of this information is identical, regardless of whether the direct or indirect method is used for operating cash flows.

2018年,Acme公司唯一的投资活动是购置和出售设备,这从其土地和建筑物金额在年内保持不变即可看出。附录7的信息性说明显示,Acme公司在2018年购置了新设备,总成本为1,300美元。然而,Acme公司资产负债表上显示的设备金额仅增加了243美元(期末余额8,798美元减去期初余额8,555美元);因此,Acme公司在年内必定也出售或以其他方式处置了一些设备。为了确定出售设备所得的现金流入,我们分析了附录6和附录7中的设备账户、累计折旧账户以及设备出售收益。假设所有累计折旧均与设备相关,则出售设备所得的现金流入计算如下。

Purchases and sales of equipment were the only investing activities undertaken by Acme in 2018, as evidenced by the fact that the amounts reported for land and buildings were unchanged during the year. An informational note in Exhibit 7 tells us that Acme purchased new equipment in 2018 for a total cost of $1,300. However, the amount of equipment shown on Acme’s balance sheet increased by only $243 (ending balance of $8,798 minus beginning balance of $8,555); therefore, Acme must have also sold or otherwise disposed of some equipment during the year. To determine the cash inflow from the sale of equipment, we analyze the equipment and accumulated depreciation accounts as well as the gain on the sale of equipment from Exhibits 6 and 7. Assuming that the entire accumulated depreciation is related to equipment, the cash received from sale of equipment is determined as follows.

售出设备的历史成本为 1,057 美元。该金额的计算方法如下:

The historical cost of the equipment sold was $1,057. This amount is determined as follows:

期初余额设备(来自资产负债表) 8,555 美元
加上已购置的设备(根据说明) 1300
减去期末设备余额(来自资产负债表) (8,798)
等于已售设备的历史成本 1,057 美元

所售设备的累计折旧为 500 美元,计算方法如下:

The accumulated depreciation on the equipment sold was $500, determined as follows:

期初余额累计折旧(来自资产负债表) 2,891 美元
加上折旧费用(来自损益表) 1,052
减去期末累计折旧(来自资产负债表) (3,443)
等于已售设备的累计折旧 500美元

利用历史成本信息、累计折旧信息以及损益表中有关出售设备收益的信息,可以确定出售所得现金。

The historical cost information, accumulated depreciation information, and information from the income statement about the gain on the sale of equipment can be used to determine the cash received from the sale.

已售设备的历史成本(如上所述) 1,057 美元
减去已售设备累计折旧(如上所述) (500)
等于已售设备的账面价值 557美元
加上出售设备所得收益(来自损益表) 205
等于出售设备所得现金 762美元
例 6

计算出售设备收到的现金

Computing Cash Received from the Sale of Equipment

虚构的啤酒厂和连锁餐厅Copper公司报告称,出售设备获利1200万美元。此外,该公司损益表显示折旧费用为800万美元,现金流量表显示资本支出为1500万美元,全部用于购买新设备。

Copper, Inc., a fictitious brewery and restaurant chain, reported a gain on the sale of equipment of $12 million. In addition, the company’s income statement shows depreciation expense of $8 million and the cash flow statement shows capital expenditure of $15 million, all of which was for the purchase of new equipment.

资产负债表项目 2018年12月31日 2017年12月31日 改变
设备 1亿美元 1.09亿美元 900万美元
累计折旧——设备 3000万美元 3600万美元 600万美元

根据以上比较资产负债表中的信息,公司从设备出售中收到了多少现金?

Using the above information from the comparative balance sheets, how much cash did the company receive from the equipment sale?

  1. 1200万美元。

  2. $12 million.

  3. 1600万美元。

  4. $16 million.

  5. 1800万美元。

  6. $18 million.

解决方案:

Solution:

B选项正确。售价(现金流入)减去账面价值等于出售损益;因此,出售损益加上账面价值等于售价(现金流入)。已知收益金额为1200万美元。要计算已售设备的账面价值,需要先找到该设备的历史成本和累计折旧。

B is correct. Selling price (cash inflow) minus book value equals gain or loss on sale; therefore, gain or loss on sale plus book value equals selling price (cash inflow). The amount of gain is given, $12 million. To calculate the book value of the equipment sold, find the historical cost of the equipment and the accumulated depreciation on the equipment.

  • 期初设备余额 1 亿美元,加上购入设备 1500 万美元,减去期末设备余额 1.09 亿美元,等于已售设备的历史成本,即 600 万美元。

  • Beginning balance of equipment of $100 million plus equipment purchased of $15 million minus ending balance of equipment of $109 million equals historical cost of equipment sold, or $6 million.

  • 期初设备累计折旧 3000 万美元,加上本年度折旧费用 800 万美元,减去期末累计折旧余额 3600 万美元,等于已售设备的累计折旧,即 200 万美元。

  • Beginning accumulated depreciation on equipment of $30 million plus depreciation expense for the year of $8 million minus ending balance of accumulated depreciation of $36 million equals accumulated depreciation on the equipment sold, or $2 million.

  • 因此,所售设备的账面价值为 600 万美元减去 200 万美元,即 400 万美元。

  • Therefore, the book value of the equipment sold was $6 million minus $2 million, or $4 million.

  • 因为出售设备的收益为 1200 万美元,所以收到的现金金额必定为 1600 万美元。

  • Because the gain on the sale of equipment was $12 million, the amount of cash received must have been $16 million.

3.2.3融资活动

3.2.3. Financing Activities

与投资活动一样,筹资活动的列报方式也相同,无论经营现金流量采用直接法还是间接法。

As with investing activities, the presentation of financing activities is identical, regardless of whether the direct or indirect method is used for operating cash flows.

3.2.3.1长期债务和普通股

3.2.3.1. Long-Term Debt and Common Stock

根据附录7中2018年初(2017年末)和2018年末的余额,长期债务变动为减少500美元。在没有其他信息的情况下,这表明Acme公司偿还了500美元的长期债务。偿还长期债务属于融资活动相关的现金流出。

The change in long-term debt, based on the beginning 2018 (ending 2017) and ending 2018 balances in Exhibit 7, was a decrease of $500. Absent other information, this indicates that Acme retired $500 of long-term debt. Retiring long-term debt is a cash outflow relating to financing activities.

同样,2018年普通股变动额减少了600美元。在没有其他信息的情况下,这表明Acme公司回购了价值600美元的普通股。回购普通股也是与融资活动相关的现金流出。

Similarly, the change in common stock during 2018 was a decrease of $600. Absent other information, this indicates that Acme repurchased $600 of its common stock. Repurchase of common stock is also a cash outflow related to financing activity.

3.2.3.2 . 股息

3.2.3.2. Dividends

回顾以下关系:

Recall the following relationship:

期初留存收益 + 净利润 – 股利 = 期末留存收益

Beginning retained earnings + Net income – Dividends = Ending retained earnings

根据这种关系,可以通过对留存收益的分析来确定 2018 年支付的现金股利金额,如下所示:

Based on this relationship, the amount of cash dividends paid in 2018 can be determined from an analysis of retained earnings, as follows:

期初留存收益余额(来自资产负债表) 2,876 美元
加上净利润(来自损益表) 2,210
减去留存收益的期末余额(来自资产负债表) (3,966)
等于已支付的股息 1120美元

请注意,已支付的股息会在权益变动表中列示。

Note that dividends paid are presented in the statement of changes in equity.

3.2.4现金流量表:直接法

3.2.4. Overall Statement of Cash Flows: Direct Method

附录8汇总了Acme公司现金流量表中经营活动、投资活动和筹资活动的现金流量信息。该表底部显示,现金净额减少了152美元(从1,163美元降至1,011美元)。这一减少也可在附录7的比较资产负债表中看到。经营活动产生的现金流量为2,606美元,足以覆盖投资活动使用的现金净额538美元;然而,公司偿还债务、支付股息以及回购普通股(即筹资活动)共计2,220美元,导致现金总额减少了152美元。

Exhibit 8 summarizes the information about Acme’s operating, investing, and financing cash flows in the statement of cash flows. At the bottom of the statement, the total net change in cash is shown to be a decrease of $152 (from $1,163 to $1,011). This decrease can also be seen on the comparative balance sheet in Exhibit 7. The cash provided by operating activities of $2,606 was adequate to cover the net cash used in investing activities of $538; however, the company’s debt repayments, cash payments for dividends, and repurchase of common stock (i.e., its financing activities) of $2,220 resulted in an overall decrease in cash of $152.

附录8. Acme公司截至2018年12月31日止年度现金流量表(直接法)
经营活动产生的现金流量:
   从客户处收到的现金 23,543 美元
   支付给供应商的现金 (11,900)
   支付给员工的现金 (4,113)
   支付其他运营费用的现金 (3,532)
   支付利息的现金 (258)
   现金支付的所得税 (1,134)
经营活动产生的现金流量净额 2,606
投资活动产生的现金流量:
   出售设备所得现金 762
   用现金购买设备 (1,300)
用于投资活动的现金净额 (538)
融资活动产生的现金流量:
   用于偿还长期债务的现金 (500)
   用于注销普通股的现金 (600)
   以现金支付股息 (1,120)
用于融资活动的现金净额 (2,220)
现金净增加(减少) (152)
2017年12月31日现金余额 1,163
2018年12月31日现金余额 1011美元

3.2.5现金流量表:间接法

3.2.5. Overall Statement of Cash Flows: Indirect Method

采用间接法(另一种报告经营活动现金流量的方法),我们将列示相同金额的经营活动现金流量。根据这种方法,我们将 Acme 公司的净利润 2,210 美元与其经营活动现金流量 2,606 美元进行核对。

Using the alternative approach to reporting cash from operating activities, the indirect method, we will present the same amount of cash provided by operating activities. Under this approach, we reconcile Acme’s net income of $2,210 to its operating cash flow of $2,606.

为了进行此项调整,净收入需根据以下项目进行调整:a) 任何非经营性活动,b) 任何非现金支出,以及 c) 营运资金项目的变化。

To perform this reconciliation, net income is adjusted for the following: a) any non-operating activities, b) any non-cash expenses, and c) changes in operating working capital items.

Acme公司损益表中唯一的非经营性活动是出售设备,该活动产生了205美元的收益。这笔金额已从经营活动现金流量部分移除;出售设备的现金影响在投资活动部分列示。

The only non-operating activity in Acme’s income statement, the sale of equipment, resulted in a gain of $205. This amount is removed from the operating cash flow section; the cash effects of the sale are shown in the investing section.

Acme公司唯一的非现金支出是折旧费用1052美元。根据间接法,折旧费用必须加回净利润,因为它是净利润计算中的非现金扣除项。

Acme’s only non-cash expense was depreciation expense of $1,052. Under the indirect method, depreciation expense must be added back to net income because it was a non-cash deduction in the calculation of net income.

营运资本账户的变动包括流动经营资产和流动负债账户的增加和减少。这些账户的变动源于权责发生制会计的实施;也就是说,在收入实现时确认收入,在费用发生时确认费用,而不是在收到或支付现金时确认。在间接法下进行营运资本调整时,流动经营资产账户的任何增加都应从净利润中扣除,净减少额则应加到净利润中。例如,如上所述,应收账款的增加是由于Acme公司在损益表中记录的收入高于从客户收到的现金金额;因此,为了与经营现金流量进行核对,必须从净利润中扣除应收账款的增加额。对于流动经营负债,净增加额应加到净利润中,净减少额则应从净利润中扣除。例如,如上所述,应付工资的增加是由于Acme公司在损益表中记录的费用高于支付给员工的现金金额。

Changes in working capital accounts include increases and decreases in the current operating asset and liability accounts. The changes in these accounts arise from applying accrual accounting; that is, recognizing revenues when they are earned and expenses when they are incurred instead of when the cash is received or paid. To make the working capital adjustments under the indirect method, any increase in a current operating asset account is subtracted from net income and a net decrease is added to net income. As described above, the increase in accounts receivable, for example, resulted from Acme recording income statement revenue higher than the amount of cash received from customers; therefore, to reconcile back to operating cash flow, that increase in accounts receivable must be deducted from net income. For current operating liabilities, a net increase is added to net income and a net decrease is subtracted from net income. As described above, the increase in wages payable, for example, resulted from Acme recording income statement expenses higher than the amount of cash paid to employees.

附录 9列出了使用间接法确定经营活动产生的净现金流量时,对净利润进行的最常见调整类型。

Exhibit 9 presents a tabulation of the most common types of adjustments that are made to net income when using the indirect method to determine net cash flow from operating activities.

附录9. 采用间接法对净利润进行的调整
新增内容
  • 非现金项目

    • 有形资产折旧费用

    • 无形资产摊销费用

    • 自然资源的消耗成本

    • 债券折价摊销

  • Non-cash items

    • Depreciation expense of tangible assets

    • Amortisation expense of intangible assets

    • Depletion expense of natural resources

    • Amortisation of bond discount

  • 非经营性损失

    • 出售或减值资产的损失

    • 债务偿还损失

    • 采用权益法核算的投资损失

  • Non-operating losses

    • Loss on sale or write-down of assets

    • Loss on retirement of debt

    • Loss on investments accounted for under the equity method

  • 递延所得税负债增加

  • Increase in deferred income tax liability

  • 营运资本变动是由于计提费用高于现金支出或计提收入低于现金收入所致。

    • 流动经营资产减少(例如,应收账款、存货和预付费用)

    • 流动负债增加(例如,应付账款和应计费用负债)

  • Changes in working capital resulting from accruing higher amounts for expenses than the amounts of cash payments or lower amounts for revenues than the amounts of cash receipts

    • Decrease in current operating assets (e.g., accounts receivable, inventory, and prepaid expenses)

    • Increase in current operating liabilities (e.g., accounts payable and accrued expense liabilities)

减法
  • 非现金项目(例如,债券溢价摊销)

  • Non-cash items (e.g., amortisation of bond premium)

  • 非操作性项目

    • 出售资产所得收益

    • 债务偿还收益

    • 采用权益法核算的投资收益

  • Non-operating items

    • Gain on sale of assets

    • Gain on retirement of debt

    • Income on investments accounted for under the equity method

  • 递延所得税负债减少

  • Decrease in deferred income tax liability

  • 营运资本变动是由于计提费用低于现金支出或计提收入高于现金收入所致。

    • 流动经营资产增加(例如,应收账款、存货和预付费用)

    • 流动经营负债减少(例如,应付账款和应计费用负债)

  • Changes in working capital resulting from accruing lower amounts for expenses than for cash payments or higher amounts for revenues than for cash receipts

    • Increase in current operating assets (e.g., accounts receivable, inventory, and prepaid expenses)

    • Decrease in current operating liabilities (e.g., accounts payable and accrued expense liabilities)

因此,对于Acme公司而言,应收账款增加的55美元和存货增加的707美元应从净利润中扣除,预付费用减少的23美元应加到净利润中。对于Acme公司的流动负债,应付账款、应付工资、应付所得税和其他应计负债的增加额(分别为263美元、10美元、5美元和22美元)应加到净利润中,应付利息减少的12美元应从净利润中扣除。附录10根据我们对利润表和比较资产负债表的分析所确定的信息,采用间接法编制了Acme公司的现金流量表。请注意,投资活动和筹资活动部分与采用直接法编制的现金流量表相同。

Accordingly, for Acme Corporation, the $55 increase in accounts receivable and the $707 increase in inventory are subtracted from net income and the $23 decrease in prepaid expenses is added to net income. For Acme’s current liabilities, the increases in accounts payable, salary and wage payable, income tax payable, and other accrued liabilities ($263, $10, $5, and $22, respectively) are added to net income and the $12 decrease in interest payable is subtracted from net income. Exhibit 10 presents the cash flow statement for Acme Corporation under the indirect method by using the information that we have determined from our analysis of the income statement and the comparative balance sheets. Note that the investing and financing sections are identical to the statement of cash flows prepared using the direct method.

附录10. Acme公司现金流量表(间接法)截至2018年12月31日止年度
经营活动产生的现金流量:
   净利 2210美元
   折旧费用 1,052
   出售设备所得收益 (205)
   应收账款增加 (55)
   库存增加 (707)
   预付费用减少 23
   应付账款增加 263
   应付薪金增加 10
   应付利息减少 (12)
   应缴所得税增加 5
   其他应计负债增加 22
经营活动产生的现金流量净额 2,606
投资活动产生的现金流量:
   出售设备所得现金 762
   用现金购买设备 (1,300)
用于投资活动的现金净额 (538)
融资活动产生的现金流量:
   用于偿还长期债务的现金 (500)
   用于注销普通股的现金 (600)
   以现金支付股息 (1,120)
用于融资活动的现金净额 (2,220)
现金净减少 (152)
2017年12月31日现金余额 1,163
2018年12月31日现金余额 1011美元
例 7

调整净利润以计算经营现金流

Adjusting Net Income to Compute Operating Cash Flow

根据以下虚构公司 Pinkerly Inc. 的信息,该公司需要对净收入进行哪些调整才能得出经营现金流?

Based on the following information for Pinkerly Inc., a fictitious company, what are the total adjustments that the company would make to net income in order to derive operating cash flow?

截至年度
损益表项目 2018年12月31日
净利 3000万美元
折旧 700万美元
资产负债表项目 2017年12月31日 2018年12月31日 改变
应收账款 1500万美元 3000万美元 1500万美元
存货 1600万美元 1300万美元 (300万美元)
应付账款 1000万美元 2000万美元 1000万美元
  1. 追加500万美元。

  2. Add $5 million.

  3. 增加2100万美元。

  4. Add $21 million.

  5. 减去900万美元。

  6. Subtract $9 million.

解决方案:

Solution:

A选项正确。为了计算经营现金流,公司需要对净利润进行以下调整:加上折旧(非现金支出)700万美元;加上存货减少300万美元;加上应付账款增加1000万美元;减去应收账款增加1500万美元。总计增加2000万美元,总计减少1500万美元,最终净增加500万美元。

A is correct. To derive operating cash flow, the company would make the following adjustments to net income: add depreciation (a non-cash expense) of $7 million; add the decrease in inventory of $3 million; add the increase in accounts payable of $10 million; and subtract the increase in accounts receivable of $15 million. Total additions of $20 million and total subtractions of $15 million result in net total additions of $5 million.

3.3 . 现金流量从间接法转换为直接法

3.3. Conversion of Cash Flows from the Indirect to the Direct Method

分析师可能需要查阅直接法编制的经营活动现金流量表,以了解现金收支(例如从客户收到的现金或支付给供应商的现金)的趋势。如果无法获得直接法编制的现金流量表,可以将采用间接法编制的经营活动现金流量表转换为直接法编制的现金流量表。转换的准确性取决于使用已公布的财务报告中的数据进行调整。本文所述方法对于大多数分析目的而言已足够准确。

An analyst may desire to review direct-format operating cash flow to review trends in cash receipts and payments (such as cash received from customers or cash paid to suppliers). If a direct-format statement is not available, cash flows from operating activities reported under the indirect method can be converted to the direct method. Accuracy of conversion depends on adjustments using data available in published financial reports. The method described here is sufficiently accurate for most analytical purposes.

附录 11以 Acme 公司为例,演示了三步转换过程。再次参考附录 6和附录7中 Acme 公司的损益表和资产负债表信息,首先将 2,210 美元的净利润分解为总收入和总支出(步骤 1)。接下来,剔除所有非经营性项目和非现金项目(步骤 2)。因此,对于 Acme 公司,我们剔除了 205 美元的设备出售收益(非经营性收益)和 1,052 美元的非现金折旧费用。然后,通过调整营运资本账户的变动,将应计收入和支出金额转换为现金收支金额(步骤 3)。这些调整的结果即为直接法经营现金流量表的信息项目。这些项目列示在步骤 3 的结果中。

The three-step conversion process is demonstrated for Acme Corporation in Exhibit 11. Referring again to Exhibits 6 and 7 for Acme Corporation’s income statement and balance sheet information, begin by disaggregating net income of $2,210 into total revenues and total expenses (Step 1). Next, remove any non-operating and non-cash items (Step 2). For Acme, we therefore remove the non-operating gain on the sale of equipment of $205 and the non-cash depreciation expense of $1,052. Then, convert accrual amounts of revenues and expenses to cash flow amounts of receipts and payments by adjusting for changes in working capital accounts (Step 3). The results of these adjustments are the items of information for the direct format of operating cash flows. These line items are shown as the results of Step 3.

附录11. 从间接法到直接法的转换
步骤 1 总收入 23,803 美元
汇总所有收入和所有支出 总支出 21,593
净利 2210美元
步骤 2 总收入减去非现金项目收入:
从汇总的收入和支出中剔除所有非现金项目,并将剩余项目分解为相关的现金流量项目。 (23,803 美元 – 205 美元)= 23,598 美元
收入 23,598 美元
总支出减去非现金项目支出:
(21,593 美元 – 1,052 美元)= 20,541 美元
销售成本 11,456 美元
薪金和工资支出 4,123
其他运营费用 3,577
利息支出 246
所得税费用 1,139
全部的 20,541 美元
步骤 3 从顾客处收到的现金 23,543 美元
通过调整营运资本变动,将应计金额转换为现金流量金额。 支付给供应商的现金 (11,900)
支付给员工的现金 (4,113)
支付其他运营费用的现金 (3,532)
支付利息的现金 (258)
支付所得税的现金 (1,134)
经营活动产生的现金流量净额 2,606 美元

步骤 3 的计算:

Calculations for Step 3:

收入23,598 美元减去应收账款增加 55 美元。

a Revenue of $23,598 less increase in accounts receivable of $55.

b销售成本 11,456 美元,加上存货增加 707 美元,减去应付账款增加 263 美元。

b Cost of goods sold of $11,456 plus increase in inventory of $707 less increase in accounts payable of $263.

c工资和薪金支出 4,123 美元,减去应付工资和薪金增加 10 美元。

c Salary and wage expense of $4,123 less increase in salary and wage payable of $10.

d其他运营费用 3,577 美元 减去预付费用减少 23 美元 减去其他应计负债增加 22 美元。

d Other operating expenses of $3,577 less decrease in prepaid expenses of $23 less increase in other accrued liabilities of $22.

e利息支出 246 美元,加上应付利息减少 12 美元。

e Interest expense of $246 plus decrease in interest payable of $12.

f所得税费用 1,139 美元 减 应交所得税增加 5 美元。

f Income tax expense of $1,139 less increase in income tax payable of $5.

4.现金流量表分析

4. Cash Flow Statement Analysis

对公司现金流量的分析可以为了解公司的业务和盈利情况以及预测其未来现金流量提供有用的信息。本节介绍分析现金流量表的工具和技巧,包括现金和现金流量的来源和用途分析、共同比分析以及自由现金流量指标和现金流量比率的计算。

The analysis of a company’s cash flows can provide useful information for understanding a company’s business and earnings and for predicting its future cash flows. This section describes tools and techniques for analyzing the statement of cash flows, including the analysis of sources and uses of cash and cash flow, common-size analysis, and calculation of free cash flow measures and cash flow ratios.

4.1现金来源和用途的评估

4.1. Evaluation of the Sources and Uses of Cash

对现金流量表的评估应包括对三大类现金来源和用途的总体评估,以及对每类现金流量主要驱动因素的评估,具体如下:

Evaluation of the cash flow statement should involve an overall assessment of the sources and uses of cash between the three main categories as well as an assessment of the main drivers of cash flow within each category, as follows:

  1. 评估经营活动、投资活动和筹资活动中现金流的主要来源和用途。

  2. Evaluate where the major sources and uses of cash flow are between operating, investing, and financing activities.

  3. 评估经营现金流的主要决定因素。

  4. Evaluate the primary determinants of operating cash flow.

  5. 评估投资现金流的主要决定因素。

  6. Evaluate the primary determinants of investing cash flow.

  7. 评估融资现金流的主要决定因素。

  8. Evaluate the primary determinants of financing cash flow.

步骤 1

Step 1

公司的主要现金来源会随着其发展阶段而变化。对于成熟公司而言,经营活动是其现金流的主要来源,这是预期且理想的。从长远来看,公司必须通过经营活动产生现金。如果经营现金流持续为负,公司就需要借款或发行股票(融资活动)来弥补资金缺口。最终,这些资金提供者需要通过经营活动获得偿还,否则他们将不再愿意提供资金。经营活动产生的现金可以用于投资或融资活动。如果公司有良好的业务增长机会或其他投资机会,则应将现金用于投资活动。如果公司没有盈利的投资机会,则应将现金返还给资金提供者,即进行融资活动。对于新兴或成长型公司而言,由于需要投资于库存和应收账款(向新客户提供信贷)等资产以促进业务增长,经营现金流在一段时间内可能为负。这种情况无法长期持续,因此最终现金流必须主要来自经营活动,以便将资金返还给资金提供者。最后,理想的情况是经营现金流足以覆盖资本支出(换句话说,公司拥有自由现金流,详见4.3节)。总之,此阶段需要考虑的主要要点包括:

The major sources of cash for a company can vary with its stage of growth. For a mature company, it is expected and desirable that operating activities are the primary source of cash flows. Over the long term, a company must generate cash from its operating activities. If operating cash flow were consistently negative, a company would need to borrow money or issue stock (financing activities) to fund the shortfall. Eventually, these providers of capital need to be repaid from operations or they will no longer be willing to provide capital. Cash generated from operating activities can be used in either investing or financing activities. If the company has good opportunities to grow the business or other investment opportunities, it is desirable to use the cash in investing activities. If the company does not have profitable investment opportunities, the cash should be returned to capital providers, a financing activity. For a new or growth stage company, operating cash flow may be negative for some period of time as it invests in such assets as inventory and receivables (extending credit to new customers) in order to grow the business. This situation is not sustainable over the long term, so eventually the cash must start to come primarily from operating activities so that capital can be returned to the providers of capital. Lastly, it is desirable that operating cash flows are sufficient to cover capital expenditures (in other words, the company has free cash flow as discussed further in Section 4.3). In summary, major points to consider at this step are:

  • 现金流的主要来源和用途是什么?

  • What are the major sources and uses of cash flow?

  • 经营活动现金流是否为正且足以支付资本支出?

  • Is operating cash flow positive and sufficient to cover capital expenditures?

步骤 2

Step 2

进入经营活动分析部分,分析师应考察影响经营现金流的最重要因素。公司需要现金用于经营活动(例如,持有应收账款和存货,以及支付员工工资和供应商货款),并从经营活动中获得现金(例如,客户付款)。采用间接法,可以考察应收账款、存货、应付账款等的增减情况,以确定公司在经营活动中是使用现金还是产生现金,以及原因。将经营现金流与净利润进行比较也很有帮助。对于成熟的公司而言,由于净利润包含非现金支出(折旧和摊销),因此经营现金流高于净利润是预期且理想的。净利润与经营现金流之间的关系也是盈利质量的指标。如果一家公司净利润很高但经营现金流很差,这可能表明其盈利质量不佳。该公司可能为了提高净利润而采取了激进的会计处理方法,但并未为其业务创造现金。您还应该考察收益和现金流的波动性,并考虑这种波动性对公司风险的影响,以及对未来现金流预测能力的影响,从而进行估值。总之:

Turning to the operating section, the analysts should examine the most significant determinants of operating cash flow. Companies need cash for use in operations (for example, to hold receivables and inventory and to pay employees and suppliers) and receive cash from operating activities (for example, payments from customers). Under the indirect method, the increases and decreases in receivables, inventory, payables, and so on can be examined to determine whether the company is using or generating cash in operations and why. It is also useful to compare operating cash flow with net income. For a mature company, because net income includes non-cash expenses (depreciation and amortisation), it is expected and desirable that operating cash flow exceeds net income. The relationship between net income and operating cash flow is also an indicator of earnings quality. If a company has large net income but poor operating cash flow, it may be a sign of poor earnings quality. The company may be making aggressive accounting choices to increase net income but not be generating cash for its business. You should also examine the variability of both earnings and cash flow and consider the impact of this variability on the company’s risk as well as the ability to forecast future cash flows for valuation purposes. In summary:

  • 影响经营现金流的主要因素有哪些?

  • What are the major determinants of operating cash flow?

  • 经营活动现金流高于还是低于净利润?为什么?

  • Is operating cash flow higher or lower than net income? Why?

  • 经营现金流的稳定性如何?

  • How consistent are operating cash flows?

步骤 3

Step 3

在投资部分,您应该评估每一项。每一项都代表现金的来源或用途。这能帮助您了解现金的去向(或收入)。本部分将告诉您有多少现金用于未来投资于固定资产、厂房和设备;有多少用于收购整个公司;以及有多少用于持有股票和债券等流动性投资。它还会告诉您有多少现金是通过出售这些资产筹集的。如果公司正在进行重大资本投资,您应该考虑这些投资的资金来源(例如,资金是来自超额经营现金流还是来自步骤 4 中描述的融资活动)。如果公司正在出售资产,那么确定出售原因并评估其对公司的影响至关重要。

Within the investing section, you should evaluate each line item. Each line item represents either a source or use of cash. This enables you to understand where the cash is being spent (or received). This section will tell you how much cash is being invested for the future in property, plant, and equipment; how much is used to acquire entire companies; and how much is put aside in liquid investments, such as stocks and bonds. It will also tell you how much cash is being raised by selling these types of assets. If the company is making major capital investments, you should consider where the cash is coming from to cover these investments (e.g., is the cash coming from excess operating cash flow or from the financing activities described in Step 4). If assets are being sold, it is important to determine why and to assess the effects on the company.

第四步

Step 4

在融资部分,您应该仔细审查每一项,以了解公司是在筹集资金还是偿还资金,以及其资金来源的性质。如果公司每年都有借款,您应该考虑何时需要偿还。本部分还将列出股息支付和股票回购,这些都是向股东返还资金的替代方式。评估筹集或偿还资金的原因至关重要。

Within the financing section, you should examine each line item to understand whether the company is raising capital or repaying capital and what the nature of its capital sources are. If the company is borrowing each year, you should consider when repayment may be required. This section will also present dividend payments and repurchases of stock that are alternative means of returning capital to owners. It is important to assess why capital is being raised or repaid.

现在我们提供一个现金流量表评估的示例。

We now provide an example of a cash flow statement evaluation.

例 8

现金流量表分析

Analysis of the Cash Flow Statement

特许金融分析师 (CFA) Derek Yee 正在准备预测达能集团的现金流量,作为其估值模型的输入数据。他请您评估达能集团的历史现金流量表,该表见附录 12。达能集团按照国际财务报告准则 (IFRS) 编制财务报表。请注意,达能集团在右侧列出了最近一个期间的财务数据。附录 13摘录了达能集团 2017 年注册文件的部分内容。

Derek Yee, CFA, is preparing to forecast cash flow for Groupe Danone as an input into his valuation model. He has asked you to evaluate the historical cash flow statement of Groupe Danone, which is presented in Exhibit 12. Groupe Danone prepares its financial statements in conformity with IFRS. Note that Groupe Danone presents the most recent period on the right. Exhibit 13 presents excerpts from Danone’s 2017 Registration Document.

Yee希望得到以下问题的答案:

Yee would like answers to the following questions:

  • 达能集团的主要现金来源是什么?

  • What are the major sources of cash for Groupe Danone?

  • 达能集团的现金主要用于哪些方面?

  • What are the major uses of cash for Groupe Danone?

  • 经营活动产生的现金流量是否足以支付资本支出?

  • Is cash flow from operating activities sufficient to cover capital expenditures?

  • 净利润与经营活动现金流量之间有何关系?

  • What is the relationship between net income and cash flow from operating activities?

  • 达能集团有哪些类型的融资现金流?

  • What types of financing cash flows does Groupe Danone have?

附件12. 达能集团合并财务报表 合并现金流量表(单位:百万欧元)
截至12月31日止年度 2016 2017
净利 1,827 2,563
   扣除已收股息后,联营公司利润份额 52 (54)
   有形和无形资产的折旧、摊销和减值 786 974
   增加(或逆转)条款 51 153
   递延税款的变化 (65) (353)
   处置不动产、厂房及设备和金融投资的(收益)损失 (74) (284)
   与集团业绩股份相关的费用 24 22
      净金融债务成本 149 265
      净利息支出 (148) (186)
   利息收入(支出)净变化 80
   其他不影响现金流的组成部分 13 (15)
经营活动产生的现金流量(净营运资本变动前) 2,615 3,085
   库存减少 (24) (122)
   贸易应收款减少 (110) (190)
   应付账款增加(减少) 298 145
   其他应收账款和应付账款的变动 (127) 40
   其他营运资金需求的变化 37 (127)
经营活动产生的(或使用的)现金流量 2,652 2,958
   资本支出 (925) (969)
   处置不动产、厂房和设备的所得款项 27 45
   收购子公司和金融投资的净现金流出 (66) (10,949)
   处置子公司和金融投资的净现金流入 110 441
   长期贷款和其他长期金融资产减少 6 (4)
投资活动产生的(用于)现金流量 (848) (11,437)
   资本增加和额外实缴资本 46 47
   购入库存股(扣除处置金额)和达能看涨期权 32 13
   发行永续次级债务证券 1,245
   永续次级债务证券的利息
   支付给达能股东的股息 (985) (279)
      收购非控股权益 (295) (107)
      已支付股息 (94) (86)
      非控股权益对增资的贡献 6 1
   与非控股权益的交易 (383) (193)
   对冲衍生品的净现金流 50 (52)
   该期间发行的债券 11,237
   期间偿还的债券 (638) (1,487)
   来自其他流动和非流动金融债务的净现金流量 (442) (564)
   短期投资产生的净现金流 (10,531) 9,559
融资活动提供的(或使用的)现金流量 (1,616) 8,289
汇率及其他变化的影响 (151) 272
现金及现金等价物增加(减少) 38 81
期初现金及现金等价物 519 557
期末现金及现金等价物 557 638
补充披露
本年度所得税缴纳情况 (891) (1,116)

:合并现金流量表中的数字直接来源于公司文件;由于公司四舍五入,某些小计可能不完全相加。

Note: the numbers in the consolidated statement of cash flows were derived straight from company filings; some sub-totals may not sum exactly due to rounding by the company.

附件13. 达能集团2017年注册声明摘录

摘自财务报表脚注2:

Excerpt from Footnote 2 to the financial statements:

2016年7月7日,达能宣布签署协议,收购全球领先的植物基食品饮料和有机农产品生产商WhiteWave Foods Company(简称“WhiteWave”)。此次收购以现金支付,每股价格为56.25美元,截至协议签署之日,WhiteWave的企业总价值约为125亿美元,其中包括债务和其他一些负债。

… On July 7, 2016, Danone announced the signing of an agreement to acquire The WhiteWave Foods Company (“WhiteWave”), the global leader in plant-based foods and beverages and organic produce. The acquisition in cash, for USD 56.25 per share, represented, as of the date of the agreement, a total enterprise value of approximately USD 12.5 billion, including debt and certain other WhiteWave liabilities. …

“达能合并财务报表确认的收购费用税前总额为 5100 万欧元,其中 4800 万欧元在 2016 年计入其他营业收入(支出),余额在 2017 年确认。

“Acquisition expenses recognized in Danone’s consolidated financial statements totaled €51 million before tax, of which €48 million was recognized in 2016 in Other operating income (expense), with the balance recognized in 2017.

“WhiteWave 对 2017 年合并销售额的贡献总额为 27 亿欧元。如果该交易在 2017 年 1 月 1 日完成,集团 2017 年合并销售额将达到 257 亿欧元,经常性营业收入将达到 36 亿欧元。

“WhiteWave’s contribution to 2017 consolidated sales totaled €2.7 billion. Had the transaction been completed on January 1, 2017, the Group’s 2017 consolidated sales would have been €25.7 billion, with recurring operating income of €3.6 billion.

“与此同时,该期间的整合费用总计9100万欧元,计入其他营业收入(支出)……

“Meanwhile, integration expenses for the period totaled €91 million, recognized under Other operating income (expense)…

活动概述节选:

Excerpt from Overview of Activities:

“……作为旨在确保安全转型并实现强劲、盈利和可持续增长的转型计划的一部分,达能设定了2020年的目标,其中包括同店销售额增长4%至5%……2020年经常性营业利润率超过16%……最后,达能将继续专注于增加自由现金流,这将有助于降低财务杠杆,目标是在2020年将净债务/EBITDA比率降至3倍以下。达能致力于在2020年实现约12%的投资回报率(ROIC)。”

“… As part of its transformation plan aimed at ensuring a safe journey to deliver strong, profitable and sustainable growth, Danone set objectives for 2020 that include like-for-like sales growth between 4% and 5% …. a recurring operating margin of over 16% in 2020 … Finally, Danone will continue to focus on growing its free cash flow, which will contribute to financial deleverage with an objective of a ratio of Net debt/EBITDA below 3x in 2020. Danone is committed to reaching a ROIC level around 12% in 2020.”

解决方案:

Solution:

现金流的主要类别可概括如下(单位:百万欧元):

The major categories of cash flows can be summarized as follows (in € millions):

2016 2017
经营活动产生的现金流量 2,615 3,085
投资活动产生的(用于)现金流量 (848) (11,437)
融资活动提供的(或使用的)现金流量 (1,616) 8,289
汇率对现金的影响 (151) 272
现金增加 38 81

2016年,达能集团的主要现金来源是经营活动。2016年和2017年,经营活动产生的现金流足以覆盖常规资本支出,且超过净利润。评估前五年(本例中未列出),可以确认达能通常大部分现金来源于经营活动,经营活动产生的现金流大于净利润,且足以覆盖资本支出。

The primary source of cash for Groupe Danone in 2016 is operating activities. In both 2016 and 2017, there was sufficient operating cash flow to cover usual capital expenditures, and operating cash flow exceeded net income. Evaluating the five prior years [not shown in this Example], you confirm that Danone typically derives most of its cash from operating activities, reports operating cash flow greater than net income, and generates sufficient operating cash flow to cover capital expenditures.

对于一家成熟公司而言,主要现金来源为经营活动是积极且可取的。此外,连续两年经营活动现金流超过净利润也是一个积极的信号。最后,经营活动现金流超过正常资本支出,表明公司能够利用经营活动为资本支出提供资金。

The fact that the primary source of cash is from operations is positive and desirable for a mature company. Additionally, the fact that operating cash flow exceeds net income in both years is a positive sign. Finally, operating cash flows exceed normal capital expenditures, indicating that the company can fund capital expenditures from operations.

然而,2017年现金的主要来源是融资活动,投资活动部分显示,大量现金用于投资活动中的子公司收购。脚注披露了一项总价值达125亿欧元的重大收购,其中部分资金来自此前发行的债券,该债券在2016年的融资活动现金流中列为融资现金流。

In 2017, however, the primary source of cash was financing activities, and the investing section shows significant use of cash for purchase of subsidiaries within investing activities. Footnotes disclose a major acquisition with an aggregate value of €12.5 billion, some of which was funded through proceeds from an earlier bond issuance, which appears as a financing cash flow in the financing section for 2016.

就 Yee 的现金流预测而言,该公司的自由现金流和债务削减目标,以及有关收购对 2017 年经营业绩的影响的披露,都可能有所帮助。

For purposes of Yee’s cash flow forecast, the company’s targets for free cash flow and debt reduction—as well as disclosures concerning the acquisition’s impact on 2017 operating results—are potentially helpful.

4.2现金流量表的共同比分析

4.2. Common-Size Analysis of the Statement of Cash Flows

在对公司损益表进行通用格式分析时,每项收入和支出均以净收入(净销售额)的百分比表示。在通用格式资产负债表中,每项资产、负债和权益均以总资产的百分比表示。对于通用格式现金流量表,有两种替代方法。第一种方法是将每项现金流入(流出)以现金流入(流出)总额的百分比表示;第二种方法是将每项现金流入(流出)以净收入的百分比表示。

In common-size analysis of a company’s income statement, each income and expense line item is expressed as a percentage of net revenues (net sales). For the common-size balance sheet, each asset, liability, and equity line item is expressed as a percentage of total assets. For the common-size cash flow statement, there are two alternative approaches. The first approach is to express each line item of cash inflow (outflow) as a percentage of total inflows (outflows) of cash, and the second approach is to express each line item as a percentage of net revenue.

图表 14展示了 Acme 公司采用的现金流入总额/现金流出总额法。根据这种方法,每笔现金流入都以占现金流入总额的百分比表示,而每笔现金流出也以占现金流出总额的百分比表示。在图表 A 中,Acme 公司的通用格式报表基于采用直接法列示经营活动现金流量的现金流量表。经营活动现金流入和流出在现金流量表中分别列示,因此,通用格式现金流量表将每笔经营活动现金流入(流出)列示为占现金流入(流出)总额的百分比。在图表 B 中,Acme 公司的通用格式报表基于采用间接法列示经营活动现金流量的现金流量表。当现金流量表采用间接法列示时,经营活动现金流入和流出不单独列示;因此,通用格式现金流量表仅列示经营活动产生的现金流量净额(即经营活动产生的现金流量净额),并根据净额是现金流入还是现金流出,以百分比形式表示。由于Acme公司的经营活动现金流量净额为正,因此以占总现金流入的百分比形式列示。

Exhibit 14 demonstrates the total cash inflows/total cash outflows method for Acme Corporation. Under this approach, each of the cash inflows is expressed as a percentage of the total cash inflows, whereas each of the cash outflows is expressed as a percentage of the total cash outflows. In Panel A, Acme’s common-size statement is based on a cash flow statement using the direct method of presenting operating cash flows. Operating cash inflows and outflows are separately presented on the cash flow statement, and therefore, the common-size cash flow statement shows each of these operating inflows (outflows) as a percentage of total inflows (outflows). In Panel B, Acme’s common-size statement is based on a cash flow statement using the indirect method of presenting operating cash flows. When a cash flow statement has been presented using the indirect method, operating cash inflows and outflows are not separately presented; therefore, the common-size cash flow statement shows only the net operating cash flow (net cash provided by or used in operating activities) as a percentage of total inflows or outflows, depending on whether the net amount was a cash inflow or outflow. Because Acme’s net operating cash flow is positive, it is shown as a percentage of total inflows.

附录14. Acme公司通用格式现金流量表 截至2018年12月31日止年度
A部分:现金流直接格式
流入 占总流入量的百分比
顾客收据 23,543 美元 96.86%
设备出售 762 3.14
    全部的 24,305 美元 100.00%
流出量 占总支出的百分比
向供应商付款 11,900 美元 48.66%
支付给员工的款项 4,113 16.82
其他运营费用的支付 3,532 14.44
利息支付 258 1.05
缴纳所得税 1,134 4.64
设备采购 1300 5.32
偿还长期债务 500 2.04
普通股退市 600 2.45
股息支付 1,120 4.58
   全部的 24,457 美元 100.00%
   现金净增加(减少) (152美元)
B 部分:现金流量间接法
流入 占总流入量的百分比
经营活动产生的现金流量净额 2,606 美元 77.38%
设备出售 762 22.62
   全部的 3,368 美元 100.00%
流出量 占总支出的百分比
设备采购 1300美元 36.93%
偿还长期债务 500 14.20
普通股退市 600 17.05
股息支付 1,120 31.82
   全部的 3,520 美元 100.00%
   现金净增加(减少) (152美元)

图表 15展示了 Acme 公司的净收入通用格式现金流量表。在净收入法下,现金流量表中的每一项都以净收入的百分比表示。本图表中的通用格式现金流量表是基于 Acme 公司采用间接法计算经营现金流量的现金流量表编制的,并使用了图表 6中所示的 23,598 美元的净收入。净利润与净经营现金流量调节表中的每一项都以净收入的百分比表示。通用格式便于观察现金流量的趋势,而不仅仅是查看总额。这种方法对于分析师预测未来现金流量也很有用,因为通用格式现金流量表中的各个项目(例如,折旧、固定资本支出、借款和还款)都以净收入的百分比表示。因此,一旦分析师预测了收入,通用格式现金流量表就为预测那些与净收入预期相关的项目的现金流量提供了依据。

Exhibit 15 demonstrates the net revenue common-size cash flow statement for Acme Corporation. Under the net revenue approach, each line item in the cash flow statement is shown as a percentage of net revenue. The common-size statement in this exhibit has been developed based on Acme’s cash flow statement using the indirect method for operating cash flows and using net revenue of $23,598 as shown in Exhibit 6. Each line item of the reconciliation between net income and net operating cash flows is expressed as a percentage of net revenue. The common-size format makes it easier to see trends in cash flow rather than just looking at the total amount. This method is also useful to the analyst in forecasting future cash flows because individual items in the common-size statement (e.g., depreciation, fixed capital expenditures, debt borrowing, and repayment) are expressed as a percentage of net revenue. Thus, once the analyst has forecast revenue, the common-size statement provides a basis for forecasting cash flows for those items with an expected relation to net revenue.

附录15. Acme公司通用格式现金流量表:间接法格式,截至2018年12月31日止年度
净收入百分比
经营活动产生的现金流量:
   净利 2210美元 9.37%
   折旧费用 1,052 4.46
   出售设备所得收益 (205) (0.87)
   应收账款增加 (55) (0.23)
   库存增加 (707) (3.00)
   预付费用减少 23 0.10
   应付账款增加 263 1.11
   应付薪金增加 10 0.04
   应付利息减少 (12) (0.05)
   应缴所得税增加 5 0.02
   其他应计负债增加 22 0.09
经营活动产生的现金流量净额 2,606 美元 11.04%
投资活动产生的现金流量:
   出售设备所得现金 762美元 3.23%
   用现金购买设备 (1,300) (5.51)
用于投资活动的现金净额 (538) (2.28)%
融资活动产生的现金流量:
   用于偿还长期债务的现金 (500美元) (2.12)%
   用于注销普通股的现金 (600) (2.54)
   以现金支付股息 (1,120) (4.75)
用于融资活动的现金净额 (2,220 美元) (9.41)%
现金净减少 (152) (0.64)%
例9

通用格式现金流量表分析

Analysis of a Common-Size Cash Flow Statement

安德鲁·波特正在分析苹果公司(一家跨国科技公司)的一份简化的通用格式现金流量表。这份通用格式现金流量表是通过将每个项目除以同年的总净销售额编制而成的。

Andrew Potter is examining an abbreviated common-size cash flow statement for Apple Inc., a multinational technology company. The common-size cash flow statement was prepared by dividing each line item by total net sales for the same year.

苹果公司现金流量表(按占总净销售额的百分比计算)
截至12个月
2017年9月30日 2016年9月24日 2015年9月26日
现金流量表[摘要]
经营活动:
净利 21.1% 21.2% 22.8%
调整净利润与经营活动产生的现金流量:
折旧和摊销 4.4% 4.9% 4.8%
股权激励费用 2.1% 2.0% 1.5%
递延所得税费用 2.6% 2.3% 0.6%
其他 -0.1% 0.2% 0.2%
经营性资产和负债的变化:
应收账款净额 -0.9% 0.2% 0.2%
库存 -1.2% 0.1% -0.1%
供应商非贸易应收款 -1.9% 0.0% -1.6%
其他流动资产和非流动资产 -2.3% 0.5% -0.1%
应付账款 4.2% 0.9% 2.1%
递延收入 -0.3% -0.7% 0.4%
其他流动负债和非流动负债 -0.1% -0.9% 3.9%
经营活动产生的现金 27.7% 30.5% 34.8%
投资活动:
购买有价证券 -69.6% -66.0% -71.2%
有价证券到期所得款项 13.9% 9.9% 6.2%
出售有价证券所得款项 41.3% 42.0% 46.0%
与企业收购相关的付款净额 -0.1% -0.1% -0.1%
购置固定资产、厂房和设备的付款 -5.4% -5.9% -4.8%
购置无形资产的付款 -0.2% -0.4% -0.1%
战略投资净收益 -0.2% -0.6% 0.0%
其他 0.1% -0.1% 0.0%
用于投资活动的现金 -20.3% -21.3% -24.1%
融资活动:
发行普通股所得款项 0.2% 0.2% 0.2%
股权激励带来的超额税收优惠 0.3% 0.2% 0.3%
支付与股权奖励净额结算相关的税款 -0.8% -0.7% -0.6%
股息及股息等价物的支付 5.6% 5.6% 4.9%
普通股回购 -14.4% -13.8% -15.1%
发行定期债务所得款项净额 12.5% 11.6%
偿还定期债务 -1.5% -1.2% 0.0%
商业票据净变动 1.7% -0.2% 0.9%
用于融资活动的现金 -7.6% -9.5% -7.6%
现金及现金等价物增加/(减少) -0.1% -0.3% 3.1%

根据以上展品信息:

Based on the information in the above exhibit:

  1. 讨论以下方面的重要性

    1. 折旧和摊销。

    2. 资本支出。

  2. Discuss the significance of

    1. depreciation and amortization.

    2. capital expenditures.

  3. 将苹果公司的经营现金流占收入的百分比与苹果公司的净利润率进行比较。

  4. Compare Apple’s operating cash flow as a percentage of revenue with Apple’s net profit margin.

  5. 探讨苹果公司如何利用其正向经营现金流。

  6. Discuss Apple’s use of its positive operating cash flow.

问题1的解答:

Solution to 1:

  1. 2015 年和 2016 年,苹果公司的折旧和摊销费用一直略低于净收入的 5%,2017 年下降到 4.4%。

  2. Apple’s depreciation and amortization expense was consistently just less than 5% of total net revenue in 2015 and 2016, declining to 4.4% in 2017.

  3. 2016年和2017年,苹果公司的资本支出水平高于折旧和摊销总额,而2015年则与折旧和摊销总额基本持平。2017年,资本支出接近6%。这表明苹果公司不仅在更新固定资产,还在扩大投资。然而,由于苹果公司每年经营活动产生的现金流均超过销售额的27%,因此其经营现金流足以支付这些支出。

  4. Apple’s level of capital expenditures is greater than depreciation and amortization in 2016 and 2017 whereas it was at about the same level as depreciation and amortization in 2015. In 2017 capital expenditures approached 6%. This is an indication that Apple is doing more than replacing property, plant, and equipment, and is expanding those investments. With cash generated from operating activities exceeding 27% of sales in every year, however, Apple has more than enough cash flow from operations to fund these expenditures.

答案二:

Solution to 2:

苹果公司的经营现金流占销售额的比例每年都远高于净利润率。然而,这一差距在过去三年中似乎有所缩小。2015年,净利润率为22.8%,而经营现金流占销售额的比例为34.8%。到2017年,净利润率略微下降至21.1%,而经营现金流占销售额的比例则进一步下降至27.7%。主要差异似乎在于应收账款和存货采购额的增加,但部分被应付账款的增加所抵消。

Apple’s operating cash flow as a percentage of sales is much higher than net profit margin in every year. This gap appears to be declining however over the three year period. In 2015 net profit margin was 22.8% while operating cash flow as a percentage of sales was 34.8%. By 2017 the net profit margin declined slightly to 21.1% while the operating cash flow as a percentage of sales declined more to 27.7%. The primary difference appears to have been an increase in the level of receivables and inventory purchases, somewhat offset by an increase in accounts payable.

问题3的解答:

Solution to 3:

苹果公司的现金流量表非常强劲。该公司每年都能产生大量的经营现金流,超过净利润。这些现金流用于相对适度的购置固定资产、大量购买有价证券(投资)、支付股息以及回购自身股票。

Apple has a very strong cash flow statement. Apple generates a large amount of operating cash flow in every year, exceeding net income. This cash flow is used for relatively modest purchases of property, plant and equipment, substantial purchases of marketable securities (investments), dividend payments and repurchases of its own stock.

4.3 . 公司自由现金流和股东自由现金流

4.3. Free Cash Flow to the Firm and Free Cash Flow to Equity

前文已提及,理想的情况是经营现金流足以覆盖资本支出。经营现金流超过资本支出的部分通常被称为自由现金流。为了对公司或其股权进行估值,分析师可能需要确定并使用其他现金流指标,例如公司自由现金流(FCFF)或股权自由现金流(FCFE)。

It was mentioned earlier that it is desirable that operating cash flows are sufficient to cover capital expenditures. The excess of operating cash flow over capital expenditures is known generically as free cash flow. For purposes of valuing a company or its equity securities, an analyst may want to determine and use other cash flow measures, such as free cash flow to the firm (FCFF) or free cash flow to equity (FCFE).

自由现金流(FCFF)是指公司在支付所有运营费用(包括所得税)并完成必要的营运资本和固定资本投资后,可供债权人和股权资本提供者使用的现金流。FCFF 可以从净利润开始计算。

FCFF is the cash flow available to the company’s suppliers of debt and equity capital after all operating expenses (including income taxes) have been paid and necessary investments in working capital and fixed capital have been made. FCFF can be computed starting with net income as

FCFF = NI + NCC + Int(1 – 税率) – FCInv – WCInv

FCFF = NI + NCC + Int(1 – Tax rate) – FCInv – WCInv

在哪里

where

净收入

NI = Net income

NCC = 非现金费用(例如折旧和摊销)

NCC = Non-cash charges (such as depreciation and amortisation)

利息支出

Int = Interest expense

FCInv = 资本支出(固定资本,例如设备)

FCInv = Capital expenditures (fixed capital, such as equipment)

WCInv = 营运资本支出

WCInv = Working capital expenditures

之所以要加回利息,是因为自由现金流(FCFF)是可供债务资本和股权资本提供者使用的现金流。方便起见,自由现金流也可以通过经营活动产生的现金流量来计算。

The reason for adding back interest is that FCFF is the cash flow available to the suppliers of debt capital as well as equity capital. Conveniently, FCFF can also be computed from cash flow from operating activities as

自由现金流 = 经营活动现金流 + 利息(1 – 税率) – 固定资本投资

FCFF = CFO + Int(1 – Tax rate) – FCInv

CFO 代表美国通用会计准则 (US GAAP) 或国际财务报告准则 (IFRS) 下的经营活动现金流量,前提是公司已将支付的利息计入经营活动。如果支付的利息计入筹资活动,则 CFO 无需根据 Int(1 – 税率) 进行调整。根据 IFRS,如果公司已将收到的利息和股息计入投资活动,则应将其加回 CFO 以确定自由现金流 (FCFF)。此外,如果已支付的股息在经营活动部分被扣除,则应将其加回以计算 FCFF。

CFO represents cash flow from operating activities under US GAAP or under IFRS where the company has included interest paid in operating activities. If interest paid was included in financing activities, then CFO does not have to be adjusted for Int(1 – Tax rate). Under IFRS, if the company has placed interest and dividends received in investing activities, these should be added back to CFO to determine FCFF. Additionally, if dividends paid were subtracted in the operating section, these should be added back in to compute FCFF.

根据附录 6、7和8中的数据 Acme 公司的 FCFF 计算如下:

The computation of FCFF for Acme Corporation (based on the data from Exhibits 6, 7, and 8) is as follows:

首席财务官 2,606 美元
另加:利息支出乘以(1 – 所得税率)
   {$258 [1 – 0.34 a ]} 170
减:固定资本净投资
   (1300美元 – 762美元) (538)
自由现金流 2,238 美元

所得税率为 0.34 = (税费 ÷ 税前收入)= (1,139 ÷ 3,349 美元)。

a Income tax rate of 0.34 = (Tax expense ÷ Pretax income) = ($1,139 ÷ $3,349).

自由现金流(FCFE)是指公司在支付所有运营费用和借款成本(本金和利息)以及进行必要的营运资本和固定资本投资后,可供普通股股东使用的现金流。FCFE 的计算方法如下:

FCFE is the cash flow available to the company’s common stockholders after all operating expenses and borrowing costs (principal and interest) have been paid and necessary investments in working capital and fixed capital have been made. FCFE can be computed as

自由现金流 = 经营活动现金流 – 投资现金流 + 净借款

FCFE = CFO – FCInv + Net borrowing

当净借款为负值时,债务偿还额超过借入资金的收入。在这种情况下,自由现金流(FCFE)可以表示为

When net borrowing is negative, debt repayments exceed receipts of borrowed funds. In this case, FCFE can be expressed as

FCFE = CFO – FCInv – 净债务偿还

FCFE = CFO – FCInv – Net debt repayment

根据附录 6、7和8中的数据 Acme 公司 FCFE 的计算如下:

The computation of FCFE for Acme Corporation (based on the data from Exhibits 6, 7, and 8) is as follows:

首席财务官 2,606 美元
减:固定资本净投资(1300美元 – 762美元) (538)
减少:债务偿还 (500)
FCFE 1,568 美元

正的自由现金流(FCFE)意味着公司经营现金流超过资本支出和偿还债务所需的金额。这部分现金可用于分配给股东。

Positive FCFE means that the company has an excess of operating cash flow over amounts needed for capital expenditures and repayment of debt. This cash would be available for distribution to owners.

4.4现金流量比率

4.4. Cash Flow Ratios

现金流量表提供的信息可以进行长期分析,从而更好地了解公司过去的业绩和未来前景。这些信息还可以有效地用于比较同一行业内不同公司以及不同行业内不同公司的业绩和前景。基于经营活动现金流量的多个比率可用于此分析。这些比率通常分为现金流量绩效(盈利能力)比率和现金流量覆盖率(偿付能力)比率。表15总结了其中一些比率的计算和解释。

The statement of cash flows provides information that can be analyzed over time to obtain a better understanding of the past performance of a company and its future prospects. This information can also be effectively used to compare the performance and prospects of different companies in an industry and of different industries. There are several ratios based on cash flow from operating activities that are useful in this analysis. These ratios generally fall into cash flow performance (profitability) ratios and cash flow coverage (solvency) ratios. Exhibit 15 summarizes the calculation and interpretation of some of these ratios.

图表 16. 现金流量比率
性能比率 计算 它测量的是什么
现金流与收入 首席财务官 ÷ 净收入 每美元收入产生的经营现金流
资产现金回报率 首席财务官 ÷ 平均总资产 每投资一美元资产所产生的经营现金流
现金回报率 首席财务官 ÷ 平均股东权益 每1美元业主投资产生的经营现金流
现金收入 首席财务官 ÷ 营业收入 运营现金产生能力
每股现金 (CFO – 优先股股息)÷ 已发行普通股数量 每股经营现金流
覆盖率 计算 它测量的是什么
债务覆盖率 首席财务官 ÷ 总债务 财务风险和财务杠杆
利息保障倍数 (经营活动现金流 + 已付利息 + 已付税款)÷ 已付利息 履行利息义务的能力
再投资 首席财务官 ÷ 为长期资产支付的现金 利用经营现金流收购资产的能力
债务偿还 首席财务官 ÷ 用于偿还长期债务的现金 用经营现金流偿还债务的能力
股息支付 首席财务官 ÷ 已付股息 利用经营现金流支付股息的能力
投资与融资 首席财务官 ÷ 投资和融资活动的现金流出 有能力获取资产、偿还债务并向所有者分配收益

备注

Notes:

a.如果公司按照国际财务报告准则 (IFRS) 进行报告,并将已支付的股息总额计入经营活动现金流出部分,则应将股息总额加回已报告的现金流出部分,然后再减去优先股股息。请注意,根据美国通用会计准则 (US GAAP) 和 IFRS 报告的现金流出部分可能存在差异,具体取决于对已收付利息和股息的处理方式。

a If the company reports under IFRS and includes total dividends paid as a use of cash in the operating section, total dividends should be added back to CFO as reported and then preferred dividends should be subtracted. Recall that CFO reported under US GAAP and IFRS may differ depending on the treatment of interest and dividends, received and paid.

b如果公司按照 IFRS 进行报告,并将支付的利息作为现金使用计入融资部分,则不应将支付的利息加回分子。

b If the company reports under IFRS and included interest paid as a use of cash in the financing section, then interest paid should not be added back to the numerator.

例10

可比公司现金流量分析

A Cash Flow Analysis of Comparables

安德鲁·波特正在比较微软和苹果公司的现金流生成能力。他从两家公司的年度报告中收集信息,并编制了下表。

Andrew Potter is comparing the cash-flow-generating ability of Microsoft with that of Apple Inc. He collects information from the companies’ annual reports and prepares the following table.

经营活动现金流量占总净收入的百分比
2017 年 (%) 2016 年(%) 2015年(%)
微软 43.9 39.1 31.7
苹果公司 27.7 30.5 34.8
占平均总资产的百分比
2017 年 (%) 2016 年(%) 2015年(%)
微软 18.2 18.1 17.1
苹果公司 18.2 21.5 31.1

Potter可能会对这两家公司相对的现金流生成能力得出什么结论?

What is Potter likely to conclude about the relative cash-flow-generating ability of these two companies?

解决方案:

Solution:

就经营现金流占收入和经营现金流占资产这两个指标而言,两家公司整体表现都很强劲。然而,微软在2016年和2017年的经营活动现金流占收入的百分比均高于苹果。此外,微软的这一指标呈上升趋势。虽然苹果在2015年的经营现金流占收入的百分比高于微软,但此后呈下降趋势,并在最近两年低于微软。微软2016年的经营现金流占资产的比率与苹果持平,且相对稳定,自2015年以来略有增长。苹果在前三年的这一比率远高于微软,但随后呈下降趋势,目前已与微软持平。需要注意的是,这一比率很大程度上受到苹果多年来因其强劲的历史现金流而进行的金融工具大量投资的影响。

On both measures—operating cash flow divided by revenue and operating cash flow divided by assets—both companies have overall strong results. However, Microsoft has higher cash flow from operating activities as a percentage of revenues in both 2016 and 2017. Further, Microsoft has an increasing trend. While Apple had a higher operating cash flow as a percent of revenue in 2015 compared to Microsoft, it has had a declining trend and was below Microsoft in the two more recent years. Microsoft’s operating cash flow relative to assets is the same as Apple’s in 2016 and relatively stable with a slight increase since 2015. Apple started the three years with a much stronger ratio but saw a declining trend such that its ratio is now at the same level as Microsoft. We should note that this ratio is heavily influenced by substantial investments in financial instruments that Apple has made over the years due to its strong historic cash flow.

概括

Summary

现金流量表提供有关公司在会计期间现金收入和现金支出的重要信息,以及有关公司经营、投资和筹资活动的信息。虽然利润表可以衡量公司的经营业绩,但现金和现金流量对公司的长期成功也至关重要。有关现金来源和用途的信息有助于债权人、投资者和其他报表使用者评估公司的流动性、偿付能力和财务灵活性。关键概念如下:

The cash flow statement provides important information about a company’s cash receipts and cash payments during an accounting period as well as information about a company’s operating, investing, and financing activities. Although the income statement provides a measure of a company’s success, cash and cash flow are also vital to a company’s long-term success. Information on the sources and uses of cash helps creditors, investors, and other statement users evaluate the company’s liquidity, solvency, and financial flexibility. Key concepts are as follows:

  • 现金流量活动分为三类:经营活动、投资活动和筹资活动。重大非现金交易活动(如有)将通过现金流量表的补充披露附注进行报告。

  • Cash flow activities are classified into three categories: operating activities, investing activities, and financing activities. Significant non-cash transaction activities (if present) are reported by using a supplemental disclosure note to the cash flow statement.

  • 根据国际财务报告准则 (IFRS) 和美国通用会计准则 (US GAAP) 编制的现金流量表类似;但是,国际财务报告准则为公司提供了更多选择,可以将一些现金流量项目分类为经营活动、投资活动或筹资活动。

  • Cash flow statements under IFRS and US GAAP are similar; however, IFRS provide companies with more choices in classifying some cash flow items as operating, investing, or financing activities.

  • 公司可以采用直接法或间接法报告其经营现金流量:

    • 直接法在现金流量表的经营活动部分披露经营现金流入的来源(例如,从客户收到的现金、从投资收益收到的现金)和经营现金流出的用途(例如,支付给供应商的现金、支付利息的现金)。

    • 间接法通过调整净利润以扣除所有非现金项目和经营营运资本账户的净变动,将净利润与经营现金流量进行核对。

  • Companies can use either the direct or the indirect method for reporting their operating cash flow:

    • The direct method discloses operating cash inflows by source (e.g., cash received from customers, cash received from investment income) and operating cash outflows by use (e.g., cash paid to suppliers, cash paid for interest) in the operating activities section of the cash flow statement.

    • The indirect method reconciles net income to operating cash flow by adjusting net income for all non-cash items and the net changes in the operating working capital accounts.

  • 现金流量表与公司的损益表和比较资产负债表以及这些报表中的数据相关联。

  • The cash flow statement is linked to a company’s income statement and comparative balance sheets and to data on those statements.

  • 虽然间接法是公司最常用的方法,但分析师通常可以通过一个简单的三步流程将其转换为直接法的近似形式。

  • Although the indirect method is most commonly used by companies, an analyst can generally convert it to an approximation of the direct format by following a simple three-step process.

  • 对现金流量表的评估应包括对现金来源和用途以及每类活动中现金流主要驱动因素的评估。

  • An evaluation of a cash flow statement should involve an assessment of the sources and uses of cash and the main drivers of cash flow within each category of activities.

  • 分析师可以使用通用格式报表分析法来编制现金流量表。编制通用格式报表有两种方法:现金流入总额/现金流出总额法和净收入百分比法。

  • The analyst can use common-size statement analysis for the cash flow statement. Two approaches to developing the common-size statements are the total cash inflows/total cash outflows method and the percentage of net revenues method.

  • 现金流量表可用于确定公司自由现金流(FCFF)和股权自由现金流(FCFE)。

  • The cash flow statement can be used to determine free cash flow to the firm (FCFF) and free cash flow to equity (FCFE).

  • 现金流量表也可以用于衡量公司盈利能力、业绩和财务实力的财务比率中。

  • The cash flow statement may also be used in financial ratios that measure a company’s profitability, performance, and financial strength.

练习题

Practice Problems

  1. 现金流量表中的三大主要活动分类是:

    1. 流入量、流出量和净流量。

    2. 运营、投资和融资。

    3. 收入、支出和净利润。

  2. The three major classifications of activities in a cash flow statement are:

    1. inflows, outflows, and net flows.

    2. operating, investing, and financing.

    3. revenues, expenses, and net income.

  3. 以现金出售建筑物在现金流量表中应归类为哪种类型的活动?

    1. 操作。

    2. 投资。

    3. 融资。

  4. The sale of a building for cash would be classified as what type of activity on the cash flow statement?

    1. Operating.

    2. Investing.

    3. Financing.

  5. 制造企业现金流量表中的以下活动应在哪个部分列示?

    • 项目1:购买用于交易的证券

    • 项目2:被视为现金等价物的证券出售

    1. 这两个项目都属于投资活动。

    2. 这两项都属于经营活动。

    3. 只有第 1 项属于投资活动。

  6. Under which section of a manufacturing company’s cash flow statement are the following activities reported?

    • Item 1: Purchases of securities held for trading

    • Item 2: Sales of securities considered cash equivalents

    1. Both items are investing activities.

    2. Both items are operating activities.

    3. Only Item 1 is an investing activity.

  7. 根据美国通用会计准则,下列哪项是现金流量表中的融资活动示例?

    1. 支付利息。

    2. 收到股息。

    3. 支付股息。

  8. Which of the following is an example of a financing activity on the cash flow statement under US GAAP?

    1. Payment of interest.

    2. Receipt of dividends.

    3. Payment of dividends.

  9. 将面值 100 万美元的可转换债券转换为 100 万美元的普通股,最有可能的情况是:

    1. 据报告,投资现金流入和流出均为 100 万美元。

    2. 据报告,融资现金流出和流入均为 100 万美元。

    3. 作为现金流量表的补充信息报告。

  10. A conversion of a face value $1 million convertible bond for $1 million of common stock would most likely be:

    1. reported as a $1 million investing cash inflow and outflow.

    2. reported as a $1 million financing cash outflow and inflow.

    3. reported as supplementary information to the cash flow statement.

  11. 一家公司近期进行了一笔非现金交易,该交易对其固定资产、厂房和设备产生了重大影响。该交易如下:

    1. 在现金流量表的投资部分报告。

    2. 采用直接法和间接法对经营活动现金流量的报告结果有所不同。

    3. 以单独附注或现金流量表补充附表的形式披露。

  12. A company recently engaged in a non-cash transaction that significantly affected its property, plant, and equipment. The transaction is:

    1. reported under the investing section of the cash flow statement.

    2. reported differently in cash flow from operations under the direct and indirect methods.

    3. disclosed as a separate note or in a supplementary schedule to the cash flow statement.

  13. 已付利息属于经营现金流,具体分类如下:

    1. 根据美国通用会计准则,现金流量可能被归类为经营活动现金流量或投资活动现金流量;但根据国际财务报告准则,现金流量可能被归类为经营活动现金流量或投资活动现金流量。

    2. 根据国际财务报告准则 (IFRS),这些现金流量可能被归类为经营活动现金流量或投资活动现金流量;但根据美国通用会计准则 (US GAAP),这些现金流量可能被归类为经营活动现金流量或投资活动现金流量。

    3. 根据美国通用会计准则,现金流量可能被归类为经营活动现金流量或筹资活动现金流量;但根据国际财务报告准则,现金流量可能被归类为经营活动现金流量或筹资活动现金流量。

  14. Interest paid is classified as an operating cash flow under:

    1. US GAAP but may be classified as either operating or investing cash flows under IFRS.

    2. IFRS but may be classified as either operating or investing cash flows under US GAAP.

    3. US GAAP but may be classified as either operating or financing cash flows under IFRS.

  15. 所得税产生的现金流量必须单独披露,具体如下:

    1. 仅限国际财务报告准则(IFRS)。

    2. 仅限美国通用会计准则。

    3. 既符合国际财务报告准则,也符合美国通用会计准则。

  16. Cash flows from taxes on income must be separately disclosed under:

    1. IFRS only.

    2. US GAAP only.

    3. both IFRS and US GAAP.

  17. 在国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)下,下列现金流量表组成部分中哪些可以采用间接法编制?

    1. 操作。

    2. 投资。

    3. 融资。

  18. Which of the following components of the cash flow statement may be prepared under the indirect method under both IFRS and US GAAP?

    1. Operating.

    2. Investing.

    3. Financing.

  19. 在间接法下,下列哪项最有可能出现在现金流量表的经营活动部分?

    1. 净利。

    2. 以现金支付给供应商。

    3. 收到的顾客现金。

  20. Which of the following is most likely to appear in the operating section of a cash flow statement under the indirect method?

    1. Net income.

    2. Cash paid to suppliers.

    3. Cash received from customers.

  21. 在报告经营活动现金流量时,采用直接法而非间接法的一个优点是,直接法:

    1. 这与预测方法类似。

    2. 更简便,成本更低。

    3. 提供有关经营现金流来源的具体信息。

  22. A benefit of using the direct method rather than the indirect method when reporting operating cash flows is that the direct method:

    1. mirrors a forecasting approach.

    2. is easier and less costly.

    3. provides specific information on the sources of operating cash flows.

  23. Mabel 公司 (MC) 在第二财季末报告的应收账款为 6600 万美元。MC 在第三财季的收入为 7200 万美元,第三财季末报告的应收账款为 5500 万美元。根据这些信息,MC 在第三财季从客户处收到的现金金额为:

    1. 6100万美元。

    2. 7200万美元。

    3. 8300万美元。

  24. Mabel Corporation (MC) reported accounts receivable of $66 million at the end of its second fiscal quarter. MC had revenues of $72 million for its third fiscal quarter and reported accounts receivable of $55 million at the end of its third fiscal quarter. Based on this information, the amount of cash MC collected from customers during the third fiscal quarter is:

    1. $61 million.

    2. $72 million.

    3. $83 million.

  25. 使用间接法计算经营活动产生的现金流量净额时,最有可能导致净利润增加的情况是:

    1. 出售资产所得收益。

    2. 偿还债务造成的损失。

    3. 递延所得税负债减少。

  26. When computing net cash flow from operating activities using the indirect method, an addition to net income is most likely to occur when there is a:

    1. gain on the sale of an asset.

    2. loss on the retirement of debt.

    3. decrease in a deferred tax liability.

  27. 红路公司是一家咨询公司,最近一年的总收入为 1 亿美元,总支出为 8000 万美元,净利润为 2000 万美元。如果应收账款增加了 1000 万美元,那么该公司从客户那里收到了多少现金?

    1. 9000万美元。

    2. 1亿美元。

    3. 1.1亿美元。

  28. Red Road Company, a consulting company, reported total revenues of $100 million, total expenses of $80 million, and net income of $20 million in the most recent year. If accounts receivable increased by $10 million, how much cash did the company receive from customers?

    1. $90 million.

    2. $100 million.

    3. $110 million.

  29. 2018年,一家采用美国通用会计准则(US GAAP)的公司支付了600万美元的现金工资、200万美元的利息支出和400万美元的所得税。该公司的其他信息见下表:

    (百万美元) 2017 2018
    收入 42 37
    销售成本 18 16
    存货 36 40
    应收账款 22 19
    应付账款 14 12

    仅根据所给信息,该公司2018年的经营现金流 最接近于

    1. 600万美元。

    2. 1000万美元。

    3. 1400万美元。

  30. In 2018, a company using US GAAP made cash payments of $6 million for salaries, $2 million for interest expense, and $4 million for income taxes. Additional information for the company is provided in the table:

    ($ millions) 2017 2018
    Revenue 42 37
    Cost of goods sold 18 16
    Inventory 36 40
    Accounts receivable 22 19
    Accounts payable 14 12

    Based only on the information given, the company’s operating cash flow for 2018 is closest to:

    1. $6 million.

    2. $10 million.

    3. $14 million.

  31. 园艺用品批发商 Green Glory Corp. 报告称,其年度销售成本为 8000 万美元。总资产增加 5500 万美元,其中包括存货增加 500 万美元。总负债增加 4500 万美元,其中包括应付账款增加 200 万美元。该公司支付给供应商的现金最有可能接近以下哪个选项?

    1. 7300万美元。

    2. 7700万美元。

    3. 8300万美元。

  32. Green Glory Corp., a garden supply wholesaler, reported cost of goods sold for the year of $80 million. Total assets increased by $55 million, including an increase of $5 million in inventory. Total liabilities increased by $45 million, including an increase of $2 million in accounts payable. The cash paid by the company to its suppliers is most likely closest to:

    1. $73 million.

    2. $77 million.

    3. $83 million.

  33. 花卉产品零售商 Purple Fleur SA 报告称,其年度销售成本为 7500 万美元。总资产增加了 5500 万美元,但存货减少了 600 万美元。总负债增加了 4500 万美元,应付账款增加了 200 万美元。该公司支付给供应商的现金最有可能接近以下哪个选项?

    1. 6700万美元。

    2. 7900万美元。

    3. 8300万美元。

  34. Purple Fleur S.A., a retailer of floral products, reported cost of goods sold for the year of $75 million. Total assets increased by $55 million, but inventory declined by $6 million. Total liabilities increased by $45 million, and accounts payable increased by $2 million. The cash paid by the company to its suppliers is most likely closest to:

    1. $67 million.

    2. $79 million.

    3. $83 million.

  35. White Flag是一家女装制造商,报告工资支出为2000万美元。期初应付工资余额为300万美元,期末应付工资余额为100万美元。该公司实际支付了多少现金工资?

    1. 1800万美元。

    2. 2100万美元。

    3. 2200万美元。

  36. White Flag, a women’s clothing manufacturer, reported salaries expense of $20 million. The beginning balance of salaries payable was $3 million, and the ending balance of salaries payable was $1 million. How much cash did the company pay in salaries?

    1. $18 million.

    2. $21 million.

    3. $22 million.

  37. 一位分析师从某公​​司2018年的财务报表中收集了以下信息(单位:百万美元):

    截至12月31日止年度 2017 2018
    净销售额 245.8 254.6
    销售成本 168.3 175.9
    应收账款 73.2 68.3
    存货 39.0 47.8
    应付账款 20.3 22.9

    仅根据以上信息,该公司2018年直接法现金流量表中,最接近以下金额的应包括收到 的客户现金和支付给供应商的现金。

    从客户处收到的现金 支付给供应商的现金
    一个 249.7 169.7
    B 259.5 174.5
    C 259.5 182.1
  38. An analyst gathered the following information from a company’s 2018 financial statements (in $ millions):

    Year ended 31 December 2017 2018
    Net sales 245.8 254.6
    Cost of goods sold 168.3 175.9
    Accounts receivable 73.2 68.3
    Inventory 39.0 47.8
    Accounts payable 20.3 22.9

    Based only on the information above, the company’s 2018 statement of cash flows in the direct format would include amounts (in $ millions) for cash received from customers and cash paid to suppliers, respectively, that are closest to:

    cash received from customers cash paid to suppliers
    A 249.7 169.7
    B 259.5 174.5
    C 259.5 182.1
  39. 商品贸易公司Golden Cumulus Corp.报告称,利息支出为1900万美元,税款为600万美元。在此期间,应付利息增加了300万美元,应付税款减少了400万美元。该公司实际支付了多少现金用于支付利息和税款?

    1. 利息支出2200万美元,税款支出1000万美元。

    2. 利息支出1600万美元,税款支出200万美元。

    3. 利息支出1600万美元,税款支出1000万美元。

  40. Golden Cumulus Corp., a commodities trading company, reported interest expense of $19 million and taxes of $6 million. Interest payable increased by $3 million, and taxes payable decreased by $4 million over the period. How much cash did the company pay for interest and taxes?

    1. $22 million for interest and $10 million for taxes.

    2. $16 million for interest and $2 million for taxes.

    3. $16 million for interest and $10 million for taxes.

  41. 一位分析师从某公​​司2018年的财务报表中收集了以下信息(单位:百万美元):

    截至12月31日止年度的余额 2017 2018
    留存收益 120 145
    应收账款 38 43
    存货 45 48
    应付账款 36 29

    2018年,该公司宣布并支付了1000万美元的现金股利,并计提了2500万美元的折旧费用。该公司将支付股利视为一项筹资活动。该公司2018年的经营活动现金流量(单位:百万美元)最接近

    1. 25.

    2. 45.

    3. 75.

  42. An analyst gathered the following information from a company’s 2018 financial statements (in $ millions):

    Balances as of Year Ended 31 December 2017 2018
    Retained earnings 120 145
    Accounts receivable 38 43
    Inventory 45 48
    Accounts payable 36 29

    In 2018, the company declared and paid cash dividends of $10 million and recorded depreciation expense in the amount of $25 million. The company considers dividends paid a financing activity. The company’s 2018 cash flow from operations (in $ millions) was closest to

    1. 25.

    2. 45.

    3. 75.

  43. 国际金属公司 Silverago Incorporated 报告称,2018 年出售设备亏损 200 万美元。此外,该公司损益表显示折旧费用为 800 万美元,现金流量表显示资本支出为 1000 万美元,全部用于购买新设备。根据以下比较资产负债表中的信息,该公司从设备出售中收到了多少现金?

    资产负债表项目 2017年12月31日 2018年12月31日 改变
    设备 1亿美元 1.05亿美元 500万美元
    累计折旧——设备 4000万美元 4600万美元 600万美元

    1. 100万美元。

    2. 200万美元。

    3. 300万美元。

  44. Silverago Incorporated, an international metals company, reported a loss on the sale of equipment of $2 million in 2018. In addition, the company’s income statement shows depreciation expense of $8 million and the cash flow statement shows capital expenditure of $10 million, all of which was for the purchase of new equipment. Using the following information from the comparative balance sheets, how much cash did the company receive from the equipment sale?

    Balance Sheet Item 12/31/2017 12/31/2018 Change
    Equipment $100 million $105 million $5 million
    Accumulated depreciation—equipment $40 million $46 million $6 million

    1. $1 million.

    2. $2 million.

    3. $3 million.

  45. Jaderong Plinkett Stores公司报告净利润为2500万美元。该公司没有未偿债务。根据以下比较资产负债表信息(单位:百万美元),该公司在2018年现金流量表的筹资活动部分应报告什么?

    资产负债表项目 2017年12月31日 2018年12月31日 改变
    普通股 100美元 102美元 2美元
    额外实缴资本普通股 100美元 140美元 40美元
    留存收益 100美元 115美元 15美元
    股东权益总额 300美元 357美元 57美元

    1. 发行普通股 4200 万美元;支付股息 1000 万美元。

    2. 发行普通股 3800 万美元;支付股息 1000 万美元。

    3. 发行普通股 4200 万美元;支付股息 4000 万美元。

  46. Jaderong Plinkett Stores reported net income of $25 million. The company has no outstanding debt. Using the following information from the comparative balance sheets (in millions), what should the company report in the financing section of the statement of cash flows in 2018?

    Balance Sheet Item 12/31/2017 12/31/2018 Change
    Common stock $100 $102 $2
    Additional paid-in capital common stock $100 $140 $40
    Retained earnings $100 $115 $15
    Total stockholders’ equity $300 $357 $57

    1. Issuance of common stock of $42 million; dividends paid of $10 million.

    2. Issuance of common stock of $38 million; dividends paid of $10 million.

    3. Issuance of common stock of $42 million; dividends paid of $40 million.

  47. 根据以下关于 Star Inc. 的信息,该公司为了得出经营现金流,需要对净收入进行哪些净调整?

    截至年度
    损益表项目 2018年12月31日
    净利 2000万美元
    折旧 200万美元
    资产负债表项目 2017年12月31日 2018年12月31日 改变
    应收账款 2500万美元 2200万美元 (300万美元)
    存货 1000万美元 1400万美元 400万美元
    应付账款 800万美元 1300万美元 500万美元

    1. 追加200万美元。

    2. 追加600万美元。

    3. 减去600万美元。

  48. Based on the following information for Star Inc., what are the total net adjustments that the company would make to net income in order to derive operating cash flow?

    Year Ended
    Income Statement Item 12/31/2018
    Net income $20 million
    Depreciation $2 million
    Balance Sheet Item 12/31/2017 12/31/2018 Change
    Accounts receivable $25 million $22 million ($3 million)
    Inventory $10 million $14 million $4 million
    Accounts payable $8 million $13 million $5 million

    1. Add $2 million.

    2. Add $6 million.

    3. Subtract $6 million.

  49. 现金流量表分析的第一步应该是:

    1. 评估现金流的稳定性。

    2. 确定经营现金流驱动因素。

    3. 确定现金的主要来源和用途。

  50. The first step in cash flow statement analysis should be to:

    1. evaluate consistency of cash flows.

    2. determine operating cash flow drivers.

    3. identify the major sources and uses of cash.

  51. 根据附录 3 中所示的西班牙电信集团现金流量表分析,以下哪些结论是合理的?

    1. 现金的主要用途是为各项活动提供资金。

    2. 现金的主要来源是经营活动。

    3. 西班牙电信将支付股息归类为经营活动。

  52. Which of the following would be valid conclusions from an analysis of the cash flow statement for Telefónica Group presented in Exhibit 3?

    1. The primary use of cash is financing activities.

    2. The primary source of cash is operating activities.

    3. Telefónica classifies dividends paid as an operating activity.

  53. 以下信息摘自 Sweetfall Incorporated 的财务报表。

    损益表 资产负债表变动
    收入 56,800 美元   应收账款减少 1324美元
    销售成本 27,264   库存减少 501
    其他运营费用 562   预付费用增加 6
    折旧费用 2,500   应付账款增加 1,063

    Sweetfall Inc. 向供应商支付的现金金额为:

    1. 25,700 美元。

    2. 26,702 美元。

    3. 27,826 美元。

  54. The following information is extracted from Sweetfall Incorporated’s financial statements.

    Income Statement Balance Sheet Changes
    Revenue $56,800   Decrease in accounts receivable $1,324
    Cost of goods sold 27,264   Decrease in inventory 501
    Other operating expense 562   Increase in prepaid expense 6
    Depreciation expense 2,500   Increase in accounts payable 1,063

    The amount of cash Sweetfall Inc. paid to suppliers is:

    1. $25,700.

    2. $26,702.

    3. $27,826.

  55. 编制通用格式现金流量表的合适方法是什么?

    1. 将每项收入和支出列示为净收入的百分比。

    2. 将现金流量表中的每一项都表示为净收入的百分比。

    3. 将现金流量表中的每一项都表示为占现金流出总额的百分比。

  56. Which is an appropriate method of preparing a common-size cash flow statement?

    1. Show each item of revenue and expense as a percentage of net revenue.

    2. Show each line item on the cash flow statement as a percentage of net revenue.

    3. Show each line item on the cash flow statement as a percentage of total cash outflows.

  57. 以下哪种方法是计算公司自由现金流的合适方法?

    1. 将经营活动现金流加到资本支出中,并扣除税后利息支出。

    2. 将经营活动现金流加到税后利息支出中,然后减去资本支出。

    3. 从经营现金流中扣除税后利息支出和资本支出。

  58. Which of the following is an appropriate method of computing free cash flow to the firm?

    1. Add operating cash flows to capital expenditures and deduct after-tax interest payments.

    2. Add operating cash flows to after-tax interest payments and deduct capital expenditures.

    3. Deduct both after-tax interest payments and capital expenditures from operating cash flows.

  59. 一位分析师计算了一个比率,分子为经营现金流、利息和税金之和,分母为利息金额。这个比率是什么?它衡量的是什么?它指示了什么?

    1. 该比率是利息保障倍数,衡量公司履行利息义务的能力,并表明公司的偿付能力。

    2. 该比率是一个有效的税收比率,衡量公司用于缴纳税款的经营现金流金额,并表明公司在税务管理方面的效率。

    3. 该比率是经营盈利能力比率,衡量的是扣除税收和利息后产生的经营现金流,并能反映公司的流动性。

  60. An analyst has calculated a ratio using as the numerator the sum of operating cash flow, interest, and taxes and as the denominator the amount of interest. What is this ratio, what does it measure, and what does it indicate?

    1. This ratio is an interest coverage ratio, measuring a company’s ability to meet its interest obligations and indicating a company’s solvency.

    2. This ratio is an effective tax ratio, measuring the amount of a company’s operating cash flow used for taxes and indicating a company’s efficiency in tax management.

    3. This ratio is an operating profitability ratio, measuring the operating cash flow generated accounting for taxes and interest and indicating a company’s liquidity.

解决方案

Solutions

  1. B选项正确。经营活动、投资活动和筹资活动是现金流量表中的三大主要活动分类。收入、费用和净利润是利润表的组成部分。现金流入、现金流出和净流量是现金流量表中的信息项目。

  2. B is correct. Operating, investing, and financing are the three major classifications of activities in a cash flow statement. Revenues, expenses, and net income are elements of the income statement. Inflows, outflows, and net flows are items of information in the statement of cash flows.

  3. B选项正确。长期资产的买卖属于投资活动。需要注意的是,如果交易涉及以建筑物交换现金以外的其他资产(例如,交换另一栋建筑物、另一家公司的普通股或长期应收票据),则会被视为重大非现金活动。

  4. B is correct. Purchases and sales of long-term assets are considered investing activities. Note that if the transaction had involved the exchange of a building for other than cash (for example, for another building, common stock of another company, or a long-term note receivable), it would have been considered a significant non-cash activity.

  5. B选项正确。即使对于并非以买卖证券为主要业务的公司而言,买卖被视为现金等价物和交易性证券也属于经营活动。

  6. B is correct. The purchase and sale of securities considered cash equivalents and securities held for trading are considered operating activities even for companies in which this activity is not a primary business activity.

  7. C选项正确。根据美国通用会计准则(US GAAP),支付股息属于筹资活动。支付利息和收取股息均计入经营活动现金流量。需要注意的是,国际财务报告准则(IFRS)允许公司将收取利息和股息计入经营活动现金流量或投资活动现金流量,并将支付利息和股息计入经营活动现金流量或筹资活动现金流量。

  8. C is correct. Payment of dividends is a financing activity under US GAAP. Payment of interest and receipt of dividends are included in operating cash flows under US GAAP. Note that IFRS allow companies to include receipt of interest and dividends as either operating or investing cash flows and to include payment of interest and dividends as either operating or financing cash flows.

  9. C选项正确。非现金交易如果数额重大,应作为补充信息列示,而不是列入现金流量表的投资或筹资活动部分。

  10. C is correct. Non-cash transactions, if significant, are reported as supplementary information, not in the investing or financing sections of the cash flow statement.

  11. C选项正确。由于非现金交易不涉及现金,因此这些交易不计入现金流量表。但是,对资本或资产结构产生重大影响的非现金交易必须在现金流量表的单独附注或补充表中披露。

  12. C is correct. Because no cash is involved in non-cash transactions, these transactions are not incorporated in the cash flow statement. However, non-cash transactions that significantly affect capital or asset structures are required to be disclosed either in a separate note or a supplementary schedule to the cash flow statement.

  13. C选项正确。根据美国通用会计准则(US GAAP),利息支出始终归类为经营现金流;但根据国际财务报告准则(IFRS),利息支出可以归类为经营现金流或筹资现金流。

  14. C is correct. Interest expense is always classified as an operating cash flow under US GAAP but may be classified as either an operating or financing cash flow under IFRS.

  15. C选项正确。根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),所得税需要单独披露。披露内容可以列于现金流量表或其他报表中。

  16. C is correct. Taxes on income are required to be separately disclosed under IFRS and US GAAP. The disclosure may be in the cash flow statement or elsewhere.

  17. A选项正确。操作部分可以采用间接法编制。其他部分始终采用直接法编制。

  18. A is correct. The operating section may be prepared under the indirect method. The other sections are always prepared under the direct method.

  19. A选项正确。采用间接法时,经营活动部分会从净利润开始,并进行调整以得出经营现金流量。另外两项则在直接法下会出现在经营活动部分。

  20. A is correct. Under the indirect method, the operating section would begin with net income and adjust it to arrive at operating cash flow. The other two items would appear in the operating section under the direct method.

  21. C选项正确。直接法的主要优点在于它能提供经营现金收支的具体来源信息。间接法的优点包括它类似于预测方法,而且更简便、成本更低。

  22. C is correct. The primary argument in favor of the direct method is that it provides information on the specific sources of operating cash receipts and payments. Arguments for the indirect method include that it mirrors a forecasting approach and it is easier and less costly

  23. C选项正确。本季度从客户处收到的现金金额等于期初应收账款加上收入减去期末应收账款:6600万美元 + 7200万美元 – 5500万美元 = 8300万美元。应收账款的减少表明,按权责发生制计算,本季度收到的现金大于收入。

  24. C is correct. The amount of cash collected from customers during the quarter is equal to beginning accounts receivable plus revenues minus ending accounts receivable: $66 million + $72 million – $55 million = $83 million. A reduction in accounts receivable indicates that cash collected during the quarter was greater than revenue on an accrual basis.

  25. B选项正确。偿还债务产生的损失(非经营性损失)会增加净利润。出售资产的收益和递延所得税负债的减少均应从净利润中扣除。

  26. B is correct. An addition to net income is made when there is a loss on the retirement of debt, which is a non-operating loss. A gain on the sale of an asset and a decrease in deferred tax liability are both subtracted from net-income.

  27. A选项正确。1亿美元的收入减去1000万美元的应收账款增加额,等于从客户处收到的9000万美元现金。应收账款的增加意味着公司实际收到的现金少于其报告的收入。

  28. A is correct. Revenues of $100 million minus the increase in accounts receivable of $10 million equal $90 million cash received from customers. The increase in accounts receivable means that the company received less in cash than it reported as revenue.

  29. A 正确。

    经营活动现金流量 = 客户支付的现金 – (支付给供应商的现金 + 支付给员工的现金 + 支付给其他经营费用的现金 + 支付的利息现金 + 支付的所得税现金)

    客户收到的现金 = 收入 + 应收账款减少

     = 3700万美元 + 300万美元 = 4000万美元

    支付给供应商的现金 = 销售成本 + 库存增加 + 应付账款减少

     = 1600万美元 + 400万美元 + 200万美元 = 2200万美元

    因此,该公司的经营现金流 = 40 美元 – 22 美元 – 支付工资的现金 – 支付利息的现金 – 支付税款的现金 = 40 美元 – 22 美元 – 6 美元 – 2 美元 – 4 美元 = 600 万美元。

  30. A is correct.

    Operating cash flows = Cash received from customers – (Cash paid to suppliers + Cash paid to employees + Cash paid for other operating expenses + Cash paid for interest + Cash paid for income taxes)

    Cash received from customers = Revenue + Decrease in accounts receivable

     = $37 + $3 = $40 million

    Cash paid to suppliers = Cost of goods sold + Increase in inventory + Decrease in accounts payable

     = $16 + $4 + $2 = $22 million

    Therefore, the company’s operating cash flow = $40 – $22 – Cash paid for salaries – Cash paid for interest – Cash paid for taxes = $40 – $22 – $6 – $2 – $4 = $6 million.

  31. C选项正确。销售成本8000万美元加上存货增加500万美元,等于从供应商处采购8500万美元。应付账款增加200万美元,意味着公司以现金形式向供应商支付了8300万美元(8500万美元减去200万美元)。

  32. C is correct. Cost of goods sold of $80 million plus the increase in inventory of $5 million equals purchases from suppliers of $85 million. The increase in accounts payable of $2 million means that the company paid $83 million in cash ($85 million minus $2 million) to its suppliers.

  33. A选项正确。销售成本7500万美元减去存货减少600万美元,等于从供应商处采购的商品金额6900万美元。应付账款增加200万美元,意味着公司支付了6700万美元现金(6900万美元减去200万美元)。

  34. A is correct. Cost of goods sold of $75 million less the decrease in inventory of $6 million equals purchases from suppliers of $69 million. The increase in accounts payable of $2 million means that the company paid $67 million in cash ($69 million minus $2 million).

  35. C选项正确。期初应付工资300万美元加上工资费用2000万美元减去期末应付工资100万美元,等于2200万美元。或者,工资费用2000万美元加上应付工资减少的200万美元,等于2200万美元。

  36. C is correct. Beginning salaries payable of $3 million plus salaries expense of $20 million minus ending salaries payable of $1 million equals $22 million. Alternatively, the expense of $20 million plus the $2 million decrease in salaries payable equals $22 million.

  37. C 正确。客户支付的现金 = 销售额 + 应收账款减少额 = 254.6 + 4.9 = 259.5。支付给供应商的现金 = 销售成本 + 存货增加额 – 应付账款增加额 = 175.9 + 8.8 – 2.6 = 182.1。

  38. C is correct. Cash received from customers = Sales + Decrease in accounts receivable = 254.6 + 4.9 = 259.5. Cash paid to suppliers = Cost of goods sold + Increase in inventory – Increase in accounts payable = 175.9 + 8.8 – 2.6 = 182.1.

  39. C选项正确。利息支出1900万美元减去应付利息增加300万美元,等于已付利息1600万美元。税项支出600万美元加上应付税款减少400万美元,等于已付税款1000万美元。

  40. C is correct. Interest expense of $19 million less the increase in interest payable of $3 million equals interest paid of $16 million. Tax expense of $6 million plus the decrease in taxes payable of $4 million equals taxes paid of $10 million.

  41. B选项正确。所有金额单位均为百万美元。2018年的净利润(NI)为3500万美元。该金额包括留存收益增加额2500万美元,加上已支付的股利1000万美元。折旧2500万美元加回净利润,应收账款增加额500万美元和存货增加额300万美元从净利润中扣除,因为它们是现金的支出。应付账款减少额也是现金的支出,因此也从净利润中扣除。因此,经营活动产生的现金流量为2500万美元 + 1000万美元 + 2500万美元 - 500万美元 - 300万美元 - 700万美元 = 4500万美元。

  42. B is correct. All dollar amounts are in millions. Net income (NI) for 2018 is $35. This amount is the increase in retained earnings, $25, plus the dividends paid, $10. Depreciation of $25 is added back to net income, and the increases in accounts receivable, $5, and in inventory, $3, are subtracted from net income because they are uses of cash. The decrease in accounts payable is also a use of cash and, therefore, a subtraction from net income. Thus, cash flow from operations is $25 + $10 + $25 – $5 – $3 – $7 = $45.

  43. A选项正确。售价(现金流入)减去账面价值等于出售损益;因此,出售损益加上账面价值等于售价(现金流入)。已知损失金额为200万美元。要计算已售设备的账面价值,需要找到该设备的历史成本和累计折旧。

    • 期初设备余额 1 亿美元,加上购入设备 1000 万美元,减去期末设备余额 1.05 亿美元,等于已售设备的历史成本,即 500 万美元。

    • 期初累计折旧 4000 万美元,加上本年度折旧费用 800 万美元,减去期末累计折旧余额 4600 万美元,等于已售设备的累计折旧,即 200 万美元。

    • 因此,所售设备的账面价值为 500 万美元减去 200 万美元,即 300 万美元。

    • 由于出售设备的损失为 200 万美元,因此收到的现金金额必定为 100 万美元。

  44. A is correct. Selling price (cash inflow) minus book value equals gain or loss on sale; therefore, gain or loss on sale plus book value equals selling price (cash inflow). The amount of loss is given—$2 million. To calculate the book value of the equipment sold, find the historical cost of the equipment and the accumulated depreciation on the equipment.

    • Beginning balance of equipment of $100 million plus equipment purchased of $10 million minus ending balance of equipment of $105 million equals the historical cost of equipment sold, or $5 million.

    • Beginning accumulated depreciation of $40 million plus depreciation expense for the year of $8 million minus ending balance of accumulated depreciation of $46 million equals accumulated depreciation on the equipment sold, or $2 million.

    • Therefore, the book value of the equipment sold was $5 million minus $2 million, or $3 million.

    • Because the loss on the sale of equipment was $2 million, the amount of cash received must have been $1 million.

  45. A选项正确。普通股和额外实收资本增加4200万美元表明该公司在年内发行了股票。留存收益增加1500万美元表明该公司在年内支付了1000万美元的现金股利,计算方法为:期初留存收益1亿美元加上净利润2500万美元,减去期末留存收益1.15亿美元,等于1000万美元的现金股利。

  46. A is correct. The increase of $42 million in common stock and additional paid-in capital indicates that the company issued stock during the year. The increase in retained earnings of $15 million indicates that the company paid $10 million in cash dividends during the year, determined as beginning retained earnings of $100 million plus net income of $25 million minus ending retained earnings of $115 million, which equals $10 million in cash dividends.

  47. B选项正确。为了计算经营现金流,公司需要对净利润进行以下调整:加上折旧(非现金支出)200万美元;加上应收账款减少300万美元;加上应付账款增加500万美元;减去存货增加400万美元。总计增加1000万美元,总计减少400万美元,净增加600万美元。

  48. B is correct. To derive operating cash flow, the company would make the following adjustments to net income: Add depreciation (a non-cash expense) of $2 million; add the decrease in accounts receivable of $3 million; add the increase in accounts payable of $5 million; and subtract the increase in inventory of $4 million. Total additions would be $10 million, and total subtractions would be $4 million, which gives net additions of $6 million.

  49. C选项正确。评估现金流量表的第一步应该是对现金的主要来源和用途进行全面评估。

  50. C is correct. An overall assessment of the major sources and uses of cash should be the first step in evaluating a cash flow statement.

  51. B选项正确。现金的主要来源是经营活动。最近一年,经营活动产生的现金流量总额为137.96亿欧元。现金的主要用途是投资活动(总额为102.45亿欧元)。支付的股息属于筹资活动。

  52. B is correct. The primary source of cash is operating activities. Cash flow provided by operating activity totaled €13,796 million in the most recent year. The primary use of cash is investing activities (total of €10,245 million). Dividends paid are classified as a financing activity.

  53. A选项正确。支付给供应商的现金金额计算如下:

     = 销售成本 – 存货减少 – 应付账款增加

     = 27,264 美元 – 501 美元 – 1,063 美元

     = 25,700 美元。

  54. A is correct. The amount of cash paid to suppliers is calculated as follows:

     = Cost of goods sold – Decrease in inventory – Increase in accounts payable

     = $27,264 – $501 – $1,063

     = $25,700.

  55. B选项正确。编制通用格式现金流量表的合适方法是将现金流量表中的每一项都列示为净收入的百分比。另一种编制现金流量表的方法是将每项现金流入列示为总现金流入的百分比,并将每项现金流出列示为总现金流出的百分比。

  56. B is correct. An appropriate method to prepare a common-size cash flow statement is to show each line item on the cash flow statement as a percentage of net revenue. An alternative way to prepare a statement of cash flows is to show each item of cash inflow as a percentage of total inflows and each item of cash outflows as a percentage of total outflows.

  57. B选项正确。公司的自由现金流可以计算为经营现金流加上税后利息支出减去资本支出。

  58. B is correct. Free cash flow to the firm can be computed as operating cash flows plus after-tax interest expense less capital expenditures.

  59. A选项正确。该比率是利息保障倍数,衡量公司履行利息义务的能力,并反映公司的偿付能力。该保障倍数基于现金流量信息;另一种常见的保障倍数则使用基于损益表(息税折旧摊销前利润)的指标。

  60. A is correct. This ratio is an interest coverage ratio, measuring a company’s ability to meet its interest obligations and indicating a company’s solvency. This coverage ratio is based on cash flow information; another common coverage ratio uses a measure based on the income statement (earnings before interest, taxes, depreciation, and amortisation).

笔记

Notes

阅读24 财务分析技术

Reading 24 Financial Analysis Techniques

作者:Elaine Henry(博士、CFA)、Thomas R. Robinson(博士、CFA)和 Jan Hendrik van Greuning(DCom、CFA)

Elaine Henry,博士,特许金融分析师 (CFA),任职于美国史蒂文斯理工学院。Thomas R. Robinson,博士,特许金融分析师 (CFA),任职于美国AACSB国际商学院。Jan Hendrik van Greuning,商业博士,特许金融分析师 (CFA),任职于文莱BIBD。

Elaine Henry, PhD, CFA, is at Stevens Institute of Technology (USA). Thomas R. Robinson, PhD, CFA, is at AACSB International (USA). Jan Hendrik van Greuning, DCom, CFA, is at BIBD (Brunei).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 描述财务分析中使用的工具和技术,包括它们的用途和局限性;

  2. describe tools and techniques used in financial analysis, including their uses and limitations;

  3. 对活动比率、流动性比率、偿付能力比率、盈利能力比率和估值比率进行分类、计算和解释;

  4. classify, calculate, and interpret activity, liquidity, solvency, profitability, and valuation ratios;

  5. 描述比率之间的关系,并运用比率分析法评价公司;

  6. describe relationships among ratios and evaluate a company using ratio analysis;

  7. 展示杜邦分析法在权益回报率中的应用,并计算和解释其组成部分变化的影响;

  8. demonstrate the application of DuPont analysis of return on equity and calculate and interpret effects of changes in its components;

  9. 计算并解释权益分析和信用分析中使用的比率;

  10. calculate and interpret ratios used in equity analysis and credit analysis;

  11. 解释分部报告的要求,并计算和解释分部比率;

  12. explain the requirements for segment reporting and calculate and interpret segment ratios;

  13. 描述如何利用比率分析和其他技术来建立和预测收益模型。

  14. describe how ratio analysis and other techniques can be used to model and forecast earnings.

1.引言

1. Introduction

财务分析工具可用于评估公司的业绩及其发展趋势。本质上,分析师将数据转化为财务指标,以辅助决策。分析师试图解答以下问题:公司相对于自身过往业绩以及竞争对手而言,业绩表现如何?公司未来的业绩预期如何?基于对未来业绩的预期,该公司或其发行的证券价值几何?

Financial analysis tools can be useful in assessing a company’s performance and trends in that performance. In essence, an analyst converts data into financial metrics that assist in decision making. Analysts seek to answer such questions as: How successfully has the company performed, relative to its own past performance and relative to its competitors? How is the company likely to perform in the future? Based on expectations about future performance, what is the value of this company or the securities it issues?

公司年度报告是主要数据来源,包括财务报表、附注和管理层评论(经营和财务回顾或管理层讨论与分析)。本文重点关注根据国际财务报告准则 (IFRS) 和美国通用会计准则 (US GAAP) 编制的财务报告中呈现的数据。然而,财务报告并不包含进行有效财务分析所需的所有信息。尽管财务报表包含有关公司过去业绩(收入和现金流量)以及当前财务状况(资产、负债和所有者权益)的数据,但这些报表并不一定提供所有有用的分析信息,也无法预测 未来业绩。财务分析师必须能够将财务报表与其他信息结合使用,以进行预测并得出有效的结论。因此,分析师通常需要用其他信息来补充公司财务报告中的信息,包括有关经济、行业、可比公司以及公司自身的信息。

A primary source of data is a company’s annual report, including the financial statements and notes, and management commentary (operating and financial review or management’s discussion and analysis). This reading focuses on data presented in financial reports prepared under International Financial Reporting Standards (IFRS) and United States generally accepted accounting principles (US GAAP). However, financial reports do not contain all the information needed to perform effective financial analysis. Although financial statements do contain data about the past performance of a company (its income and cash flows) as well as its current financial condition (assets, liabilities, and owners’ equity), such statements do not necessarily provide all the information useful for analysis nor do they forecast future results. The financial analyst must be capable of using financial statements in conjunction with other information to make projections and reach valid conclusions. Accordingly, an analyst typically needs to supplement the information found in a company’s financial reports with other information, including information on the economy, industry, comparable companies, and the company itself.

本文介绍了用于分析公司财务报表的各种技术。对公司进行财务分析的原因多种多样,例如评估股权证券价值、评估信用风险、开展收购相关的尽职调查或评估子公司业绩。本文将首先介绍所有财务分析中通用的技术,然后重点讨论两种最常见的分析类别:股权分析和信用分析。

This reading describes various techniques used to analyze a company’s financial statements. Financial analysis of a company may be performed for a variety of reasons, such as valuing equity securities, assessing credit risk, conducting due diligence related to an acquisition, or assessing a subsidiary’s performance. This reading will describe techniques common to any financial analysis and then discuss more specific aspects for the two most common categories: equity analysis and credit analysis.

权益分析从所有者的角度出发,用于估值或绩效评估。信用分析则从债权人(例如银行家或债券持有人)的角度出发。无论哪种情况,都需要收集和分析信息以做出决策(所有权或信用);由于所有者和债权人的利益不同,分析的重点也会有所不同。权益分析和信用分析都会评估实体创造和增长盈利及现金流的能力,以及任何相关的风险。权益分析通常更侧重于增长,而信用分析通常更侧重于风险。这种侧重点的差异反映了这两类投资的不同基本面:公司权益的价值通常会随着公司盈利和现金流的增长而增长,而公司债务的价值则存在上限

Equity analysis incorporates an owner’s perspective, either for valuation or performance evaluation. Credit analysis incorporates a creditor’s (such as a banker or bondholder) perspective. In either case, there is a need to gather and analyze information to make a decision (ownership or credit); the focus of analysis varies because of the differing interest of owners and creditors. Both equity and credit analyses assess the entity’s ability to generate and grow earnings, and cash flow, as well as any associated risks. Equity analysis usually places a greater emphasis on growth, whereas credit analysis usually places a greater emphasis on risks. The difference in emphasis reflects the different fundamentals of these types of investments: The value of a company’s equity generally increases as the company’s earnings and cash flow increase, whereas the value of a company’s debt has an upper limit.1

本文余下部分结构如下:第二部分回顾了财务报表框架以及财务分析技术在该框架中的地位。第三部分介绍了分析工具和技术。第四部分解释了如何计算、分析和解读常用财务比率。第五至第八部分分别阐述了比率和其他分析数据在权益分析、信用分析、分部分析和预测中的应用。最后,本文总结了要点并提供了CFA协会多项选择题形式的练习题。

The balance of this reading is organized as follows: Section 2 recaps the framework for financial statements and the place of financial analysis techniques within the framework. Section 3 provides a description of analytical tools and techniques. Section 4 explains how to compute, analyze, and interpret common financial ratios. Sections 5 through 8 explain the use of ratios and other analytical data in equity analysis, credit analysis, segment analysis, and forecasting, respectively. A summary of the key points and practice problems in the CFA Institute multiple-choice format conclude the reading.

2.财务分析流程

2. The Financial Analysis Process

在财务分析中,明确并理解最终目标以及实现该目标所需的步骤至关重要。此外,分析师还需要知道如何查找相关数据、如何处理和分析数据(换句话说,了解在解读数据时需要回答的典型问题),以及如何有效地传达分析结果和结论。

In financial analysis, it is essential to clearly identify and understand the final objective and the steps required to reach that objective. In addition, the analyst needs to know where to find relevant data, how to process and analyze the data (in other words, know the typical questions to address when interpreting data), and how to communicate the analysis and conclusions.

2.1财务分析过程的目标

2.1. The Objectives of the Financial Analysis Process

由于进行财务分析的原因多种多样,可用的技术也数不胜数,而且数据量往往非常庞大,因此,分析方法必须根据具体情况量身定制。在开始任何财务分析之前,分析师应明确分析的目的和背景,并清楚地理解以下内容:

Because of the variety of reasons for performing financial analysis, the numerous available techniques, and the often substantial amount of data, it is important that the analytical approach be tailored to the specific situation. Prior to beginning any financial analysis, the analyst should clarify the purpose and context, and clearly understand the following:

  • 这项分析的目的是什么?它将回答哪些问题?

  • What is the purpose of the analysis? What questions will this analysis answer?

  • 要达到这个目的需要提供多详细的信息?

  • What level of detail will be needed to accomplish this purpose?

  • 有哪些数据可用于分析?

  • What data are available for the analysis?

  • 影响分析结果的因素或关系有哪些?

  • What are the factors or relationships that will influence the analysis?

  • 分析方法有哪些局限性?这些局限性是否会对分析造成潜在影响?

  • What are the analytical limitations, and will these limitations potentially impair the analysis?

在明确分析的目的和背景后,分析人员可以选择最能辅助决策的技术组合(例如,比率分析)。虽然分析过程的结构没有统一的方法,但图表 1 中列出了一个通用框架。2过程的各个步骤在之前的阅读材料中已有更详细的讨论;本文主要关注阶段 3 和阶段 4,即数据处理和分析。

Having clarified the purpose and context of the analysis, the analyst can select the set of techniques (e.g., ratios) that will best assist in making a decision. Although there is no single approach to structuring the analysis process, a general framework is set forth in Exhibit 1.2 The steps in this process were discussed in more detail in an earlier reading; the primary focus of this reading is on Phases 3 and 4, processing and analyzing data.

图表 1. 财务报表分析框架
阶段 信息来源 输出
  1. 阐明分析的目的和背景。

  2. Articulate the purpose and context of the analysis.

  • 分析师的职能性质,例如评估股权或债务投资或发布信用评级。

  • The nature of the analyst’s function, such as evaluating an equity or debt investment or issuing a credit rating.

  • 与客户或主管沟通需求和顾虑。

  • Communication with client or supervisor on needs and concerns.

  • 与开发特定工作成果相关的机构准则。

  • Institutional guidelines related to developing specific work product.

  • 分析目的或目标的陈述。

  • Statement of the purpose or objective of analysis.

  • 分析需要回答的具体问题清单(书面或非正式)。

  • A list (written or unwritten) of specific questions to be answered by the analysis.

  • 需提供报告的性质和内容。

  • Nature and content of report to be provided.

  • 完成时间表和预算资源。

  • Timetable and budgeted resources for completion.

  1. 收集输入数据。

  2. Collect input data.

  • 财务报表、其他财务数据、问卷调查和行业/经济数据。

  • Financial statements, other financial data, questionnaires, and industry/economic data.

  • 与管理层、供应商、客户和竞争对手进行讨论。

  • Discussions with management, suppliers, customers, and competitors.

  • 公司现场考察(例如,参观生产设施或零售店)。

  • Company site visits (e.g., to production facilities or retail stores).

  • 整理好的财务报表。

  • Organized financial statements.

  • 财务数据表。

  • Financial data tables.

  • 如适用,请填写已完成的问卷。

  • Completed questionnaires, if applicable.

  1. 处理数据。

  2. Process data.

  • 上一阶段的数据。

  • Data from the previous phase.

  • 调整后的财务报表。

  • Adjusted financial statements.

  • 通用大小报表。

  • Common-size statements.

  • 比率和图表。

  • Ratios and graphs.

  • 预测。

  • Forecasts.

  1. 分析/解释处理后的数据。

  2. Analyze/interpret the processed data.

  • 输入数据以及处理后的数据。

  • Input data as well as processed data.

  • 分析结果。

  • Analytical results.

  1. 形成并传达结论和建议(例如,通过分析报告)。

  2. Develop and communicate conclusions and recommendations (e.g., with an analysis report).

  • 分析结果和以往报告。

  • Analytical results and previous reports.

  • 机构发表报告指南。

  • Institutional guidelines for published reports.

  • 分析报告,回答第一阶段提出的问题。

  • Analytical report answering questions posed in Phase 1.

  • 就分析目的提出建议,例如是否进行投资或授予信贷。

  • Recommendation regarding the purpose of the analysis, such as whether to make an investment or grant credit.

  1. 后续跟进。

  2. Follow-up.

  • 通过定期重复上述步骤收集信息,以确定是否需要对持仓或建议进行更改。

  • Information gathered by periodically repeating above steps as necessary to determine whether changes to holdings or recommendations are necessary.

  • 更新后的报告和建议。

  • Updated reports and recommendations.

2.2区分计算与分析

2.2. Distinguishing between Computations and Analysis

有效的分析既包含计算,也包含解释。精心设计的分析不同于简单地罗列各种信息、计算结果、表格和图表,它将收集到的数据整合为一个连贯的整体。例如,对过往业绩的分析不仅应关注发生了什么,还应关注为什么会发生,以及是否推进了公司的战略。需要解决的一些关键问题包括:

An effective analysis encompasses both computations and interpretations. A well-reasoned analysis differs from a mere compilation of various pieces of information, computations, tables, and graphs by integrating the data collected into a cohesive whole. Analysis of past performance, for example, should address not only what happened but also why it happened and whether it advanced the company’s strategy. Some of the key questions to address include:

  • 公司要想在行业中成功竞争,哪些方面的业绩至关重要?

  • What aspects of performance are critical for this company to successfully compete in this industry?

  • 该公司在这些关键方面的业绩表现如何?(通过计算并与适当的基准进行比较来确定,例如公司自身的历史业绩或竞争对手的业绩。)

  • How well did the company’s performance meet these critical aspects? (Established through computation and comparison with appropriate benchmarks, such as the company’s own historical performance or competitors’ performance.)

  • 造成这一业绩的关键因素是什么?这一业绩如何体现公司的战略?(通过分析得出。)

  • What were the key causes of this performance, and how does this performance reflect the company’s strategy? (Established through analysis.)

如果分析是前瞻性的,则还需要提出以下问题:

If the analysis is forward looking, additional questions include:

  • 某个事件或趋势可能产生什么影响?(通过分析解读确定。)

  • What is the likely impact of an event or trend? (Established through interpretation of analysis.)

  • 管理层可能如何应对这一趋势?(通过评估管理质量和公司治理水平来确定。)

  • What is the likely response of management to this trend? (Established through evaluation of quality of management and corporate governance.)

  • 公司、行业和经济趋势可能对未来现金流产生哪些影响?(通过评估公司战略和进行预测来确定。)

  • What is the likely impact of trends in the company, industry, and economy on future cash flows? (Established through assessment of corporate strategy and through forecasts.)

  • 分析师的建议是什么?(通过对分析结果的解读和预测而得出。)

  • What are the recommendations of the analyst? (Established through interpretation and forecasting of results of analysis.)

  • 应该重点关注哪些风险?(通过评估预测中的主要不确定因素以及公司运营环境中的不确定因素来确定。)

  • What risks should be highlighted? (Established by an evaluation of major uncertainties in the forecast and in the environment within which the company operates.)

例1展示了如何结合公司的业务战略及其变化来分析其财务数据。分析师必须能够理解数字和比率背后的“原因”,而不仅仅是数字和比率本身。

Example 1 demonstrates how a company’s financial data can be analyzed in the context of its business strategy and changes in that strategy. An analyst must be able to understand the “why” behind the numbers and ratios, not just what the numbers and ratios are.

例 1

战略体现在财务业绩中

Strategy Reflected in Financial Performance

苹果公司从事计算机硬件、移动设备、操作系统及相关产品和服务的设计、制造和销售。该公司还运营零售店和在线商店。微软公司通过包括近年来开设的零售店在内的多种渠道,开发、授权和支持软件产品、服务和技术设备。以下列出了这两家公司2015年至2017年的部分财务数据。苹果公司的财政年度于每年九月的最后一个星期六结束(例如,2017财年于2017年9月30日结束)。微软公司的财政年度于每年六月三十日结束(例如,2017财年于2017年6月30日结束)。

Apple Inc. engages in the design, manufacture, and sale of computer hardware, mobile devices, operating systems and related products, and services. It also operates retail and online stores. Microsoft develops, licenses, and supports software products, services, and technology devices through a variety of channels including retail stores in recent years. Selected financial data for 2015 through 2017 for these two companies are given below. Apple’s fiscal year (FY) ends on the final Saturday in September (for example, FY2017 ended on 30 September 2017). Microsoft’s fiscal year ends on 30 June (for example, FY2017 ended on 30 June 2017).

苹果公司部分财务数据(单位:百万美元)
财政年度 2017 2016 2015
净销售额(或收入) 229,234 215,639 233,715
毛利率 88,186 84,263 93,626
营业收入 61,344 60,024 71,230
微软部分财务数据(单位:百万美元)*
财政年度 2017 2016 2015
净销售额(或收入) 89,950 85,320 93,580
毛利率 55,689 52,540 60,542
营业收入 22,326 20,182 18,161

* 由于收入确认和租赁会计准则的变化,微软 2017 年和 2016 年的收入随后在公司 2018 年 10-K 报告中进行了修订。

* Microsoft revenue for 2017 and 2016 were subsequently revised in the company’s 2018 10-K report due to changes in revenue recognition and lease accounting standards.

资料来源:苹果和微软的 10-K 报告。

Source: 10-K reports for Apple and Microsoft.

苹果公司公布的财报显示,2015财年至2016财年净销售额下降7.7%,2016财年至2017财年增长6.3%,三年间整体略有下滑。毛利率方面,2015财年至2016财年下降10.0%,2016财年至2017财年增长4.7%,三年间毛利率也呈下降趋势。公司营业收入也呈现类似趋势。

Apple reported a 7.7 percent decrease in net sales from FY2015 to FY2016 and an increase of 6.3 percent from FY2016 to FY2017 for an overall slight decline over the three-year period. Gross margin decreased 10.0 percent from FY2015 to FY2016 and increased 4.7 percent from FY2016 to FY2017. This also represented an overall decline in gross margin over the three-year period. The company’s operating income exhibited similar trends.

微软公布的财报显示,2015财年至2016财年净销售额下降8.8%,2016财年至2017财年增长5.4%,三年间整体略有下滑。毛利率方面,2015财年至2016财年下降13.2%,2016财年至2017财年增长6.0%。与苹果公司类似,微软三年间的毛利率也呈现下降趋势。另一方面,微软的营业收入逐年增长,三年累计增长23%。

Microsoft reported an 8.8 percent decrease in net sales from FY2015 to FY2016 and an increase of 5.4 percent from FY2016 to FY2017 for an overall slight decline over the three-year period. Gross margin decreased 13.2 percent from FY2015 to FY2016 and increased 6.0 percent from FY2016 to FY2017. Similar to Apple, this represented an overall decline in gross margin over the three-year period. Microsoft’s operating income on the other hand exhibited growth each year and for the three-year period. Overall growth in operating income was 23%.

是什么原因导致微软的营业收入增长,而苹果和微软的销售额和毛利率却呈现类似的下滑趋势?苹果在2015财年至2016财年期间的销售额、毛利率和营业收入下滑,是由于iPhone销量下降以及外币兑美元汇率走弱所致。2017财年,iPhone、Mac电脑和服务的销售额有所回升,但外币持续走弱在一定程度上抵消了这一增长。微软在2016财年也面临着类似的问题,其设备和Windows软件的销售额和毛利率均出现下滑,并受到外币走弱的负面影响。微软在2017财年实现的营收和毛利率增长,主要得益于对LinkedIn的收购、Microsoft Office软件销量的增长以及云服务销售额的提升。微软营业收入持续增长的驱动因素是,在过去三年中,其减值、整合和重组费用大幅下降。微软在 2015 财年计提了与手机业务相关的 100 亿美元费用,2016 财年和 2017 财年分别计提了 11 亿美元和 3.06 亿美元费用。如果没有这些巨额减值,微软在这三年期间的营业收入趋势将与苹果类似。

What caused Microsoft’s growth in operating income while Apple and Microsoft had similar negative trends in sales and gross margin? Apple’s decline in sales, gross margin, and operating income from FY2015 to FY2016 was caused by declines in iPhone sales and weakness in foreign currencies relative to the US dollar. FY2017 saw a rebound in sales of iPhones, Mac computers, and services offset somewhat by continued weaknesses in foreign currencies. Microsoft similarly had declines in revenue and gross margin from sales of its devices and Windows software in FY2016, as well as negative impacts from foreign currency weakness. Microsoft’s increase in revenue and gross margin in FY2017 was driven by the acquisition of LinkedIn, higher sales of Microsoft Office software, and higher sales of cloud services. The driver in the continuous increase in operating income for Microsoft was a large decline over the three-year period in impairment, integration, and restructuring charges. Microsoft recorded a $10 billion charge in FY2015 related to its phone business, and there were further charges of $1.1 billion in FY2016 and $306 million in FY2017. Absent these large write-offs, Microsoft would have had a trend similar to Apple’s in operating income over the three-year period.

分析师通常需要以书面报告的形式传达分析结果。报告应阐明得出结论的过程以及提出建议的原因。例如,一份报告可能包含以下内容:

Analysts often need to communicate the findings of their analysis in a written report. Their reports should communicate how conclusions were reached and why recommendations were made. For example, a report might present the following:

  • 除非目的显而易见,否则报告的目的;

  • the purpose of the report, unless it is readily apparent;

  • 商业环境的相关方面:

    • 经济环境(国家/地区、宏观经济、行业);

    • 金融及其他基础设施(会计、审计、评级机构);

    • 法律和监管环境(以及对被分析公司的任何其他重大限制);

  • relevant aspects of the business context:

    • economic environment (country/region, macro economy, sector);

    • financial and other infrastructure (accounting, auditing, rating agencies);

    • legal and regulatory environment (and any other material limitations on the company being analyzed);

  • 对公司治理进行评估,并对管理战略进行评估,包括公司的竞争优势;

  • evaluation of corporate governance and assessment of management strategy, including the company’s competitive advantage(s);

  • 对财务和运营数据进行评估,包括分析中的关键假设;

  • assessment of financial and operational data, including key assumptions in the analysis; and

  • 结论和建议,包括分析的局限性和风险。

  • conclusions and recommendations, including limitations of the analysis and risks.

通常情况下,使用 3-10 年的数据以及适合报告目的的分析技术,可以增强叙述的有效性,并得出有充分依据的结论和建议。

An effective narrative and well supported conclusions and recommendations are normally enhanced by using 3–10 years of data, as well as analytic techniques appropriate to the purpose of the report.

3.分析工具和技术

3. Analytical Tools and Techniques

本节介绍的工具和技巧有助于评估公司数据。评估需要进行比较。如果不明确比较的基础,就很难说一家公司的财务业绩“良好”。在评估一家公司创造和增长盈利及现金流的能力,以及与这些盈利和现金流相关的风险时,分析师会将其与其他公司进行比较(横截面分析),并进行时间序列分析(趋势或时间序列分析)。

The tools and techniques presented in this section facilitate evaluations of company data. Evaluations require comparisons. It is difficult to say that a company’s financial performance was “good” without clarifying the basis for comparison. In assessing a company’s ability to generate and grow earnings and cash flow, and the risks related to those earnings and cash flows, the analyst draws comparisons to other companies (cross-sectional analysis) and over time (trend or time-series analysis).

例如,分析师可能希望比较全球行业中各竞争公司的盈利能力。如果这些公司规模差异显著,或以不同货币报告财务数据,那么直接比较报告的净利润就意义不大。比率(用于表示一个数字与另一个数字之间的关系)和通用格式的财务报表可以消除规模因素的影响,从而实现更具针对性的比较。为了实现以不同货币报告的公司之间的可比性,一种方法是使用期末汇率将所有报告的数字转换为通用货币。其他人可能更倾向于使用期间的平均汇率来转换报告的数字。或者,如果主要关注的是比率,则无需转换货币即可实现可比性。

For example, an analyst may wish to compare the profitability of companies competing in a global industry. If the companies differ significantly in size and/or report their financial data in different currencies, comparing net income as reported is not useful. Ratios (which express one number in relation to another) and common-size financial statements can remove size as a factor and enable a more relevant comparison. To achieve comparability across companies reporting in different currencies, one approach is to translate all reported numbers into a common currency using exchange rates at the end of a period. Others may prefer to translate reported numbers using the average exchange rates during the period. Alternatively, if the focus is primarily on ratios, comparability can be achieved without translating the currencies.

分析师可能还需要考察不同时期的业绩表现。同样,以名义货币计算的销售额或净利润可能无法凸显显著变化。为了应对这一挑战,横向财务报表(其中各项数量均以选定的基准年数值列示)可以更清晰地展现这些变化。另一个影响可比性的因素是会计年度结束时间的差异。为了实现可比性,一种方法是编制过去十二个月的数据,这将在下文中详细介绍。最后,需要指出的是,会计准则的差异也会限制可比性。

The analyst may also want to examine comparable performance over time. Again, the nominal currency amounts of sales or net income may not highlight significant changes. To address this challenge, horizontal financial statements (whereby quantities are stated in terms of a selected base year value) can make such changes more apparent. Another obstacle to comparison is differences in fiscal year end. To achieve comparability, one approach is to develop trailing twelve months data, which will be described in a section below. Finally, it should be noted that differences in accounting standards can limit comparability.

例 2

比率分析

Ratio Analysis

一位分析师正在研究两家在全球个人电脑市场占有较大份额的国际公司——宏碁公司(Acer Inc.)和联想集团有限公司(Lenovo Group Limited)的盈利能力。宏碁一直奉行以实惠价格销售产品的策略。相比之下,联想则致力于通过强调其商用个人电脑的高品质工程设计来实现更高的售价。宏碁以新台币(TWD)为单位发布财报,联想则以美元(USD)为单位发布财报。宏碁的财年截止日期为12月31日,联想的财年截止日期为3月31日;因此,2017财年于2018年3月31日结束。

An analyst is examining the profitability of two international companies with large shares of the global personal computer market: Acer Inc. and Lenovo Group Limited. Acer has pursued a strategy of selling its products at affordable prices. In contrast, Lenovo aims to achieve higher selling prices by stressing the high engineering quality of its personal computers for business use. Acer reports in TWD,3 and Lenovo reports in USD. For Acer, fiscal year end is 31 December. For Lenovo, fiscal year end is 31 March; thus, FY2017 ended 31 March 2018.

分析师收集了如下表2所示的数据。请使用这些信息回答以下问题:

The analyst collects the data shown in Exhibit 2 below. Use this information to answer the following questions:

  1. 根据2017财年报告的美元收入,哪家公司规模更大?假设2017财年的相关平均汇率为30.95新台币/美元。

  2. Which company is larger based on the amount of revenue, in US$, reported in fiscal year 2017? For FY2017, assume the relevant, average exchange rate was 30.95 TWD/USD.

  3. 哪家公司在2016财年至2017财年期间的收入增长率更高?2013财年至2017财年期间的收入增长率更高?

  4. Which company had the higher revenue growth from FY2016 to FY2017? FY2013 to FY2017?

  5. 从盈利能力来看,这些公司有何异同?

  6. How do the companies compare, based on profitability?

展品2
宏碁
行尸走肉百万 2013财年 2014财年 2015财年 2016财年 2017财年
收入 360,132 329,684 263,775 232,724 237,275
毛利 22,550 28,942 24,884 23,212 25,361
净利 (20,519) 1,791 604 (4,901) 2,797
联想
百万美元 2013财年* 2014财年* 2015财年* 2016财年* 2017财年*
收入 38,707 46,296 44,912 43,035 45,350
毛利 5,064 6,682 6,624 6,105 6,272
净收入(亏损) 817 837 (145) 530 (127)

* 联想的财政年度于 3 月 31 日结束。因此,2017 财年是指截至 2018 年 3 月 31 日的财政年度;之前的年份也同样适用。

* Fiscal years for Lenovo end 31 March. Thus FY2017 represents the fiscal year ended 31 March 2018; the same applies respectively for prior years.

问题1的解答:

Solution to 1:

以2017财年美元营收计算,联想的规模远大于宏碁。联想2017财年营收为453.5亿美元,远高于宏碁的767万美元(=新台币2.37275亿/3095)。

Lenovo is much larger than Acer based on FY2017 revenues in USD terms. Lenovo’s FY2017 revenues of $USD45.35 billion are considerably higher than Acer’s USD7.67 million (= TWD 237.275 million/30.95).

宏碁:按 30.95 新台币/美元的平均汇率计算,宏碁 2017 财年的收入相当于 76.7 亿美元(= 新台币 2372.75 亿 ÷ 30.95 新台币/美元)。

Acer: At the assumed average exchange rate of 30.95 TWD/USD, Acer’s FY2017 revenues are equivalent to USD7.67 billion (= TWD237.275 billion ÷ 30.95 TWD/USD).

联想:联想2017财年收入总计453.5亿美元。

Lenovo: Lenovo’s FY2017 revenues totaled USD45.35 billion.

:比较以不同货币计价的公司规模,需要使用特定时间点的汇率将报告数据转换为通用货币。本方案使用财年平均汇率将宏碁的收入转换为十亿美元。将联想的收入转换为新台币同样具有参考价值(且结论相同)。

Note: Comparing the size of companies reporting in different currencies requires translating reported numbers into a common currency using exchange rates at some point in time. This solution converts the revenues of Acer to billions of USD using the average exchange rate of the fiscal period. It would be equally informative (and would yield the same conclusion) to convert the revenues of Lenovo to TWD.

答案二:

Solution to 2:

在最近一个财年以及过去五年中,联想的收入增长远高于宏碁。

The growth in Lenovo’s revenue was much higher than Acer’s in the most recent fiscal year and for the five-year period.

2016财年与2017财年收入变化

百分比
2013财年至2017财年收入变化百分比
宏碁 1.96 (34.11)
联想 5.38 17.16

表格展示了两项增长指标。计算过程以宏碁的营收数据为例进行说明:

The table shows two growth metrics. Calculations are illustrated using the revenue data for Acer:

宏碁 2016 财年与 2017 财年的收入变化为 1.96%,计算方法为 (237,275 – 232,724) ÷ 232,724 或等效的 (237,275 ÷ 232,724) – 1。宏碁 2013 财年到 2017 财年的收入变化为下降 34.11%。

The change in Acer’s revenue for FY2016 versus FY2017 is 1.96% percent calculated as (237,275 – 232,724) ÷ 232,724 or equivalently (237,275 ÷ 232,724) – 1. The change in Acer’s revenue from FY2013 to FY2017 is a decline of 34.11%.

问题3的解答:

Solution to 3:

可以通过比较毛利润与收入之比以及净利润与收入之比来评估盈利能力。下表列出了每年的这两个盈利能力比率——毛利率(毛利润除以收入)和净利率(净利润除以收入)。

Profitability can be assessed by comparing the amount of gross profit to revenue and the amount of net income to revenue. The following table presents these two profitability ratios—gross profit margin (gross profit divided by revenue) and net profit margin (net income divided by revenue)—for each year.

宏碁 2013财年(%) 2014财年(%) 2015财年(%) 2016财年(%) 2017财年(%)
毛利率 6.26 8.78 9.43 9.97 10.69
净利润率 (5.70) 0.54 0.23 (2.11) 1.18
联想 2013财年(%) 2014财年(%) 2015财年(%) 2016财年(%) 2017财年(%)
毛利率 13.08 14.43 14.75 14.19 13.83
净利润率 2.11 1.81 (0.32) 1.23 (0.28)

净利润率表明两家公司的盈利能力都相对较低。在过去五年中,宏碁的净利润率有三年低于联想。宏碁的毛利率逐年增长,但仍远低于联想。联想的毛利率在2013财年至2015财年期间增长,随后在2016财年和2017财年有所下降。总体而言,联想的盈利能力更强,这可能归因于其更大的规模和相应的规模经济效益。(联想在个人电脑市场中占据最大的份额。)

The net profit margins indicate that both companies’ profitability is relatively low. Acer’s net profit margin is lower than Lenovo’s in three out of the five years. Acer’s gross profit margin increased each year but remains significantly below that of Lenovo. Lenovo’s gross profit margin grew from FY2013 to FY2015 and then declined in FY2016 and FY2017. Overall, Lenovo is the more profitable company, likely attributable to its larger size and commensurate economies of scale. (Lenovo has the largest share of the personal computer market relative to other personal computer companies.)

第 3.1 节更详细地介绍了比率分析的工具和技术。第 3.2 节至 3.4 节介绍了其他工具和技术。

Section 3.1 describes the tools and techniques of ratio analysis in more detail. Sections 3.2 to 3.4 describe other tools and techniques.

3.1比率

3.1. Ratios

财务账户之间存在诸多关联,不同时间点之间的预期关系也多种多样。比率是表达这些关系的一种有效方法。比率表示一个量与另一个量之间的关系(通常以商的形式)。

There are many relationships among financial accounts and various expected relationships from one point in time to another. Ratios are a useful way of expressing these relationships. Ratios express one quantity in relation to another (usually as a quotient).

大量的学术研究探讨了财务比率在预测股票收益(Ou和Penman,1989;Abarbanell和Bushee,1998)或信贷违约(Altman,1968;Ohlson,1980;Hopwood等人,1994)方面的重要性。这些研究发现,财务报表比率在选择投资标的和预测财务困境方面非常有效。从业人员通常使用财务比率来推导和传达公司及证券的价值。

Extensive academic research has examined the importance of ratios in predicting stock returns (Ou and Penman, 1989; Abarbanell and Bushee, 1998) or credit failure (Altman, 1968; Ohlson, 1980; Hopwood et al., 1994). This research has found that financial statement ratios are effective in selecting investments and in predicting financial distress. Practitioners routinely use ratios to derive and communicate the value of companies and securities.

理解比率分析的几个重要方面至关重要。首先,计算出的比率并非“最终答案”。比率只是公司业绩某些方面的指标,它能说明发生了什么,但无法解释原因。例如,分析师可能想要回答以下问题:两家公司哪家盈利能力更强?如前例所示,净利润率(即利润与收入的比率)可以帮助我们了解这个问题。净利润率的计算方法是用净利润除以收入:4

Several aspects of ratio analysis are important to understand. First, the computed ratio is not “the answer.” The ratio is an indicator of some aspect of a company’s performance, telling what happened but not why it happened. For example, an analyst might want to answer the question: Which of two companies was more profitable? As demonstrated in the previous example, the net profit margin, which expresses profit relative to revenue, can provide insight into this question. Net profit margin is calculated by dividing net income by revenue:4

假设A公司净利润为10万欧元,B公司净利润为20万欧元。B公司的收入是A公司的两倍,但它的盈利能力更强吗?进一步假设A公司营业收入为200万欧元,净利润率为5%;B公司营业收入为600万欧元,净利润率为3.33%。将净利润表示为营业收入的百分比可以更清晰地展现二者之间的关系:A公司每100欧元的营业收入可获得5欧元的净利润,而B公司每100欧元的营业收入仅可获得3.33欧元的净利润。因此,我们现在可以用百分比来回答哪家公司盈利能力更强的问题:A公司盈利能力更强,这体现在其更高的5%的净利润率上。值得注意的是,尽管B公司的净利润和营业收入的绝对值更高,但A公司的盈利能力仍然更强。然而,仅凭这个比率本身并不能解释为什么A公司的利润率更高。需要进一步分析以确定原因(可能是相对销售价格较高、成本控制更佳或实际税率较低)。

Assume Company A has €100,000 of net income and Company B has €200,000 of net income. Company B generated twice as much income as Company A, but was it more profitable? Assume further that Company A has €2,000,000 of revenue, and thus a net profit margin of 5 percent, and Company B has €6,000,000 of revenue, and thus a net profit margin of 3.33 percent. Expressing net income as a percentage of revenue clarifies the relationship: For each €100 of revenue, Company A earns €5 in net income, whereas Company B earns only €3.33 for each €100 of revenue. So, we can now answer the question of which company was more profitable in percentage terms: Company A was more profitable, as indicated by its higher net profit margin of 5 percent. Note that Company A was more profitable despite the fact that Company B reported higher absolute amounts of net income and revenue. However, this ratio by itself does not tell us why Company A has a higher profit margin. Further analysis is required to determine the reason (perhaps higher relative sales prices or better cost control or lower effective tax rates).

公司规模有时能带来规模经济效益,因此净利润和收入的绝对值在财务分析中很有用。然而,比率分析可以控制规模的影响,从而增强公司间以及不同时期之间的比较。

Company size sometimes confers economies of scale, so the absolute amounts of net income and revenue are useful in financial analysis. However, ratios control for the effect of size, which enhances comparisons between companies and over time.

比率分析的第二个重要方面是,会计政策的差异(不同公司和不同时期)会扭曲比率,因此,有意义的比较可能需要对财务数据进行调整。第三,并非所有比率都与特定分析相关。选择一个或多个相关比率来回答研究问题的能力是一项分析技能。最后,与一般的财务分析一样,比率分析并非止于计算;结果的解释至关重要。在实践中,不同时期和不同公司的比率差异可能很细微,因此解释需要根据具体情况而定。

A second important aspect of ratio analysis is that differences in accounting policies (across companies and across time) can distort ratios, and a meaningful comparison may, therefore, involve adjustments to the financial data. Third, not all ratios are necessarily relevant to a particular analysis. The ability to select a relevant ratio or ratios to answer the research question is an analytical skill. Finally, as with financial analysis in general, ratio analysis does not stop with computation; interpretation of the result is essential. In practice, differences in ratios across time and across companies can be subtle, and interpretation is situation specific.

3.1.1 . 比率的宇宙

3.1.1. The Universe of Ratios

目前尚无权威机构规定计算比率的精确公式,也没有提供标准、全面的比率列表。不同分析师或不同数据库使用的比率公式甚至名称往往有所不同。可创建的比率数量几乎是无限的。然而,有一些被广泛接受且行之有效的比率。本文第四部分将主要关注这些比率的分类以及关键比率的常用定义。但是,分析师应注意,实际应用中可能会使用不同的比率,并且某些行业拥有根据自身特点量身定制的独特比率。当遇到不熟悉的比率时,分析师可以检查其背后的公式,以了解该比率衡量的是什么。例如,考虑以下比率公式:

There are no authoritative bodies specifying exact formulas for computing ratios or providing a standard, comprehensive list of ratios. Formulas and even names of ratios often differ from analyst to analyst or from database to database. The number of different ratios that can be created is practically limitless. There are, however, widely accepted ratios that have been found to be useful. Section 4 of this reading will focus primarily on these broad classes and commonly accepted definitions of key ratios. However, the analyst should be aware that different ratios may be used in practice and that certain industries have unique ratios tailored to the characteristics of that industry. When faced with an unfamiliar ratio, the analyst can examine the underlying formula to gain insight into what the ratio is measuring. For example, consider the following ratio formula:

分析师如果从未见过这个比率,可能会质疑12%的结果是否优于8%。答案就在比率本身。分子是营业收入,分母是平均总资产,因此该比率可以解释为每单位资产产生的营业收入。对于每100欧元的平均总资产,产生12欧元的营业收入优于产生8欧元的营业收入。此外,显然该比率是盈利能力的指标(以及在较小程度上,资产利用效率的指标)。分析师在首次遇到某个比率时,应评估其分子和分母,以判断该比率试图衡量什么以及如何解读它。示例3对此进行了演示。

Never having seen this ratio, an analyst might question whether a result of 12 percent is better than 8 percent. The answer can be found in the ratio itself. The numerator is operating income and the denominator is average total assets, so the ratio can be interpreted as the amount of operating income generated per unit of assets. For every €100 of average total assets, generating €12 of operating income is better than generating €8 of operating income. Furthermore, it is apparent that this particular ratio is an indicator of profitability (and, to a lesser extent, efficiency in use of assets in generating operating profits). When encountering a ratio for the first time, the analyst should evaluate the numerator and denominator to assess what the ratio is attempting to measure and how it should be interpreted. This is demonstrated in Example 3.

例 3

解读财务比率

Interpreting a Financial Ratio

一家美国保险公司报告称,其“综合比率”是通过将发生的损失和费用除以已赚净保费计算得出的。该公司报告的综合比率如下:

A US insurance company reports that its “combined ratio” is determined by dividing losses and expenses incurred by net premiums earned. It reports the following combined ratios:

财政年度 5 4 3 2 1
综合比率 90.1% 104.0% 98.5% 104.1% 101.1%

解释该比率衡量的是什么,并比较图表中所示各年份的结果。分析师在根据这些信息得出任何结论之前,可能还需要查看哪些其他信息?

Explain what this ratio is measuring and compare the results reported for each of the years shown in the chart. What other information might an analyst want to review before making any conclusions on this information?

解决方案:

Solution:

综合比率是衡量盈​​利能力的指标。该比率反映了每赚取一美元收入(净保费)所产生的成本(损失和费用)。其计算公式表明,该比率越低越好。第5年的综合比率为90.1%,这意味着每赚取一美元净保费,成本为0.901美元,毛利润为0.099美元。比率高于100%则表示整体亏损。数据分析表明,该比率似乎没有明显的趋势。第5年和第3年实现了盈利。第4年和第2年的结果显示成本最高,比率约为104%。

The combined ratio is a profitability measure. The ratio is explaining how much costs (losses and expenses) were incurred for every dollar of revenue (net premiums earned). The underlying formula indicates that a lower value for this ratio is better. The Year 5 ratio of 90.1 percent means that for every dollar of net premiums earned, the costs were $0.901, yielding a gross profit of $0.099. Ratios greater than 100 percent indicate an overall loss. A review of the data indicates that there does not seem to be a consistent trend in this ratio. Profits were achieved in Years 5 and 3. The results for Years 4 and 2 show the most significant costs at approximately 104 percent.

分析师会希望与管理层进一步探讨这些数据,并了解公司业务的根本特征。他/她会想要了解业绩波动如此剧烈的原因。分析师还会希望确定该比率的基准值应该是什么。

The analyst would want to discuss this data further with management and understand the characteristics of the underlying business. He or she would want to understand why the results are so volatile. The analyst would also want to determine what should be used as a benchmark for this ratio.

上图所示的营业收入/平均总资产比率是资产回报率 (ROA)的众多计算方法之一。请注意,根据资产的定义方式,该公式还有其他计算方法。一些财务比率数据库使用期末资产值而非平均资产值来计算 ROA。在少数情况下,分母也可能使用期初资产。哪种方法才是正确的呢?这取决于您想要衡量的指标以及公司的潜在趋势。如果公司资产水平稳定,那么使用三种资产衡量方法(期初、平均和期末)计算出的 ROA 值不会有太大差异。但是,如果资产在增长(或减少),则三种衡量方法的结果会有所不同。当资产增长时,营业收入除以期末资产可能并不合理,因为部分收入是在购买某些资产之前产生的,这会低估公司的业绩。同样,如果使用期初资产,则年末的部分营业收入可能仅仅是由于新增资产而产生的;因此,该比率会高估公司的业绩。由于营业收入贯穿整个期间,因此通常使用资产的平均值是合理的。一个通用的原则是,当比率的分子是损益表或现金流量表中的数据,而分母是资产负债表中的数据时,分母应使用平均值。如果分子和分母都只使用资产负债表中的数据,则通常无需使用平均值,因为两者均基于同一日期确定。然而,在某些情况下,即使是仅使用资产负债表数据的比率也可能需要使用平均值。例如,净资产收益率 (ROE)定义为净利润除以平均股东权益,它可以分解为其他比率,其中一些比率仅使用资产负债表数据。在将 ROE 分解为组成比率时,如果某个组成比率使用了平均值,则其他组成比率也应使用平均值。ROE 的分解将在 4.6.2 节中进一步讨论。

The Operating income/Average total assets ratio shown above is one of many versions of the return on assets (ROA) ratio. Note that there are other ways of specifying this formula based on how assets are defined. Some financial ratio databases compute ROA using the ending value of assets rather than average assets. In limited cases, one may also see beginning assets in the denominator. Which one is right? It depends on what you are trying to measure and the underlying company trends. If the company has a stable level of assets, the answer will not differ greatly under the three measures of assets (beginning, average, and ending). However, if the assets are growing (or shrinking), the results will differ among the three measures. When assets are growing, operating income divided by ending assets may not make sense because some of the income would have been generated before some assets were purchased, and this would understate the company’s performance. Similarly, if beginning assets are used, some of the operating income later in the year may have been generated only because of the addition of assets; therefore, the ratio would overstate the company’s performance. Because operating income occurs throughout the period, it generally makes sense to use some average measure of assets. A good general rule is that when an income statement or cash flow statement number is in the numerator of a ratio and a balance sheet number is in the denominator, then an average should be used for the denominator. It is generally not necessary to use averages when only balance sheet numbers are used in both the numerator and denominator because both are determined as of the same date. However, in some instances, even ratios that only use balance sheet data may use averages. For example, return on equity (ROE), which is defined as net income divided by average shareholders’ equity, can be decomposed into other ratios, some of which only use balance sheet data. In decomposing ROE into component ratios, if an average is used in one of the component ratios then it should be used in the other component ratios. The decomposition of ROE is discussed further in Section 4.6.2.

如果使用平均值,还需要判断应该使用哪个平均值。为简便起见,大多数比率数据库使用年初和年末资产负债表金额的简单平均值。如果公司业务具有季节性,导致资产水平随中期(半年或季度)而变化,那么如果可以获得所有中期数据,则取所有中期数据的平均值可能更有利。(如果分析师在公司内部工作并可以访问月度数据,也可以使用月度数据。)

If an average is used, judgment is also required about what average should be used. For simplicity, most ratio databases use a simple average of the beginning and end-of-year balance sheet amounts. If the company’s business is seasonal so that levels of assets vary by interim period (semiannual or quarterly), then it may be beneficial to take an average over all interim periods, if available. (If the analyst is working within a company and has access to monthly data, this can also be used.)

3.1.2比率分析的价值、目的和局限性

3.1.2. Value, Purposes, and Limitations of Ratio Analysis

比率分析的价值在于,它能帮助财务分析师评估公司过去的业绩、分析公司当前的财务状况,并获得有助于预测未来业绩的洞见。如前所述,比率本身并非“最终答案”,而是公司业绩某些方面的指标。财务比率可以提供以下方面的洞见:

The value of ratio analysis is that it enables a financial analyst to evaluate past performance, assess the current financial position of the company, and gain insights useful for projecting future results. As noted previously, the ratio itself is not “the answer” but is an indicator of some aspect of a company’s performance. Financial ratios provide insights into:

  • 公司内部的经济关系有助于分析师预测收益和自由现金流;

  • economic relationships within a company that help analysts project earnings and free cash flow;

  • 公司的财务灵活性,或者说即使出现意外情况,也能获得发展和履行义务所需现金的能力;

  • a company’s financial flexibility, or ability to obtain the cash required to grow and meet its obligations, even if unexpected circumstances develop;

  • 管理能力;

  • management’s ability;

  • 公司和/或行业随时间发生的变化;以及

  • changes in the company and/or industry over time; and

  • 与同业公司或相关行业进行比较。

  • comparability with peer companies or the relevant industry(ies).

比率分析也存在局限性。需要考虑的因素包括:

There are also limitations to ratio analysis. Factors to consider include:

  • 公司经营活动的异质性或同质性。公司可能拥有在多个不同行业运营的部门。这使得找到可用于比较的同行业比率变得困难。

  • The heterogeneity or homogeneity of a company’s operating activities. Companies may have divisions operating in many different industries. This can make it difficult to find comparable industry ratios to use for comparison purposes.

  • 需要确定比率分析的结果是否一致。一组比率可能表明存在问题,而另一组比率可能表明潜在问题只是短期性的。

  • The need to determine whether the results of the ratio analysis are consistent. One set of ratios may indicate a problem, whereas another set may indicate that the potential problem is only short term in nature.

  • 需要运用判断力。关键问题在于某项财务比率是否在合理范围内。尽管财务比率有助于评估公司的增长潜力和风险,但不能单独使用它们来直接评估公司或其证券的价值,也不能据此判断其信用状况。在解读财务比率时,必须考察公司的整体运营情况,并考虑其所处的外部经济和行业环境。

  • The need to use judgment. A key issue is whether a ratio for a company is within a reasonable range. Although financial ratios are used to help assess the growth potential and risk of a company, they cannot be used alone to directly value a company or its securities, or to determine its creditworthiness. The entire operation of the company must be examined, and the external economic and industry setting in which it is operating must be considered when interpreting financial ratios.

  • 使用不同的会计方法。公司在选择某些会计方法时通常有一定的自主权。采用不同会计方法编制的财务报表所得出的比率可能不具有可比性,除非进行调整。一些重要的会计考虑因素包括:

    • 先进先出法(FIFO)、后进先出法(LIFO)或平均成本法存货计价方法(国际财务报告准则不允许后进先出法);

    • 对未合并联营企业采用成本法或权益法进行会计处理;

    • 直线折旧法或加速折旧法;以及

    • 出租人的经营租赁或融资租赁处理(根据美国通用会计准则,租赁类型会影响费用分类;根据国际财务报告准则,出租人的经营租赁处理不适用)。

  • The use of alternative accounting methods. Companies frequently have latitude when choosing certain accounting methods. Ratios taken from financial statements that employ different accounting choices may not be comparable unless adjustments are made. Some important accounting considerations include the following:

    • FIFO (first in, first out), LIFO (last in, first out), or average cost inventory valuation methods (IFRS does not allow LIFO);

    • Cost or equity methods of accounting for unconsolidated affiliates;

    • Straight line or accelerated methods of depreciation; and

    • Operating or finance lease treatment for lessors (under US GAAP, the type of lease affects classifications of expenses; under IFRS, operating lease treatment for lessors is not applicable).

国际财务报告准则(IFRS)的日益普及以及IFRS与美国通用会计准则(US GAAP)之间过去取得的趋同进展,使得不同公司的财务报表更具可比性,并可能克服部分难题。尽管如此,分析师仍需考虑一些会计处理选择。

The expanding use of IFRS and past convergence efforts between IFRS and US GAAP make the financial statements of different companies more comparable and may overcome some of these difficulties. Nonetheless, there will remain accounting choices that the analyst must consider.

3.1.3比率来源

3.1.3. Sources of Ratios

比率的计算可以直接使用从公司财务报表或数据库(例如彭博、Compustat、FactSet 或 Thomson Reuters)获取的数据。数据库提供的信息可能包括公司财务报表中报告的信息以及基于这些信息计算出的比率。这些数据库之所以受欢迎,是因为它们可以轻松访问多年的历史数据,从而可以分析长期趋势。它们还允许基于公司财政年度以外的其他期间(例如过去 12 个月 (TTM) 或最近季度 (MRQ))计算比率。

Ratios may be computed using data obtained directly from companies’ financial statements or from a database such as Bloomberg, Compustat, FactSet, or Thomson Reuters. The information provided by the database may include information as reported in companies’ financial statements and ratios calculated based on the information. These databases are popular because they provide easy access to many years of historical data so that trends over time can be examined. They also allow for ratio calculations based on periods other than the company’s fiscal year, such as for the trailing 12 months (TTM) or most recent quarter (MRQ).

例 4

过去十二个月

Trailing Twelve Months

7月15日,一位分析师正在研究一家财政年度于12月31日结束的公司。请使用以下数据计算该公司过去12个月的收益(截至2018年6月30日):

On 15 July, an analyst is examining a company with a fiscal year ending on 31 December. Use the following data to calculate the company’s trailing 12 month earnings (for the period ended 30 June 2018):

  • 截至 2017 年 12 月 31 日止年度的收益:1,200 美元;

  • Earnings for the year ended 31 December, 2017: $1,200;

  • 截至2017年6月30日的六个月收益:550美元;

  • Earnings for the six months ended 30 June 2017: $550; and

  • 截至 2018 年 6 月 30 日的六个月收益:750 美元。

  • Earnings for the six months ended 30 June 2018: $750.

解决方案:

Solution:

该公司过去 12 个月的收益为 1400 美元,计算方法为 1200 美元 - 550 美元 + 750 美元。

The company’s trailing 12 months earnings is $1,400, calculated as $1,200 – $550 + $750.

分析师应注意,不同供应商提供的比率计算公式可能有所不同。应从供应商处获取具体公式,并确定是否需要进行任何调整。此外,数据库供应商在对项目进行分类时通常会运用主观判断。例如,营业收入可能不会直接出现在公司的损益表中,供应商可能会根据主观判断将损益表项目分类为“营业收入”或“非营业收入”。此类判断的差异会影响任何涉及营业收入的计算。因此,在比较不同公司或评估同一公司的历史记录时,使用同一数据源是良好的做法。分析师应核实数据源的公式和数据分类的一致性。分析师还应注意供应商在数据分类中所做的判断,并参考原始财务报表,直到确信分类正确为止。

Analysts should be aware that the underlying formulas for ratios may differ by vendor. The formula used should be obtained from the vendor, and the analyst should determine whether any adjustments are necessary. Furthermore, database providers often exercise judgment when classifying items. For example, operating income may not appear directly on a company’s income statement, and the vendor may use judgment to classify income statement items as “operating” or “non-operating.” Variation in such judgments would affect any computation involving operating income. It is therefore a good practice to use the same source for data when comparing different companies or when evaluating the historical record of a single company. Analysts should verify the consistency of formulas and data classifications by the data source. Analysts should also be mindful of the judgments made by a vendor in data classifications and refer back to the source financial statements until they are comfortable that the classifications are appropriate.

从监管文件中收集财务数据并计算比率可以实现自动化。可扩展商业报告语言 (XBRL) 是一种将“智能标签”附加到财务信息(例如总资产)的机制,以便软件能够自动收集数据并执行所需的计算。XBRL 的开发机构 ( www.xbrl.org ) 是一个国际非营利联盟,拥有来自公司、协会和机构的 600 多个成员,其中包括国际会计准则理事会。目前,世界各地的许多证券交易所和监管机构都使用 XBRL 来接收和分发上市公司的公开财务报告。

Collection of financial data from regulatory filings and calculation of ratios can be automated. The eXtensible Business Reporting Language (XBRL) is a mechanism that attaches “smart tags” to financial information (e.g., total assets), so that software can automatically collect the data and perform desired computations. The organization developing XBRL (www.xbrl.org) is an international nonprofit consortium of over 600 members from companies, associations, and agencies, including the International Accounting Standards Board. Many stock exchanges and regulatory agencies around the world now use XBRL for receiving and distributing public financial reports from listed companies.

分析师可以将目标公司与数据库中类似的(同业)公司进行比较,或者使用行业汇总数据。对于非上市公司,可以从风险管理协会或邓白氏等机构发布的年度报告研究等来源获取行业汇总数据。这些出版物通常提供按四分位数排序的行业数据。根据定义,25% 的公司比率位于最低四分位数,25% 的公司比率介于最低四分位数和中位数之间,依此类推。分析师由此可以确定公司在行业中的相对地位。

Analysts can compare a subject company to similar (peer) companies in these databases or use aggregate industry data. For non-public companies, aggregate industry data can be obtained from such sources as Annual Statement Studies by the Risk Management Association or Dun & Bradstreet. These publications typically provide industry data with companies sorted into quartiles. By definition, twenty-five percent of companies’ ratios fall within the lowest quartile, 25 percent have ratios between the lower quartile and median value, and so on. Analysts can then determine a company’s relative standing in the industry.

3.2通用尺寸分析

3.2. Common-Size Analysis

通用比率分析是指将包括整个财务报表在内的财务数据与单一财务报表项目或基准进行比较。最常用的基准项目是总资产或收入。本质上,通用比率分析会计算出每个财务报表项目与基准项目之间的比率。

Common-size analysis involves expressing financial data, including entire financial statements, in relation to a single financial statement item, or base. Items used most frequently as the bases are total assets or revenue. In essence, common-size analysis creates a ratio between every financial statement item and the base item.

在之前的阅读材料中,我们已经演示了损益表、资产负债表和现金流量表的通用比率分析法。本节将更详细地介绍财务报表的通用比率分析法,并进一步探讨其解读方法。

Common-size analysis was demonstrated in readings for the income statement, balance sheet, and cash flow statement. In this section, we present common-size analysis of financial statements in greater detail and include further discussion of their interpretation.

3.2.1资产负债表的共同比分析

3.2.1. Common-Size Analysis of the Balance Sheet

垂直式5合计资产负债表,是通过将资产负债表上的每个项目除以同一时期的总资产,并将结果以百分比表示而编制的,它突出了资产负债表的构成。公司使用的资产组合是什么?公司如何融资?一家公司的资产负债表构成与同业公司相比如何?造成差异的原因是什么?

A vertical5 common-size balance sheet, prepared by dividing each item on the balance sheet by the same period’s total assets and expressing the results as percentages, highlights the composition of the balance sheet. What is the mix of assets being used? How is the company financing itself? How does one company’s balance sheet composition compare with that of peer companies, and what are the reasons for any differences?

横向通用格式资产负债表,可通过计算各资产负债表项目较上年同期的增减百分比,或将各项目数量除以基年同期数量来编制,从而突出各项目的变化。这些变化可以与预期进行比较。下文的趋势分析部分将以横向通用格式资产负债表为例进行说明。

A horizontal common-size balance sheet, prepared by computing the increase or decrease in percentage terms of each balance sheet item from the prior year or prepared by dividing the quantity of each item by a base year quantity of the item, highlights changes in items. These changes can be compared to expectations. The section on trend analysis below will illustrate a horizontal common-size balance sheet.

图表 3展示了一家假设公司在两个时期的纵向通用格式(部分)资产负债表。在本例中,应收账款占总资产的比例从第一期的 35% 增加到 57%,该比率从第二期增长了 63%。造成这种增长的可能原因是什么?这一增长可能表明公司更多地采用赊销而非现金交易,这或许是为了应对竞争对手采取的某些行动。或者,应收账款占总资产比例的增加可能是由于其他流动资产类别的变化,例如存货水平的下降;分析师需要调查该资产类别发生变化的原因。应收账款占总资产比例增加的另一个可能原因是公司降低了信用标准、放宽了收款程序或采用了更积极的收入确认政策。分析师可以参考其他比较和比率(例如,将应收账款增长率与销售额增长率进行比较),以帮助确定哪种解释最有可能。

Exhibit 3 presents a vertical common-size (partial) balance sheet for a hypothetical company in two time periods. In this example, receivables have increased from 35 percent to 57 percent of total assets and the ratio has increased by 63 percent from Period 1 to Period 2. What are possible reasons for such an increase? The increase might indicate that the company is making more of its sales on a credit basis rather than a cash basis, perhaps in response to some action taken by a competitor. Alternatively, the increase in receivables as a percentage of assets may have occurred because of a change in another current asset category, for example, a decrease in the level of inventory; the analyst would then need to investigate why that asset category has changed. Another possible reason for the increase in receivables as a percentage of assets is that the company has lowered its credit standards, relaxed its collection procedures, or adopted more aggressive revenue recognition policies. The analyst can turn to other comparisons and ratios (e.g., comparing the rate of growth in accounts receivable with the rate of growth in sales) to help determine which explanation is most likely.

图表 3. 假设公司的纵向通用比例(部分)资产负债表
第一期

占总资产的百分比
第二期

占总资产的百分比
现金 25 15
应收账款 35 57
存货 35 20
固定资产(扣除折旧后) 5 8
总资产 100 100

3.2.2损益表的共同比分析

3.2.2. Common-Size Analysis of the Income Statement

纵式通用格式损益表将每个损益项目按收入或有时按总资产(尤其适用于金融机构)进行划分。如果收入来源不止一个,则以百分比形式分解收入会很有帮助。表 4展示了一家假设公司两个时期的纵式通用格式损益表。收入被分解为公司的四项服务,每项服务的收入均以占总收入的百分比表示。

A vertical common-size income statement divides each income statement item by revenue, or sometimes by total assets (especially in the case of financial institutions). If there are multiple revenue sources, a decomposition of revenue in percentage terms is useful. Exhibit 4 presents a hypothetical company’s vertical common-size income statement in two time periods. Revenue is separated into the company’s four services, each shown as a percentage of total revenue.

在这个例子中,A服务的收入在公司总收入中所占的比例大幅上升(第一期为30%,第二期为45%)。这种业务组合变化的可能原因和影响是什么?公司是否出于战略考虑,决定增加A服务的销售,或许是因为A服务利润更高?显然并非如此,因为公司息税折旧摊销前利润(EBITDA)占销售额的比例从53%下降到45%,因此需要探究其他可能的解释。此外,从运营费用构成来看,利润率下降的主要原因是工资和员工福利占总收入的比例从15%上升到25%。A服务是否需要更多高薪员工?是否为了提高A服务的收入而增加了培训成本?如果分析师想要预测未来的业绩,就必须了解这些变化背后的原因。

In this example, revenues from Service A have become a far greater percentage of the company’s total revenue (30 percent in Period 1 and 45 percent in Period 2). What are possible reasons for and implications of this change in business mix? Did the company make a strategic decision to sell more of Service A, perhaps because it is more profitable? Apparently not, because the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) declined from 53 percent of sales to 45 percent, so other possible explanations should be examined. In addition, we note from the composition of operating expenses that the main reason for this decline in profitability is that salaries and employee benefits have increased from 15 percent to 25 percent of total revenue. Are more highly compensated employees required for Service A? Were higher training costs incurred in order to increase revenues from Service A? If the analyst wants to predict future performance, the causes of these changes must be understood.

此外,附录 4显示,公司所得税占销售额的比例大幅下降(从 15% 降至 8%)。而且,税前利润 (EBT) 占比(即实际税率,通常更相关的比较指标)也从 36% (= 15/42) 降至 24% (= 8/34)。第二期占总收入比例较高的服务 A 是否在税率较低的地区提供?如果不是,实际税率变化的原因是什么?

In addition, Exhibit 4 shows that the company’s income tax as a percentage of sales has declined dramatically (from 15 percent to 8 percent). Furthermore, taxes as a percentage of earnings before tax (EBT) (the effective tax rate, which is usually the more relevant comparison), have decreased from 36 percent (= 15/42) to 24 percent (= 8/34). Is Service A, which in Period 2 is a greater percentage of total revenue, provided in a jurisdiction with lower tax rates? If not, what is the explanation for the change in effective tax rate?

根据附录 4 的观察结果总结了通过分析纵向通用格式损益表可以提出的问题。

The observations based on Exhibit 4 summarize the issues that can be raised through analysis of the vertical common-size income statement.

图表 4. 假设公司的纵向通用格式损益表
第一期

占总收入的百分比
第二期

占总收入的百分比
收入来源:服务A 30 45
收入来源:服务 B 23 20
收入来源:服务C 30 30
收入来源:服务 D 17 5
总收入 100 100
运营费用(不含折旧)
   薪资和员工福利 15 25
   行政费用 22 20
   租金支出 10 10
息税折旧摊销前利润 53 45
   折旧和摊销 4 4
息税前利润 49 41
   已付利息 7 7
EBT 42 34
   所得税准备 15 8
净利 27 26

EBIT = 息税前利润。

EBIT = earnings before interest and tax.

3.2.3横截面分析

3.2.3. Cross-Sectional Analysis

如前所述,比率和通用比率报表的部分意义来源于与某些基准的比较。横截面分析(有时也称为“相对分析”)将一家公司的特定指标与另一家公司或一组公司的相同指标进行比较,即使这些公司规模差异显著和/或使用不同的货币,也能进行比较。图表 5对此进行了说明。

As noted previously, ratios and common-size statements derive part of their meaning through comparison to some benchmark. Cross-sectional analysis (sometimes called “relative analysis”) compares a specific metric for one company with the same metric for another company or group of companies, allowing comparisons even though the companies might be of significantly different sizes and/or operate in different currencies. This is illustrated in Exhibit 5.

图表 5. 两家假设公司的纵向通用(部分)资产负债表
资产 公司

总资产的1%
公司

总资产的 2%
现金 38 12
应收账款 33 55
存货 27 24
固定资产(扣除折旧) 1 2
投资 1 7
总资产 100 100

图表5展示了两家假设公司在同一时间点的纵向通用(部分)资产负债表。公司1的流动性明显高于公司2(流动性是指资产转化为现金的速度),公司2仅有12%的资产可以以现金形式存在,而流动性极高的公司1则有38%的资产可以以现金形式存在。鉴于现金通常是一种收益率相对较低的资产,因此并非一种特别有效的资金利用方式,那么公司1为何持有如此高比例的现金呢?或许该公司正在为收购做准备,或者为了应对波动较大的经营环境而维持较高的现金储备。本例对比还凸显了公司2资产中应收账款占比相对较高的问题,这可能表明该公司赊销比例较高、资产构成整体发生变化、信贷或收款标准较低,或者采用了激进的会计政策。

Exhibit 5 presents a vertical common-size (partial) balance sheet for two hypothetical companies at the same point in time. Company 1 is clearly more liquid (liquidity is a function of how quickly assets can be converted into cash) than Company 2, which has only 12 percent of assets available as cash, compared with the highly liquid Company 1, which has 38 percent of assets available as cash. Given that cash is generally a relatively low-yielding asset and thus not a particularly efficient use of excess funds, why does Company 1 hold such a large percentage of total assets in cash? Perhaps the company is preparing for an acquisition, or maintains a large cash position as insulation from a particularly volatile operating environment. Another issue highlighted by the comparison in this example is the relatively high percentage of receivables in Company 2’s assets, which may indicate a greater proportion of credit sales, overall changes in asset composition, lower credit or collection standards, or aggressive accounting policies.

3.2.4趋势分析6

3.2.4. Trend Analysis6

在分析财务报表和比率时,数据的趋势(无论是改善还是恶化)与当前的绝对值或相对值同等重要。趋势分析能够提供有关历史业绩和增长的重要信息,并且在拥有足够长的时间和足够准确的季节性信息的情况下,可以作为管理层和分析师进行规划和预测的有力工具。

When looking at financial statements and ratios, trends in the data, whether they are improving or deteriorating, are as important as the current absolute or relative levels. Trend analysis provides important information regarding historical performance and growth and, given a sufficiently long history of accurate seasonal information, can be of great assistance as a planning and forecasting tool for management and analysts.

附录 6A列出了一家假设公司五个期间的部分资产负债表。表格的最后两列显示了第五期与第四期相比的变化,分别以绝对值(本例中为美元)和百分比表示。较小的百分比变化可能掩盖了显著的货币变化,反之亦然,因此即使其中一项变化相对较小,分析师也需要探究其原因。在本例中,百分比变化最大的是投资,下降了 33.3%。然而,对绝对值变化的分析表明,投资仅变化了 200 万美元,而更显著的变化是应收账款增加了 1200 万美元。

Exhibit 6A presents a partial balance sheet for a hypothetical company over five periods. The last two columns of the table show the changes for Period 5 compared with Period 4, expressed both in absolute currency (in this case, dollars) and in percentages. A small percentage change could hide a significant currency change and vice versa, prompting the analyst to investigate the reasons despite one of the changes being relatively small. In this example, the largest percentage change was in investments, which decreased by 33.3 percent.7 However, an examination of the absolute currency amount of changes shows that investments changed by only $2 million, and the more significant change was the $12 million increase in receivables.

另一种呈现一段时间内数据的方法是,将每个项目与基准年的同类项目进行比较(即,横向通用格式资产负债表)。附录 6B6C展示了横向通用格式资产负债表的替代呈现方式。附录 6B呈现的信息与附录 6A相同,但将每个项目与第一期的同类项目进行指数化。例如,在第二期,公司拥有 2900 万美元现金,占第一期现金的 74% 或 0.74。如果以第一期为基准,假设第一期的每个项目赋值为 1.00,则第二期的值将为 0.74(29 美元/39 美元 = 0.74)。在第三期,公司拥有 2700 万美元现金,占第一期现金的 69%(27 美元/39 美元 = 0.69)。

Another way to present data covering a period of time is to show each item in relation to the same item in a base year (i.e., a horizontal common-size balance sheet). Exhibits 6B and 6C illustrate alternative presentations of horizontal common-size balance sheets. Exhibit 6B presents the information from the same partial balance sheet as in Exhibit 6A, but indexes each item relative to the same item in Period 1. For example, in Period 2, the company had $29 million cash, which is 74 percent or 0.74 of the amount of cash it had in Period 1. Expressed as an index relative to Period 1, where each item in Period 1 is given a value of 1.00, the value in Period 2 would be 0.74 ($29/$39 = 0.74). In Period 3, the company had $27 million cash, which is 69 percent of the amount of cash it had in Period 1 ($27/$39 = 0.69).

附录 6C列出了各项相对于上一年的百分比变化。例如,第 1 期到第 2 期的现金变化为 -25.6%(29 美元/39 美元 - 1 = -0.256),第 2 期到第 3 期的现金变化为 -6.9%(27 美元/29 美元 - 1 = -0.069)。分析师会选择与特定期间相对应的横向通用比率余额表。附录 6B清晰地表明,与第 1 期相比,第 5 期公司的现金减少了不到一半,投资额增加了四倍,固定资产增加了八倍。附录 6C突出了年度变化:例如,各期间的现金均有所下降。这种数据呈现方式突出了显著变化。再次强调,数值上的巨大变化并不一定意味着重要的变化。例如,固定资产增加了 100%,即在第 1 期到第 2 期之间翻了一番;然而,固定资产占总资产的比例从1%上升至2%。公司的营运资本(应收账款和存货)占总资产的比例远高于固定资产,因此更值得分析师关注。

Exhibit 6C presents the percentage change in each item, relative to the previous year. For example, the change in cash from Period 1 to Period 2 was –25.6 percent ($29/$39 – 1 = –0.256), and the change in cash from Period 2 to Period 3 was –6.9 percent ($27/$29 – 1 = –0.069). An analyst will select the horizontal common-size balance that addresses the particular period of interest. Exhibit 6B clearly highlights that in Period 5 compared to Period 1, the company has less than half the amount of cash, four times the amount of investments, and eight times the amount of property, plant, and equipment. Exhibit 6C highlights year-to-year changes: For example, cash has declined in each period. Presenting data this way highlights significant changes. Again, note that a mathematically big change is not necessarily an important change. For example, fixed assets increased 100 percent, i.e., doubled between Period 1 and 2; however, as a proportion of total assets, fixed assets increased from 1 percent of total assets to 2 percent of total assets. The company’s working capital assets (receivables and inventory) are a far higher proportion of total assets and would likely warrant more attention from an analyst.

对横向通用格式资产负债表的分析可以凸显企业发生的结构性变化。过去的趋势显然未必能准确预测未来,尤其是在经济或竞争环境发生变化时。当宏观经济和竞争环境相对稳定,且分析师正在评估一家稳定或成熟的企业时,对过去趋势的考察更有价值。然而,即使在不太稳定的环境下,历史分析也可以作为预测未来的依据。了解过去的趋势有助于评估这些趋势是否会持续,或者是否会改变方向。

An analysis of horizontal common-size balance sheets highlights structural changes that have occurred in a business. Past trends are obviously not necessarily an accurate predictor of the future, especially when the economic or competitive environment changes. An examination of past trends is more valuable when the macroeconomic and competitive environments are relatively stable and when the analyst is reviewing a stable or mature business. However, even in less stable contexts, historical analysis can serve as a basis for developing expectations. Understanding of past trends is helpful in assessing whether these trends are likely to continue or if the trend is likely to change direction.

附录 6A. 假设公司五个期间的部分资产负债表
时期

4 改为 5

(百万美元)


4 改为 5

(百分比)
资产(百万美元) 1 2 3 4 5
现金 39 29 27 19 16 -3 -15.8
投资 1 7 7 6 4 -2 -33.3
应收账款 44 41 37 67 79 12 17.9
存货 15 25 36 25 27 2 8.0
固定资产(扣除折旧) 1 2 6 9 8 -1 -11.1
总资产 100 104 113 126 134 8 6.3
附录 6B. 假设公司五个期间的横向通用格式(部分)资产负债表,每个项目均与第一期间的相同项目进行比较。
时期
资产 1 2 3 4 5
现金 1.00 0.74 0.69 0.49 0.41
投资 1.00 7.00 7.00 6.00 4.00
应收账款 1.00 0.93 0.84 1.52 1.80
存货 1.00 1.67 2.40 1.67 1.80
固定资产(扣除折旧) 1.00 2.00 6.00 9.00 8.00
总资产 1.00 1.04 1.13 1.26 1.34
附录 6C. 假设公司五个期间的横向通用格式(部分)资产负债表,以及各项目相对于上期的百分比变化
时期
资产 2 (%) 3 (%) 4 (%) 5 (%)
现金 -25.6 -6.9 -29.6 -15.8
投资 600.0 0.0 -14.3 -33.3
应收账款 -6.8 -9.8 81.1 17.9
存货 66.7 44.0 -30.6 8.0
固定资产(扣除折旧) 100.0 200.0 50.0 -11.1
总资产 4.0 8.7 11.5 6.3

衡量成功的一个标准是公司增长速度要高于其所在市场整体增长速度。增长缓慢的公司可能难以吸引股权资本。反之,增长过快的公司则可能发现其行政和管理信息系统无法跟上扩张速度。

One measure of success is for a company to grow at a rate greater than the rate of the overall market in which it operates. Companies that grow slowly may find themselves unable to attract equity capital. Conversely, companies that grow too quickly may find that their administrative and management information systems cannot keep up with the rate of expansion.

3.2.5财务报表之间的关系

3.2.5. Relationships among Financial Statements

通过横向通用比率分析生成的趋势数据可以用于比较不同财务报表。例如,可以将图表 6 中假设公司的资产增长率与同期该公司的收入增长率进行比较。如果收入增长速度快于资产增长速度,则该公司可能正在提高效率(即,每投入一美元资产就能产生更多收入)。

Trend data generated by a horizontal common-size analysis can be compared across financial statements. For example, the growth rate of assets for the hypothetical company in Exhibit 6 can be compared with the company’s growth in revenue over the same period of time. If revenue is growing more quickly than assets, the company may be increasing its efficiency (i.e., generating more revenue for every dollar invested in assets).

再举一个例子,考虑以下一家假想公司的同比百分比变化:

As another example, consider the following year-over-year percentage changes for a hypothetical company:

收入 +20%
净利 +25%
经营现金流 -10%
总资产 +30%

净利润增长速度超过营收增长速度,表明盈利能力不断提高。然而,分析师需要确定净利润的快速增长是源于持续经营活动,还是源于非经营性、非经常性项目。此外,尽管营收和净利润均有所增长,但经营现金流却下降了10%,这显然需要进一步调查,因为这可能表明盈利质量存在问题(例如,营收报告过于激进)。最后,资产增长速度超过营收增长速度表明公司效率可能正在下降。分析师应仔细分析资产增长的构成及其变化原因。例5展示了一个历史案例,其中不同财务报表的趋势数据对比实际上表明该公司采用了激进的会计政策。

Net income is growing faster than revenue, which indicates increasing profitability. However, the analyst would need to determine whether the faster growth in net income resulted from continuing operations or from non-operating, non-recurring items. In addition, the 10 percent decline in operating cash flow despite increasing revenue and net income clearly warrants further investigation because it could indicate a problem with earnings quality (perhaps aggressive reporting of revenue). Lastly, the fact that assets have grown faster than revenue indicates the company’s efficiency may be declining. The analyst should examine the composition of the increase in assets and the reasons for the changes. Example 5 illustrates a historical example of a company where comparisons of trend data from different financial statements were actually indicative of aggressive accounting policies.

例5

比较增长信息的使用8

Use of Comparative Growth Information8

1996年7月,美国公司Sunbeam引入新的管理团队以扭转公司颓势。以1996年为基准年,根据公布的数据,在次年(1997年)观察到以下情况:

In July 1996, Sunbeam, a US company, brought in new management to turn the company around. In the following year, 1997, using 1996 as the base, the following was observed based on reported numbers:

收入 +19%
存货 +58%
应收账款 +38%

通常情况下,库存和应收账款的增长速度与收入增长速度保持同步(或相近)更为理想。应收账款增长速度超过收入增长速度可能表明存在运营问题,例如信用标准较低或采用了激进的收入确认会计政策。同样,库存增长速度超过收入增长速度可能表明存在库存过时或激进会计政策等运营问题,例如为了增加利润而虚增库存。

It is generally more desirable to observe inventory and receivables growing at a slower (or similar) rate compared to revenue growth. Receivables growing faster than revenue can indicate operational issues, such as lower credit standards or aggressive accounting policies for revenue recognition. Similarly, inventory growing faster than revenue can indicate an operational problem with obsolescence or aggressive accounting policies, such as an improper overstatement of inventory to increase profits.

在这种情况下,原因在于其激进的会计政策。美国证券交易委员会后来指控Sunbeam公司不当加速确认收入,并从事其他不正当行为,例如在发货前就向客户收取库存费用。

In this case, the explanation lay in aggressive accounting policies. Sunbeam was later charged by the US Securities and Exchange Commission with improperly accelerating the recognition of revenue and engaging in other practices, such as billing customers for inventory prior to shipment.

3.3图表作为分析工具的应用

3.3. The Use of Graphs as an Analytical Tool

图表有助于比较不同时期的业绩和财务结构,突出业务运营重要方面的变化。此外,图表还能为分析师(以及管理层)提供企业风险趋势的直观概览。图表还可以有效地用于传达分析师关于财务状况和风险管理方面的结论。

Graphs facilitate comparison of performance and financial structure over time, highlighting changes in significant aspects of business operations. In addition, graphs provide the analyst (and management) with a visual overview of risk trends in a business. Graphs may also be used effectively to communicate the analyst’s conclusions regarding financial condition and risk management aspects.

附录7以堆叠柱状图的形式呈现了附录6A中的信息。该图表清晰地显示了现金的显著下降和应收账款的增长(无论从绝对值还是占资产的百分比来看)。在附录7中,纵轴表示金额(单位:百万美元),横轴表示期间。

Exhibit 7 presents the information from Exhibit 6A in a stacked column format. The graph makes the significant decline in cash and growth in receivables (both in absolute terms and as a percentage of assets) readily apparent. In Exhibit 7, the vertical axis shows US$ millions and the horizontal axis denotes the period.

选择合适的图表来传达财务分析中最关键的结论是一项技巧。一般来说,饼图最适合用来展示总价值的构成(例如,在有限时间段内,比如一两个周期内的资产)。当重点在于展示少数项目在相对较长时间段内的金额变化时,折线图则非常有用。而当构成、金额及其随时间的变化都至关重要时,堆叠柱状图则可能更合适。

Choosing the appropriate graph to communicate the most significant conclusions of a financial analysis is a skill. In general, pie graphs are most useful to communicate the composition of a total value (e.g., assets over a limited amount of time, say one or two periods). Line graphs are useful when the focus is on the change in amount for a limited number of items over a relatively longer time period. When the composition and amounts, as well as their change over time, are all important, a stacked column graph can be useful.

图表7. 假设公司五个时期资产构成堆叠柱状图

将第 5 期与第 4 期进行比较,应收账款的增长似乎在正常范围内;但将第 5 期与之前的时期进行比较,其显著增长就显而易见了。同样,简单的折线图也能清晰地展示关​​键财务变量的增长趋势。图表 8将图表 6A中的信息以折线图的形式呈现,展示了一家假设公司在五个时期内的资产增长情况。图中清晰地显示了现金的持续下降、存货的剧烈波动以及应收账款的显著增长。同样,纵轴单位为百万美元,横轴表示时期。

When comparing Period 5 with Period 4, the growth in receivables appears to be within normal bounds; but when comparing Period 5 with earlier periods, the dramatic growth becomes apparent. In the same manner, a simple line graph will also illustrate the growth trends in key financial variables. Exhibit 8 presents the information from Exhibit 6A as a line graph, illustrating the growth of assets of a hypothetical company over five periods. The steady decline in cash, volatile movements of inventory, and dramatic growth of receivables is clearly illustrated. Again, the vertical axis is shown in US$ millions and the horizontal axis denotes periods.

图表 8. 假设公司五个时期资产增长折线图

3.4回归分析

3.4. Regression Analysis

在分析特定项目或比率的趋势时,通常只需直观地评估变化即可。对于更复杂的情况,回归分析可以帮助识别变量之间的关系(或相关性)。例如,回归分析可以将公司销售额与GDP随时间的变化联系起来,从而深入了解公司是否存在周期性波动。此外,销售额与GDP之间的统计关系还可以作为预测销售额的基础。

When analyzing the trend in a specific line item or ratio, frequently it is possible simply to visually evaluate the changes. For more complex situations, regression analysis can help identify relationships (or correlation) between variables. For example, a regression analysis could relate a company’s sales to GDP over time, providing insight into whether the company is cyclical. In addition, the statistical relationship between sales and GDP could be used as a basis for forecasting sales.

回归分析的其他应用实例包括分析公司销售额与库存随时间变化的关系,或者酒店入住率与酒店收入之间的关系。除了为预测提供依据外,回归分析还有助于识别那些与历史统计关系不符的项目或比率。

Other examples where regression analysis may be useful include the relationship between a company’s sales and inventory over time, or the relationship between hotel occupancy and a company’s hotel revenues. In addition to providing a basis for forecasting, regression analysis facilitates identification of items or ratios that are not behaving as expected, given historical statistical relationships.

4.财务分析中常用的比率

4. Common Ratios Used in Financial Analysis

上一节我们重点讨论了基于共同比分析得出的比率。本节我们将讨论范围扩大到其他常用的财务比率及其分类。这些比率与共同比财务报表比率存在一些重叠。例如,净利润率是衡量盈​​利能力的一个常用指标,其计算方法为净利润除以销售额。该比率出现在纵向的共同比损益表中。其他一些比率则涉及来自多个财务报表的信息,甚至包括来自财务报表之外的数据。

In the previous section, we focused on ratios resulting from common-size analysis. In this section, we expand the discussion to include other commonly used financial ratios and the broad classes into which they are categorized. There is some overlap with common-size financial statement ratios. For example, a common indicator of profitability is the net profit margin, which is calculated as net income divided by sales. This ratio appears on a vertical common-size income statement. Other ratios involve information from multiple financial statements or even data from outside the financial statements.

由于比率数量众多,根据比率旨在反映的绩效方面,将其归类为不同的类别有助于理解和分析比率。财务分析师和数据供应商使用各种类别对比率进行分类。类别名称和每个类别中包含的比率可能有所不同。常见的比率类别包括活动性、流动性、偿付能力、盈利能力和估值。这些类别汇总于附录 9。每个类别衡量公司业务的不同方面,但所有类别都有助于评估公司通过经营活动产生现金流的整体能力以及相关风险。

Because of the large number of ratios, it is helpful to think about ratios in terms of broad categories based on what aspects of performance a ratio is intended to detect. Financial analysts and data vendors use a variety of categories to classify ratios. The category names and the ratios included in each category can differ. Common ratio categories include activity, liquidity, solvency, profitability, and valuation. These categories are summarized in Exhibit 9. Each category measures a different aspect of the company’s business, but all are useful in evaluating a company’s overall ability to generate cash flows from operating its business and the associated risks.

图表 9. 财务比率的分类
类别 描述
活动 活动比率衡量公司执行日常任务(例如应收账款的收取和库存管理)的效率。
流动性 流动性比率衡量公司履行短期债务的能力。
偿付能力 偿付能力比率衡量公司履行长期债务的能力。这些比率的子集也称为“杠杆率”和“长期债务”比率。
盈利能力 盈利能力比率衡量公司利用其资源(资产)创造利润的能力。
估值 估值比率衡量与特定权利(例如,股份或企业所有权)相关的资产或流量(例如,收益)的数量。

这些类别并非互斥;有些比率可用于衡量企业的多个方面。例如,衡量公司应收账款回收速度的活动比率也可用于评估公司的流动性,因为收入的回收会增加现金流。一些盈利能力比率也能反映企业的运营效率。总之,分析师会恰当地使用某些比率来评估企业的多个方面。分析师还需要了解不同行业在财务比率计算方面的差异。下文将提供关于比率计算的不同观点。

These categories are not mutually exclusive; some ratios are useful in measuring multiple aspects of the business. For example, an activity ratio measuring how quickly a company collects accounts receivable is also useful in assessing the company’s liquidity because collection of revenues increases cash. Some profitability ratios also reflect the operating efficiency of the business. In summary, analysts appropriately use certain ratios to evaluate multiple aspects of the business. Analysts also need to be aware of variations in industry practice in the calculation of financial ratios. In the text that follows, alternative views on ratio calculations are often provided.

4.1解释与背景

4.1. Interpretation and Context

财务比率只有在结合其他信息(包括基准)的情况下才能进行解读。通常,公司的财务比率会与其主要竞争对手的比率进行比较(横截面分析和趋势分析),也会与公司以往期间的财务比率进行比较(趋势分析)。其目的是了解公司财务比率与行业平均水平之间差异的根本原因。即使是那些保持稳定的比率也需要进一步分析,因为一致性有时可能表明公司采用了旨在平滑收益的会计政策。分析师应基于以下几点来评估财务比率:

Financial ratios can only be interpreted in the context of other information, including benchmarks. In general, the financial ratios of a company are compared with those of its major competitors (cross-sectional and trend analysis) and to the company’s prior periods (trend analysis). The goal is to understand the underlying causes of divergence between a company’s ratios and those of the industry. Even ratios that remain consistent require understanding because consistency can sometimes indicate accounting policies selected to smooth earnings. An analyst should evaluate financial ratios based on the following:

  1. 公司目标和战略。可以将实际比率与公司目标进行比较,以确定目标是否正在实现以及结果是否与公司战略一致。

  2. Company goals and strategy. Actual ratios can be compared with company objectives to determine whether objectives are being attained and whether the results are consistent with the company’s strategy.

  3. 行业标准横截面分析)。可以通过将公司的财务比率与行业标准或行业内部分公司进行比较,将一家公司与其所在行业的其他公司进行比较。当使用行业标准进行判断时,必须谨慎,因为:

    • 许多比率都具有行业特殊性,并非所有比率对所有行业都重要。

    • 公司可能拥有多种不同的业务线。这会导致总体财务比率失真。因此,最好按业务线分析行业特定比率。

    • 公司采用的会计方法不同,可能会扭曲财务比率。

    • 企业战略的差异会影响某些财务比率。

  4. Industry norms (cross-sectional analysis). A company can be compared with others in its industry by relating its financial ratios to industry norms or to a subset of the companies in an industry. When industry norms are used to make judgments, care must be taken because:

    • Many ratios are industry specific, and not all ratios are important to all industries.

    • Companies may have several different lines of business. This will cause aggregate financial ratios to be distorted. It is better to examine industry-specific ratios by lines of business.

    • Differences in accounting methods used by companies can distort financial ratios.

    • Differences in corporate strategies can affect certain financial ratios.

  5. 经济状况。对于周期性公司而言,经济强劲时财务比率往往会改善,而经济衰退时则会恶化。因此,在分析财务比率时,应结合当前所处的商业周期阶段。

  6. Economic conditions. For cyclical companies, financial ratios tend to improve when the economy is strong and weaken during recessions. Therefore, financial ratios should be examined in light of the current phase of the business cycle.

以下各节将依次讨论经营活动比率、流动性比率、偿付能力比率和盈利能力比率。部分估值比率将在权益分析部分介绍。

The following sections discuss activity, liquidity, solvency, and profitability ratios in turn. Selected valuation ratios are presented later in the section on equity analysis.

4.2 . 活动比率

4.2. Activity Ratios

活动比率也称为资产利用率运营效率比率。这类指标旨在衡量公司管理各项活动的能力,尤其是其管理各项资产的效率。活动比率被视为衡量持续运营绩效的指标——即公司资产的利用效率。这些比率反映了营运资本和长期资产的有效管理。如前所述,效率直接影响流动性(公司履行短期债务的能力),因此某些活动比率也可用于评估流动性。

Activity ratios are also known as asset utilization ratios or operating efficiency ratios. This category is intended to measure how well a company manages various activities, particularly how efficiently it manages its various assets. Activity ratios are analyzed as indicators of ongoing operational performance—how effectively assets are used by a company. These ratios reflect the efficient management of both working capital and longer term assets. As noted, efficiency has a direct impact on liquidity (the ability of a company to meet its short-term obligations), so some activity ratios are also useful in assessing liquidity.

4.2.1活度比的计算

4.2.1. Calculation of Activity Ratios

图表 10列出了最常用的活动比率。该图表显示了每个比率的分子和分母。

Exhibit 10 presents the most commonly used activity ratios. The exhibit shows the numerator and denominator of each ratio.

图表 10. 常用活动比率的定义
活性比率 分子 分母
库存周转率 销售成本或销货成本 平均库存
库存周转天数(DOH) 期间天数 库存周转率
应收账款周转率 收入 平均应收账款
应收账款周转天数(DSO) 期间天数 应收账款周转率
应付账款周转率 购买 平均应付账款
应付账款天数 期间天数 应付账款周转率
营运资金周转率 收入 平均营运资本
固定资产周转率 收入 平均净固定资产
总资产周转率 收入 平均总资产

活动比率衡量公司资产的利用效率。它们通常将损益表中的信息作为分子,将资产负债表中的项目作为分母。由于损益表反映的是一个期间发生的财务状况,而资产负债表仅反映期末的财务状况,因此为了保持一致性,通常使用资产负债表数据的平均值。例如,为了衡量库存管理效率,需要将销售成本或销货成本(来自损益表)除以平均库存(来自资产负债表)。大多数数据库,例如彭博和Baseline,在合并损益表和资产负债表数据时都采用这种平均方法。这些数据库通常只对年初和年末两个时间点的数据取平均值。以下基于年度财务报表的示例将说明这种做法。然而,一些分析师倾向于对更多数据点取平均值,尤其是在业务具有季节性的情况下。如果编制的是半年报,则可以对三个数据点(年初、年中和年末)取平均值。如果有季度数据,可以计算五点平均值(年初和每个季度末),或者计算四点平均值(每个季度末)。需要注意的是,如果公司年末库存处于年度最低点或最高点,即使使用三个或五个数据点,仍然可能存在偏差,因为年初和年末的时间相同,实际上会被重复计算。

Activity ratios measure how efficiently the company utilizes assets. They generally combine information from the income statement in the numerator with balance sheet items in the denominator. Because the income statement measures what happened during a period whereas the balance sheet shows the condition only at the end of the period, average balance sheet data are normally used for consistency. For example, to measure inventory management efficiency, cost of sales or cost of goods sold (from the income statement) is divided by average inventory (from the balance sheet). Most databases, such as Bloomberg and Baseline, use this averaging convention when income statement and balance sheet data are combined. These databases typically average only two points: the beginning of the year and the end of the year. The examples that follow based on annual financial statements illustrate that practice. However, some analysts prefer to average more observations if they are available, especially if the business is seasonal. If a semiannual report is prepared, an average can be taken over three data points (beginning, middle, and end of year). If quarterly data are available, a five-point average can be computed (beginning of year and end of each quarterly period) or a four-point average using the end of each quarterly period. Note that if the company’s year ends at a low or high point for inventory for the year, there can still be bias in using three or five data points, because the beginning and end of year occur at the same time of the year and are effectively double counted.

由于销售成本衡量的是已售出存货的成本,因此存货周转率衡量的是理论上每年整个存货的周转次数,也就是售出次数。(之所以说“理论上”售出所有存货,是因为实际上公司通常不会售罄所有存货。)例如,如果一家公司最近一年的销售成本为 120,000 欧元,平均存货为 10,000 欧元,则存货周转率为 12。理论上,该公司每年(即每月一次)将其所有存货周转(即售出)12 次。(同样,之所以说“理论上”,是因为实际上公司很可能将部分存货从一个月结转到另一个月。)然后,可以通过将存货周转率除以会计期间的天数,将存货周转率转换为存货周转天数 (DOH)。在这个例子中,结果是库存周转天数 (DOH) 为 30.42 (365/12),这意味着,平均而言,该公司的库存周转天数约为 30 天,或者等价地,该公司在该期间平均保持了约 30 天的库存量。

Because cost of goods sold measures the cost of inventory that has been sold, this ratio measures how many times per year the entire inventory was theoretically turned over, or sold. (We say that the entire inventory was “theoretically” sold because in practice companies do not generally sell out their entire inventory.) If, for example, a company’s cost of goods sold for a recent year was €120,000 and its average inventory was €10,000, the inventory turnover ratio would be 12. The company theoretically turns over (i.e., sells) its entire inventory 12 times per year (i.e., once a month). (Again, we say “theoretically” because in practice the company likely carries some inventory from one month into another.) Turnover can then be converted to days of inventory on hand (DOH) by dividing inventory turnover into the number of days in the accounting period. In this example, the result is a DOH of 30.42 (365/12), meaning that, on average, the company’s inventory was on hand for about 30 days, or, equivalently, the company kept on hand about 30 days’ worth of inventory, on average, during the period.

活动比率可以针对任何年度或中期期间计算,但在解释和比较不同期间的数据时必须格外谨慎。例如,如果同一家公司在下一年度第一季度(90 天)的销售成本为 35,000 欧元,平均库存为 11,000 欧元,则库存周转率为 3.18 次。然而,该周转率为每季度 3.18 次,与上一年每年 12 次的周转率无法直接比较。在这种情况下,我们可以将季度库存周转率乘以 4(12 个月/3 个月;或乘以 4.06,即 365 天/90 天)来将其年化,以便与年度周转率进行比较。因此,季度库存周转率相当于年度库存周转率 12.72 次(如果按 90 天季度和 365 天年度计算,则相当于 12.91 次)。要使用季度数据计算DOH,我们可以使用季度周转率和季度天数作为分子,或者使用年度周转率和365天;两种方法计算出的DOH约为28.3,由于四舍五入略有差异(90/3.18 = 28.30 和 365/12.91 = 28.27)。另一个与时间相关的计算细节是,对于采用52/53周年度周期的公司以及闰年,应使用实际的年度天数,而不是365天。

Activity ratios can be computed for any annual or interim period, but care must be taken in the interpretation and comparison across periods. For example, if the same company had cost of goods sold for the first quarter (90 days) of the following year of €35,000 and average inventory of €11,000, the inventory turnover would be 3.18 times. However, this turnover rate is 3.18 times per quarter, which is not directly comparable to the 12 times per year in the preceding year. In this case, we can annualize the quarterly inventory turnover rate by multiplying the quarterly turnover by 4 (12 months/3 months; or by 4.06, using 365 days/90 days) for comparison to the annual turnover rate. So, the quarterly inventory turnover is equivalent to a 12.72 annual inventory turnover (or 12.91 if we annualize the ratio using a 90-day quarter and a 365-day year). To compute the DOH using quarterly data, we can use the quarterly turnover rate and the number of days in the quarter for the numerator—or, we can use the annualized turnover rate and 365 days; either results in DOH of around 28.3, with slight differences due to rounding (90/3.18 = 28.30 and 365/12.91 = 28.27). Another time-related computational detail is that for companies using a 52/53-week annual period and for leap years, the actual days in the year should be used rather than 365.

在某些情况下,分析师可能想知道年末的库存天数,而不是全年的平均库存天数。在这种情况下,计算时应使用年末库存余额,而不是平均值。如果公司快速增长或成本快速上升,分析师应考虑仅使用第四季度的销售成本进行计算,因为之前季度的销售成本可能不具有参考价值。 示例 6进一步演示了如何使用在香港联合交易所 (HKEX) 上市的联想集团有限公司来计算业务活动比率。

In some cases, an analyst may want to know how many days of inventory are on hand at the end of the year rather than the average for the year. In this case, it would be appropriate to use the year-end inventory balance in the computation rather than the average. If the company is growing rapidly or if costs are increasing rapidly, analysts should consider using cost of goods sold just for the fourth quarter in this computation because the cost of goods sold of earlier quarters may not be relevant. Example 6 further demonstrates computation of activity ratios using Hong Kong Stock Exchange(HKEX)-listed Lenovo Group Limited.

例 6

活动比率的计算

Computation of Activity Ratios

一位分析师希望评估联想集团在截至2018年3月31日的财年(2017财年)内应收账款的回收效率。该分析师从联想的年度报告和中期报告中收集了以下信息:

An analyst would like to evaluate Lenovo Group’s efficiency in collecting its trade accounts receivable during the fiscal year ended 31 March 2018 (FY2017). The analyst gathers the following information from Lenovo’s annual and interim reports:

美元(千美元)
截至2017年3月31日的应收账款 4,468,392
截至2018年3月31日的应收账款 4,972,722
截至2018年3月31日止年度的收入 45,349,943

计算联想截至 2018 年 3 月 31 日的财政年度的应收账款周转率和应收账款周转天数 (DSO)。

Calculate Lenovo’s receivables turnover and number of days of sales outstanding (DSO) for the fiscal year ended 31 March 2018.

解决方案:

Solution:

应收账款周转率 = 收入/平均应收账款
= 45,349,943/[(4,468,392 + 4,972,722)/2]
= 45,349,943/4,720,557
= 9.6069 次,或 9.6 次(四舍五入)
配电系统 = 期间天数/应收账款周转率
= 365/9.6
= 38.0天

在截至 2018 年 3 月 31 日的财政年度中,联想平均需要 38 天才能收回应收账款。

On average, it took Lenovo 38 days to collect receivables during the fiscal year ended 31 March 2018.

4.2.2活性比率的解释

4.2.2. Interpretation of Activity Ratios

在下一节中,我们将进一步讨论附录 10中定义的活动比率。

In the following section, we further discuss the activity ratios that were defined in Exhibit 10.

存货周转率和库存周转天数

Inventory Turnover and DOH

存货周转率是许多企业运营的核心指标。它反映了库存占用的资源(即持有成本),因此可以用来衡量库存管理的有效性。较高的存货周转率意味着库存持有时间较短,从而降低了库存周转天数(DOH)。一般来说,存货周转率和库存周转天数应参照行业标准进行评估。

Inventory turnover lies at the heart of operations for many entities. It indicates the resources tied up in inventory (i.e., the carrying costs) and can, therefore, be used to indicate inventory management effectiveness. A higher inventory turnover ratio implies a shorter period that inventory is held, and thus a lower DOH. In general, inventory turnover and DOH should be benchmarked against industry norms.

相对于行业平均水平,较高的库存周转率可能表明库存管理非常有效。另一方面,较高的库存周转率(以及相应的较低库存周转天数)也可能表明公司库存不足,缺货可能会影响收入。为了评估哪种解释的可能性更大,分析师可以将公司的收入增长与行业平均水平进行比较。较低的收入增长加上较高的库存周转率可能表明库存水平不足。如果收入增长达到或超过行业平均水平,则支持较高的库存周转率反映了更高的库存管理效率这一解释。

A high inventory turnover ratio relative to industry norms might indicate highly effective inventory management. Alternatively, a high inventory turnover ratio (and commensurately low DOH) could possibly indicate the company does not carry adequate inventory, so shortages could potentially hurt revenue. To assess which explanation is more likely, the analyst can compare the company’s revenue growth with that of the industry. Slower growth combined with higher inventory turnover could indicate inadequate inventory levels. Revenue growth at or above the industry’s growth supports the interpretation that the higher turnover reflects greater inventory management efficiency.

与行业平均水平相比,较低的库存周转率(以及相应的较高库存周转天数)可能表明库存周转缓慢,这或许是由于技术过时或产品潮流变化所致。同样,将公司的销售增长与行业平均水平进行比较可以提供一些线索。

A low inventory turnover ratio (and commensurately high DOH) relative to the rest of the industry could be an indicator of slow-moving inventory, perhaps due to technological obsolescence or a change in fashion. Again, comparing the company’s sales growth with the industry can offer insight.

应收账款周转率和应收账款周转天数。

Receivables Turnover and DSO.

DSO(应收账款周转天数)代表销售到收款之间的时间,反映公司从提供信贷的客户那里收回现金的速度。虽然将应收账款周转率中的分子限定为赊销额更为合适,但分析师并非总能获得赊销信息;因此,通常使用损益表中报告的收入作为近似值。

The number of DSO represents the elapsed time between a sale and cash collection, reflecting how fast the company collects cash from customers to whom it offers credit. Although limiting the numerator to sales made on credit in the receivables turnover would be more appropriate, credit sales information is not always available to analysts; therefore, revenue as reported in the income statement is generally used as an approximation.

较高的应收账款周转率(以及相应的较低应收账款周转天数)可能表明信贷和收款效率很高。另一方面,较高的应收账款周转率也可能表明公司的信贷或收款政策过于严格,这意味着公司可能会因为竞争对手提供更宽松的条款而流失客户。相对较低的应收账款周转率通常会引发人们对公司信贷和收款流程效率的质疑。与库存管理类似,将公司销售增长与行业平均水平进行比较,可以帮助分析师评估销售损失是否是由于严格的信贷政策造成的。此外,将公司对坏账的估计和实际信用损失与以往经验以及同业公司进行比较,可以帮助评估低周转率是否反映了信贷管理问题。公司通常会提供应收账款账龄的详细信息(按账龄划分的未偿应收账款总额)。如示例 7所示, 可以将此信息与应收账款周转天数结合使用,以了解收款趋势。

A relatively high receivables turnover ratio (and commensurately low DSO) might indicate highly efficient credit and collection. Alternatively, a high receivables turnover ratio could indicate that the company’s credit or collection policies are too stringent, suggesting the possibility of sales being lost to competitors offering more lenient terms. A relatively low receivables turnover ratio would typically raise questions about the efficiency of the company’s credit and collections procedures. As with inventory management, comparison of the company’s sales growth relative to the industry can help the analyst assess whether sales are being lost due to stringent credit policies. In addition, comparing the company’s estimates of uncollectible accounts receivable and actual credit losses with past experience and with peer companies can help assess whether low turnover reflects credit management issues. Companies often provide details of receivables aging (how much receivables have been outstanding by age). This can be used along with DSO to understand trends in collection, as demonstrated in Example 7.

例 7

活动比率的评估

Evaluation of an Activity Ratio

一位分析师计算了联想截至 2018 年 3 月 31 日和 2017 年 3 月 31 日财年的平均应收账款周转天数 (DSO):

An analyst has computed the average DSO for Lenovo for fiscal years ended 31 March 2018 and 2017:

2017财年 2016财年
应收账款周转天数 38.0 37.6

截至2017年3月31日的财年(2016财年)营收为430.35亿美元,而截至2018年3月31日的财年(2017财年)营收为453.5亿美元。分析师希望更深入地了解公司2016财年至2017财年期间应收账款周转天数(DSO)的变化,以及这一增长是否表明客户信用质量存在任何问题。分析师从联想的年度报告中收集应收账款账龄信息,并计算应收账款周转天数占应收账款的百分比。该信息见附录11

Revenue increased from US$43.035 billion for fiscal year ended 31 March 2017 (FY2016) to US$45.350 billion for fiscal year ended 31 March 2018 (FY2017). The analyst would like to better understand the change in the company’s DSO from FY2016 to FY2017 and whether the increase is indicative of any issues with the customers’ credit quality. The analyst collects accounts receivable aging information from Lenovo’s annual reports and computes the percentage of accounts receivable by days outstanding. This information is presented in Exhibit 11:

展品11
  2017财年 2016财年 2015财年
  000美元 百分比 000美元 百分比 000美元 百分比
应收账款
0-30天 3,046,240 59.95 2,923,083 63.92 3,246,600 71.99
31-60天 1,169,286 23.01 985,251 21.55 617,199 13.69
61-90天 320,183 6.30 283,050 6.19 240,470 5.33
超过90天 545,629 10.74 381,387 8.34 405,410 8.99
全部的 5,081,338 100.00 4,572,771 100.00 4,509,679 100.00
减:减值准备 -108,616 -2.14 -104,379 -2.28 -106,172 -2.35
应收账款净额 4,972,722 97.86 4,468,392 97.72 4,403,507 97.65
总销售额 45,349,943 43,034,731 44,912,097

:联想的脚注披露,一般贸易客户可享受 0 至 120 天的信用期限。

Note: Lenovo’s footnotes disclose that general trade customers are provided with credit terms ranging from 0 to 120 days.

这些数据表明,2017财年应收账款总额较2016财年增长约11.3%,而总销售额仅增长5.4%。此外,所有类别中逾期超过30天的应收账款比例在过去三年中均有所上升,表明客户付款周期确实延长了。另一方面,减值准备(坏账准备的估计值)占应收账款总额的比例有所下降。考虑到所有这些信息,该公司可能为了推动销售增长而有意增加客户融资。他们也可能低估了减值损失。分析师应就此进行深入调查。

These data indicate that total accounts receivable increased by about 11.3% in FY2017 versus FY2016, while total sales increased by only 5.4%. Further, the percentage of receivables in all categories older than 30 days has increased over the three-year period, indicating that customers are indeed taking longer to pay. On the other hand, the provision for impairment (estimate of uncollectible accounts) has declined as a percent of total receivables. Considering all this information, the company may be increasing customer financing purposely to drive its sales growth. They also may be underestimating the impairment. This should be investigated further by the analyst.

应付账款周转率和应付账款天数

Payables Turnover and the Number of Days of Payables

应付账款周转天数反映公司向供应商付款的平均天数,而应付账款周转率衡量公司理论上每年偿还所有债权人款项的次数。计算这些比率时,一个隐含的假设是公司所有采购均采用赊购方式。如果采购金额无法直接获得,则可以通过销售成本加上期末存货减去期初存货来计算。或者,有时也使用销售成本来近似估算采购金额。

The number of days of payables reflects the average number of days the company takes to pay its suppliers, and the payables turnover ratio measures how many times per year the company theoretically pays off all its creditors. For purposes of calculating these ratios, an implicit assumption is that the company makes all its purchases using credit. If the amount of purchases is not directly available, it can be computed as cost of goods sold plus ending inventory less beginning inventory. Alternatively, cost of goods sold is sometimes used as an approximation of purchases.

相对于行业平均水平,较高的应付账款周转率(应付账款天数短)可能表明公司未充分利用可用信贷额度;或者,也可能是公司利用了提前付款折扣。过低的周转率(应付账款天数长)可能表明公司难以按时付款,或者存在利用供应商宽松付款条件的情况。在这种情况下,同时参考其他比率就显得尤为重要。如果流动比率表明公司拥有足够的现金和其他短期资产来偿还债务,但应付账款天数仍然较高,分析师则倾向于认为这是由于供应商的信贷和收款政策较为宽松所致。

A payables turnover ratio that is high (low days payable) relative to the industry could indicate that the company is not making full use of available credit facilities; alternatively, it could result from a company taking advantage of early payment discounts. An excessively low turnover ratio (high days payable) could indicate trouble making payments on time, or alternatively, exploitation of lenient supplier terms. This is another example where it is useful to look simultaneously at other ratios. If liquidity ratios indicate that the company has sufficient cash and other short-term assets to pay obligations and yet the days payable ratio is relatively high, the analyst would favor the lenient supplier credit and collection policies as an explanation.

营运资本周转率

Working Capital Turnover

营运资本定义为流动资产减去流动负债。营运资本周转率反映了公司利用营运资本创造收入的效率。例如,营运资本周转率为 4.0 表示公司每 1 欧元营运资本可创造 4 欧元收入。较高的营运资本周转率表明效率更高(即公司相对于营运资本而言,能够创造更高的收入水平)。对于某些公司而言,营运资本可能接近于零或为负值,导致该比率无法解读。在这种情况下,以下两个比率更为有用。

Working capital is defined as current assets minus current liabilities. Working capital turnover indicates how efficiently the company generates revenue with its working capital. For example, a working capital turnover ratio of 4.0 indicates that the company generates €4 of revenue for every €1 of working capital. A high working capital turnover ratio indicates greater efficiency (i.e., the company is generating a high level of revenues relative to working capital). For some companies, working capital can be near zero or negative, rendering this ratio incapable of being interpreted. The following two ratios are more useful in those circumstances.

固定资产周转率

Fixed Asset Turnover

该比率衡量公司利用固定资产投资创造收入的效率。一般来说,较高的固定资产周转率表明公司在创造收入方面更有效地利用了固定资产。较低的比率可能表明效率低下、资本密集型商业环境,或者是一家尚未满负荷运转的新企业——在这种情况下,分析师无法将该比率与效率直接联系起来。此外,资产周转率还会受到公司效率以外的其他因素的影响。对于资产较新的公司(因此折旧较少,在财务报表中反映的账面价值较高),其固定资产周转率会低于资产较旧的公司(因此折旧较多,账面价值较低)。固定资产比率可能波动较大,因为尽管收入可能保持稳定的增长率,但固定资产的增长可能并非一帆风顺;因此,该比率的年度变化并不一定表明公司效率发生了重大变化。

This ratio measures how efficiently the company generates revenues from its investments in fixed assets. Generally, a higher fixed asset turnover ratio indicates more efficient use of fixed assets in generating revenue. A low ratio can indicate inefficiency, a capital-intensive business environment, or a new business not yet operating at full capacity—in which case the analyst will not be able to link the ratio directly to efficiency. In addition, asset turnover can be affected by factors other than a company’s efficiency. The fixed asset turnover ratio would be lower for a company whose assets are newer (and, therefore, less depreciated and so reflected in the financial statements at a higher carrying value) than the ratio for a company with older assets (that are thus more depreciated and so reflected at a lower carrying value). The fixed asset ratio can be erratic because, although revenue may have a steady growth rate, increases in fixed assets may not follow a smooth pattern; so, every year-to-year change in the ratio does not necessarily indicate important changes in the company’s efficiency.

总资产周转率

Total Asset Turnover

总资产周转率衡量公司利用既定资产水平创造收入的整体能力。1.20 的比率表示公司每 1 欧元的平均资产能创造 1.20 欧元的收入。比率越高,效率越高。由于该比率包含固定资产和流动资产,因此低效的营运资本管理会影响整体解读。所以,分别分析营运资本周转率和固定资产周转率会更有帮助。

The total asset turnover ratio measures the company’s overall ability to generate revenues with a given level of assets. A ratio of 1.20 would indicate that the company is generating €1.20 of revenues for every €1 of average assets. A higher ratio indicates greater efficiency. Because this ratio includes both fixed and current assets, inefficient working capital management can distort overall interpretations. It is therefore helpful to analyze working capital and fixed asset turnover ratios separately.

较低的资产周转率可能表明企业效率低下或资本密集度较高。该比率也反映了管理层的战略决策——例如,决定采用劳动密集型(资本密集度较低)的业务模式,还是采用资本密集型(劳动密集度较低)的业务模式。

A low asset turnover ratio can be an indicator of inefficiency or of relative capital intensity of the business. The ratio also reflects strategic decisions by management—for example, the decision whether to use a more labor-intensive (and less capital-intensive) approach to its business or a more capital-intensive (and less labor-intensive) approach.

在解读各项活动比率时,分析师不仅应考察单个比率,还应考察相关比率的组合,以确定公司的整体效率。示例 8展示了如何评估一家假想制造商的各项活动比率,包括狭义活动比率(例如,存货周转天数)和广义活动比率(例如,总资产周转率)。

When interpreting activity ratios, the analysts should examine not only the individual ratios but also the collection of relevant ratios to determine the overall efficiency of a company. Example 8 demonstrates the evaluation of activity ratios, both narrow (e.g., days of inventory on hand) and broad (e.g., total asset turnover) for a hypothetical manufacturer.

例 8

活性比率评估

Evaluation of Activity Ratios

ZZZ公司是一家假想的制造公司。作为对管理层运营效率分析的一部分,分析师从数据提供商处收集了以下活动比率:

ZZZ Company is a hypothetical manufacturing company. As part of an analysis of management’s operating efficiency, an analyst collects the following activity ratios from a data provider:

比率 2018 2017 2016 2015
卫生部 35.68 40.70 40.47 48.51
配电系统 45.07 58.28 51.27 76.98
总资产周转率 0.36 0.28 0.23 0.22

这些比率表明,该公司在过去四年中,所有三项业务活动指标均有所改善。该公司似乎提高了库存管理效率,加快了应收账款回收速度,并且相对于总资产而言,收入水平更高。总体趋势看起来不错,但到目前为止,分析师仅确定了发生了什么。更重要的问题是,为什么这些比率会改善,因为了解好坏变化有助于判断公司未来的业绩。为了回答这个问题,分析师查阅了公司的财务报告以及有关行业和经济的外部信息。在查阅年度报告时,分析师注意到,该公司在2018年第四季度经历了“库存调整”,并计提了相当于年末库存价值约15%的库存市场价值下降和过时准备金(相比之下,上一年计提的准备金约为6%)。库存价值的下降是导致库存周转天数(DOH)从2017年的40.70天降至2018年的35.68天的主要原因。管理层声称,库存过时只是短期问题;分析师可以观察未来几个中期的库存周转天数来验证这一说法。无论如何,在其他条件不变的情况下,分析师预计库存周转天数未来将回升至接近40天的水平。

These ratios indicate that the company has improved on all three measures of activity over the four-year period. The company appears to be managing its inventory more efficiently, is collecting receivables faster, and is generating a higher level of revenues relative to total assets. The overall trend appears good, but thus far, the analyst has only determined what happened. A more important question is why the ratios improved, because understanding good changes as well as bad ones facilitates judgments about the company’s future performance. To answer this question, the analyst examines company financial reports as well as external information about the industry and economy. In examining the annual report, the analyst notes that in the fourth quarter of 2018, the company experienced an “inventory correction” and that the company recorded an allowance for the decline in market value and obsolescence of inventory of about 15 percent of year-end inventory value (compared with about a 6 percent allowance in the prior year). This reduction in the value of inventory accounts for a large portion of the decline in DOH from 40.70 in 2017 to 35.68 in 2018. Management claims that this inventory obsolescence is a short-term issue; analysts can watch DOH in future interim periods to confirm this assertion. In any event, all else being equal, the analyst would likely expect DOH to return to a level closer to 40 days going forward.

从总资产周转率可以得出更为积极的解读。分析师发现,公司收入增长超过35%,而总资产仅增长约6%。基于行业和经济方面的外部信息,分析师将收入增长归因于行业整体增长以及公司市场份额的提升。管理层在资产增幅相对温和的情况下实现了收入增长,从而提高了总资产周转率。此外,资产周转率提升的部分原因是库存周转天数(DOH)和应收账款周转天数(DSO)的降低。

More positive interpretations can be drawn from the total asset turnover. The analyst finds that the company’s revenues increased more than 35 percent while total assets only increased by about 6 percent. Based on external information about the industry and economy, the analyst attributes the increased revenues both to overall growth in the industry and to the company’s increased market share. Management was able to achieve growth in revenues with a comparatively modest increase in assets, leading to an improvement in total asset turnover. Note further that part of the reason for the increase in asset turnover is lower DOH and DSO.

4.3流动性比率

4.3. Liquidity Ratios

流动性分析侧重于现金流,衡量公司履行短期债务的能力。流动性衡量资产转化为现金的速度。流动性比率也衡量偿还短期债务的能力。在日常运营中,流动性管理通常通过高效利用资产来实现。在中期,非金融行业的流动性管理还通过管理负债结构来实现。(参见下文关于金融行业的讨论。)

Liquidity analysis, which focuses on cash flows, measures a company’s ability to meet its short-term obligations. Liquidity measures how quickly assets are converted into cash. Liquidity ratios also measure the ability to pay off short-term obligations. In day-to-day operations, liquidity management is typically achieved through efficient use of assets. In the medium term, liquidity in the non-financial sector is also addressed by managing the structure of liabilities. (See the discussion on financial sector below.)

不同行业所需的流动性水平各不相同。特定公司的流动性状况会根据其在任何特定时期的预期资金需求而变化。判断一家公司是否拥有充足的流动性,需要分析其历史融资需求、当前流动性状况、预期未来融资需求,以及减少融资需求或吸引额外资金的方案(包括实际和潜在的资金来源)。

The level of liquidity needed differs from one industry to another. A particular company’s liquidity position may vary according to the anticipated need for funds at any given time. Judging whether a company has adequate liquidity requires analysis of its historical funding requirements, current liquidity position, anticipated future funding needs, and options for reducing funding needs or attracting additional funds (including actual and potential sources of such funding).

与小型公司相比,大型公司通常更能控制其负债水平和构成。因此,它们可能拥有更多潜在的融资来源,包括公共资本和货币市场。与无法获得此类融资渠道的公司相比,更灵活地进入资本市场也降低了所需的流动性缓冲规模。

Larger companies are usually better able to control the level and composition of their liabilities than smaller companies. Therefore, they may have more potential funding sources, including public capital and money markets. Greater discretionary access to capital markets also reduces the size of the liquidity buffer needed relative to companies without such access.

信用证或财务担保等或有负债在评估流动性时也至关重要。或有负债的重要性在非银行部门和银行部门有所不同。在非银行部门,或有负债(通常在公司财务报表的附注中披露)代表潜在的现金流出,在适当情况下,应将其纳入公司流动性评估。在银行部门,或有负债代表潜在的重大现金流出,这些流出并不取决于银行的财务状况。尽管在正常的市场环境下,现金流出通常较低,但宏观经济或市场危机可能会引发与或有负债相关的现金流出大幅增加,因为此类事件往往伴随着违约和企业破产的增加。此外,此类危机通常表现为整体流动性水平下降,这会进一步加剧资金短缺。因此,对于银行部门而言,或有负债对流动性的影响值得特别关注。

Contingent liabilities, such as letters of credit or financial guarantees, can also be relevant when assessing liquidity. The importance of contingent liabilities varies for the non-banking and banking sector. In the non-banking sector, contingent liabilities (usually disclosed in the footnotes to the company’s financial statements) represent potential cash outflows, and when appropriate, should be included in an assessment of a company’s liquidity. In the banking sector, contingent liabilities represent potentially significant cash outflows that are not dependent on the bank’s financial condition. Although outflows in normal market circumstances typically may be low, a general macroeconomic or market crisis can trigger a substantial increase in cash outflows related to contingent liabilities because of the increase in defaults and business bankruptcies that often accompany such events. In addition, such crises are usually characterized by diminished levels of overall liquidity, which can further exacerbate funding shortfalls. Therefore, for the banking sector, the effect of contingent liabilities on liquidity warrants particular attention.

4.3.1流动比率的计算

4.3.1. Calculation of Liquidity Ratios

常用流动比率见附录12。这些流动比率反映公司在特定时点的财务状况,因此通常使用期末资产负债表数据而非平均值。流动比率、速动比率和现金比率分别衡量公司偿还流动负债的能力。这三个比率对流动资产的定义依次递增。

Common liquidity ratios are presented in Exhibit 12. These liquidity ratios reflect a company’s position at a point in time and, therefore, typically use data from the ending balance sheet rather than averages. The current, quick, and cash ratios reflect three measures of a company’s ability to pay current liabilities. Each uses a progressively stricter definition of liquid assets.

防御性区间比率衡量的是一家公司仅使用现有流动资产,在没有额外现金流入的情况下,能够维持其日常现金支出多长时间。该比率类似于20世纪90年代末初创互联网公司或生物技术公司常用的“烧钱率”。该比率的分子包含与速动比率相同的流动资产,分母则是每日现金支出的估算值。每日现金支出的计算方法是将该期间的现金支出总额除以该期间的天数。期间的现金支出总额可以通过以下方式估算:将损益表上的所有费用(例如销售成本、销售、一般及行政费用以及研发费用)相加,然后减去任何非现金支出,例如折旧和摊销。(通常不包括税款。)

The defensive interval ratio measures how long a company can pay its daily cash expenditures using only its existing liquid assets, without additional cash flow coming in. This ratio is similar to the “burn rate” often computed for start-up internet companies in the late 1990s or for biotechnology companies. The numerator of this ratio includes the same liquid assets used in the quick ratio, and the denominator is an estimate of daily cash expenditures. To obtain daily cash expenditures, the total of cash expenditures for the period is divided by the number of days in the period. Total cash expenditures for a period can be approximated by summing all expenses on the income statement—such as cost of goods sold; selling, general, and administrative expenses; and research and development expenses—and then subtracting any non-cash expenses, such as depreciation and amortisation. (Typically, taxes are not included.)

现金周转周期(一种非比率形式的财务指标)衡量的是公司从支付现金(用于运营)到收到现金(运营所得)所需的时间。现金周转周期有时也表示为资金被占用在营运资本中的时间。在此期间,公司需要通过其他渠道(例如债务或股权)为其运营投资提供资金。

The cash conversion cycle, a financial metric not in ratio form, measures the length of time required for a company to go from cash paid (used in its operations) to cash received (as a result of its operations). The cash conversion cycle is sometimes expressed as the length of time funds are tied up in working capital. During this period of time, the company needs to finance its investment in operations through other sources (i.e., through debt or equity).

附录12. 常用流动性比率的定义
流动性比率 分子 分母
流动比率 流动资产 流动负债
速动比率 现金 + 短期有价投资 + 应收账款 流动负债
现金比率 现金 + 短期有价投资 流动负债
防守间隔比率 现金 + 短期有价投资 + 应收账款 每日现金支出
额外流动性措施
现金周转周期

(净营业周期)
DOH + DSO – 应付账款天数

4.3.2流动性比率的解读

4.3.2. Interpretation of Liquidity Ratios

接下来,我们将讨论附录 12中提出的五项基本流动性指标的解释。

In the following, we discuss the interpretation of the five basic liquidity measures presented in Exhibit 12.

流动比率

Current Ratio

该比率表示流动资产与流动负债的比率。比率越高,表明流动性越强(即更有能力偿还短期债务)。流动比率为 1.0 表示其流动资产的账面价值恰好等于其流动负债的账面价值。

This ratio expresses current assets in relation to current liabilities. A higher ratio indicates a higher level of liquidity (i.e., a greater ability to meet short-term obligations). A current ratio of 1.0 would indicate that the book value of its current assets exactly equals the book value of its current liabilities.

较低的流动比率表明流动性较差,意味着公司更依赖经营现金流和外部融资来履行短期债务。流动性影响公司举债的能力。流动比率隐含地假设存货和应收账款确实具有流动性(当相关周转率较低时,这种情况可能并不成立)。

A lower ratio indicates less liquidity, implying a greater reliance on operating cash flow and outside financing to meet short-term obligations. Liquidity affects the company’s capacity to take on debt. The current ratio implicitly assumes that inventories and accounts receivable are indeed liquid (which is presumably not the case when related turnover ratios are low).

速动比率

Quick Ratio

速动比率比流动比率更为保守,因为它只包含流动性较强的流动资产(有时也称为“速动资产”)与流动负债的比例。与流动比率一样,较高的速动比率表明流动性更强。

The quick ratio is more conservative than the current ratio because it includes only the more liquid current assets (sometimes referred to as “quick assets”) in relation to current liabilities. Like the current ratio, a higher quick ratio indicates greater liquidity.

速动比率反映了某些流动资产(例如预付费用、部分税款和员工预付款)代表当期已预先支付的成本,这些成本通常无法立即变现。该比率还反映了存货可能难以快速变现,而且公司可能无法以账面价值出售所有存货,尤其是在需要快速出售存货的情况下。在存货流动性较差的情况下(例如,存货周转率较低),速动比率可能比流动比率更能反映流动性。

The quick ratio reflects the fact that certain current assets—such as prepaid expenses, some taxes, and employee-related prepayments—represent costs of the current period that have been paid in advance and cannot usually be converted back into cash. This ratio also reflects the fact that inventory might not be easily and quickly converted into cash, and furthermore, that a company would probably not be able to sell all of its inventory for an amount equal to its carrying value, especially if it were required to sell the inventory quickly. In situations where inventories are illiquid (as indicated, for example, by low inventory turnover ratios), the quick ratio may be a better indicator of liquidity than is the current ratio.

现金比率

Cash Ratio

现金比率通常能可靠地衡量企业在危机情况下的流动性。该比率仅包含流动性强的短期投资和现金。在普遍的市场危机中,受市场因素影响,有价证券的公允价值可能大幅下降,此时即使是现金比率也可能无法提供可靠的信息。

The cash ratio normally represents a reliable measure of an entity’s liquidity in a crisis situation. Only highly marketable short-term investments and cash are included. In a general market crisis, the fair value of marketable securities could decrease significantly as a result of market factors, in which case even this ratio might not provide reliable information.

防守间隔比率

Defensive Interval Ratio

该比率衡量公司在不收到任何额外现金流入的情况下,能够依靠现有流动资产支付运营费用的时长。防御性区间比率为 50 表示,假设没有额外现金流入,公司可以维持运营 50 天,之后才会耗尽速动资产。防御性区间比率越高,表明流动性越强。如果一家公司的防御性区间比率相对于同业公司或公司自身历史水平而言非常低,分析师会需要确定是否有足够的预期现金流入来弥补较低的防御性区间比率。

This ratio measures how long the company can continue to pay its expenses from its existing liquid assets without receiving any additional cash inflow. A defensive interval ratio of 50 would indicate that the company can continue to pay its operating expenses for 50 days before running out of quick assets, assuming no additional cash inflows. A higher defensive interval ratio indicates greater liquidity. If a company’s defensive interval ratio is very low relative to peer companies or to the company’s own history, the analyst would want to ascertain whether there is sufficient cash inflow expected to mitigate the low defensive interval ratio.

现金周转周期(净营业周期)

Cash Conversion Cycle (Net Operating Cycle)

该指标表示公司从投入营运资金到收回现金所经过的时间。通常情况下,一家商品销售公司赊购存货,产生应付账款。然后,该公司赊销这些存货,增加应收账款。之后,该公司支付现金以偿还应付账款,并收回现金以结算应收账款。现金支出和现金收回之间的时间称为“现金周转周期”。现金周转周期越短,流动性越好。较短的现金周转周期意味着公司只需在较短时间内为其存货和应收账款融资。较长的现金周转周期则意味着流动性较差;这意味着公司必须为其存货和应收账款融资更长时间,这可能表明公司需要更高的资本水平来为流动资产提供资金。例9展示了较短现金周转周期的优势,以及公司业务战略如何体现在财务比率中。

This metric indicates the amount of time that elapses from the point when a company invests in working capital until the point at which the company collects cash. In the typical course of events, a merchandising company acquires inventory on credit, incurring accounts payable. The company then sells that inventory on credit, increasing accounts receivable. Afterwards, it pays out cash to settle its accounts payable, and it collects cash in settlement of its accounts receivable. The time between the outlay of cash and the collection of cash is called the “cash conversion cycle.” A shorter cash conversion cycle indicates greater liquidity. A short cash conversion cycle implies that the company only needs to finance its inventory and accounts receivable for a short period of time. A longer cash conversion cycle indicates lower liquidity; it implies that the company must finance its inventory and accounts receivable for a longer period of time, possibly indicating a need for a higher level of capital to fund current assets. Example 9 demonstrates the advantages of a short cash conversion cycle as well as how a company’s business strategies are reflected in financial ratios.

例9

流动性指标评估

Evaluation of Liquidity Measures

一位分析师正在评估苹果公司的流动性,并计算应收账款、库存和应付账款的天数,以及整体现金周转周期,如下所示:

An analyst is evaluating the liquidity of Apple and calculates the number of days of receivables, inventory, and accounts payable, as well as the overall cash conversion cycle, as follows:

2017财年 2016财年 2015财年
配电系统 27 28 27
卫生部 9 6 6
减:应付账款天数 112 101 86
等于:现金转换周期 (76) (67) (53)

极低的库存周转天数表明苹果公司维持着精简的库存水平,这主要归功于其商业模式的关键要素——生产外包。单就应付账款天数而言(从2015财年的86天增至2017财年的112天),可能会让人觉得苹果公司无力支付供应商货款;然而,就苹果公司而言,其资产负债表显示,该公司拥有超过700亿美元的现金和短期投资,如果苹果公司愿意,这笔资金足以使其提前支付供应商货款。相反,苹果公司利用了供应商提供的优惠信用条款。最终导致的结果是负现金周期,这在某种程度上是不寻常的。大多数公司需要额外的资本来补充营运资金,而苹果公司却拥有超过50天的闲置现金用于投资(在资产负债表中反映为短期投资),并且这些投资还能带来利息收入,而不是支付利息。

The minimal DOH indicates that Apple maintains lean inventories, which is attributable to key aspects of the company’s business model where manufacturing is outsourced. In isolation, the increase in number of days payable (from 86 days in FY2015 to 112 days in FY2017) might suggest an inability to pay suppliers; however, in Apple’s case, the balance sheet indicates that the company has more than $70 billion of cash and short-term investments, which would be more than enough to pay suppliers sooner if Apple chose to do so. Instead, Apple takes advantage of the favorable credit terms granted by its suppliers. The overall effect is a negative cash cycle, a somewhat unusual result. Instead of requiring additional capital to fund working capital as is the case for most companies, Apple has excess cash to invest for over 50 days during that three-year period (reflected on the balance sheet as short-term investments) on which it is earning, rather than paying, interest.

例10

财务指标的界限和背景

Bounds and Context of Financial Measures

前一个例子重点讨论了现金周转周期,许多公司将其视为一项关键绩效指标。通常来说,现金周转周期天数越少越好。然而,这种情况总是如此吗?

The previous example focused on the cash conversion cycle, which many companies identify as a key performance metric. The less positive the number of days in the cash conversion cycle, typically, the better it is considered to be. However, is this always true?

本例考虑以下问题:如果现金周转周期中负天数越多,被视为理想的绩效指标,那么现金周转周期为负数越大的公司,其绩效是否必然越好?

This example considers the following question: If a larger negative number of days in a cash conversion cycle is considered to be a desirable performance metric, does identifying a company with a large negative cash conversion cycle necessarily imply good performance?

以历史案例为例,科技公司National Datacomputer在2005年至2009年期间现金周转周期出现大量负天数。2008年,其现金周转周期为275.5天。

Using a historical example, National Datacomputer, a technology company, had large negative number of days in its cash conversion cycle during the 2005 to 2009 period. In 2008 its cash conversion cycle was 275.5 days.

图表 13. 国家数据计算机公司(百万美元)
财政年度 2004 2005 2006 2007 2008 2009
销售量 3.248 2.672 2.045 1.761 1.820 1.723
销售成本 1.919 1.491 0.898 1.201 1.316 1.228
应收账款总额 0.281 0.139 0.099 0.076 0.115 0.045
库存总额 0.194 0.176 0.010 0.002 0.000 0.000
应付账款 0.223 0.317 0.366 1.423 0.704 0.674
配电系统 28.69 21.24 18.14 19.15 16.95
卫生部 45.29 37.80 1.82 0.28 0.00
减:应付账款天数* 66.10 138.81 271.85 294.97 204.79
等于:现金转换周期 7.88 -79.77 -251.89 -275.54 -187.84

*:本数据以销售成本近似估算采购额。2008 年和 2009 年的期末存货均为 0 百万美元;因此,无法计算 2009 年的存货周转率。然而,根据存货和日均销售额,2009 年的库存周转天数为 0.00。

*Notes: Calculated using Cost of goods sold as an approximation of purchases. Ending inventories 2008 and 2009 are reported as $0 million; therefore, inventory turnover for 2009 cannot be measured. However, given inventory and average sales per day, DOH in 2009 is 0.00.

数据来源:Compustat 原始数据。比率由计算得出。

Source: Raw data from Compustat. Ratios calculated.

现金周转周期为负值的原因是公司应付账款在此期间大幅增加。应付账款周转天数从2005年的约66天增加到2008年的295天,这显然是一个负面信号。此外,公司库存也几乎耗尽,这很可能是因为公司没有足够的现金购买新库存,也无法从供应商处获得额外的信贷。

The reason for the negative cash conversion cycle is that the company’s accounts payable increased substantially over the period. An increase from approximately 66 days in 2005 to 295 days in 2008 to pay trade creditors is clearly a negative signal. In addition, the company’s inventories disappeared, most likely because the company did not have enough cash to purchase new inventory and was unable to get additional credit from its suppliers.

当然,分析师会立即注意到这些数据以及公司财务报表中其他数据的负面趋势。公司在其管理层讨论与分析(MD&A)中明确披露了以下风险:

Of course, an analyst would have immediately noted the negative trends in these data, as well as additional data throughout the company’s financial statements. In its MD&A, the company clearly reports the risks as follows:

由于我们历来亏损,且经营活动产生的现金流有限,迄今为止,我们的经营活动资金主要来源于证券出售以及2009年出售一条产品线所得。为了继续维持运营,我们可能需要通过出售证券筹集额外资金。但我们无法确定能否以可接受的条款获得此类融资,甚至能否获得融资。此外,如果能够获得额外的股权融资,可能会稀释我们普通股股东的权益;如果能够获得债务融资,则很可能涉及限制性条款以及对我们全部或绝大部分资产的担保权益。如果我们无法在需要时获得可接受的融资,我们可能没有足够的资源来维持正常的运营,这将对我们的业务产生重大不利影响。

如果我们无法通过经营活动产生足够的营运资金或筹集额外资金,则公司持续经营能力将存在重大疑问。(公司强调)

资料来源:National Datacomputer Inc.,2009 年 10-K 表格,第 7 页。

Because we have historically had losses and only a limited amount of cash has been generated from operations, we have funded our operating activities to date primarily from the sale of securities and from the sale of a product line in 2009. In order to continue to fund our operations, we may need to raise additional capital, through the sale of securities. We cannot be certain that any such financing will be available on acceptable terms, or at all. Moreover, additional equity financing, if available, would likely be dilutive to the holders of our common stock, and debt financing, if available, would likely involve restrictive covenants and a security interest in all or substantially all of our assets. If we fail to obtain acceptable financing when needed, we may not have sufficient resources to fund our normal operations which would have a material adverse effect on our business.

IF WE ARE UNABLE TO GENERATE ADEQUATE WORKING CAPITAL FROM OPERATIONS OR RAISE ADDITIONAL CAPITAL THERE IS SUBSTANTIAL DOUBT ABOUT THE COMPANY’S ABILITY TO CONTINUE AS A GOING CONCERN. (emphasis added by company)

Source: National Datacomputer Inc., 2009 Form 10-K, page 7.

随后,该公司2010年的10-K表格报告称:

Subsequently, the company’s 2010 Form 10K reported:

“2011年1月,由于我们无力履行财务义务,且一项赋予我们分销某些产品权利的关键分销协议即将失效,我们的担保债权人(“担保方”)在发生违约事件后,根据担保方与Micronet有限公司(“Micronet”)于2010年1月10日签署的资产购买协议(“资产购买协议”)的条款,将我们的部分资产(现金和应收账款除外)出售给了Micronet有限公司(“Micronet”)。Micronet是一家非关联公司。为了促使Micronet签署该协议,公司还就某些商业事项作出了陈述和保证。”

“In January 2011, due to our inability to meet our financial obligations and the impending loss of a critical distribution agreement granting us the right to distribute certain products, our secured lenders (“Secured Parties”) acting upon an event of default, sold certain of our assets (other than cash and accounts receivable) to Micronet, Ltd. (“Micronet”), an unaffiliated corporation pursuant to the terms of an asset purchase agreement between the Secured Parties and Micronet dated January 10, 2010 (the “Asset Purchase Agreement”). In order to induce Micronet to enter into the agreement, the Company also provided certain representations and warranties regarding certain business matters.”

总之,在考虑各种比率时,必须始终将其置于合理范围内,并理解比率变化背后的原因。比率不仅需要计算,还需要分析师进行解读。

In summary, it is always necessary to consider ratios within bounds of reasonability and to understand the reasons underlying changes in ratios. Ratios must not only be calculated but must also be interpreted by an analyst.

4.4溶解度比率

4.4. Solvency Ratios

偿付能力是指公司履行其长期债务义务的能力。评估公司偿还长期债务(即支付利息和本金)的能力通常包括对其财务结构各组成部分的深入分析。偿付能力比率提供有关公司资本结构中债务相对比例以及盈利和现金流是否足以支付到期利息支出和其他固定费用(例如租赁或租金)的信息。

Solvency refers to a company’s ability to fulfill its long-term debt obligations. Assessment of a company’s ability to pay its long-term obligations (i.e., to make interest and principal payments) generally includes an in-depth analysis of the components of its financial structure. Solvency ratios provide information regarding the relative amount of debt in the company’s capital structure and the adequacy of earnings and cash flow to cover interest expenses and other fixed charges (such as lease or rental payments) as they come due.

分析师试图了解一家公司如何使用债务主要出于几个原因。其中一个原因是,公司资本结构中的债务水平对于评估公司的风险和回报特征,特别是其财务杠杆至关重要。杠杆是指利用固定成本(一定业务活动范围内保持不变的成本)所产生的放大效应,它可以表现为两种形式:经营杠杆和财务杠杆。

Analysts seek to understand a company’s use of debt for several main reasons. One reason is that the amount of debt in a company’s capital structure is important for assessing the company’s risk and return characteristics, specifically its financial leverage. Leverage is a magnifying effect that results from the use of fixed costs—costs that stay the same within some range of activity—and can take two forms: operating leverage and financial leverage.

经营杠杆源于公司在经营活动中对固定成本的运用。经营杠杆放大了销售额变化对营业利润的影响。盈利能力强的公司可能会利用经营杠杆,因为当收入增加时,经营杠杆能使营业利润以更快的速度增长。这是因为,虽然变动成本会随收入成比例增长,但固定成本并不会。

Operating leverage results from the use of fixed costs in conducting the company’s business. Operating leverage magnifies the effect of changes in sales on operating income. Profitable companies may use operating leverage because when revenues increase, with operating leverage, their operating income increases at a faster rate. The explanation is that, although variable costs will rise proportionally with revenue, fixed costs will not.

在为公司融资(即筹集资金)时,使用债务构成 财务杠杆,因为利息支出本质上是固定的融资成本。由于利息支出的存在,息税前利润 (EBIT) 的一定百分比变化会导致税前利润 (EBT) 更大的百分比变化。因此,财务杠杆往往会放大息税前利润变化对股东回报的影响。假设公司获得的资金收益高于其支付的利息,那么在公司资本结构中纳入一定比例的债务可以降低公司的整体资本成本,并提高股东回报。然而,公司资本结构中较高的债务水平会增加违约风险,并导致公司借贷成本上升,以补偿贷款人承担的更高信用风险。自莫迪利亚尼和米勒 (1958, 1963)的研究以来,大量研究致力于确定公司的最优资本结构,这一课题至今仍是公司金融领域的重要研究方向。

When financing a company (i.e., raising capital for it), the use of debt constitutes financial leverage because interest payments are essentially fixed financing costs. As a result of interest payments, a given percent change in EBIT results in a larger percent change in earnings before taxes (EBT). Thus, financial leverage tends to magnify the effect of changes in EBIT on returns flowing to equity holders. Assuming that a company can earn more on funds than it pays in interest, the inclusion of some level of debt in a company’s capital structure may lower a company’s overall cost of capital and increase returns to equity holders. However, a higher level of debt in a company’s capital structure increases the risk of default and results in higher borrowing costs for the company to compensate lenders for assuming greater credit risk. Starting with Modigliani and Miller (1958, 1963), a substantial amount of research has focused on determining a company’s optimal capital structure and the subject remains an important one in corporate finance.

在分析财务报表时,分析师旨在了解公司运用财务杠杆的水平和趋势,并将其与公司过往的做法以及同业公司的做法进行比较。分析师还需要了解经营杠杆(源于使用非流动资产并承担固定成本)和财务杠杆(源于使用长期债务并承担固定成本)之间的关系。公司的经营杠杆越高,可用于偿还债务的经营收入流的风险就越大;因此,经营杠杆会限制公司运用财务杠杆的能力。

In analyzing financial statements, an analyst aims to understand levels and trends in a company’s use of financial leverage in relation to past practices and the practices of peer companies. Analysts also need to be aware of the relationship between operating leverage (results from the use of non-current assets with fixed costs) and financial leverage (results from the use of long-term debt with fixed costs). The greater a company’s operating leverage, the greater the risk of the operating income stream available to cover debt payments; operating leverage can thus limit a company’s capacity to use financial leverage.

公司的相对偿付能力对其债务证券的估值和信誉至关重要。此外,了解公司债务的使用情况可以帮助分析师洞察公司未来的业务前景,因为管理层的融资决策可能反映出他们对公司未来的看法。例如,发行长期债务回购普通股可能表明管理层认为市场低估了公司的前景,并且股票被低估了。

A company’s relative solvency is fundamental to valuation of its debt securities and its creditworthiness. Finally, understanding a company’s use of debt can provide analysts with insight into the company’s future business prospects because management’s decisions about financing may signal their beliefs about a company’s future. For example, the issuance of long-term debt to repurchase common shares may indicate that management believes the market is underestimating the company’s prospects and that the shares are undervalued.

4.4.1溶剂可支配比率的计算

4.4.1. Calculation of Solvency Ratios

偿债能力比率主要分为两类。第一类是负债比率,它侧重于资产负债表,衡量债务资本相对于权益资本的比例。第二类是偿债能力比率,它侧重于利润表,衡量公司偿付债务的能力。这些比率有助于评估公司的偿债能力,进而评价公司债券和其他债务的质量。

Solvency ratios are primarily of two types. Debt ratios, the first type, focus on the balance sheet and measure the amount of debt capital relative to equity capital. Coverage ratios, the second type, focus on the income statement and measure the ability of a company to cover its debt payments. These ratios are useful in assessing a company’s solvency and, therefore, in evaluating the quality of a company’s bonds and other debt obligations.

图表 14列出了常用的偿付能力比率。前三个负债比率的分子均为总负债。不同分析师和财务数据供应商对这些比率中使用的总负债定义各不相同,一些分析师使用计息短期和长期负债的总和,但不包括应计费用和应付账款等负债。(本文计算采用此定义。)其他分析师则使用更宽泛(例如,所有负债)或更严格的定义(例如,仅长期负债,在这种情况下,该比率有时会被标注为“长期”,例如“长期负债权益比率”)。如果使用不同的总负债定义会对公司偿付能力的结论产生实质性影响,则需要进一步调查造成这些差异的原因。

Exhibit 14 describes commonly used solvency ratios. The first three of the debt ratios presented use total debt in the numerator. The definition of total debt used in these ratios varies among informed analysts and financial data vendors, with some using the total of interest-bearing short-term and long-term debt, excluding liabilities such as accrued expenses and accounts payable. (For calculations in this reading, we use this definition.) Other analysts use definitions that are more inclusive (e.g., all liabilities) or restrictive (e.g., long-term debt only, in which case the ratio is sometimes qualified as “long-term,” as in “long-term debt-to-equity ratio”). If using different definitions of total debt materially changes conclusions about a company’s solvency, the reasons for the discrepancies warrant further investigation.

图表 14. 常用溶解度比率的定义
溶解度比率 分子 分母
负债比率
资产负债 总债务b 总资产
债务资本比率 总债务b 总负债b + 总股东权益
债务权益比率 总债务b 股东权益总额
财务杠杆比率c 平均总资产 平均总权益
债务与 EBITDA 比率 总债务 息税折旧摊销前利润
覆盖率    
利息保障倍数 息税前利润 利息支付
固定费用保障 息税前利润 + 租赁付款 利息支出 + 租赁支出

“总负债比率”有时也用来指代这个比率。

a “Total debt ratio” is another name sometimes used for this ratio.

b在本文中,总债务是计息短期债务和长期债务的总和。

b In this reading, total debt is the sum of interest-bearing short-term and long-term debt.

c.本文(特别是后文将要讨论的杜邦分析)采用 平均总资产除以平均总权益。但在实际应用中,通常采用期末总资产除以期末总权益。

c Average total assets divided by average total equity is used for the purposes of this reading (in particular, Dupont analysis covered later). In practice, period-end total assets divided by period-end total equity is often used.

4.4.2溶剂可支配比率的解释

4.4.2. Interpretation of Solvency Ratios

接下来,我们将讨论图表 14中所示的基本偿付能力比率的解释。

In the following, we discuss the interpretation of the basic solvency ratios presented in Exhibit 14.

资产负债率

Debt-to-Assets Ratio

该比率衡量的是债务融资占总资产的百分比。例如,资产负债率为0.40或40%表示该公司40%的资产是通过债务融资的。一般来说,债务越高,财务风险越大,偿付能力也越弱。

This ratio measures the percentage of total assets financed with debt. For example, a debt-to-assets ratio of 0.40 or 40 percent indicates that 40 percent of the company’s assets are financed with debt. Generally, higher debt means higher financial risk and thus weaker solvency.

债务资本比率

Debt-to-Capital Ratio

债务资本比率衡量的是公司资本(债务加权益)中债务所占的百分比。与前一个比率一样,较高的比率通常意味着较高的财务风险,因此也表明偿付能力较弱。

The debt-to-capital ratio measures the percentage of a company’s capital (debt plus equity) represented by debt. As with the previous ratio, a higher ratio generally means higher financial risk and thus indicates weaker solvency.

债务权益比率

Debt-to-Equity Ratio

债务权益比率衡量的是债务资本相对于权益资本的比例。其解读方式与前两个比率类似(即,比率越高,偿付能力越弱)。比率为 1.0 表示债务和权益相等,相当于债务资本比率为 50%。该比率的另一种定义是使用股东权益的市场价值而非账面价值(或者同时使用股东权益和债务的市场价值)。

The debt-to-equity ratio measures the amount of debt capital relative to equity capital. Interpretation is similar to the preceding two ratios (i.e., a higher ratio indicates weaker solvency). A ratio of 1.0 would indicate equal amounts of debt and equity, which is equivalent to a debt-to-capital ratio of 50 percent. Alternative definitions of this ratio use the market value of stockholders’ equity rather than its book value (or use the market values of both stockholders’ equity and debt).

财务杠杆率

Financial Leverage Ratio

该比率(通常简称为“杠杆比率”)衡量的是每单位权益所能支撑的总资产金额。例如,该比率为 3 表示每 1 欧元权益可支撑 3 欧元总资产。 财务杠杆比率越高,公司利用债务和其他负债融资的程度就越高。该比率通常以平均总资产和平均总权益来定义,并在杜邦分析中发挥着重要作用,该分析将在 4.6.2 节中介绍。

This ratio (often called simply the “leverage ratio”) measures the amount of total assets supported for each one money unit of equity. For example, a value of 3 for this ratio means that each €1 of equity supports €3 of total assets. The higher the financial leverage ratio, the more leveraged the company is in the sense of using debt and other liabilities to finance assets. This ratio is often defined in terms of average total assets and average total equity and plays an important role in the DuPont decomposition of return on equity that will be presented in Section 4.6.2.

债务与 EBITDA 比率

Debt-to-EBITDA Ratio

该比率根据所得税、折旧和摊销前的收益(经营现金流的近似值)估算偿还全部债务所需的年数。

This ratio estimates how many years it would take to repay total debt based on earnings before income taxes, depreciation and amortization (an approximation of operating cash flow).

利息保障倍数

Interest Coverage

该比率衡量的是公司息税前利润 (EBIT) 能够覆盖其利息支出的倍数。因此,它有时也被称为“利息保障倍数”。较高的利息保障倍数表明公司偿付能力更强,能够更好地保证公司可以利用经营利润偿还债务(例如银行贷款、债券、票据)。

This ratio measures the number of times a company’s EBIT could cover its interest payments. Thus, it is sometimes referred to as “times interest earned.” A higher interest coverage ratio indicates stronger solvency, offering greater assurance that the company can service its debt (i.e., bank debt, bonds, notes) from operating earnings.

固定费用保障

Fixed Charge Coverage

该比率衡量的是固定费用或负债与公司产生的现金流之间的关系。它衡量的是公司盈利(息税前利润和租赁付款前利润)能够覆盖其利息和租赁付款的倍数。与利息保障倍数类似,较高的固定费用保障倍数意味着更强的偿付能力,能够更好地保证公司能够用正常盈利偿还债务(例如银行贷款、债券、票据和租赁)。该比率有时也被用作衡量优先股股息质量的指标,较高的比率表明优先股股息更加安全。

This ratio relates fixed charges, or obligations, to the cash flow generated by the company. It measures the number of times a company’s earnings (before interest, taxes, and lease payments) can cover the company’s interest and lease payments.9 Similar to the interest coverage ratio, a higher fixed charge coverage ratio implies stronger solvency, offering greater assurance that the company can service its debt (i.e., bank debt, bonds, notes, and leases) from normal earnings. The ratio is sometimes used as an indication of the quality of the preferred dividend, with a higher ratio indicating a more secure preferred dividend.

例 11展示了偿付能力比率在评估公司信用度中的应用。

Example 11 demonstrates the use of solvency ratios in evaluating the creditworthiness of a company.

例11

偿付能力比率评估

Evaluation of Solvency Ratios

一位信用分析师正在根据南非公共事业公司Eskom截至2017年3月31日的财务报表评估其偿付能力。以下数据摘自该公司2017年年度报告:

A credit analyst is evaluating the solvency of Eskom, a South African public utility based on financial statements for the year ended 31 March 2017. The following data are gathered from the company’s 2017 annual report:

南非兰特,数百万 2017 2016 2015
总资产 710,009 663,170 559,688
短期债务 18,530 15,688 19,976
长期债务 336,770 306,970 277,458
总负债 534,067 480,818 441,269
总权益 175,942 182,352 118,419
    1. 计算该公司 2016 年和 2017 年的财务杠杆率。

    2. 解释A部分计算出的财务杠杆比率。

    1. Calculate the company’s financial leverage ratio for 2016 and 2017.

    2. Interpret the financial leverage ratio calculated in Part A.

    1. 该公司过去三年的资产负债率、资本负债率和权益负债率分别是多少?

    2. 这三年间是否存在任何明显的趋势?

    1. What are the company’s debt-to-assets, debt-to-capital, and debt-to-equity ratios for the three years?

    2. Is there any discernable trend over the three years?

问题 1 的解答:

Solutions to 1:

(金额单位为百万兰特。)

(Amounts are millions of Rand.)

  1. 2017 年,平均总资产为 (710,009 + 663,170)/2 = 686,590,平均总权益为 (175,942 + 182,352)/2 = 179,147。因此,财务杠杆为 686,590/179,942 = 3.83。2016 年,财务杠杆为 4.07。

    2017 2016
    平均资产 686,590 611,429
    平均权益 179,147 150,386
    财务杠杆 3.83 4.07

  2. For 2017, average total assets were (710,009 + 663,170)/2 = 686,590, and average total equity was (175,942 + 182,352)/2 = 179,147. Thus, financial leverage was 686,590/179,942 = 3.83. For 2016, financial leverage was 4.07.

    2017 2016
    Average Assets 686,590 611,429
    Average Equity 179,147 150,386
    Financial Leverage 3.83 4.07

  3. 2017年,平均每1兰特的总权益可支持3.83兰特的总资产。按此指标衡量,2017年的财务杠杆率较2016年有所下降。

  4. For 2017, every Rand in total equity supported R3.83 in total assets, on average. Financial leverage decreased from 2016 to 2017 on this measure.

问题 2 的解答:

Solutions to 2:

(除比率外,金额单位均为百万兰特)

(Amounts are millions of Rand other than ratios)

  1.  
    2017 2016 2015
    总债务 355,300 322,658 297,434
    总资本 531,242 505,010 415,853
     
    债务/资产 50.0% 48.7% 53.1%
    债务/资本 66.9% 63.9% 71.5%
    债务/权益 2.02 1.77 2.51

  2.  
    2017 2016 2015
    Total Debt 355,300 322,658 297,434
    Total Capital 531,242 505,010 415,853
     
    Debt/Assets 50.0% 48.7% 53.1%
    Debt/Capital 66.9% 63.9% 71.5%
    Debt/Equity 2.02 1.77 2.51

  3. 在所有三项指标中,该公司杠杆率在2015年至2016年间下降,但在2016年至2017年间上升。2016年杠杆率下降是由于次级债务转换为股权以及增发股权所致。然而,2017年债务水平相对于资产、资本和权益再次上升,表明该公司偿付能力有所减弱。从债权人的角度来看,偿付能力下降(债务增加)意味着违约风险增加。

  4. On all three metrics, the company’s leverage decreased from 2015 to 2016 and increased from 2016 to 2017. For 2016 the decrease in leverage resulted from a conversion of subordinated debt into equity as well as additional issuance of equity. However, in 2017 debt levels increased again relative to assets, capital and equity indicating that the company’s solvency has weakened. From a creditor’s perspective, lower solvency (higher debt) indicates higher risk of default on obligations.

与所有比率分析一样,在更广泛的背景下考虑杠杆比率至关重要。一般来说,业务风险较低且现金流稳定的公司更有能力承担更高的杠杆,而不会相应地增加破产风险。换句话说,对于现金流稳定的公司而言,较高的债务融资比例所带来的利息和本金违约风险低于现金流波动较大的公司。

As with all ratio analysis, it is important to consider leverage ratios in a broader context. In general, companies with lower business risk and operations that generate steady cash flows are better positioned to take on more leverage without a commensurate increase in the risk of insolvency. In other words, a higher proportion of debt financing poses less risk of non-payment of interest and debt principal to a company with steady cash flows than to a company with volatile cash flows.

4.5 .盈利能力比率

4.5. Profitability Ratios

公司利用投资资本创造利润的能力是决定公司整体价值及其发行证券价值的关键因素。因此,许多股票分析师会将盈利能力视为其分析工作的重点。

The ability to generate profit on capital invested is a key determinant of a company’s overall value and the value of the securities it issues. Consequently, many equity analysts would consider profitability to be a key focus of their analytical efforts.

盈利能力反映了公司在市场中的竞争地位,进而也反映了其管理水平。损益表揭示了收益来源以及收入和支出的构成。收益可以分配给股东,也可以再投资于公司。再投资的收益可以增强公司的偿付能力,并有助于应对短期问题。

Profitability reflects a company’s competitive position in the market, and by extension, the quality of its management. The income statement reveals the sources of earnings and the components of revenue and expenses. Earnings can be distributed to shareholders or reinvested in the company. Reinvested earnings enhance solvency and provide a cushion against short-term problems.

4.5.1盈利能力比率的计算

4.5.1. Calculation of Profitability Ratios

盈利能力比率衡量公司在特定时期内获得的收益。表15列出了一些常用盈利能力比率的定义。销售回报率(ROS)将损益表中的各项小计(例如,毛利润、营业利润、净利润)表示为收入的百分比。本质上,这些比率构成了前面讨论过的通用格式损益表的一部分。投资回报率(ROI)衡量的是公司相对于其资产、权益或总资本的收入。对于经营性ROA,收益以营业收入衡量,即扣除债务资本利息之前的收益。对于ROA和ROE,收益以净收入衡量,即扣除债务资本利息之后的收益。对于普通股股东权益回报率(ROE),收益以净收入减去优先股股息(因为优先股股息是优先股股东权益的回报)来衡量。

Profitability ratios measure the return earned by the company during a period. Exhibit 15 provides the definitions of a selection of commonly used profitability ratios. Return-on-sales profitability ratios express various subtotals on the income statement (e.g., gross profit, operating profit, net profit) as a percentage of revenue. Essentially, these ratios constitute part of a common-size income statement discussed earlier. Return on investment profitability ratios measure income relative to assets, equity, or total capital employed by the company. For operating ROA, returns are measured as operating income, i.e., prior to deducting interest on debt capital. For ROA and ROE, returns are measured as net income, i.e., after deducting interest paid on debt capital. For return on common equity, returns are measured as net income minus preferred dividends (because preferred dividends are a return to preferred equity).

图表15. 常用盈利能力比率的定义
盈利能力比率 分子 分母
销售回报
毛利率 毛利 收入
营业利润率 营业收入b 收入
税前利润率 EBT(税前但扣除利息后的收益) 收入
净利润率 净利 收入
投资回报率
运营资产收益率 营业收入 平均总资产
ROA 净利 平均总资产
总资本回报率 息税前利润 平均短期和长期债务及权益
鱼子 净利 平均总权益
普通股收益率 净利润 – 优先股股息 平均普通股权益

“销售额”在这里被用作“收入”的同义词。

a “Sales” is being used as a synonym for “revenue.”

b一些分析师使用息税前利润 (EBIT) 作为营业收入的简便表示。需要注意的是,严格来说,EBIT 包含了非经营性项目,例如收到的股息以及投资证券的损益。至关重要的是,分析师在比较不同公司或分析同一公司一段时间内的表现时,应始终如一地计算各项比率。

b Some analysts use EBIT as a shortcut representation of operating income. Note that EBIT, strictly speaking, includes non-operating items such as dividends received and gains and losses on investment securities. Of utmost importance is that the analyst compute ratios consistently whether comparing different companies or analyzing one company over time.

4.5.2 . 盈利能力比率的解读

4.5.2. Interpretation of Profitability Ratios

接下来,我们将讨论图表 15中所示的盈利能力比率的解释。对于每个盈利能力比率,比率越高表示盈利能力越强。

In the following, we discuss the interpretation of the profitability ratios presented in Exhibit 15. For each of the profitability ratios, a higher ratio indicates greater profitability.

毛利率

Gross Profit Margin

毛利率是指可用于支付运营和其他费用并产生利润的收入百分比。较高的毛利率通常意味着更高的产品定价和更低的产品成本。由于竞争制约着企业提高价格的能力,毛利润会受到竞争的影响(通常与竞争呈反比关系)。如果产品具有竞争优势(例如,卓越的品牌、更佳的质量或独家技术),公司就更有能力收取更高的价格。在成本方面,较高的毛利率也可能表明公司在产品成本方面具有竞争优势。

Gross profit margin indicates the percentage of revenue available to cover operating and other expenses and to generate profit. Higher gross profit margin indicates some combination of higher product pricing and lower product costs. The ability to charge a higher price is constrained by competition, so gross profits are affected by (and usually inversely related to) competition. If a product has a competitive advantage (e.g., superior branding, better quality, or exclusive technology), the company is better able to charge more for it. On the cost side, higher gross profit margin can also indicate that a company has a competitive advantage in product costs.

营业利润率

Operating Profit Margin

营业利润的计算方法是毛利润减去营业成本。因此,营业利润率的增长速度超过毛利率的增长速度,可能表明企业在控制营业成本(例如管理费用)方面取得了进步。相反,营业利润率的下降则可能表明企业在控制营业成本方面出现了恶化。

Operating profit is calculated as gross profit minus operating costs. So, an operating profit margin increasing faster than the gross profit margin can indicate improvements in controlling operating costs, such as administrative overheads. In contrast, a declining operating profit margin could be an indicator of deteriorating control over operating costs.

税前利润率

Pretax Margin

税前利润(也称“税前收益”或“EBT”)的计算方法是营业利润减去利息支出,税前利润率则是税前利润与营业收入的比率。税前利润率反映了杠杆率以及其他(非经营性)收入和支出对盈利能力的影响。如果一家公司的税前利润率增长主要是由于非经营性收入的增加,分析师应评估这种增长是否反映了公司业务重点的有意转变,以及这种增长持续的可能性。

Pretax income (also called “earnings before tax” or “EBT”) is calculated as operating profit minus interest, and the pretax margin is the ratio of pretax income to revenue. The pretax margin reflects the effects on profitability of leverage and other (non-operating) income and expenses. If a company’s pretax margin is increasing primarily as a result of increasing amounts of non-operating income, the analyst should evaluate whether this increase reflects a deliberate change in a company’s business focus and, therefore, the likelihood that the increase will continue.

净利润率

Net Profit Margin

净利润,或称净收入,是指收入减去所有支出。净收入包含经常性支出和非经常性支出两部分。通常,用于计算净利润率的净收入会根据非经常性项目进行调整,以便更准确地反映公司未来的潜在盈利能力。

Net profit, or net income, is calculated as revenue minus all expenses. Net income includes both recurring and non-recurring components. Generally, the net income used in calculating the net profit margin is adjusted for non-recurring items to offer a better view of a company’s potential future profitability.

ROA

ROA

ROA衡量的是公司利用其资产所获得的收益。ROA越高,意味着在既定资产水平下产生的收益越多。大多数数据库的ROA计算公式如下:

ROA measures the return earned by a company on its assets. The higher the ratio, the more income is generated by a given level of assets. Most databases compute this ratio as:

这种计算方法存在一个问题:净利润是股东权益的回报,而资产的融资则由股东和债权人共同承担。利息支出(即债权人的回报)已在分子中扣除。因此,一些分析师倾向于在分子中加回利息支出。在这种情况下,由于净利润是在税后计算的,因此必须对利息进行所得税调整。经过调整后,该比率的计算公式如下:

An issue with this computation is that net income is the return to equity holders, whereas assets are financed by both equity holders and creditors. Interest expense (the return to creditors) has already been subtracted in the numerator. Some analysts, therefore, prefer to add back interest expense in the numerator. In such cases, interest must be adjusted for income taxes because net income is determined after taxes. With this adjustment, the ratio would be computed as:

或者,一些分析师选择在扣除利息和税款之前计算资产收益率(见附录 15中的运营资产收益率),计算方法如下:

Alternatively, some analysts elect to compute ROA on a pre-interest and pre-tax basis (operating ROA in Exhibit 15) as:

在ROA计算中,收益率是在扣除债务资本利息之前计算的(即,以营业收入或EBIT的形式)。该指标反映了公司所有投资资产的回报,无论这些资产是通过负债、债务还是股权融资的。无论选择哪种ROA计算方法,分析师在与其他公司或不同时期进行比较时都必须保持一致。

In this ROA calculation, returns are measured prior to deducting interest on debt capital (i.e., as operating income or EBIT). This measure reflects the return on all assets invested in the company, whether financed with liabilities, debt, or equity. Whichever form of ROA is chosen, the analyst must use it consistently in comparisons to other companies or time periods.

总资本回报率

Return on Total Capital

总资本回报率衡量的是公司利用其所有资本(短期债务、长期债务和权益)所获得的利润。与经营性资产回报率一样,总资本回报率的计算是在扣除债务资本利息之前进行的(即,以营业收入或息税前利润的形式)。

Return on total capital measures the profits a company earns on all of the capital that it employs (short-term debt, long-term debt, and equity). As with operating ROA, returns are measured prior to deducting interest on debt capital (i.e., as operating income or EBIT).

鱼子

ROE

净资产收益率 (ROE) 衡量公司利用其权益资本(包括少数股东权益、优先股和普通股)所获得的收益。如前所述,收益以净利润衡量(即,债务资本利息不计入权益资本收益率)。ROE 的一个变体是普通股收益率,它仅衡量公司利用其普通股所获得的收益。

ROE measures the return earned by a company on its equity capital, including minority equity, preferred equity, and common equity. As noted, return is measured as net income (i.e., interest on debt capital is not included in the return on equity capital). A variation of ROE is return on common equity, which measures the return earned by a company only on its common equity.

ROA 和 ROE 都是重要的盈利能力指标,将在 4.6.2 节中进行更详细的探讨。与其他比率一样,盈利能力比率应单独评估,也应综合评估,以了解盈利能力的驱动因素(经营活动与非经营活动)。示例 12展示了如何评估盈利能力比率,以及如何利用随附财务报表的管理报告(有时称为管理层讨论与分析或管理层评论)来解释比率的变化趋势。

Both ROA and ROE are important measures of profitability and will be explored in more detail in section 4.6.2. As with other ratios, profitability ratios should be evaluated individually and as a group to gain an understanding of what is driving profitability (operating versus non-operating activities). Example 12 demonstrates the evaluation of profitability ratios and the use of the management report (sometimes called management’s discussion and analysis or management commentary) that accompanies financial statements to explain the trend in ratios.

例 12

盈利能力比率评估

Evaluation of Profitability Ratios

回顾例 1,分析发现苹果公司在 2015 财年至 2017 财年这三年间的毛利率有所下降。一位分析师希望进一步研究苹果公司五年期间的盈利能力。他收集了以下收入数据,并根据苹果公司年度报告中的信息计算了以下盈利能力比率:

Recall from Example 1 that an analysis found that Apple’s gross margin declined over the three-year period FY2015 to FY2017. An analyst would like to further explore Apple’s profitability using a five-year period. He gathers the following revenue data and calculates the following profitability ratios from information in Apple’s annual reports:

单位:百万美元 2017 2016 2015 2014 2013
销售量 229,234 215,639 233,715 182,795 170,910
毛利 88,186 84,263 93,626 70,537 64,304
营业收入 61,344 60,024 71,230 52,503 48,999
税前收入 64,089 61,372 72,515 53,483 50,155
净利 48,351 45,687 53,394 39,510 37,037
毛利率 38.47% 39.08% 40.06% 38.59% 37.62%
营业利润率 26.76% 27.84% 30.48% 28.72% 28.67%
税前收入 27.96% 28.46% 31.03% 29.26% 29.35%
净利润率 21.09% 21.19% 22.85% 21.61% 21.67%

评估苹果公司过去五年盈利能力比率的总体趋势。

Evaluate the overall trend in Apple’s profitability ratios for the five-year period.

解决方案:

Solution:

2015年销售额稳步增长,2016年出现下滑,2017年略有回升。如例1所述,2016年销售额下滑与iPhone销量下降和外币贬值有关。利润率也从2013年到2015年呈上升趋势,2016年有所下降。然而,尽管2017年销售额有所增长,但所有利润率均略有下降,表明成本增长速度超过了销售额增长速度。尽管存在波动,但苹果公司五年来的净利润率总体上保持相对稳定。

Sales had increased steadily through 2015, dropped in 2016, and rebounded somewhat in 2017. As noted in Example 1, the sales decline in 2016 was related to a decline in iPhone sales and weakness in foreign currencies. Margins also rose from 2013 to 2015 and declined in 2016. However, in spite of the increase in sales in 2017, all margins declined slightly indicating costs were rising faster than sales. In spite of the fluctuations, Apple’s bottom line net profit margin was relatively stable over the five-year period.

4.6综合财务比率分析

4.6. Integrated Financial Ratio Analysis

前几节分别介绍了活动比率、流动性比率、偿付能力比率和盈利能力比率。在讨论估值比率之前,以下章节将阐明考察多种财务比率(而非孤立地考察单一比率或比率类别)的重要性,以确定公司的整体状况和业绩。经验表明,某一比率类别的信息有助于解答另一类别提出的问题,而整合所有来源的信息才能获得最准确的整体概况。4.6.1 节提供了一些此类分析的入门示例,4.6.2 节则展示了如何将净资产收益率分解为与利润率、资产利用率(活动)和财务杠杆相关的组成部分。

In prior sections, the text presented separately activity, liquidity, solvency, and profitability ratios. Prior to discussing valuation ratios, the following sections demonstrate the importance of examining a variety of financial ratios—not a single ratio or category of ratios in isolation—to ascertain the overall position and performance of a company. Experience shows that the information from one ratio category can be helpful in answering questions raised by another category and that the most accurate overall picture comes from integrating information from all sources. Section 4.6.1 provides some introductory examples of such analysis and Section 4.6.2 shows how return on equity can be analyzed into components related to profit margin, asset utilization (activity), and financial leverage.

4.6.1整体比例图:示例

4.6.1. The Overall Ratio Picture: Examples

本节通过两个简单的例子来介绍如何运用各种比率来解决分析问题。例 13展示了如何通过分析一对业务比率来解决公司流动性问题。例 14则表明,考察多家公司的整体比率可以帮助分析师得出关于它们相对业绩的结论。

This section presents two simple illustrations to introduce the use of a variety of ratios to address an analytical task. Example 13 shows how the analysis of a pair of activity ratios resolves an issue concerning a company’s liquidity. Example 14 shows that examining the overall ratios of multiple companies can assist an analyst in drawing conclusions about their relative performances.

例13

多种比例

A Variety of Ratios

一位分析师正在评估一家加拿大制造公司的流动性,并获得了以下流动性比率:

An analyst is evaluating the liquidity of a Canadian manufacturing company and obtains the following liquidity ratios:

财政年度 10 9 8
流动比率 2.1 1.9 1.6
速动比率 0.8 0.9 1.0

这些比率呈现出公司流动性状况的矛盾景象。流动比率从1.6上升至2.1,表明公司流动性强劲且持续改善;然而,速动比率从1.0下降至0.8,表明其流动性似乎正在恶化。由于这两个比率的分母完全相同,均为流动负债,因此差异必然是由于某些包含在流动比率中但不包含在速动比率中的资产(例如存货)发生变化所致。分析师收集了以下活动比率:

The ratios present a contradictory picture of the company’s liquidity. Based on the increase in its current ratio from 1.6 to 2.1, the company appears to have strong and improving liquidity; however, based on the decline of the quick ratio from 1.0 to 0.8, its liquidity appears to be deteriorating. Because both ratios have exactly the same denominator, current liabilities, the difference must be the result of changes in some asset that is included in the current ratio but not in the quick ratio (e.g., inventories). The analyst collects the following activity ratios:

卫生部 55 45 30
配电系统 24 28 30

该公司的库存周转天数(DOH)已从30天恶化至55天,这意味着相对于销售额而言,该公司持有的库存量越来越大。应收账款周转天数(DSO)的下降表明该公司应收账款的回收速度加快。如果这些收款所得款项以现金形式持有,则对流动比率和速动比率均无影响。然而,如果这些收款所得款项用于购买库存,则流动比率不会受到影响,但速动比率会下降(即本例所示的模式)。综合来看,这些比率表明流动性正在下降,该公司可能存在需要解决的库存问题。

The company’s DOH has deteriorated from 30 days to 55 days, meaning that the company is holding increasingly larger amounts of inventory relative to sales. The decrease in DSO implies that the company is collecting receivables faster. If the proceeds from these collections were held as cash, there would be no effect on either the current ratio or the quick ratio. However, if the proceeds from the collections were used to purchase inventory, there would be no effect on the current ratio and a decline in the quick ratio (i.e., the pattern shown in this example). Collectively, the ratios suggest that liquidity is declining and that the company may have an inventory problem that needs to be addressed.

例14

两家公司的比较 (1)

A Comparison of Two Companies (1)

分析师收集了图表 16所示的两家假设公司的信息:

An analyst collects the information10 shown in Exhibit 16 for two hypothetical companies:

展品16
财政年度
安森工业 5 4 3 2
库存周转率 76.69 89.09 147.82 187.64
卫生部 4.76 4.10 2.47 1.95
应收账款周转率 10.75 9.33 11.14 7.56
配电系统 33.95 39.13 32.77 48.29
应付账款周转率 4.62 4.36 4.84 4.22
应付天数 78.97 83.77 75.49 86.56
经营活动现金流/负债总额 31.41% 11.15% 4.04% 8.81%
鱼子 5.92% 1.66% 1.62% -0.62%
ROA 3.70% 1.05% 1.05% -0.39%
净利润率(净收入/营业收入) 3.33% 1.11% 1.13% -0.47%
总资产周转率(收入/平均资产) 1.11 0.95 0.93 0.84
杠杆率(平均资产/平均权益) 1.60 1.58 1.54 1.60
财政年度
克拉伦斯公司 5 4 3 2
库存周转率 9.19 9.08 7.52 14.84
卫生部 39.73 40.20 48.51 24.59
应收账款周转率 8.35 7.01 6.09 5.16
配电系统 43.73 52.03 59.92 70.79
应付账款周转率 6.47 6.61 7.66 6.52
应付天数 56.44 55.22 47.64 56.00
经营活动现金流/负债总额 13.19% 16.39% 15.80% 11.79%
鱼子 9.28% 6.82% -3.63% -6.75%
ROA 4.64% 3.48% -1.76% -3.23%
净利润率(净收入/营业收入) 4.38% 3.48% -1.60% -2.34%
总资产周转率(收入/平均资产) 1.06 1.00 1.10 1.38
杠杆率(平均资产/平均权益) 2.00 1.96 2.06 2.09

以下哪个选项最能描述分析师可能对公司效率得出的合理结论?

Which of the following choices best describes reasonable conclusions an analyst might make about the companies’ efficiency?

  1. 过去四年,安森的效率提升幅度大于克拉伦斯,其总资产周转率从 0.84 增加到 1.11 就证明了这一点。

  2. Over the past four years, Anson has shown greater improvement in efficiency than Clarence, as indicated by its total asset turnover ratio increasing from 0.84 to 1.11.

  3. 在第 5 财年,Anson 的库存周转天数 (DOH) 仅为 4.76,表明其库存管理效率低于 Clarence,后者的库存周转天数为 39.73。

  4. In FY5, Anson’s DOH of only 4.76 indicated that it was less efficient at inventory management than Clarence, which had DOH of 39.73.

  5. 2015 年,Clarence 的应收账款周转率为 8.35 次,表明其应收账款管理效率高于 Anson,后者的应收账款周转率为 10.75 次。

  6. In FY5, Clarence’s receivables turnover of 8.35 times indicated that it was more efficient at receivables management than Anson, which had receivables turnover of 10.75.

解决方案:

Solution:

A选项正确。过去四年,安森公司的效率提升幅度大于克拉伦斯公司,其总资产周转率从0.84增至1.11。同期,克拉伦斯公司的总资产周转率则从1.38下降至1.06。B和C选项错误,因为它们误解了仓储滞后和应收账款周转率的含义。

A is correct. Over the past four years, Anson has shown greater improvement in efficiency than Clarence, as indicated by its total asset turnover ratio increasing from 0.84 to 1.11. Over the same period of time, Clarence’s total asset turnover ratio has declined from 1.38 to 1.06. Choices B and C are incorrect because DOH and receivables turnover are misinterpreted.

4.6.2杜邦分析:ROE 的分解

4.6.2. DuPont Analysis: The Decomposition of ROE

如前所述,净资产收益率 (ROE) 衡量的是公司利用其权益资本所产生的回报。为了解公司 ROE 的驱动因素,一种有效的方法是将 ROE 分解为各个组成部分。(ROE 分解有时被称为杜邦分析,因为它最初是由杜邦公司开发的。)ROE 分解涉及将基本比率(即净利润除以平均股东权益)表示为各个组成部分比率的乘积。由于每个组成部分比率都反映了影响 ROE 的公司业绩的不同方面,因此,通过分解,我们可以评估这些不同的业绩方面如何影响公司以 ROE 衡量的盈利能力。 11

As noted earlier, ROE measures the return a company generates on its equity capital. To understand what drives a company’s ROE, a useful technique is to decompose ROE into its component parts. (Decomposition of ROE is sometimes referred to as DuPont analysis because it was developed originally at that company.) Decomposing ROE involves expressing the basic ratio (i.e., net income divided by average shareholders’ equity) as the product of component ratios. Because each of these component ratios is an indicator of a distinct aspect of a company’s performance that affects ROE, the decomposition allows us to evaluate how these different aspects of performance affected the company’s profitability as measured by ROE.11

对净资产收益率 (ROE) 进行分解有助于确定特定公司 ROE 随时间变化的原因,以及同一时期内不同公司 ROE 差异的原因。管理层还可以利用这些信息来确定应重点关注哪些领域以提高 ROE。这种分解还能揭示公司整体盈利能力(以 ROE 衡量)为何取决于其效率、经营盈利能力、税收和财务杠杆的使用。杜邦分析展示了本文讨论的各类比率之间的关系,以及它们如何影响所有者的投资回报。

Decomposing ROE is useful in determining the reasons for changes in ROE over time for a given company and for differences in ROE for different companies in a given time period. The information gained can also be used by management to determine which areas they should focus on to improve ROE. This decomposition will also show why a company’s overall profitability, measured by ROE, is a function of its efficiency, operating profitability, taxes, and use of financial leverage. DuPont analysis shows the relationship between the various categories of ratios discussed in this reading and how they all influence the return to the investment of the owners.

分析师们开发了多种不同的净资产收益率 (ROE) 分解方法。本文介绍的分解方法是最常用的方法之一,也是彭博等热门研究数据库中常用的方法。净资产收益率的计算公式如下:

Analysts have developed several different methods of decomposing ROE. The decomposition presented here is one of the most commonly used and the one found in popular research databases, such as Bloomberg. Return on equity is calculated as:

净资产收益率 (ROE) = 净利润/平均股东权益

ROE = Net income/Average shareholders’ equity

ROE 的分解运用了简单的代数运算,并阐明了 ROE 与 ROA 之间的关系。将 ROE 表示为其两个组成部分的乘积,我们可以写成:

The decomposition of ROE makes use of simple algebra and illustrates the relationship between ROE and ROA. Expressing ROE as a product of only two of its components, we can write:

公式(1a) 

Equation (1a) 

可以这样理解:

which can be interpreted as:

净资产收益率 = 总资产收益率 × 杠杆率

ROE = ROA × Leverage

换句话说,净资产收益率 (ROE) 取决于公司的资产收益率 (ROA) 及其财务杠杆运用情况(本文简称“杠杆”)。公司可以通过提高 ROA 或更有效地利用杠杆来提高其 ROE。与前文定义一致,杠杆率的计算方法是平均总资产除以平均股东权益。如果公司没有杠杆(没有负债),其杠杆率将等于 1.0,此时 ROE 将恰好等于 ROA。随着公司承担负债,其杠杆率也会增加。只要公司能够以低于其将借款投资于自身业务所能获得的边际利率借款,该公司就能有效地利用杠杆,ROE 就会随着杠杆率的增加而提高。如果公司的借款成本高于其投资于自身业务所能获得的边际利率,那么随着杠杆率的增加,ROE 将会下降,因为借款会降低 ROA。

In other words, ROE is a function of a company’s ROA and its use of financial leverage (“leverage” for short, in this discussion). A company can improve its ROE by improving ROA or making more effective use of leverage. Consistent with the definition given earlier, leverage is measured as average total assets divided by average shareholders’ equity. If a company had no leverage (no liabilities), its leverage ratio would equal 1.0 and ROE would exactly equal ROA. As a company takes on liabilities, its leverage increases. As long as a company is able to borrow at a rate lower than the marginal rate it can earn investing the borrowed money in its business, the company is making an effective use of leverage and ROE would increase as leverage increases. If a company’s borrowing cost exceeds the marginal rate it can earn on investing in the business, ROE would decline as leverage increased because the effect of borrowing would be to depress ROA.

利用示例 14中安森工业公司的数据,分析师可以检查 ROE 的趋势,并确定 ROE 从 FY2 的 -0.625% 增长到 FY5 的 5.925% 是 ROA 的函数还是杠杆作用的函数:

Using the data from Example 14 for Anson Industries, an analyst can examine the trend in ROE and determine whether the increase from an ROE of –0.625 percent in FY2 to 5.925 percent in FY5 is a function of ROA or the use of leverage:

鱼子 = ROA × 杠杆作用
205年 5.92% 3.70% 1.60
第四财年 1.66% 1.05% 1.58
第三财年 1.62% 1.05% 1.54
2 财年 -0.62% -0.39% 1.60

在过去四年中,公司的杠杆率相对稳定。净资产收益率(ROE)增长的主要原因是资产收益率(ROA)所衡量的盈利能力提升。

Over the four-year period, the company’s leverage factor was relatively stable. The primary reason for the increase in ROE is the increase in profitability measured by ROA.

正如 ROE 可以分解一样,ROA 等各个组成部分也可以分解。进一步分解 ROA,我们可以将 ROE 表示为三个组成比率的乘积:

Just as ROE can be decomposed, the individual components such as ROA can be decomposed. Further decomposing ROA, we can express ROE as a product of three component ratios:

公式(1b) 

Equation (1b) 

可以这样理解:

which can be interpreted as:

净资产收益率 = 净利润率 × 总资产周转率 × 杠杆率

ROE = Net profit margin × Total asset turnover × Leverage

该等式右侧第一项是净利润率,它是盈利能力的指标:公司每单位货币单位(例如欧元或美元)销售额所获得的收入。右侧第二项是资产周转率,它是效率的指标:公司每单位货币单位资产所产生的收入。请注意,ROA 分解为净利润率和总资产周转率这两个组成部分。公司的 ROA 是盈利能力(净利润率)和效率(总资产周转率)的函数。等式 1b右侧第三项是财务杠杆,它是偿付能力的指标:公司总资产相对于其权益资本的比例。这种分解表明,公司的 ROE 是其净利润率、效率和杠杆的函数。同样,使用Anson Industries 的示例 14中的数据,分析师可以更详细地评估 ROE 趋势背后的原因:12

The first term on the right-hand side of this equation is the net profit margin, an indicator of profitability: how much income a company derives per one monetary unit (e.g., euro or dollar) of sales. The second term on the right is the asset turnover ratio, an indicator of efficiency: how much revenue a company generates per one money unit of assets. Note that ROA is decomposed into these two components: net profit margin and total asset turnover. A company’s ROA is a function of profitability (net profit margin) and efficiency (total asset turnover). The third term on the right-hand side of Equation 1b is a measure of financial leverage, an indicator of solvency: the total amount of a company’s assets relative to its equity capital. This decomposition illustrates that a company’s ROE is a function of its net profit margin, its efficiency, and its leverage. Again, using the data from Example 14 for Anson Industries, the analyst can evaluate in more detail the reasons behind the trend in ROE:12

鱼子 = 净利润率 × 总资产周转率 × 杠杆作用
205年 5.92% 3.33% 1.11 1.60
第四财年 1.66% 1.11% 0.95 1.58
第三财年 1.62% 1.13% 0.93 1.54
2 财年 -0.62% -0.47% 0.84 1.60

进一步的分解证实,盈利能力(此处以净利润率衡量)的提升确实是四年间净资产收益率(ROE)增长的重要因素。然而,安森公司的资产周转率也稳步增长。因此,净资产收益率的增长是盈利能力和效率提升共同作用的结果。如上所述,净资产收益率分解也可用于比较同业公司的净资产收益率,如例15所示。

This further decomposition confirms that increases in profitability (measured here as net profit margin) are indeed an important contributor to the increase in ROE over the four-year period. However, Anson’s asset turnover has also increased steadily. The increase in ROE is, therefore, a function of improving profitability and improving efficiency. As noted above, ROE decomposition can also be used to compare the ROEs of peer companies, as demonstrated in Example 15.

例15

两家公司的比较(2)

A Comparison of Two Companies (2)

参考例 14中 Anson Industries 和 Clarence Corporation 的数据,下列哪个选项最能描述分析师可能对这些公司的 ROE 得出的合理结论?

Referring to the data for Anson Industries and Clarence Corporation in Example 14, which of the following choices best describes reasonable conclusions an analyst might make about the companies’ ROE?

  1. 安森的存货周转率为 76.69,表明其盈利能力比克拉伦斯更强。

  2. Anson’s inventory turnover of 76.69 indicates it is more profitable than Clarence.

  3. Clarence 在 2015 财年取得优异 ROE 的主要驱动因素是其更有效地利用了资产。

  4. The main driver of Clarence’s superior ROE in FY5 is its more efficient use of assets.

  5. Clarence 在 2015 财年取得优异 ROE 的主要驱动因素是其更多地使用债务融资和更高的净利润率。

  6. The main drivers of Clarence’s superior ROE in FY5 are its greater use of debt financing and higher net profit margin.

解决方案:

Solution:

C选项正确。Clarence在2015财年净资产收益率(ROE)高于Anson(分别为9.28%和5.92%)的主要原因是其更多地利用债务融资(杠杆率为2.00,而Anson的杠杆率为1.60)以及更高的净利润率(分别为4.38%和3.33%)。A选项错误,因为存货周转率并非盈利能力的直接指标。存货周转率的提高可能表明存货利用效率更高,进而影响盈利能力;然而,即使公司销售的商品数量增加但并未盈利,也会出现存货周转率上升的情况。B选项错误,因为Clarence的资产利用效率低于Anson,Clarence的资产周转率为1.06,而Anson的资产周转率为1.11。

C is correct. The main driver of Clarence’s superior ROE (9.28 percent compared with only 5.92 percent for Anson) in FY5 is its greater use of debt financing (leverage of 2.00 compared with Anson’s leverage of 1.60) and higher net profit margin (4.38 percent compared with only 3.33 percent for Anson). A is incorrect because inventory turnover is not a direct indicator of profitability. An increase in inventory turnover may indicate more efficient use of inventory which in turn could affect profitability; however, an increase in inventory turnover would also be observed if a company was selling more goods even if it was not selling those goods at a profit. B is incorrect because Clarence has less efficient use of assets than Anson, indicated by turnover of 1.06 for Clarence compared with Anson’s turnover of 1.11.

为了区分税收和利息的影响,我们可以进一步分解净利润率,并写成:

To separate the effects of taxes and interest, we can further decompose the net profit margin and write:

公式(1c) 

Equation (1c) 

可以这样理解:

which can be interpreted as:

净资产收益率 = 税负 × 利息负担 × 息税前利润率 × 总资产周转率 × 杠杆率

ROE = Tax burden × Interest burden × EBIT margin × Total asset turnover × Leverage

这种五因素分解法常见于彭博等金融数据库中。等式右侧的第一项衡量税收对净资产收益率 (ROE) 的影响。本质上,它反映的是 1 减去平均税率,也就是公司最终能保留多少税前利润。该值可以用小数或百分比表示。例如,30% 的税率对应的系数为 0.70 或 70%。税负值越高,意味着公司可以保留的税前利润比例越高,税率越低。税负比率的降低则意味着相反的情况(即,税率越高,公司最终能保留的税前利润就越少)。

This five-way decomposition is the one found in financial databases such as Bloomberg. The first term on the right-hand side of this equation measures the effect of taxes on ROE. Essentially, it reflects one minus the average tax rate, or how much of a company’s pretax profits it gets to keep. This can be expressed in decimal or percentage form. So, a 30 percent tax rate would yield a factor of 0.70 or 70 percent. A higher value for the tax burden implies that the company can keep a higher percentage of its pretax profits, indicating a lower tax rate. A decrease in the tax burden ratio implies the opposite (i.e., a higher tax rate leaving the company with less of its pretax profits).

等式右侧第二项反映了利息对净资产收益率 (ROE) 的影响。借贷成本越高,ROE 就越低。一些分析师倾向于使用营业收入而非息税前利润 (EBIT) 来计算该项及后续项。只要前后一致,营业收入或息税前利润均可接受。在这种情况下,第二项将同时衡量利息支出和非营业收入对 ROE 的影响。

The second term on the right-hand side captures the effect of interest on ROE. Higher borrowing costs reduce ROE. Some analysts prefer to use operating income instead of EBIT for this term and the following term. Either operating income or EBIT is acceptable as long as it is applied consistently. In such a case, the second term would measure both the effect of interest expense and non-operating income on ROE.

等式右侧第三项反映了营业利润率(如果分子采用营业收入)或息税前利润率(如果分子采用息税前利润)对净资产收益率的影响。无论采用哪种情况,该项主要衡量的是经营盈利能力对净资产收益率的影响。

The third term on the right-hand side captures the effect of operating margin (if operating income is used in the numerator) or EBIT margin (if EBIT is used) on ROE. In either case, this term primarily measures the effect of operating profitability on ROE.

等式右侧第四项仍然是总资产周转率,它是衡量公司整体效率的指标(即单位总资产产生的收入)。等式右侧第五项是上文提到的财务杠杆率——公司总资产与其权益资本的比率。

The fourth term on the right-hand side is again the total asset turnover ratio, an indicator of the overall efficiency of the company (i.e., how much revenue it generates per unit of total assets). The fifth term on the right-hand side is the financial leverage ratio described above—the total amount of a company’s assets relative to its equity capital.

这种分解方法将公司的净资产收益率 (ROE) 表示为其税率、利息负担、经营盈利能力、效率和杠杆率的函数。分析师可以利用此框架确定哪些因素驱动着公司的 ROE。ROE 分解还有助于根据预期效率、盈利能力、融资活动和税率来预测 ROE。各个因素(例如资产收益率 (ROA))与整体 ROE 的关系也可以用 ROE 树的形式表示,以便研究这五个因素中每个因素的贡献,如安森工业公司 (Anson Industries) 的图表 17所示。 13

This decomposition expresses a company’s ROE as a function of its tax rate, interest burden, operating profitability, efficiency, and leverage. An analyst can use this framework to determine what factors are driving a company’s ROE. The decomposition of ROE can also be useful in forecasting ROE based upon expected efficiency, profitability, financing activities, and tax rates. The relationship of the individual factors, such as ROA to the overall ROE, can also be expressed in the form of an ROE tree to study the contribution of each of the five factors, as shown in Exhibit 17 for Anson Industries.13

图表17显示,安森公司205财年的净资产收益率(ROE)为5.92%,可分解为资产收益率(ROA)3.70%和杠杆率1.60。资产收益率可进一步分解为净利润率3.33%和总资产周转率1.11。净利润率可分解为税负0.70(平均税率为30%)、利息负担0.90和息税前利润率5.29%。总净资产收益率由五个组成部分构成。

Exhibit 17 shows that Anson’s ROE of 5.92 percent in FY5 can be decomposed into ROA of 3.70 percent and leverage of 1.60. ROA can further be decomposed into a net profit margin of 3.33 percent and total asset turnover of 1.11. Net profit margin can be decomposed into a tax burden of 0.70 (an average tax rate of 30 percent), an interest burden of 0.90, and an EBIT margin of 5.29 percent. Overall ROE is decomposed into five components.

图表 17. 杜邦对安森工业公司净资产收益率的分析:第五财年

例 16展示了如何使用五成分分解来确定公司 ROE 趋势背后的原因。

Example 16 demonstrates how the five-component decomposition can be used to determine reasons behind the trend in a company’s ROE.

例16

ROE的五向分解

Five-Way Decomposition of ROE

一位分析师正在研究阿姆斯特丹公司(一家假设的公司),希望了解影响其四年内净资产收益率 (ROE) 趋势的因素。该分析师从阿姆斯特丹公司的年度报告中获取并计算了以下数据:

An analyst examining Amsterdam PLC (a hypothetical company) wishes to understand the factors driving the trend in ROE over a four-year period. The analyst obtains and calculates the following data from Amsterdam’s annual reports:

2017 2016 2015 2014
鱼子 9.53% 20.78% 26.50% 24.72%
税负 60.50% 52.10% 63.12% 58.96%
利息负担 97.49% 97.73% 97.86% 97.49%
息税前利润率 7.56% 11.04% 13.98% 13.98%
资产周转率 0.99 1.71 1.47 1.44
杠杆作用 2.15 2.17 2.10 2.14

分析师可能会得出什么结论?

What might the analyst conclude?

解决方案:

Solution:

税负指标有所波动,但没有明显的趋势。在最近的2017年,税收占税前利润的比例有所下降。(由于税负反映的是税后利润与税前利润的关系,因此从2016年的52.10%上升到2017年的60.50%表明税收占税前利润的比例有所下降。)平均税率的下降可能是由于新立法导致税率降低,或是因为在低税率地区获得了税收收入。利息负担在过去四年中基本保持稳定,表明公司维持着相对稳定的资本结构。营业利润率(息税前利润率)在此期间有所下降,表明公司运营盈利能力有所下降。这一下降与2017年油价下跌以及2016年和2017年炼油行业毛利率下降的情况基本一致。公司2017年的效率(资产周转率)有所下降。公司杠杆率保持不变,这与利息负担保持不变的情况相符。总体而言,近年来净资产收益率(ROE)大幅下降的趋势源于营业利润的减少和资产周转率的降低。为了对公司未来的业绩做出预期,需要对这些变化的原因进行进一步研究。

The tax burden measure has varied, with no obvious trend. In the most recent year, 2017, taxes declined as a percentage of pretax profit. (Because the tax burden reflects the relation of after-tax profits to pretax profits, the increase from 52.10 percent in 2016 to 60.50 percent in 2017 indicates that taxes declined as a percentage of pretax profits.) This decline in average tax rates could be a result of lower tax rates from new legislation or revenue in a lower tax jurisdiction. The interest burden has remained fairly constant over the four-year period indicating that the company maintains a fairly constant capital structure. Operating margin (EBIT margin) declined over the period, indicating the company’s operations were less profitable. This decline is generally consistent with declines in oil prices in 2017 and declines in refining industry gross margins in 2016 and 2017. The company’s efficiency (asset turnover) decreased in 2017. The company’s leverage remained constant, consistent with the constant interest burden. Overall, the trend in ROE (declining substantially over the recent years) resulted from decreases in operating profits and a lower asset turnover. Additional research on the causes of these changes is required in order to develop expectations about the company’s future performance.

我们目前提出的最详细的 ROE 分解方法是五因素分解。然而,分析师还可以进一步分解五因素分析中的各个组成部分。例如,息税前利润率(EBIT/收入)可以进一步分解为非经营性部分(EBIT/营业利润)和经营性部分(营业利润/收入)。分析师还可以考察其他哪些因素对这五个组成部分有所贡献。例如,效率的提高(总资产周转率)可能源于更好的存货管理(库存周转天数)或更好的应收账款回收(应收账款周转天数)。

The most detailed decomposition of ROE that we have presented is a five-way decomposition. Nevertheless, an analyst could further decompose individual components of a five-way analysis. For example, EBIT margin (EBIT/Revenue) could be further decomposed into a non-operating component (EBIT/Operating income) and an operating component (Operating income/Revenue). The analyst can also examine which other factors contributed to these five components. For example, an improvement in efficiency (total asset turnover) may have resulted from better management of inventory (DOH) or better collection of receivables (DSO).

5.权益分析

5. Equity Analysis

财务分析的一个应用是选择证券,作为股票投资组合管理流程的一部分。分析师对证券进行估值,以评估其是否值得纳入或保留在投资组合中。估值过程包括以下几个步骤:

One application of financial analysis is to select securities as part of the equity portfolio management process. Analysts are interested in valuing a security to assess its merits for inclusion or retention in a portfolio. The valuation process has several steps, including:

  1. 了解业务及现有财务状况

  2. understanding the business and the existing financial profile

  3. 预测公司业绩

  4. forecasting company performance

  5. 选择合适的估值模型

  6. selecting the appropriate valuation model

  7. 将预测转化为估值

  8. converting forecasts to a valuation

  9. 做出投资决定

  10. making the investment decision

财务分析有助于提供完成估值过程前两个步骤的核心信息:了解企业和预测业绩。

Financial analysis assists in providing the core information to complete the first two steps of this valuation process: understanding the business and forecasting performance.

基本面股权分析是指评估公司的业绩并对其股权进行估值,从而判断其作为投资标的的相对吸引力。分析师使用多种方法来评估公司股权,包括估值比率(例如市盈率或P/E比率)、折现现金流法和剩余收益法(净资产收益率与资本成本的比较)等。以下部分将探讨第一种方法——估值比率的应用。

Fundamental equity analysis involves evaluating a company’s performance and valuing its equity in order to assess its relative attractiveness as an investment. Analysts use a variety of methods to value a company’s equity, including valuation ratios (e.g., the price-to-earnings or P/E ratio), discounted cash flow approaches, and residual income approaches (ROE compared with the cost of capital), among others. The following section addresses the first of these approaches—the use of valuation ratios.

5.1估值比率

5.1. Valuation Ratios

估值比率长期以来一直被用于投资决策。一个众所周知的例子是市盈率 P/E比率)——它可能是讨论股票价值时最常被引用的指标——它将股价与每股收益(EPS)联系起来。此外,一些分析师还会使用其他市场倍数,例如市净率(P/B)和市现率(P/CF)。以下章节将探讨估值比率和其他与股票估值相关的指标。

Valuation ratios have long been used in investment decision making. A well known example is the price to earnings ratio (P/E ratio)—probably the most widely cited indicator in discussing the value of equity securities—which relates share price to the earnings per share (EPS). Additionally, some analysts use other market multiples, such as price to book value (P/B) and price to cash flow (P/CF). The following sections explore valuation ratios and other quantities related to valuing equities.

5.1.1估值比率及相关数量的计算

5.1.1. Calculation of Valuation Ratios and Related Quantities

附录 18描述了一些常用估值比率和相关量的计算方法。

Exhibit 18 describes the calculation of some common valuation ratios and related quantities.

附录18. 选定估值比率及相关量的定义
估值比率 分子 分母
市盈率 每股价格 每股收益
P/CF 每股价格 每股现金流
附注 每股价格 每股销售额
P/BV 每股价格 每股账面价值
每股数量  分子 分母
基本 EPS 净利润减去优先股股息  已发行普通股加权平均数
稀释后每股收益 经调整的普通股可用收益,反映了稀释性证券的转换 已发行普通股和潜在普通股的加权平均数
每股现金流 经营活动现金流 流通股加权平均数
每股 EBITDA 息税折旧摊销前利润 流通股加权平均数
每股股息 已宣布的普通股股息 已发行普通股加权平均数
与股息相关的数量 分子 分母
股息支付率 普通股股息 归属于普通股股东的净利润
留存率(b 归属于普通股股东的净利润—— 归属于普通股股东的净利润
普通股股息
可持续增长率 b × ROE

市盈率(P/E ratio)反映的是每股价格与每股收益之间的关系。换句话说,市盈率告诉我们,普通股投资者每获得一美元的收益需要支付多少费用。

The P/E ratio expresses the relationship between the price per share and the amount of earnings attributable to a single share. In other words, the P/E ratio tells us how much an investor in common stock pays per dollar of earnings.

由于市盈率是使用净利润计算的,因此该比率可能对非经常性收益或一次性收益事件较为敏感。此外,由于净利润通常被认为比现金流更容易受到操纵,分析师可能会使用市现率作为替代指标——尤其是在盈利质量可能存在问题的情况下。每股EBITDA是使用息税折旧摊销前利润计算的,因此可以用来消除不同公司固定资产投资水平差异的影响。它有助于比较同一行业但基础设施成熟度不同的公司。市销率的计算方法类似,有时在公司没有正净利润时用作比较价格指标。

Because P/E ratios are calculated using net income, the ratios can be sensitive to non-recurring earnings or one-time earnings events. In addition, because net income is generally considered to be more susceptible to manipulation than are cash flows, analysts may use price to cash flow as an alternative measure—particularly in situations where earnings quality may be an issue. EBITDA per share, because it is calculated using income before interest, taxes, and depreciation, can be used to eliminate the effect of different levels of fixed asset investment across companies. It facilitates comparison between companies in the same sector but at different stages of infrastructure maturity. Price to sales is calculated in a similar manner and is sometimes used as a comparative price metric when a company does not have positive net income.

另一个有助于对公司股价进行有效比较的价格比率是市净率(P/B),即每股价格与账面价值的比率。该比率通常被解读为市场对公司预期收益率与其实际收益率之间关系的判断指标。假设账面价值反映资产的公允价值,市净率为1可以解释为公司未来收益预期将完全等于市场预期收益率。大于1的比率表明公司未来盈利能力预期将超过预期收益率,而小于1的比率则表明公司预期无法获得超额收益。 14

Another price-based ratio that facilitates useful comparisons of companies’ stock prices is price to book value, or P/B, which is the ratio of price to book value per share. This ratio is often interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Assuming that book values reflect the fair values of the assets, a price to book ratio of one can be interpreted as an indicator that the company’s future returns are expected to be exactly equal to the returns required by the market. A ratio greater than one would indicate that the future profitability of the company is expected to exceed the required rate of return, and values of this ratio less than one indicate that the company is not expected to earn excess returns.14

5.1.2每股收益解读

5.1.2. Interpretation of Earnings per Share

图表 18列出了一些可用于估值比率的每股指标。本节将讨论其中一个关键指标——每股收益(EPS)的解读。15

Exhibit 18 presented a number of per-share quantities that can be used in valuation ratios. In this section, we discuss the interpretation of one such critical quantity, earnings per share or EPS.15

每股收益 (EPS) 指的是归属于每股普通股的收益金额。单独来看,EPS 不足以提供公司间比较的充分信息。例如,假设两家公司只有普通股,没有其他稀释性证券。此外,假设两家公司的净利润均为 1000 万美元,账面权益均为 1 亿美元,因此盈利能力也相同(为简化起见,此处使用期末权益,即 10%)。再假设 A 公司加权平均流通普通股数为 1 亿股,而 B 公司加权平均流通普通股数为 1000 万股。那么,A 公司每股收益为 0.10 美元,B 公司每股收益为 1 美元。EPS 的差异并不反映盈利能力的差异——两家公司的利润和盈利能力完全相同。差异仅仅反映了流通普通股数量的不同。分析师应该详细了解公司报告的 EPS 信息类型:

EPS is simply the amount of earnings attributable to each share of common stock. In isolation, EPS does not provide adequate information for comparison of one company with another. For example, assume that two companies have only common stock outstanding and no dilutive securities outstanding. In addition, assume the two companies have identical net income of $10 million, identical book equity of $100 million and, therefore, identical profitability (10 percent, using ending equity in this case for simplicity). Furthermore, assume that Company A has 100 million weighted average common shares outstanding, whereas Company B has 10 million weighted average common shares outstanding. So, Company A will report EPS of $0.10 per share, and Company B will report EPS of $1 per share. The difference in EPS does not reflect a difference in profitability—the companies have identical profits and profitability. The difference reflects only a different number of common shares outstanding. Analysts should understand in detail the types of EPS information that companies report:

基本每股收益 (EPS)提供有关每股普通股收益的信息。 16计算基本每股收益时,首先要计算该期间的加权平均流通股数。加权平均流通股数由期初流通普通股数乘以该期间回购或发行的股份数,再乘以时间加权因子得出。

Basic EPS provides information regarding the earnings attributable to each share of common stock.16 To calculate basic EPS, the weighted average number of shares outstanding during the period is first calculated. The weighted average number of shares consists of the number of ordinary shares outstanding at the beginning of the period, adjusted by those bought back or issued during the period, multiplied by a time-weighting factor.

会计准则通常要求披露基本每股收益(EPS)和稀释每股收益(EPS)(稀释每股收益包括公司所有证券的影响,这些证券的转换或行权会导致基本每股收益减少;稀释性证券包括可转换债券、可转换优先股、认股权证和期权)。基本每股收益和稀释每股收益必须在损益表中以同等显著的方式列示,并针对每类普通股进行披露。披露内容包括用于计算基本每股收益和稀释每股收益的分子金额,以及这些金额与公司当期损益的调节表。由于公司财务报表中同时列示了基本每股收益和稀释每股收益,因此分析师无需为已公布的财务报表计算这些指标。但是,了解这些计算方法有助于分析师在需要计算预期未来每股收益的情况下进行分析。

Accounting standards generally require the disclosure of basic as well as diluted EPS (diluted EPS includes the effect of all the company’s securities whose conversion or exercise would result in a reduction of basic EPS; dilutive securities include convertible debt, convertible preferred, warrants, and options). Basic EPS and diluted EPS must be shown with equal prominence on the face of the income statement for each class of ordinary share. Disclosure includes the amounts used as the numerators in calculating basic and diluted EPS, and a reconciliation of those amounts to the company’s profit or loss for the period. Because both basic and diluted EPS are presented in a company’s financial statements, an analyst does not need to calculate these measures for reported financial statements. Understanding the calculations is, however, helpful for situations requiring an analyst to calculate expected future EPS.

为了计算稀释每股收益,需对假设转换后的税后收益进行调整,并对加权股份数量进行以下调整:

To calculate diluted EPS, earnings are adjusted for the after-tax effects assuming conversion, and the following adjustments are made to the weighted number of shares:

  • 基本每股收益的加权平均股份数,加上所有潜在稀释性普通股转换后将发行的股份数。当潜在普通股的转换会降低持续经营业务的每股净利润时,这些股份被视为稀释性股份。

  • The weighted average number of shares for basic EPS, plus those that would be issued on conversion of all potentially dilutive ordinary shares. Potential ordinary shares are treated as dilutive when their conversion would decrease net profit per share from continuing ordinary operations.

  • 这些股份被视为在期初或(如果较晚)股份发行日转换为普通股。

  • These shares are deemed to have been converted into ordinary shares at the beginning of the period or, if later, at the date of the issue of the shares.

  • 应考虑期权、认股权证(及其等价物)、可转换工具、或有发行股份、可以用普通股或现金结算的合约、已购买的期权和已售出的看跌期权。

  • Options, warrants (and their equivalents), convertible instruments, contingently issuable shares, contracts that can be settled in ordinary shares or cash, purchased options, and written put options should be considered.

5.1.3 . 与股息相关的数量

5.1.3. Dividend-Related Quantities

在本节中,我们将讨论图表 18中列出的与股息相关的量的解释。这些量在一些用于评估股票价值的现值模型中发挥着作用。

In this section, we discuss the interpretation of the dividend-related quantities presented in Exhibit 18. These quantities play a role in some present value models for valuing equities.

股息支付率

Dividend Payout Ratio

股息支付率衡量的是公司以股息形式支付给股东的收益百分比。每股股息金额往往相对固定,因为任何股息削减都会导致股价出现不成比例的大幅下跌。由于股息金额相对固定,股息支付率往往会随收益波动。因此,对公司股息支付政策的判断应基于对多个时期股息支付情况的考察。与最优资本结构类似,最优股息政策一直是学术研究的热点,并且仍然是公司金融领域的重要研究课题。

The dividend payout ratio measures the percentage of earnings that the company pays out as dividends to shareholders. The amount of dividends per share tends to be relatively fixed because any reduction in dividends has been shown to result in a disproportionately large reduction in share price. Because dividend amounts are relatively fixed, the dividend payout ratio tends to fluctuate with earnings. Therefore, conclusions about a company’s dividend payout policies should be based on examination of payout over a number of periods. Optimal dividend policy, similar to optimal capital structure, has been examined in academic research and continues to be a topic of significant interest in corporate finance.

留存率

Retention Rate

留存率,或称盈利留存率,是派息率或股息支付率的倒数(即 1 - 派息率)。派息率衡量的是公司以股息形式支付的盈利百分比,而留存率衡量的是公司保留的盈利百分比。(请注意,派息率和留存率都是盈利的百分比。术语上的差异——“比率”、“率”和“百分比”——反映的是常用用法,而非任何实质性差异。)

The retention rate, or earnings retention rate, is the complement of the payout ratio or dividend payout ratio (i.e., 1 – payout ratio). Whereas the payout ratio measures the percentage of earnings that a company pays out as dividends, the retention rate is the percentage of earnings that a company retains. (Note that both the payout ratio and retention rate are both percentages of earnings. The difference in terminology—“ratio” versus “rate” versus “percentage”—reflects common usage rather than any substantive differences.)

可持续增长率

Sustainable Growth Rate

公司的可持续增长率被视为其盈利能力(以净资产收益率 (ROE) 衡量)及其利用内部资金进行自我融资的能力(以留存率衡量)的函数。可持续增长率等于净资产收益率乘以留存率。较高的净资产收益率和较高的留存率会带来较高的可持续增长率。该计算方法可用于估算公司的增长率,而增长率是股权估值中常用的一个因素。

A company’s sustainable growth rate is viewed as a function of its profitability (measured as ROE) and its ability to finance itself from internally generated funds (measured as the retention rate). The sustainable growth rate is ROE times the retention rate. A higher ROE and a higher retention rate result in a higher sustainable growth rate. This calculation can be used to estimate a company’s growth rate, a factor commonly used in equity valuation.

5.2行业特定比率

5.2. Industry-Specific Ratios

正如前文所述,目前尚无普遍接受的比率定义和分类。比率的目的是作为衡量公司业绩和价值重要方面的指标。在某一行业中被视为重要的业绩指标,在另一行业中可能无关紧要,而行业特定的比率则反映了这些差异。例如,零售行业的公司可能会报告同店销售额的变化,因为在零售行业,区分新店开业带来的增长和现有门店销售额增长带来的增长至关重要。对于尚未盈利的早期行业而言,行业特定的指标对于股权价值的评估尤为重要。

As stated earlier in this reading, a universally accepted definition and classification of ratios does not exist. The purpose of ratios is to serve as indicators of important aspects of a company’s performance and value. Aspects of performance that are considered important in one industry may be irrelevant in another, and industry-specific ratios reflect these differences. For example, companies in the retail industry may report same-store sales changes because, in the retail industry, it is important to distinguish between growth that results from opening new stores and growth that results from generating more sales at existing stores. Industry-specific metrics can be especially important to the value of equity in early stage industries, where companies are not yet profitable.

此外,受监管行业——尤其是金融业——通常需要遵守特定的监管比率。例如,银行业流动性比率和现金储备比率反映了银行的流动性状况,并体现了货币和监管要求。银行资本充足率要求则力求将银行的偿付能力要求与其具体的风险敞口水平直接联系起来。

In addition, regulated industries—especially in the financial sector—often are required to comply with specific regulatory ratios. For example, the banking sector’s liquidity and cash reserve ratios provide an indication of banking liquidity and reflect monetary and regulatory requirements. Banking capital adequacy requirements attempt to relate banks’ solvency requirements directly to their specific levels of risk exposure.

图表 19仅出于说明目的,列出了一些特定行业和特定任务的比率。17

Exhibit 19 presents, for illustrative purposes only, some industry-specific and task-specific ratios.17

图表 19. 一些常见行业和任务特定比率的定义
比率 分子 分母
商业风险    
营业收入变异系数 营业收入的标准差 平均营业收入
净收入变异系数 净收入的标准差 平均净收入
收入变异系数 收入标准差 平均收入
金融行业比率 分子 分母
资本充足率——银行 资本的各个组成部分 各种衡量指标,例如风险加权资产、市场风险敞口或承担的操作风险水平。
货币储备要求(现金储备率) 中央银行持有的储备金 特定存款负债
流动资产需求 已获批准的“易于交易”证券 特定存款负债
净息差 净利息收入 生息资产总额
零售比率 分子 分母
同店(或类似店)销售额 两个时期内均营业的门店的平均年收入增长率 不适用
每平方米(或每平方英尺)销售额 收入 总零售面积(平方米或平方英尺)
服务公司 分子 分母
员工人均收入 收入 员工总数
每位员工的净收入 净利 员工总数
酒店 分子 分母
平均每日价格 客房收入 售出房间数量
入住率 售出房间数量 可用房间数量

5.3权益分析中比率的历史研究

5.3. Historical Research on Ratios in Equity Analysis

某些比率在权益分析中可能特别有用。权益分析的最终结果通常是估值和投资建议。理论估值模型有助于选择在此过程中适用的比率。例如,公司的市净率(P/B)理论上与净资产收益率(ROE)、增长率和必要回报率相关。在剩余收益估值模型中,ROE 也是剩余收益的主要决定因素。在这两种情况下,相对于必要回报率而言,更高的 ROE 意味着更高的估值。同样,利润率与合理的市销率(P/S)相关。另一种常见的估值方法是对未来现金流进行预测,并将其折现到当前。比率的趋势有助于预测未来的收益和现金流(例如,营业利润率和客户应收账款回收的趋势)。未来增长预期是所有这些估值模型的关键组成部分。趋势有助于评估增长前景(当与整体经济和行业趋势结合使用时)。比率和共同规模数据的变异性有助于评估风险,而风险是估值模型中必要收益率的重要组成部分。大量学术研究都集中于运用这些基本比率来评估股权投资。

Some ratios may be particularly useful in equity analysis. The end product of equity analysis is often a valuation and investment recommendation. Theoretical valuation models are useful in selecting ratios that would be useful in this process. For example, a company’s P/B is theoretically linked to ROE, growth, and the required return. ROE is also a primary determinant of residual income in a residual income valuation model. In both cases, higher ROE relative to the required return denotes a higher valuation. Similarly, profit margin is related to justified price-to-sales (P/S) ratios. Another common valuation method involves forecasts of future cash flows that are discounted back to the present. Trends in ratios can be useful in forecasting future earnings and cash flows (e.g., trends in operating profit margin and collection of customer receivables). Future growth expectations are a key component of all of these valuation models. Trends may be useful in assessing growth prospects (when used in conjunction with overall economic and industry trends). The variability in ratios and common-size data can be useful in assessing risk, an important component of the required rate of return in valuation models. A great deal of academic research has focused on the use of these fundamental ratios in evaluating equity investments.

欧和彭曼(Ou and Penman,1989a1989b )的一项经典研究发现,基于会计数据生成的比率和通用指标可用于预测盈利和股票回报。欧和彭曼考察了 68 个此类指标,发现这些指标可以简化为一个更为精简的相关变量列表,其中包括流动比率、存货和销售额等各种指标的百分比变化;毛利率和税前利率;以及资产回报率和权益回报率。研究发现,这些变量对于预测盈利和股票回报非常有用。

A classic study, Ou and Penman (1989a and 1989b), found that ratios and common-size metrics generated from accounting data were useful in forecasting earnings and stock returns. Ou and Penman examined 68 such metrics and found that these could be reduced to a more parsimonious list of relevant variables, including percentage changes in a variety of measures such as current ratio, inventory, and sales; gross and pretax margins; and returns on assets and equity. These variables were found to be useful in forecasting earnings and stock returns.

后续研究也证实了比率在股权投资评估和估值中的实用性。Lev和 Thiagarajan (1993)研究了分析师使用的基本财务变量,以评估它们在证券估值中的有效性。他们发现,基本变量在预测超额收益(股票收益超过预期收益的部分)方面,比仅使用盈利指标的解释力提高了约 70%。他们发现有用的基本变量包括存货和应收账款相对于销售额的百分比变化、毛利率、人均销售额以及坏账相对于应收账款的变化等。Abarbanell和 Bushee (1997)发现其中一些相同的变量在预测未来会计收益方面也很有用。Abarbanell 和 Bushee (1998)利用这些相同的变量设计了一种投资策略,并发现该策略可以产生超额收益。

Subsequent studies have also demonstrated the usefulness of ratios in evaluation of equity investments and valuation. Lev and Thiagarajan (1993) examined fundamental financial variables used by analysts to assess whether they are useful in security valuation. They found that fundamental variables add about 70 percent to the explanatory power of earnings alone in predicting excess returns (stock returns in excess of those expected). The fundamental variables they found useful included percentage changes in inventory and receivables relative to sales, gross margin, sales per employee, and the change in bad debts relative to the change in accounts receivable, among others. Abarbanell and Bushee (1997) found some of the same variables useful in predicting future accounting earnings. Abarbanell and Bushee (1998) devised an investment strategy using these same variables and found that they can generate excess returns under this strategy.

Piotroski (2000)运用财务比率来补充价值投资策略,并发现他可以获得显著的超额收益。Piotroski 使用的变量包括资产收益率 (ROA)、现金流资产收益率、资产收益率变化、杠杆率变化、流动性变化、毛利率变化和存货周转率变化。

Piotroski (2000) used financial ratios to supplement a value investing strategy and found that he can generate significant excess returns. Variables used by Piotroski include ROA, cash flow ROA, change in ROA, change in leverage, change in liquidity, change in gross margin, and change in inventory turnover.

这项研究表明,除了有助于评估公司过去的业绩外,比率还可以用于预测未来的收益和股权回报。

This research shows that in addition to being useful in evaluating the past performance of a company, ratios can be useful in predicting future earnings and equity returns.

6.信用分析

6. Credit Analysis

信用风险是指交易对手或债务人未能履行承诺的付款义务而造成的损失风险。例如,债券的信用风险是指债务人(债券发行人)无法按照债券契约(合同)的条款支付利息和本金的风险。信用分析是对信用风险的评估。

Credit risk is the risk of loss caused by a counterparty’s or debtor’s failure to make a promised payment. For example, credit risk with respect to a bond is the risk that the obligor (the issuer of the bond) is not able to pay interest and principal according to the terms of the bond indenture (contract). Credit analysis is the evaluation of credit risk.

信用分析的方法多种多样,与所有财务分析一样,取决于分析的目的和具体情况。针对特定类型债务(例如,收购融资和其他高杠杆融资)的信用分析通常涉及对各期现金流的预测,类似于股票分析师所做的预测。股票分析师可能会对预测的现金流进行折现以确定公司股权的价值,而信用分析师则会利用预测的现金流来评估公司在每个时期遵守财务契约并按时支付利息和本金的可能性。 18该分析还会包括对公司可获得的资产出售和再融资方案的预期。

Approaches to credit analysis vary and, as with all financial analysis, depend on the purpose of the analysis and the context in which it is done. Credit analysis for specific types of debt (e.g., acquisition financing and other highly leveraged financing) often involves projections of period-by-period cash flows similar to projections made by equity analysts. Whereas the equity analyst may discount projected cash flows to determine the value of the company’s equity, a credit analyst would use the projected cash flows to assess the likelihood of a company complying with its financial covenants in each period and paying interest and principal as due.18 The analysis would also include expectations about asset sales and refinancing options open to the company.

信用分析可能涉及借款人在特定交易中的信用风险,也可能涉及其整体信用状况。在评估整体信用状况时,一种常用方法是信用评分,即对信用违约决定因素进行统计分析。

Credit analysis may relate to the borrower’s credit risk in a particular transaction or to its overall creditworthiness. In assessing overall creditworthiness, one general approach is credit scoring, a statistical analysis of the determinants of credit default.

信用分析的另一种常用方法是信用评级,例如,信用评级机构会利用信用评级来评估和传达发行人对其债务(例如商业票据、票据和债券)违约的可能性。信用评级可以是长期的,也可以是短期的,它表明了评级机构对债务发行人就特定债务证券或其他义务的信用状况的意见。如果公司没有未偿债务,评级机构也可以提供发行人信用评级,以表达对发行人履行其财务义务的整体能力和意愿的意见。以下章节将回顾关于信用分析中比率应用的研究以及信用分析中常用的比率。

Another general approach to credit analysis is the credit rating process that is used, for example, by credit rating agencies to assess and communicate the probability of default by an issuer on its debt obligations (e.g., commercial paper, notes, and bonds). A credit rating can be either long term or short term and is an indication of the rating agency’s opinion of the creditworthiness of a debt issuer with respect to a specific debt security or other obligation. Where a company has no debt outstanding, a rating agency can also provide an issuer credit rating that expresses an opinion of the issuer’s overall capacity and willingness to meet its financial obligations. The following sections review research on the use of ratios in credit analysis and the ratios commonly used in credit analysis.

6.1信用评级流程

6.1. The Credit Rating Process

信用评级过程包括对公司财务报告的分析以及对公司运营情况的全面评估。在进行信用评级时,评级机构强调公司业务风险状况与其财务风险之间关系的重要性。

The credit rating process involves both the analysis of a company’s financial reports as well as a broad assessment of a company’s operations. In assigning credit ratings, rating agencies emphasize the importance of the relationship between a company’s business risk profile and its financial risk.

对于企业而言,信用评级通常反映定性和定量因素的综合影响。定性因素一般包括行业的增长前景、波动性、技术变革和竞争环境。就单个公司而言,定性因素可能包括运营效率、战略、公司治理、财务政策、风险管理实践和风险承受能力。相比之下,定量因素通常包括盈利能力、杠杆率、现金流充足性和流动性。 19

For corporate entities, credit ratings typically reflect a combination of qualitative and quantitative factors. Qualitative factors generally include an industry’s growth prospects, volatility, technological change, and competitive environment. At the individual company level, qualitative factors may include operational effectiveness, strategy, governance, financial policies, risk management practices, and risk tolerance. In contrast, quantitative factors generally include profitability, leverage, cash flow adequacy, and liquidity.19

在分析财务比率时,评级机构通常会考察比率与已计算该比率的公司总数的中位数比率之间的偏差,并将中位数评级作为特定债务发行人评级等级的指标。这个所谓的评级公司总数经常变化,任何计算结果显然都会受到经济因素以及并购的影响。国际评级则包含了国家和经济风险因素的影响。图表20列出了标准普尔在评估工业公司时使用的一些关键财务比率。需要注意的是,在计算比率之前,评级机构会对已公布的财务数据进行一些调整,例如调整债务,将表外债务纳入公司的总债务。

When analyzing financial ratios, rating agencies normally investigate deviations of ratios from the median ratios of the universe of companies for which such ratios have been calculated and also use the median ratings as an indicator for the ratings grade given to a specific debt issuer. This so-called universe of rated companies frequently changes, and any calculations are obviously affected by economic factors as well as by mergers and acquisitions. International ratings include the influence of country and economic risk factors. Exhibit 20 presents a few key financial ratios used by Standard & Poor’s in evaluating industrial companies. Note that before calculating ratios, rating agencies make certain adjustments to reported financials such as adjusting debt to include off-balance sheet debt in a company’s total debt.

图表 20. 精选信用比率
信用比率 分子a 分母a
EBITDA利息保障倍数 EBITDA b 利息支出,包括传统债务工具的非现金利息
运营资金 (FFO) 债务 营运资金 总债务
自由经营现金流与债务比率 首席财务官d(调整后)减去资本支出 总债务
息税前利润率 税前利润 总收入
EBITDA利润率 息税折旧摊销前利润 总收入
债务与 EBITDA 比率 总债务 息税折旧摊销前利润
资本回报率 息税前利润 年初和年末平均资本f

a请注意,分子和分母的定义会根据不同的比率进行调整,可能与本文其他地方使用的定义不符。

a Note that both the numerator and the denominator definitions are adjusted from ratio to ratio and may not correspond to the definitions used elsewhere in this reading.

b EBITDA = 息税折旧摊销前利润。

b EBITDA = earnings before interest, taxes, depreciation, and amortization.

c FFO = 运营资金,定义为 EBITDA 减去净利息支出减去当期税费(加上或减去所有适用的调整)。

c FFO = funds from operations, defined as EBITDA minus net interest expense minus current tax expense (plus or minus all applicable adjustments).

d CFO = 经营活动现金流。

d CFO = cash flow from operations.

e EBIT = 息税前利润。

e EBIT = earnings before interest and taxes.

f资本 = 债务加非流动递延所得税加权益(加或减所有适用的调整)。

f Capital = debt plus noncurrent deferred taxes plus equity (plus or minus all applicable adjustments).

资料来源:基于标准普尔《企业估值方法:比率与调整 》(2013年版)的数据。此版本为发布时的最新版本。

Source: Based on data from Standard & Poor’s Corporate Methodology: Ratios And Adjustments (2013). This represents the last updated version at the time of publication.

6.2信用分析比率的历史研究

6.2. Historical Research on Ratios in Credit Analysis

大量的学术研究和实践研究都集中在确定哪些比率可用于评估公司的信用风险,包括破产风险。

A great deal of academic and practitioner research has focused on determining which ratios are useful in assessing the credit risk of a company, including the risk of bankruptcy.

最早的研究之一考察了各项财务比率,以评估它们预测公司破产的能力,预测时间最长可达五年。Beaver (1967)发现,有六个财务比率能够以90%的准确率提前一年预测公司破产,并以至少65%的准确率提前五年预测公司破产。Beaver发现的有效比率包括:现金流与总负债比率、资产收益率(ROA)、总负债与总资产比率、营运资本与总资产比率、流动比率以及无信贷间隔比率(公司无需借款即可维持运营的时间长度)。Altman (1968)以及Altman、Haldeman和Narayanan(1977)发现,可以将财务比率组合成一个有效的破产预测模型。Altman的早期工作是创建Z分数,该分数能够准确预测财务困境。Z分数计算方法如下:

One of the earliest studies examined individual ratios to assess their ability to predict failure of a company up to five years in advance. Beaver (1967) found that six ratios could correctly predict company failure one year in advance 90 percent of the time and five years in advance at least 65 percent of the time. The ratios found effective by Beaver were cash flow to total debt, ROA, total debt to total assets, working capital to total assets, the current ratio, and the no-credit interval ratio (the length of time a company could go without borrowing). Altman (1968) and Altman, Haldeman, and Narayanan (1977) found that financial ratios could be combined in an effective model for predicting bankruptcy. Altman’s initial work involved creation of a Z-score that was able to correctly predict financial distress. The Z-score was computed as

Z = 1.2 × (流动资产 – 流动负债)/总资产
   + 1.4 × (留存收益/总资产)
   + 3.3 × (息税前利润/总资产)
   + 0.6 × (股票市值/负债账面价值)
   + 1.0 × (销售额/总资产)

在他的初步研究中,Z值低于 1.81 可预测企业失败,该模型能够准确地将 95% 的研究企业分类为失败组和非失败组。最初的模型是为制造企业设计的。后续的改进使其能够适用于其他类型的企业和时间段。通常,被认为对预测有用的变量包括盈利能力比率、偿付能力比率、流动比率、资本充足率和收益波动性(Altman 2000)。

In his initial study, a Z-score of lower than 1.81 predicted failure and the model was able to accurately classify 95 percent of companies studied into a failure group and a non-failure group. The original model was designed for manufacturing companies. Subsequent refinements to the models allow for other company types and time periods. Generally, the variables found to be useful in prediction include profitability ratios, coverage ratios, liquidity ratios, capitalization ratios, and earnings variability (Altman 2000).

类似的研究也探讨了比率预测债券评级和收益率的能力。例如,Ederington、Yawtiz 和 Roberts (1987) 发现,少量变量(总资产、利息保障倍数、杠杆率、偿付能力波动性和次级地位)能够有效解释债券收益率。同样, Ederington (1986)发现,九个变量组合起来可以正确分类超过 70% 的债券评级。这些变量包括资产收益率 (ROA)、长期债务与资产比率、利息保障倍数、现金流与债务比率、偿付能力和现金流波动性、总资产以及次级地位。这些研究表明,比率在评估信用风险、债券收益率和债券评级方面是有效的。

Similar research has been performed on the ability of ratios to predict bond ratings and bond yields. For example, Ederington, Yawtiz, and Roberts (1987) found that a small number of variables (total assets, interest coverage, leverage, variability of coverage, and subordination status) were effective in explaining bond yields. Similarly, Ederington (1986) found that nine variables in combination could correctly classify more than 70 percent of bond ratings. These variables included ROA, long-term debt to assets, interest coverage, cash flow to debt, variability of coverage and cash flow, total assets, and subordination status. These studies have shown that ratios are effective in evaluating credit risk, bond yields, and bond ratings.

7.业务和地理细分

7. Business and Geographic Segments

分析师通常需要评估各业务部门(子公司、运营单位或不同地理区域的运营)的业绩,以便全面了解公司的整体情况。虽然公司无需提供完整的业务部门财务报表,但根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),公司必须提供业务部门信息。20

Analysts often need to evaluate the performance underlying business segments (subsidiary companies, operating units, or simply operations in different geographic areas) to understand in detail the company as a whole. Although companies are not required to provide full financial statements for segments, they are required to provide segment information under both IFRS and US GAAP.20

7.1分部报告要求

7.1. Segment Reporting Requirements

经营分部是指公司的一个组成部分,该部分符合以下条件:a) 从事可能产生收入和支出的活动,包括尚未产生收入的初创分部;b) 其业绩由公司高级管理层定期审查;c) 可获得单独的财务信息。21公司必须披露符合特定量化标准的任何经营分部的单独信息——,该分部占合并经营分部收入、资产或利润的10%或以上。(为确定某个分部是否占合并利润或亏损的10%或以上,该标准以该分部利润或亏损的绝对值占以下两者中较大者的百分比表示:(i) 所有盈利分部合并利润;(ii) 所有亏损分部合并亏损的绝对值。)如果应用这些量化标准后,所有可报告分部的外部客户合并收入低于公司总收入的75%,则公司必须确定其他可报告分部,直至达到75%的水平。如果多个较小的业务分部在定义业务或地域分部时具有相当多的共同特征,则可将其合并为一个分部;或者,它们也可与类似的、重要的可报告分部合并。关于经营分部和不可报告业务的信息,则归入“所有其他分部”类别。

An operating segment is defined as a component of a company: a) that engages in activities that may generate revenue and create expenses, including a start-up segment that has yet to earn revenues, b) whose results are regularly reviewed by the company’s senior management, and c) for which discrete financial information is available.21 A company must disclose separate information about any operating segment which meets certain quantitative criteria—namely, the segment constitutes 10 percent or more of the combined operating segments’ revenue, assets, or profit. (For purposes of determining whether a segment constitutes 10 percent or more of combined profits or losses, the criteria is expressed in terms of the absolute value of the segment’s profit or loss as a percentage of the greater of (i) the combined profits of all profitable segments and (ii) the absolute amount of the combined losses of all loss-making segments.) If, after applying these quantitative criteria, the combined revenue from external customers for all reportable segments combined is less than 75 percent of the total company revenue, the company must identify additional reportable segments until the 75 percent level is reached. Small segments might be combined as one if they share a substantial number of factors that define a business or geographical segment, or they might be combined with a similar significant reportable segment. Information about operating segments and businesses that are not reportable is combined in an “all other segments” category.

公司内部可以采用多种方式报告业务成果(例如,产品分部和地域分部)。公司在确定用于对外报告的分部时,会考虑经营分部的定义,并参考一些因素,例如向董事会报告的信息以及是否有经理负责每个分部。公司必须披露用于确定可报告分部的因素,以及每个可报告分部销售的产品和服务类型。

Companies may internally report business results in a variety of ways (e.g., product segments and geographical segments). Companies identify the segments for external reporting purposes considering the definition of an operating segment and using factors such as what information is reported to the board of directors and whether a manager is responsible for each segment. Companies must disclose the factors used to identify reportable segments and the types of products and services sold by each reportable segment.

对于每个需要报告的分部,还应披露以下内容:

For each reportable segment, the following should also be disclosed:

  • 衡量盈亏的指标;

  • a measure of profit or loss;

  • 衡量总资产和负债的指标22(如果这些金额由公司首席决策官定期审查);

  • a measure of total assets and liabilities22 (if these amounts are regularly reviewed by the company’s chief decision-making officer);

  • 分部收入,区分来自外部客户的收入和来自其他分部的收入;

  • segment revenue, distinguishing between revenue to external customers and revenue from other segments;

  • 利息收入和利息支出;

  • interest revenue and interest expense;

  • 购置的固定资产、厂房及设备以及无形资产的成本;

  • cost of property, plant, and equipment, and intangible assets acquired;

  • 折旧和摊销费用;

  • depreciation and amortisation expense;

  • 其他非现金支出;

  • other non-cash expenses;

  • 所得税支出或收入;以及

  • income tax expense or income; and

  • 根据权益法核算的投资的净利润或亏损份额。

  • share of the net profit or loss of an investment accounted for under the equity method.

公司还必须提供可报告分部信息与合并财务报表之间的调节表,包括分部收入、利润或亏损、资产和负债。

Companies also must provide a reconciliation between the information of reportable segments and the consolidated financial statements in terms of segment revenue, profit or loss, assets, and liabilities.

另一项需要披露的信息是公司对任何单一客户的依赖程度。如果任何单一客户的收入占公司总收入的10%或以上,公司必须披露这一事实。从分析师的角度来看,有关客户群体集中度的信息有助于评估公司面临的风险。

Another disclosure required is the company’s reliance on any single customer. If any single customer represents 10 percent or more of the company’s total revenues, the company must disclose that fact. From an analysts’ perspective, information about a concentrated customer base can be useful in assessing the risks faced by the company.

7.2 . 分段比例

7.2. Segment Ratios

根据公司必须提供的分部信息,可以计算出各种有用的比率,如附录 21所示。

Based on the segment information that companies are required to present, a variety of useful ratios can be computed, as shown in Exhibit 21.

图表 21. 分段比率的定义
分段比例 分子 分母
分段边际 分部利润(亏损) 分部收入
业务板块周转率 分部收入 分部资产
分段 ROA 分部利润(亏损) 分部资产
分部负债比率 分部负债 分部资产

分部利润率衡量分部相对于收入的经营盈利能力,而分部资产收益率(ROA)衡量分部相对于资产的经营盈利能力。分部周转率衡量分部的整体效率:即单位资产产生的收入。分部负债比率考察分部的负债水平(进而反映偿付能力)。例17演示了分部比率的评估方法。

The segment margin measures the operating profitability of the segment relative to revenues, whereas the segment ROA measures the operating profitability relative to assets. Segment turnover measures the overall efficiency of the segment: how much revenue is generated per unit of assets. The segment debt ratio examines the level of liabilities (hence solvency) of the segment. Example 17 demonstrates the evaluation of segment ratios.

例17

分段比例的评估

The Evaluation of Segment Ratios

附件22所载信息涉及达能集团2016年和2017年各业务部门的业绩,单位为百万欧元。根据该公司2017年年报,其业务分为四个主要以营业收入和营业利润率进行评估的业务部门,并分为两个地域部门,公司还提供了这两个地域部门的资产部署信息。

The information contained in Exhibit 22 relates to the business segments of Groupe Danone for 2016 and 2017 in millions of euro. According to the company’s 2017 annual report the company operates in four business segments which are primarily evaluated on operating income and operating margin and in two geographic segments for which they also provide information on assets deployed.

使用各细分市场的相对销售额比例、细分市场利润率、细分市场资产回报率(如有)和细分市场营业额(如有)来评估各细分市场的业绩。

Evaluate the performance of the segments using the relative proportion of sales of each segment, the segment margins, segment ROA where available, and segment turnover where available.

附录22. 达能集团分部业务披露(单位:百万欧元)
2016 2017
业务部门 销售量 经常性营业收入 销售量 经常性营业收入
新鲜乳制品 – 国际 8,229 731 8,424 760
北美新鲜乳制品 2,506 351 4,530 556
特殊营养 6,634 1,419 7,102 1,685
沃特斯 4,574 521 4,621 541
集团总计 21,944 3,022 24,677 3,542
2016 2017
地理区域 销售量 经常性营业收入 非流动资产 销售量 经常性营业收入 非流动资产
欧洲和北美 10,933 1,842 11,532 13,193 2,048 22,517
世界其他地区 11,011 1,180 9,307 11,484 1,495 8,433
集团总计 21,944 3,022 20,839 24,677 3,543 30,950

资料来源:公司2017年年度报告。

Source: Company’s 2017 Annual Report.

解决方案:

Solution:

2016 2017
业务部门 分部收入百分比 经常性营业利润率 分部收入百分比 经常性营业利润率
新鲜乳制品 – 国际 37.5% 8.9% 34.1% 9.0%
北美新鲜乳制品 11.4% 14.0% 18.4% 12.3%
特殊营养 30.2% 21.4% 28.8% 23.7%
沃特斯 20.8% 11.4% 18.7% 11.7%
集团总计 100.0% 13.8% 100.0% 14.4%
业务部门 2017年收入变化百分比
新鲜乳制品 – 国际 2.4%
北美新鲜乳制品 80.8%
特殊营养 7.1%
沃特斯 1.0%
集团总计 12.5%

业务板块分析显示,公司收入的最大份额来自鲜奶制品-国际板块:2016年和2017年分别占总收入的37.5%和34.1%。然而,相对收入增长幅度最大的是鲜奶制品-北美板块,该板块增长了80.8%,占总收入的比例从2016年的11.4%增长到2017年的18.4%。查阅公司完整的年度报告可知,达能集团于2017年收购了北美大型健康食品公司Whitewave。此次收购导致了销售额相对比例的变化。连续两年,特制营养品业务的营业利润率最高,2016 年为 21.4%,2017 年增至 23.7%。鲜奶制品(国际)和水业务的利润率略有增长,而鲜奶制品(北美)业务的利润率则有所下降。后者的下降很可能是由于收购 Whitewave 的相关成本所致。

The business segment analysis shows that the largest proportion of the company’s revenues occurs in the Fresh Dairy Products – International segment: 37.5% and 34.1% of the total in 2016 and 2017, respectively. The greatest increase in relative revenue, however, came from the Fresh Dairy Products – North America segment which grew by 80.8% and increased from 11.4% of total revenues in 2016 to 18.4% of total revenues in 2017. Examination of the company’s full annual report reveals that Danone Group acquired a large health-oriented North American food company, Whitewave, in 2017. This caused the shift in the relative proportion of sales. The highest segment operating margin in both years comes from the Specialized Nutrition segment with operating margins of 21.4% in 2016 increasing to 23.7% in 2017. Margins increased slightly in the Fresh Dairy Products – International and Waters segments, while margins declined in Fresh Dairy Products – North America. The latter is likely due to costs associated with the Whitewave acquisition.

2016 2017
地理区域 分部收入百分比 经常性营业利润率 分段 ROA 分部资产周转率 分部收入百分比 经常性营业利润率 分段 ROA 分部资产周转率
欧洲和北美 49.8% 16.8% 16.0% 0.9 53.5% 15.5% 9.1% 0.6
世界其他地区 50.2% 10.7% 12.7% 1.2 46.5% 13.0% 17.7% 1.4
集团总计 100.0% 13.8% 14.5% 1.1 100.0% 14.4% 11.4% 0.8

本表中,ROA 指的是营业收入除以期末资产,资产周转率定义为收入除以非流动资产。

As used in this table, ROA refers to operating income divided by ending assets, and Asset Turnover is defined as Revenue divided by non-current assets.

地域分部分析显示,公司销售额在两个地域分部之间大致平均分配。欧洲和北美分部的营业利润率在2016年和2017年均较高,但从2016年的16.8%下降至2017年的15.5%,这可能与北美地区对Whitewave的收购有关。然而,世界其他地区的营业利润率在2017年有所增长。2017年,欧洲和北美分部的资产回报率和资产周转率显著下降,这同样主要是由于收购Whitewave所致。对年度报告披露信息的分析表明,分部资产的大幅增长主要来自Whitewave收购中确认的无形资产(主要是商誉)。相比之下,世界其他地区的资产回报率和资产周转率均显著提高。

The geographic segment analysis shows that the company’s sales are split roughly evenly between the two geographic segments. Operating margins were higher in the Europe and North America segment in both years but declined from 16.8% in 2016 to 15.5% in 2017, likely in connection with the North American acquisition of Whitewave. Operating margins in the rest of the world, however, increased in 2017. Segment return on assets and segment asset turnover declined significantly for the Europe and North America segment in 2017, again largely due to the acquisition of Whitewave. An examination of the annual report disclosures reveals that the large increase in segment assets came from intangible assets (mainly goodwill) recorded in the Whitewave acquisition. In contrast, segment return on assets and turnover improved significantly in the Rest of World segment.

8.模型构建与预测

8. Model Building and Forecasting

分析师经常需要预测未来的财务业绩。例如,华尔街广泛关注分析师对每股收益 (EPS) 的预测以及相关的股票估值。分析师在做出公司预测时会运用有关经济、行业和公司自身的数据。分析师的财务分析结果,包括通用规模分析和比率分析,以及分析师的判断,都是这一过程不可或缺的一部分。

Analysts often need to forecast future financial performance. For example, analysts’ EPS forecasts and related equity valuations are widely followed by Wall Street. Analysts use data about the economy, industry, and company in arriving at a company’s forecast. The results of an analyst’s financial analysis, including common-size and ratio analyses, are integral to this process, along with the judgment of the analysts.

基于对增长的预测以及财务报表数据之间的预期关系,分析师可以构建模型(有时称为“盈利模型”)来预测未来的业绩。除了预算之外,预测财务报表在公司内部的财务预测中也得到广泛应用,尤其供高管和董事会使用。最后,这些预算和预测还用于向信贷分析师和其他相关方进行演示,以获得外部融资。

Based upon forecasts of growth and expected relationships among the financial statement data, the analyst can build a model (sometimes referred to as an “earnings model”) to forecast future performance. In addition to budgets, pro forma financial statements are widely used in financial forecasting within companies, especially for use by senior executives and boards of directors. Last but not least, these budgets and forecasts are also used in presentations to credit analysts and others in obtaining external financing.

例如,分析师可以根据收入预测,利用预期的通用数据来编制支出预算。资产负债表和现金流量表的预测可以从预期比率数据(例如应收账款周转天数,DSO)中得出。预测并非仅限于单一的估计值,而应涵盖一系列可能性。这可以涉及多种技术:

For example, based on a revenue forecast, an analyst may budget expenses based on expected common-size data. Forecasts of balance sheet and cash flow statements can be derived from expected ratio data, such as DSO. Forecasts are not limited to a single point estimate but should involve a range of possibilities. This can involve several techniques:

  • 敏感性分析:也称为“假设分析”,敏感性分析显示了当特定假设发生变化时可能出现的结果范围;这反过来可能会影响融资需求或固定资产投资。

  • Sensitivity analysis: Also known as “what if” analysis, sensitivity analysis shows the range of possible outcomes as specific assumptions are changed; this could, in turn, influence financing needs or investment in fixed assets.

  • 情景分析:这类分析展示了特定(经济)事件(例如客户流失、供应来源中断或灾难性事件)导致的关键财务指标的变化。如果事件列表互斥且穷尽所有可能,并且可以为每个事件赋予概率,那么分析师不仅可以评估结果的范围,还可以评估各种相关指标的标准统计量,例如均值和中位数。

  • Scenario analysis: This type of analysis shows the changes in key financial quantities that result from given (economic) events, such as the loss of customers, the loss of a supply source, or a catastrophic event. If the list of events is mutually exclusive and exhaustive and the events can be assigned probabilities, the analyst can evaluate not only the range of outcomes but also standard statistical measures such as the mean and median value for various quantities of interest.

  • 模拟:这是一种基于概率模型的计算机生成的敏感性或情景分析,用于分析影响结果的各种因素。每个事件或可能的结果都被赋予一个概率值。然后,使用分配给变量可能值的概率因子运行多个情景。

  • Simulation: This is computer-generated sensitivity or scenario analysis based on probability models for the factors that drive outcomes. Each event or possible outcome is assigned a probability. Multiple scenarios are then run using the probability factors assigned to the possible values of a variable.

概括

Summary

财务分析技术,包括通用格式财务报表和比率分析,有助于汇总财务报告数据,并评估公司的业绩和财务状况。财务分析技术的结果为证券估值提供了重要的参考依据。财务分析的关键方面包括以下几个方面:

Financial analysis techniques, including common-size financial statements and ratio analysis, are useful in summarizing financial reporting data and evaluating the performance and financial position of a company. The results of financial analysis techniques provide important inputs into security valuation. Key facets of financial analysis include the following:

  • 通用格式的财务报表和财务比率消除了规模的影响,从而可以将一家公司与同业公司进行比较(横截面分析),以及比较一家公司一段时间内的业绩(趋势或时间序列分析)。

  • Common-size financial statements and financial ratios remove the effect of size, allowing comparisons of a company with peer companies (cross-sectional analysis) and comparison of a company’s results over time (trend or time-series analysis).

  • 业务活动比率衡量公司运营效率,例如应收账款的回收或库存管理。主要业务活动比率包括存货周转率、存货周转天数、应收账款周转率、应收账款周转天数、应付账款周转率、应付账款天数、营运资本周转率、固定资产周转率和总资产周转率。

  • Activity ratios measure the efficiency of a company’s operations, such as collection of receivables or management of inventory. Major activity ratios include inventory turnover, days of inventory on hand, receivables turnover, days of sales outstanding, payables turnover, number of days of payables, working capital turnover, fixed asset turnover, and total asset turnover.

  • 流动性比率衡量公司偿还短期债务的能力。主要的流动性比率包括流动比率、速动比率、现金比率和防御性间隔比率。

  • Liquidity ratios measure the ability of a company to meet short-term obligations. Major liquidity ratios include the current ratio, quick ratio, cash ratio, and defensive interval ratio.

  • 偿付能力比率衡量公司履行长期债务的能力。主要的偿付能力比率包括债务比率(包括资产负债率、债务资本比率、债务权益比率和财务杠杆比率)和偿付能力比率(包括利息保障倍数和固定费用保障倍数)。

  • Solvency ratios measure the ability of a company to meet long-term obligations. Major solvency ratios include debt ratios (including the debt-to-assets ratio, debt-to-capital ratio, debt-to-equity ratio, and financial leverage ratio) and coverage ratios (including interest coverage and fixed charge coverage).

  • 盈利能力比率衡量公司利用收入和资产创造利润的能力。主要的盈利能力比率包括销售回报率(包括毛利率、营业利润率、税前利润率和净利润率)和投资回报率(包括运营资产回报率、资产回报率、总资本回报率、净资产收益率和普通股股东权益回报率)。

  • Profitability ratios measure the ability of a company to generate profits from revenue and assets. Major profitability ratios include return on sales ratios (including gross profit margin, operating profit margin, pretax margin, and net profit margin) and return on investment ratios (including operating ROA, ROA, return on total capital, ROE, and return on common equity).

  • 还可以将各种比率组合起来进行评估,以便更好地了解它们之间的相互关系,以及效率和杠杆作用与盈利能力之间的关系。

  • Ratios can also be combined and evaluated as a group to better understand how they fit together and how efficiency and leverage are tied to profitability.

  • 净资产收益率(ROE)可以分析为净利润率、资产周转率和财务杠杆的乘积。这种分解方法有时被称为杜邦分析。

  • ROE can be analyzed as the product of the net profit margin, asset turnover, and financial leverage. This decomposition is sometimes referred to as DuPont analysis.

  • 估值比率表示公司或其股权的市场价值(例如,每股价格)与某些基本财务指标(例如,每股收益)之间的关系。

  • Valuation ratios express the relation between the market value of a company or its equity (for example, price per share) and some fundamental financial metric (for example, earnings per share).

  • 比率分析在债务和股权证券的选择和估值中很有用,也是信用评级过程的一部分。

  • Ratio analysis is useful in the selection and valuation of debt and equity securities and is a part of the credit rating process.

  • 还可以计算业务部门的比率,以评估企业内部各部门的业绩。

  • Ratios can also be computed for business segments to evaluate how units within a business are performing.

  • 财务分析结果为预测未来收益和现金流提供了有价值的参考依据。

  • The results of financial analysis provide valuable inputs into forecasts of future earnings and cash flow.

参考

References

练习题

Practice Problems

  1. 将一家公司的财务业绩与同期其他同业公司的财务业绩进行比较称为:

    1. 技术分析。

    2. 时间序列分析。

    3. 横断面分析。

  2. Comparison of a company’s financial results to other peer companies for the same time period is called:

    1. technical analysis.

    2. time-series analysis.

    3. cross-sectional analysis.

  3. 为了评估一家公司履行其长期义务的能力,分析师最有可能考察以下方面:

    1. 活性比率。

    2. 流动性比率。

    3. 偿付能力比率。

  4. In order to assess a company’s ability to fulfill its long-term obligations, an analyst would most likely examine:

    1. activity ratios.

    2. liquidity ratios.

    3. solvency ratios.

  5. 公司最有可能使用哪个比率来衡量其履行短期债务的能力?

    1. 流动比率。

    2. 应付账款周转率。

    3. 毛利率。

  6. Which ratio would a company most likely use to measure its ability to meet short-term obligations?

    1. Current ratio.

    2. Payables turnover.

    3. Gross profit margin.

  7. 以下哪个比率能有效地判断一家公司是否有能力支付其租赁和利息?

    1. 资产回报率。

    2. 总资产周转率。

    3. 固定费用保障。

  8. Which of the following ratios would be most useful in determining a company’s ability to cover its lease and interest payments?

    1. ROA.

    2. Total asset turnover.

    3. Fixed charge coverage.

  9. 一位分析师对评估 Spherion PLC 的效率和流动性感兴趣。该分析师收集了以下 Spherion 的数据:

    第三财年 2 财年 第一财年
    库存周转天数 32 34 40
    应收账款周转天数 28 25 23
    应付账款天数 40 35 35

    根据这些数据,分析师最不可能得出什么结论?

    1. 库存管理有助于提高流动性。

    2. 应付账款管理有助于提高流动性。

    3. 应收账款管理有助于提高流动性。

  10. An analyst is interested in assessing both the efficiency and liquidity of Spherion PLC. The analyst has collected the following data for Spherion:

    FY3 FY2 FY1
    Days of inventory on hand 32 34 40
    Days sales outstanding 28 25 23
    Number of days of payables 40 35 35

    Based on this data, what is the analyst least likely to conclude?

    1. Inventory management has contributed to improved liquidity.

    2. Management of payables has contributed to improved liquidity.

    3. Management of receivables has contributed to improved liquidity.

  11. 一位分析师正在评估 Apex Manufacturing 的偿付能力和流动性,并收集了以下数据(单位:百万欧元):

    205 年财政年度(欧元) 第四财年(欧元) 第三财年(欧元)
    总债务 2,000 1,900 1,750
    总权益 4,000 4,500 5,000

    分析师最有可能得出以下哪项结论?

    1. 从 2019 年 3 月到 2019 年 5 月,该公司的债务权益比率从 0.35 增加到 0.50,这证明了该公司的偿付能力正在下降。

    2. 从 2019 年第三财年到 2019 年第五财年,该公司的负债权益比率从 0.35 增加到 0.50,这表明该公司的流动性正在下降。

    3. 从 2019 年第三财年到 2019 年第五财年,该公司的负债权益比率从 0.35 增加到 0.50,这证明了该公司的流动性越来越强。

  12. An analyst is evaluating the solvency and liquidity of Apex Manufacturing and has collected the following data (in millions of euro):

    FY5 (€) FY4 (€) FY3 (€)
    Total debt 2,000 1,900 1,750
    Total equity 4,000 4,500 5,000

    Which of the following would be the analyst’s most likely conclusion?

    1. The company is becoming increasingly less solvent, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5.

    2. The company is becoming less liquid, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5.

    3. The company is becoming increasingly more liquid, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5.

  13. 对于问题 6 中的数据,对这些财务数据 最合理的解释是什么?

    1. 公司权益的下降是由于该公司普通股市场价值的下降造成的。

    2. 从 2019 年第三财年到 2019 年第五财年,公司债务增加了 250 欧元,这表明贷款机构认为该公司的信用度越来越高。

    3. 公司权益的下降表明该公司可能正在遭受亏损、支付的股息大于收入,和/或回购股票。

  14. With regard to the data in Problem 6, what would be the most reasonable explanation of the financial data?

    1. The decline in the company’s equity results from a decline in the market value of this company’s common shares.

    2. The €250 increase in the company’s debt from FY3 to FY5 indicates that lenders are viewing the company as increasingly creditworthy.

    3. The decline in the company’s equity indicates that the company may be incurring losses, paying dividends greater than income, and/or repurchasing shares.

  15. 分析师观察到某公司存货周转率下降。以下哪项最有可能解释这一趋势?

    1. 公司安装了一套新的库存管理系统,从而实现了更高效的库存管理。

    2. 由于去年库存积压问题,该公司在本期初注销了大量库存。

    3. 公司安装了一套新的库存管理系统,但遇到了一些操作上的困难,导致向供应商下了重复订单。

  16. An analyst observes a decrease in a company’s inventory turnover. Which of the following would most likely explain this trend?

    1. The company installed a new inventory management system, allowing more efficient inventory management.

    2. Due to problems with obsolescent inventory last year, the company wrote off a large amount of its inventory at the beginning of the period.

    3. The company installed a new inventory management system but experienced some operational difficulties resulting in duplicate orders being placed with suppliers.

  17. 以下哪项最能解释应收账款周转率的增加?

    1. 该公司去年采用了新的信贷政策,开始向信用记录不佳的客户提供信贷。

    2. 由于旧的信用评分系统出现错误,该公司积累了大量无法收回的账款,并注销了大量应收账款。

    3. 为了与最接近的竞争对手提供的条款保持一致,该公司采用了新的付款条款,现在要求在 30 天内净额付款,而不是之前要求的 15 天。

  18. Which of the following would best explain an increase in receivables turnover?

    1. The company adopted new credit policies last year and began offering credit to customers with weak credit histories.

    2. Due to problems with an error in its old credit scoring system, the company had accumulated a substantial amount of uncollectible accounts and wrote off a large amount of its receivables.

    3. To match the terms offered by its closest competitor, the company adopted new payment terms now requiring net payment within 30 days rather than 15 days, which had been its previous requirement.

  19. 布朗公司最近一个财年的平均应收账款周转天数为19天。布朗公司希望改进其信贷政策和收款措施,并在下一个财年将收款期缩短至行业平均水平15天。最近一个财年的赊销额为3亿美元,布朗公司预计下一个财年的赊销额将增至3.9亿美元。为了实现布朗公司缩短收款期的目标,平均应收账款余额必须发生的变化最接近

    1. +41万美元。

    2. -41万美元。

    3. -122万美元。

  20. Brown Corporation had average days of sales outstanding of 19 days in the most recent fiscal year. Brown wants to improve its credit policies and collection practices and decrease its collection period in the next fiscal year to match the industry average of 15 days. Credit sales in the most recent fiscal year were $300 million, and Brown expects credit sales to increase to $390 million in the next fiscal year. To achieve Brown’s goal of decreasing the collection period, the change in the average accounts receivable balance that must occur is closest to:

    1. +$0.41 million.

    2. –$0.41 million.

    3. –$1.22 million.

  21. 一位分析师观察到两家公司以下数据:

    A公司($) 公司 B($)
    收入 4,500 6,000
    净利 50 1,000
    流动资产 40,000 60,000
    总资产 100,000 70万
    流动负债 10,000 50,000
    总债务 60,000 150,000
    股东权益 30,000 500,000

    以下哪项最能描述分析师可能对这两家公司偿还当前和长期债务的能力做出的合理结论?

    1. A 公司的流动比率为 4.0,表明其流动性比 B 公司的流动比率(仅为 1.2)更​​强,但 B 公司的偿付能力更强,这可以从其较低的负债权益比率看出。

    2. A 公司的流动比率为 0.25,表明其流动性不如 B 公司的流动比率 0.83;A 公司的偿付能力也较差,其负债权益比率为 200%,而 B 公司的负债权益比率仅为 30%。

    3. A 公司的流动比率为 4.0,表明其流动性比 B 公司的流动比率(仅为 1.2)更​​强;A 公司的偿付能力也更强,其负债权益比率为 200%,而 B 公司的负债权益比率仅为 30%。

  22. An analyst observes the following data for two companies:

    Company A ($) Company B ($)
    Revenue 4,500 6,000
    Net income 50 1,000
    Current assets 40,000 60,000
    Total assets 100,000 700,000
    Current liabilities 10,000 50,000
    Total debt 60,000 150,000
    Shareholders’ equity 30,000 500,000

    Which of the following choices best describes reasonable conclusions that the analyst might make about the two companies’ ability to pay their current and long-term obligations?

    1. Company A’s current ratio of 4.0 indicates it is more liquid than Company B, whose current ratio is only 1.2, but Company B is more solvent, as indicated by its lower debt-to-equity ratio.

    2. Company A’s current ratio of 0.25 indicates it is less liquid than Company B, whose current ratio is 0.83, and Company A is also less solvent, as indicated by a debt-to-equity ratio of 200 percent compared with Company B’s debt-to-equity ratio of only 30 percent.

    3. Company A’s current ratio of 4.0 indicates it is more liquid than Company B, whose current ratio is only 1.2, and Company A is also more solvent, as indicated by a debt-to-equity ratio of 200 percent compared with Company B’s debt-to-equity ratio of only 30 percent.

以下信息与问题 12-15 相关。

The following information relates to Questions 12–15

附录1中的数据来自一家大型国际公司的五年业绩总结。该公司在2013财年与另一家大型制造商进行了业务合并。

The data in Exhibit 1 appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.

展品1
  2010财年 2011财年 2012财年 2013财年 2014财年
财务报表 英镑百万 英镑百万 英镑百万 英镑百万 英镑百万
损益表
收入 4,390 3,624 3,717 8,167 11,366
息税前利润(EBIT) 844 700 704 933 1,579
应付净利息 -80 -54 -98 -163 -188
税收 -186 -195 -208 -349 -579
少数族裔 -94 -99 -105 -125 -167
年度利润 484 352 293 296 645
资产负债表
固定资产 3,510 3,667 4,758 10,431 11,483
流动资产投资、银行存款及现金 316 218 290 561 682
其他流动资产 558 514 643 1,258 1,634
总资产 4,384 4,399 5,691 12,250 13,799
计息债务(长期) -602 -1,053 -1,535 -3,523 -3,707
其他债权人和准备金(当前) -1,223 -1,054 -1,102 -2,377 -3,108
总负债 -1,825 -2,107 -2,637 -5,900 -6,815
净资产 2,559 2,292 3,054 6,350 6,984
股东基金 2,161 2006年 2,309 5,572 6,165
股权少数权益 398 286 745 778 819
已投入资本 2,559 2,292 3,054 6,350 6,984
现金周转
营运资金流动 -53 5 71 85 107
经营活动产生的现金净流入 864 859 975 1,568 2,292
  1. 该公司209财年末的总资产为35亿英镑。下列哪项最能描述分析师可能对该公司效率得出的合理结论?

    1. 与 2010 财年相比,2014 财年公司的效率有所提高,总资产周转率从 0.64 提高到 0.86。

    2. 与 2010 财年相比,2014 财年公司的效率有所下降,流动比率也证实了这一点。

    3. 与 2010 财年相比,2014 财年公司效率下降,原因是资产增长速度超过了营业额收入增长速度。

  2. The company’s total assets at year-end FY9 were GBP 3,500 million. Which of the following choices best describes reasonable conclusions an analyst might make about the company’s efficiency?

    1. Comparing FY14 with FY10, the company’s efficiency improved, as indicated by a total asset turnover ratio of 0.86 compared with 0.64.

    2. Comparing FY14 with FY10, the company’s efficiency deteriorated, as indicated by its current ratio.

    3. Comparing FY14 with FY10, the company’s efficiency deteriorated due to asset growth faster than turnover revenue growth.

  3. 以下哪项最能描述分析师可能对公司偿付能力做出的合理结论?

    1. 与 2010 财年相比,2014 财年公司的偿付能力有所改善,其债务资产比率从 0.14 增加到 0.27。

    2. 与 2010 财年相比,2014 财年公司的偿付能力恶化,利息保障倍数从 10.6 降至 8.4。

    3. 与 2010 财年相比,2014 财年公司的偿付能力有所改善,利润增长至 6.45 亿英镑。

  4. Which of the following choices best describes reasonable conclusions an analyst might make about the company’s solvency?

    1. Comparing FY14 with FY10, the company’s solvency improved, as indicated by an increase in its debt-to-assets ratio from 0.14 to 0.27.

    2. Comparing FY14 with FY10, the company’s solvency deteriorated, as indicated by a decrease in interest coverage from 10.6 to 8.4.

    3. Comparing FY14 with FY10, the company’s solvency improved, as indicated by the growth in its profits to GBP 645 million.

  5. 以下哪项最能描述分析师可能对公司流动性做出的合理结论?

    1. 与 2010 财年相比,2014 财年公司的流动性有所改善,其资产负债率从 0.14 增至 0.27。

    2. 与 2010 财年相比,2014 财年公司的流动性恶化,利息保障倍数从 10.6 降至 8.4。

    3. 与 2010 财年相比,2014 财年公司的流动性有所改善,流动比率从 0.71 增加到 0.75。

  6. Which of the following choices best describes reasonable conclusions an analyst might make about the company’s liquidity?

    1. Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its debt-to-assets ratio from 0.14 to 0.27.

    2. Comparing FY14 with FY10, the company’s liquidity deteriorated, as indicated by a decrease in interest coverage from 10.6 to 8.4.

    3. Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its current ratio from 0.71 to 0.75.

  7. 以下哪项最能描述分析师可能对公司盈利能力做出的合理结论?

    1. 与 2010 财年相比,2014 财年公司的盈利能力有所提高,其资产负债率从 0.14 增至 0.27。

    2. 与 2010 财年相比,2014 财年公司的盈利能力有所下降,净利润率从 11.0% 下降到 5.7%。

    3. 与 2010 财年相比,2014 财年公司的盈利能力有所提高,股东权益增长至 61.65 亿英镑。

  8. Which of the following choices best describes reasonable conclusions an analyst might make about the company’s profitability?

    1. Comparing FY14 with FY10, the company’s profitability improved, as indicated by an increase in its debt-to-assets ratio from 0.14 to 0.27.

    2. Comparing FY14 with FY10, the company’s profitability deteriorated, as indicated by a decrease in its net profit margin from 11.0 percent to 5.7 percent.

    3. Comparing FY14 with FY10, the company’s profitability improved, as indicated by the growth in its shareholders’ equity to GBP 6,165 million.


  1. 假设其他变量不变,下列哪项会降低资产收益率(ROA)?

    1. 实际税率下降。

    2. 利息支出减少。

    3. 平均资产增加。

  2. Assuming no changes in other variables, which of the following would decrease ROA?

    1. A decrease in the effective tax rate.

    2. A decrease in interest expense.

    3. An increase in average assets.

  3. 分析师为一家公司收集了以下数据:

    2013财年 2014财年 2015财年
    鱼子 19.8% 20.0% 22.0%
    总资产回报率 8.1% 8.0% 7.9%
    总资产周转率 2.0 2.0 2.1

    仅根据以上信息,恰当的结论是,在2013财年至2015财年期间,该公司:

    1. 净利润率和财务杠杆率均有所下降。

    2. 净利润率和财务杠杆率均有所提高。

    3. 净利润率下降了,但其财务杠杆却上升了。

  4. An analyst compiles the following data for a company:

    FY13 FY14 FY15
    ROE 19.8% 20.0% 22.0%
    Return on total assets 8.1% 8.0% 7.9%
    Total asset turnover 2.0 2.0 2.1

    Based only on the information above, the most appropriate conclusion is that, over the period FY13 to FY15, the company’s:

    1. net profit margin and financial leverage have decreased.

    2. net profit margin and financial leverage have increased.

    3. net profit margin has decreased but its financial leverage has increased.

  5. Integra SA 的 ROE 分解如下:

    2012财年 2011财年
    鱼子 18.90% 18.90%
    税负 0.70 0.75
    利息负担 0.90 0.90
    息税前利润率 10.00% 10.00%
    资产周转率 1.50 1.40
    杠杆作用 2.00 2.00

    以下哪个选项最能描述分析师基于此 ROE 分解可能得出的合理结论?

    1. 2012财年盈利能力和流动性状况均有所改善。

    2. 2012财年较高的平均税率抵消了盈利能力的提高,导致净资产收益率保持不变。

    3. 2012财年较高的平均税率抵消了效率的提高,导致净资产收益率保持不变。

  6. A decomposition of ROE for Integra SA is as follows:

    FY12 FY11
    ROE 18.90% 18.90%
    Tax burden 0.70 0.75
    Interest burden 0.90 0.90
    EBIT margin 10.00% 10.00%
    Asset turnover 1.50 1.40
    Leverage 2.00 2.00

    Which of the following choices best describes reasonable conclusions an analyst might make based on this ROE decomposition?

    1. Profitability and the liquidity position both improved in FY12.

    2. The higher average tax rate in FY12 offset the improvement in profitability, leaving ROE unchanged.

    3. The higher average tax rate in FY12 offset the improvement in efficiency, leaving ROE unchanged.

  7. A公司和B公司的净资产收益率分解如下:

    A公司 B公司
    2015财年 2014财年 2015财年 2014财年
    鱼子 26.46% 18.90% 26.33% 18.90%
    税负 0.7 0.75 0.75 0.75
    利息负担 0.9 0.9 0.9 0.9
    息税前利润率 7.00% 10.00% 13.00% 10.00%
    资产周转率 1.5 1.4 1.5 1.4
    杠杆作用 4 2 2 2

    分析师最有可能得出以下结论:

    1. 2015 财年,A 公司的 ROE 高于 B 公司的 ROE,根据数据得出的一个解释是,A 公司可能购买了新的、更高效的设备。

    2. 2015 财年,A 公司的 ROE 高于 B 公司的 ROE,根据数据得出的一个解释是,A 公司已进行战略性调整,转向利润率更高的产品组合。

    3. 两家公司在 2015 财年的 ROE 差异很小,A 公司的 ROE 与 B 公司的 ROE 基本相同,这主要是因为 A 公司提高了其财务杠杆。

  8. A decomposition of ROE for Company A and Company B is as follows:

    Company A Company B
    FY15 FY14 FY15 FY14
    ROE 26.46% 18.90% 26.33% 18.90%
    Tax burden 0.7 0.75 0.75 0.75
    Interest burden 0.9 0.9 0.9 0.9
    EBIT margin 7.00% 10.00% 13.00% 10.00%
    Asset turnover 1.5 1.4 1.5 1.4
    Leverage 4 2 2 2

    An analyst is most likely to conclude that:

    1. Company A’s ROE is higher than Company B’s in FY15, and one explanation consistent with the data is that Company A may have purchased new, more efficient equipment.

    2. Company A’s ROE is higher than Company B’s in FY15, and one explanation consistent with the data is that Company A has made a strategic shift to a product mix with higher profit margins.

    3. The difference between the two companies’ ROE in FY15 is very small and Company A’s ROE remains similar to Company B’s ROE mainly due to Company A increasing its financial leverage.

  9. 市盈率衡量的是什么?

    1. 股票市场对公司每股收益 (EPS) 给予的“倍数”。

    2. 股息与市场价格之间的关系。

    3. 每股普通股的收益。

  10. What does the P/E ratio measure?

    1. The “multiple” that the stock market places on a company’s EPS.

    2. The relationship between dividends and market prices.

    3. The earnings for one common share of stock.

  11. 债权人最有可能将下列哪个比率的下降视为利好消息?

    1. 利息保障倍数(已赚利息的倍数)。

    2. 债务与总资产之比。

    3. 资产回报率。

  12. A creditor most likely would consider a decrease in which of the following ratios to be positive news?

    1. Interest coverage (times interest earned).

    2. Debt-to-total assets.

    3. Return on assets.

  13. 在进行预测时,分析师最有可能

    1. 完全依靠财务分析结果来制定发展方案。

    2. 运用财务分析结果、其他信息分析结果和判断力。

    3. 旨在利用财务分析结果制定极其精确的预测。

  14. When developing forecasts, analysts should most likely:

    1. develop possibilities relying exclusively on the results of financial analysis.

    2. use the results of financial analysis, analysis of other information, and judgment.

    3. aim to develop extremely precise forecasts using the results of financial analysis.

解决方案

Solutions

  1. C选项正确。横截面分析是指对同一时期内不同公司的数据进行比较。技术分析以价格和成交量数据作为投资决策的基础。时间序列分析或趋势分析则是对不同时期财务数据的比较。

  2. C is correct. Cross-sectional analysis involves the comparison of companies with each other for the same time period. Technical analysis uses price and volume data as the basis for investment decisions. Time-series or trend analysis is the comparison of financial data across different time periods.

  3. C选项正确。偿付能力比率用于评估公司履行长期债务的能力。分析师更倾向于使用营运能力比率来评估公司资产的使用效率。分析师更倾向于使用流动性比率来评估公司履行短期债务的能力。

  4. C is correct. Solvency ratios are used to evaluate the ability of a company to meet its long-term obligations. An analyst is more likely to use activity ratios to evaluate how efficiently a company uses its assets. An analyst is more likely to use liquidity ratios to evaluate the ability of a company to meet its short-term obligations.

  5. A选项正确。流动比率是衡量流动性的指标。它比较的是预计在一年内可以转换为现金的流动资产净值与同期到期的负债。流动比率为1.0表示公司刚好有足够的流动资产来偿还流动负债。

  6. A is correct. The current ratio is a liquidity ratio. It compares the net amount of current assets expected to be converted into cash within the year with liabilities falling due in the same period. A current ratio of 1.0 would indicate that the company would have just enough current assets to pay current liabilities.

  7. C选项正确。固定费用保障比率是指将已知的固定费用或债务与公司产生的营业利润或现金流联系起来的保障比率。保障比率是偿付能力比率的一个类别,用于衡量公司偿还债务和租赁款项的能力。

  8. C is correct. The fixed charge coverage ratio is a coverage ratio that relates known fixed charges or obligations to a measure of operating profit or cash flow generated by the company. Coverage ratios, a category of solvency ratios, measure the ability of a company to cover its payments related to debt and leases.

  9. C选项正确。分析师不太可能得出C选项中的结论,因为应收账款周转天数从第一财年的23天增加到第二财年的25天,再到第三财年的28天,表明在此期间应收账款的回收时间有所增加。这对Spherion的流动性不利。相比之下,存货周转天数在第一财年至第三财年期间有所下降,这对流动性有利。公司应付账款周转天数从35天增加到40天,缩短了现金周转周期,从而也有助于改善流动性。

  10. C is correct. The analyst is unlikely to reach the conclusion given in Statement C because days of sales outstanding increased from 23 days in FY1 to 25 days in FY2 to 28 days in FY3, indicating that the time required to collect receivables has increased over the period. This is a negative factor for Spherion’s liquidity. By contrast, days of inventory on hand dropped over the period FY1 to FY3, a positive for liquidity. The company’s increase in days payable, from 35 days to 40 days, shortened its cash conversion cycle, thus also contributing to improved liquidity.

  11. A选项正确。该公司偿付能力日益下降,其负债权益比率从2003财年的0.35上升至2005财年的0.50即可证明这一点。公司的负债和权益总额并不能直接反映其流动性状况。

    债务权益比:

    第五财年:2000/4000 = 0.5000

    第四财年:1,900/4,500 = 0.4222

    FY3:1,750/5,000 = 0.3500

  12. A is correct. The company is becoming increasingly less solvent, as evidenced by its debt-to-equity ratio increasing from 0.35 to 0.50 from FY3 to FY5. The amount of a company’s debt and equity do not provide direct information about the company’s liquidity position.

    Debt to equity:

    FY5: 2,000/4,000 = 0.5000

    FY4: 1,900/4,500 = 0.4222

    FY3: 1,750/5,000 = 0.3500

  13. C选项正确。公司权益的下降表明公司可能正在亏损、支付的股息超过收入,或者正在回购股份。请记住,期初权益 + 新发行股份 - 回购股份 + 综合收益 - 股息 = 期末权益。公司权益的账面价值不受其普通股市场价值变动的影响。贷款额的增加并不一定表明贷款方认为公司的信用度有所提高。信用度的评估并非基于公司债务的增加幅度,而是基于其偿付债务的意愿和能力。(公司的财务实力体现在其偿付能力、流动性、盈利能力、效率以及其他信用分析方面。)

  14. C is correct. The decline in the company’s equity indicates that the company may be incurring losses, paying dividends greater than income, or repurchasing shares. Recall that Beginning equity + New shares issuance – Shares repurchased + Comprehensive income – Dividends = Ending equity. The book value of a company’s equity is not affected by changes in the market value of its common stock. An increased amount of lending does not necessarily indicate that lenders view a company as increasingly creditworthy. Creditworthiness is not evaluated based on how much a company has increased its debt but rather on its willingness and ability to pay its obligations. (Its financial strength is indicated by its solvency, liquidity, profitability, efficiency, and other aspects of credit analysis.)

  15. C选项正确。公司库存管理系统的问题导致重复订单,很可能造成库存量增加,从而导致库存周转率下降。更高效的库存管理系统以及期初库存减值都可能降低当期平均库存(库存周转率的分母),从而提高库存周转率,而不是降低它。

  16. C is correct. The company’s problems with its inventory management system causing duplicate orders would likely result in a higher amount of inventory and would, therefore, result in a decrease in inventory turnover. A more efficient inventory management system and a write off of inventory at the beginning of the period would both likely decrease the average inventory for the period (the denominator of the inventory turnover ratio), thus increasing the ratio rather than decreasing it.

  17. B选项正确。应收账款核销会降低平均应收账款金额(应收账款周转率的分母),从而提高该比率。信用较差的客户更有可能付款缓慢或催收困难,这可能会导致平均应收账款金额增加,从而降低应收账款周转率。较长的付款期限也可能导致平均应收账款金额增加,从而降低应收账款周转率。

  18. B is correct. A write off of receivables would decrease the average amount of accounts receivable (the denominator of the receivables turnover ratio), thus increasing this ratio. Customers with weaker credit are more likely to make payments more slowly or to pose collection difficulties, which would likely increase the average amount of accounts receivable and thus decrease receivables turnover. Longer payment terms would likely increase the average amount of accounts receivable and thus decrease receivables turnover.

  19. A 选项正确。要确定期望的调整幅度,必须计算平均应收账款余额(实际余额和期望余额)。平均应收账款余额可以通过平均每日赊销额乘以应收账款周转天数 (DSO) 来计算。最近一个财政年度的平均应收账款余额为 1562 万美元 [= (3 亿美元/365) × 19]。下一个财政年度的期望平均应收账款余额为 1603 万美元 (= (3.9 亿美元/365) × 15)。这比上一个财政年度增加了 41 万美元 (= 1603 万美元 – 1562 万美元)。另一种方法是计算周转率,然后用销售额除以周转率来确定平均应收账款余额。周转率等于 365 除以应收账款周转天数 (DSO)。最近一个财政年度的营业额为19.21(= 365/19),下一个财政年度的目标营业额为24.33(= 365/15)。平均应收账款余额分别为1562万美元(= 3亿美元/19.21)和1603万美元(= 3.9亿美元/24.33)。应收账款增加了41万美元。

  20. A is correct. The average accounts receivable balances (actual and desired) must be calculated to determine the desired change. The average accounts receivable balance can be calculated as an average day’s credit sales times the DSO. For the most recent fiscal year, the average accounts receivable balance is $15.62 million [= ($300,000,000/365) × 19]. The desired average accounts receivable balance for the next fiscal year is $16.03 million (= ($390,000,000/365) × 15). This is an increase of $0.41 million (= 16.03 million – 15.62 million). An alternative approach is to calculate the turnover and divide sales by turnover to determine the average accounts receivable balance. Turnover equals 365 divided by DSO. Turnover is 19.21 (= 365/19) for the most recent fiscal year and is targeted to be 24.33 (= 365/15) for the next fiscal year. The average accounts receivable balances are $15.62 million (= $300,000,000/19.21), and $16.03 million (= $390,000,000/24.33). The change is an increase in receivables of $0.41 million

  21. A选项正确。A公司的流动比率为4.0(= 40,000美元/10,000美元),表明其流动性优于B公司,B公司的流动比率仅为1.2(= 60,000美元/50,000美元)。B公司的偿付能力更强,其负债权益比率为30%(= 150,000美元/500,000美元),而A公司的负债权益比率为200%(= 60,000美元/30,000美元)。

  22. A is correct. Company A’s current ratio of 4.0 (= $40,000/$10,000) indicates it is more liquid than Company B, whose current ratio is only 1.2 (= $60,000/$50,000). Company B is more solvent, as indicated by its lower debt-to-equity ratio of 30 percent (= $150,000/$500,000) compared with Company A’s debt-to-equity ratio of 200 percent (= $60,000/$30,000).

  23. C选项正确。正如总资产周转率从2010财年的1.11(= 4,390/[(4,384 + 3,500)/2])下降到2014财年的0.87(= 11,366/[(12,250 + 13,799)/2])所表明的那样,该公司的效率有所下降。总资产周转率的下降是由于平均总资产从2010财年的3,942英镑(= (4,384 + 3,500)/2)增长到2014财年的13,024.5英镑,增幅达230%,而同期收入仅从2010财年的4,390英镑增长到2014财年的11,366英镑,增幅仅为159%。流动比率并非效率的指标。

  24. C is correct. The company’s efficiency deteriorated, as indicated by the decline in its total asset turnover ratio from 1.11 {= 4,390/[(4,384 + 3,500)/2]} for FY10 to 0.87 {= 11,366/[(12,250 + 13,799)/2]} for FY14. The decline in the total asset turnover ratio resulted from an increase in average total assets from GBP3,942 [= (4,384 + 3,500)/2] for FY10 to GBP13,024.5 for FY14, an increase of 230 percent, compared with an increase in revenue from GBP4,390 in FY10 to GBP11,366 in FY14, an increase of only 159 percent. The current ratio is not an indicator of efficiency.

  25. B选项正确。对比2014财年和2010财年,公司偿付能力恶化,利息保障倍数从2010财年的10.6倍(= 844/80)下降至2014财年的8.4倍(= 1,579/188)。资产负债率也从2010财年的0.14倍(= 602/4,384)上升至2014财年的0.27倍(= 3,707/13,799)。这同样表明偿付能力恶化。仅凭利润额不足以评估偿付能力。

  26. B is correct. Comparing FY14 with FY10, the company’s solvency deteriorated, as indicated by a decrease in interest coverage from 10.6 (= 844/80) in FY10 to 8.4 (= 1,579/188) in FY14. The debt-to-asset ratio increased from 0.14 (= 602/4,384) in FY10 to 0.27 (= 3,707/13,799) in FY14. This is also indicative of deteriorating solvency. In isolation, the amount of profits does not provide enough information to assess solvency.

  27. C选项正确。对比2014财年和2010财年,公司流动性有所改善,流动比率从2010财年的0.71 [= (316 + 558)/1,223] 上升至2014财年的0.75 [= (682 + 1,634)/3,108]。然而,需要注意的是,如果仅比较流动投资与流动负债水平,则流动性反而有所下降,从2010财年的0.26 (= 316/1,223) 下降至2014财年的0.22 (= 682/3,108)。资产负债率和利息保障倍数是衡量偿付能力的指标,而非流动性指标。

  28. C is correct. Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its current ratio from 0.71 [= (316 + 558)/1,223] in FY10 to 0.75 [= (682 + 1,634)/3,108] in FY14. Note, however, comparing only current investments with the level of current liabilities shows a decline in liquidity from 0.26 (= 316/1,223) in FY10 to 0.22 (= 682/3,108) in FY14. Debt-to-assets ratio and interest coverage are measures of solvency not liquidity.

  29. B选项正确。与2010财年相比,2014财年公司盈利能力下降,净利润率从11.0%(= 484/4,390)降至5.7%(= 645/11,366)。资产负债率衡量的是偿付能力,而非盈利能力。股东权益的增长本身不足以评估盈利能力。

  30. B is correct. Comparing FY14 with FY10, the company’s profitability deteriorated, as indicated by a decrease in its net profit margin from 11.0 percent (= 484/4,390) to 5.7 percent (= 645/11,366). Debt-to-assets ratio is a measure of solvency not an indicator of profitability. Growth in shareholders’ equity, in isolation, does not provide enough information to assess profitability.

  31. C选项正确。假设其他变量不变,平均资产增加(分母增加)会降低资产收益率(ROA)。假设其他变量不变,有效税率或利息支出降低都会提高资产收益率(ROA)。

  32. C is correct. Assuming no changes in other variables, an increase in average assets (an increase in the denominator) would decrease ROA. A decrease in either the effective tax rate or interest expense, assuming no changes in other variables, would increase ROA.

  33. C选项正确。该公司的净利润率下降,财务杠杆上升。资产回报率(ROA)= 净利润率 × 总资产周转率。尽管总资产周转率上升,但ROA在此期间却下降了;因此,净利润率必然下降了。

    净资产收益率 (ROE) = 资产收益率 × 财务杠杆。尽管资产收益率 (ROA) 下降,但净资产收益率在此期间却有所上升;因此,财务杠杆必然有所上升。

  34. C is correct. The company’s net profit margin has decreased and its financial leverage has increased. ROA = Net profit margin × Total asset turnover. ROA decreased over the period despite the increase in total asset turnover; therefore, the net profit margin must have decreased.

    ROE = Return on assets × Financial leverage. ROE increased over the period despite the drop in ROA; therefore, financial leverage must have increased.

  35. C选项正确。2012财年平均税率的上升(如税负值下降所示,税负等于1减去平均税率)抵消了资产周转率提高所反映的效率提升,导致净资产收益率(ROE)保持不变。衡量盈利能力的息税前利润率(EBIT利润率)在2012财年也保持不变,且未提供流动性方面的信息。

  36. C is correct. The increase in the average tax rate in FY12, as indicated by the decrease in the value of the tax burden (the tax burden equals one minus the average tax rate), offset the improvement in efficiency indicated by higher asset turnover) leaving ROE unchanged. The EBIT margin, measuring profitability, was unchanged in FY12 and no information is given on liquidity.

  37. C选项正确。两家公司2010年的净资产收益率(ROE)差异很小,主要原因是A公司财务杠杆增加,其资产权益比率从2上升到4。两家公司的资产周转率均为1.5,表明效率对净资产收益率的影响相同。此外,假设销售额不变,如果A公司购买新设备替换旧的、已折旧的设备,那么其资产周转率(计算方法为销售额/资产)将会下降。A公司的营业利润率大幅下降,从10%降至7%,在其他条件不变的情况下,这并不意味着该公司销售了更多利润率更高的产品。

  38. C is correct. The difference between the two companies’ ROE in 2010 is very small and is mainly the result of Company A’s increase in its financial leverage, indicated by the increase in its Assets/Equity ratio from 2 to 4. The impact of efficiency on ROE is identical for the two companies, as indicated by both companies’ asset turnover ratios of 1.5. Furthermore, if Company A had purchased newer equipment to replace older, depreciated equipment, then the company’s asset turnover ratio (computed as sales/assets) would have declined, assuming constant sales. Company A has experienced a significant decline in its operating margin, from 10 percent to 7 percent which, all else equal, would not suggest that it is selling more products with higher profit margins.

  39. A 选项正确。市盈率衡量的是股票市场对公司每股收益 (EPS) 的“估值倍数”。

  40. A is correct. The P/E ratio measures the “multiple” that the stock market places on a company’s EPS.

  41. B选项正确。一般来说,债权人会将负债占总资产比例的下降视为利好消息。公司资本结构中较高的负债水平会增加违约风险,并且通常会导致公司借贷成本上升,以补偿贷款人承担的更高信用风险。利息保障倍数或资产回报率的下降则可能被视为利空消息。

  42. B is correct. In general, a creditor would consider a decrease in debt to total assets as positive news. A higher level of debt in a company’s capital structure increases the risk of default and will, in general, result in higher borrowing costs for the company to compensate lenders for assuming greater credit risk. A decrease in either interest coverage or return on assets is likely to be considered negative news.

  43. B选项正确。分析师的财务分析结果是预测过程中不可或缺的一部分,它与分析师对其他信息的分析和判断共同构成预测的基础。预测并非仅限于单一的估计值,而应涵盖一系列可能性。

  44. B is correct. The results of an analyst’s financial analysis are integral to the process of developing forecasts, along with the analysis of other information and judgment of the analysts. Forecasts are not limited to a single point estimate but should involve a range of possibilities.

笔记

Notes

第八次学习会 财务报告与分析(3)

Study Session 8 Financial Reporting and Analysis (3)

本次学习课程将重点探讨特定类别资产和负债的财务报告。由于存货、长期资产、所得税和非流动负债对财务报表以及盈利能力、流动性和偿付能力等报告指标的影响,因此将对其进行更深入的分析。对于这些项目,分析师尤其应关注其会计处理方法、对报告业绩的相应影响以及财务报表操纵的可能性。

This study session examines financial reporting for specific categories of assets and liabilities. Inventories, long-lived assets, income taxes, and non-current liabilities are examined in greater detail because of their effect on financial statements and reported measures of profitability, liquidity, and solvency. For these items in particular, the analyst should be attentive to chosen accounting treatment, corresponding effect on reported performance, and the potential for financial statement manipulation.

阅读作业

Reading Assignments

阅读25

由注册会计师 (CPA)、注册内部审计师 (CIA)、特许金融分析师 (CFA) Michael Broihahn 提供的 库存盘点报告
阅读26 《长效资产》一书

由伊莱恩·亨利博士(特许金融分析师)和伊丽莎白·A·戈登博士(工商管理硕士、注册会计师)合著。
阅读27 所得税,

作者:Elbie Louw,博士,特许金融分析师 (CFA),注册投资绩效经理 (CIPM);Michael A. Broihahn,注册会计师 (CPA),注册内部审计师 (CIA),特许金融分析师 (CFA)。
阅读28

伊丽莎白·A·戈登博士(拥有哲学博士、工商管理硕士和注册会计师资格)和伊莱恩·亨利博士(拥有哲学博士和特许金融分析师资格)撰写的 《非流动(长期)负债》一文。

阅读25 库存

Reading 25 Inventories

作者:Michael A. Broihahn,注册会计师 (CPA)、注册内部审计师 (CIA)、特许金融分析师 (CFA)。

Michael A. Broihahn,注册会计师 (CPA)、注册内部审计师 (CIA)、注册金融分析师 (CFA),就职于美国巴里大学。

Michael A. Broihahn, CPA, CIA, CFA, is at Barry University (USA).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 区分计入存货的成本和在发生期间确认为费用的成本;

  2. distinguish between costs included in inventories and costs recognised as expenses in the period in which they are incurred;

  3. 描述不同的存货估价方法(成本公式);

  4. describe different inventory valuation methods (cost formulas);

  5. 使用不同的存货估价方法以及永续盘存制和定期盘存制,计算并比较销售成本、毛利润和期末存货;

  6. calculate and compare cost of sales, gross profit, and ending inventory using different inventory valuation methods and using perpetual and periodic inventory systems;

  7. 计算并解释通货膨胀和通货紧缩如何影响采用不同存货估价方法的公司的财务报表和比率;

  8. calculate and explain how inflation and deflation of inventory costs affect the financial statements and ratios of companies that use different inventory valuation methods;

  9. 解释后进先出法储备和后进先出法清算及其对财务报表和比率的影响;

  10. explain LIFO reserve and LIFO liquidation and their effects on financial statements and ratios;

  11. 为了进行比较,将公司报告的财务报表从后进先出法 (LIFO) 转换为先进先出法 (FIFO);

  12. convert a company’s reported financial statements from LIFO to FIFO for purposes of comparison;

  13. 描述以成本与可变现净值孰低法计量存货的方法;

  14. describe the measurement of inventory at the lower of cost and net realisable value;

  15. 描述以净可变现价值对存货进行估值对财务报表和比率的影响;

  16. describe implications of valuing inventory at net realisable value for financial statements and ratios;

  17. 描述存货的财务报表列报和相关信息披露;

  18. describe the financial statement presentation of and disclosures relating to inventories;

  19. 解释分析师在审查公司库存披露和其他信息来源时应考虑的问题;

  20. explain issues that analysts should consider when examining a company’s inventory disclosures and other sources of information;

  21. 计算并比较各公司的比率,包括采用不同存货计价方法的公司;

  22. calculate and compare ratios of companies, including companies that use different inventory methods;

  23. 分析和比较各公司的财务报表,包括采用不同存货计价方法的公司。

  24. analyze and compare the financial statements of companies, including companies that use different inventory methods.

1.引言

1. Introduction

商品销售和制造企业通过销售存货获得收入和利润。此外,存货可能构成这些企业资产负债表上的一项重要资产。商品销售商(批发商和零售商)从制造商处购买可直接销售的存货,因此只涉及一种类型的存货——成品存货。然而,制造商从供应商处购买原材料,然后通过将其加工成成品来增加价值。他们通常将存货分为三类:1.原材料;2. 在产品;3 . 成品。在产品存货已开始从原材料加工成成品,但尚未成为可销售的成品。制造商可以在资产负债表上分别列示原材料、在产品和成品存货的账面价值,也可以只列示存货总额。如果采用后一种方法,公司必须在财务报表附注中披露原材料、在产品和成品存货的账面价值。

Merchandising and manufacturing companies generate revenues and profits through the sale of inventory. Further, inventory may represent a significant asset on these companies’ balance sheets. Merchandisers (wholesalers and retailers) purchase inventory, ready for sale, from manufacturers and thus account for only one type of inventory—finished goods inventory. Manufacturers, however, purchase raw materials from suppliers and then add value by transforming the raw materials into finished goods. They typically classify inventory into three different categories:1 raw materials, work in progress,2 and finished goods. Work-in-progress inventories have started the conversion process from raw materials but are not yet finished goods ready for sale. Manufacturers may report either the separate carrying amounts of their raw materials, work-in-progress, and finished goods inventories on the balance sheet or simply the total inventory amount. If the latter approach is used, the company must then disclose the carrying amounts of its raw materials, work-in-progress, and finished goods inventories in a footnote to the financial statements.

存货和销售成本(已售商品成本)是许多公司财务报表中的重要项目。由于存货估值方法的选择多种多样,比较这些公司的业绩颇具挑战性:不同的存货估值方法会导致存货和销售成本的金额存在显著差异。如果所有公司都采用相同的存货估值方法,或者存货价格水平保持不变,财务报表分析将会容易得多。如果存货成本没有通货膨胀或通货紧缩,单位成本保持不变,那么存货估值方法的选择就无关紧要了。然而,存货价格水平通常会随时间而变化。

Inventories and cost of sales (cost of goods sold)3 are significant items in the financial statements of many companies. Comparing the performance of these companies is challenging because of the allowable choices for valuing inventories: Differences in the choice of inventory valuation method can result in significantly different amounts being assigned to inventory and cost of sales. Financial statement analysis would be much easier if all companies used the same inventory valuation method or if inventory price levels remained constant over time. If there was no inflation or deflation with respect to inventory costs and thus unit costs were unchanged, the choice of inventory valuation method would be irrelevant. However, inventory price levels typically do change over time.

国际财务报告准则(IFRS)允许采用三种成本计算方法将存货成本(可供销售商品的成本)分配至存货和销售成本:个别计价法、先进先出法(FIFO)和加权平均成本法。美国通用会计准则(US GAAP)允许采用这三种存货计价方法,在US GAAP中被称为成本流转假设,但还包括第四种方法,即后进先出法(LIFO)。存货计价方法的选择会影响可供销售商品成本在期末存货和销售成本中的分配。分析师必须了解各种存货计价方法及其对财务报表和财务比率的影响,才能评估公司随时间推移的业绩以及相对于同行业其他公司的业绩。公司的财务报表及其附注提供了分析师可用于评估存货计价方法选择对财务报表和财务比率影响的重要信息。

International Financial Reporting Standards (IFRS) permit the assignment of inventory costs (costs of goods available for sale) to inventories and cost of sales by three cost formulas: specific identification, first-in, first-out (FIFO), and weighted average cost.4 US generally accepted accounting principles (US GAAP) allow the same three inventory valuation methods, referred to as cost flow assumptions in US GAAP, but also include a fourth method called last-in, first-out (LIFO).5 The choice of inventory valuation method affects the allocation of the cost of goods available for sale to ending inventory and cost of sales. Analysts must understand the various inventory valuation methods and the related impact on financial statements and financial ratios in order to evaluate a company’s performance over time and relative to industry peers. The company’s financial statements and related notes provide important information that the analyst can use in assessing the impact of the choice of inventory valuation method on financial statements and financial ratios.

本文结构如下:第二部分讨论了存货中包含的成本以及在发生期间确认为费用的成本。第三部分描述了存货计价方法,并比较了每种方法下期末存货、销售成本和毛利的计量,以及采用定期盘存制和永续盘存制时的差异。第四部分描述了后进先出法(LIFO)、LIFO储备以及LIFO清算的影响,并演示了比较采用LIFO和先进先出法(FIFO)的公司所需的调整。第五部分描述了存货计价方法变更对财务报表的影响。第六部分讨论了存货价值变动时的计量和报告。第七部分描述了存货在财务报表中的列报及相关披露,讨论了存货比率及其解释,并展示了存货财务分析的示例。最后,本文以总结和练习题结尾。

This reading is organized as follows: Section 2 discusses the costs that are included in inventory and the costs that are recognised as expenses in the period in which they are incurred. Section 3 describes inventory valuation methods and compares the measurement of ending inventory, cost of sales and gross profit under each method, and when using periodic versus perpetual inventory systems. Section 4 describes the LIFO method, LIFO reserve, and effects of LIFO liquidations, and demonstrates the adjustments required to compare a company that uses LIFO with one that uses FIFO. Section 5 describes the financial statement effects of a change in inventory valuation method. Section 6 discusses the measurement and reporting of inventory when its value changes. Section 7 describes the presentation of inventories on the financial statements and related disclosures, discusses inventory ratios and their interpretation, and shows examples of financial analysis with respect to inventories. A summary and practice problems conclude the reading.

2.存货成本

2. Cost of Inventories

根据国际财务报告准则(IFRS),存货应包含的成本包括“所有购置成本、加工成本以及使存货达到目前所在地和状态所发生的其他成本”。 6购置成本包括购买价格、进口税费、运输费、运输途中的保险费、装卸费以及其他与购置成品、原材料和服务直接相关的成本。贸易折扣、回扣和类似项目会降低支付价格和购置成本。加工成本包括与所生产单位直接相关的成本,例如直接人工成本以及固定和变动制造费用。 7 将这些与产品相关的成本计入存货(即作为一项资产)意味着,在存货售出之前,这些成本不会在损益表中确认为费用(即作为销售成本)。美国通用会计准则(US GAAP)对存货应包含的成本也有类似的描述。 8

Under IFRS, the costs to include in inventories are “all costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition.”6 The costs of purchase include the purchase price, import and tax-related duties, transport, insurance during transport, handling, and other costs directly attributable to the acquisition of finished goods, materials, and services. Trade discounts, rebates, and similar items reduce the price paid and the costs of purchase. The costs of conversion include costs directly related to the units produced, such as direct labour, and fixed and variable overhead costs.7 Including these product-related costs in inventory (i.e., as an asset) means that they will not be recognised as an expense (i.e., as cost of sales) on the income statement until the inventory is sold. US GAAP provide a similar description of the costs to be included in inventory.8

国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)均将以下成本从存货中排除:因材料、人工或其他生产转换投入的浪费而产生的异常成本;任何仓储成本(除非是生产过程的必要组成部分);以及所有管理费用和销售成本。这些被排除的成本应作为费用处理,并在其发生期间计入利润表。将成本计入存货会将其作为费用确认的时间递延至存货售出时。因此,将本应计入费用的成本计入存货会高估利润表上的盈利能力(因为成本确认被不恰当地递延),并导致资产负债表上的存货价值被高估。

Both IFRS and US GAAP exclude the following costs from inventory: abnormal costs incurred as a result of waste of materials, labour or other production conversion inputs, any storage costs (unless required as part of the production process), and all administrative overhead and selling costs. These excluded costs are treated as expenses and recognised on the income statement in the period in which they are incurred. Including costs in inventory defers their recognition as an expense on the income statement until the inventory is sold. Therefore, including costs in inventory that should be expensed will overstate profitability on the income statement (because of the inappropriate deferral of cost recognition) and create an overstated inventory value on the balance sheet.

例 1

存货相关成本的处理

Treatment of Inventory-Related Costs

假设Acme Enterprises是一家按照国际财务报告准则(IFRS)编制财务报表的公司,主要生产桌子。2018年,该公司生产了90万张成品桌子,并报废了1000张。成品桌子的原材料成本为900万欧元,直接人工加工成本为1800万欧元,生产管理费用为180万欧元。报废的1000张桌子(归因于异常损耗)的总生产成本为3万欧元(原材料成本1万欧元,加工成本2万欧元;这些成本未包含在成品桌子的原材料成本900万欧元和加工成本1980万欧元中)。当年,Acme公司在原材料运输方面支出100万欧元,在成品库存仓储方面支出50万欧元。Acme公司在年末没有在产品存货。

Acme Enterprises, a hypothetical company that prepares its financial statements in accordance with IFRS, manufactures tables. In 2018, the factory produced 900,000 finished tables and scrapped 1,000 tables. For the finished tables, raw material costs were €9 million, direct labour conversion costs were €18 million, and production overhead costs were €1.8 million. The 1,000 scrapped tables (attributable to abnormal waste) had a total production cost of €30,000 (€10,000 raw material costs and €20,000 conversion costs; these costs are not included in the €9 million raw material and €19.8 million total conversion costs of the finished tables). During the year, Acme spent €1 million for freight delivery charges on raw materials and €500,000 for storing finished goods inventory. Acme does not have any work-in-progress inventory at the end of the year.

  1. 2018 年库存中应包含哪些成本?

  2. What costs should be included in inventory in 2018?

  3. 2018年哪些成本应该计入费用?

  4. What costs should be expensed in 2018?

问题1的解答:

Solution to 1:

2018年的总库存成本如下:

Total inventory costs for 2018 are as follows:

原料 900万欧元
直接劳动 18,000,000
生产间接费用 1,800,000
原材料运输 1,000,000
总库存成本 29,800,000 欧元

答案二:

Solution to 2:

应计入费用(不计入存货)的总成本如下:

Total costs that should be expensed (not included in inventory) are as follows:

异常废物 30,000欧元
成品库存存储 500,000
全部的 53万欧元

3.存货估价方法

3. Inventory Valuation Methods

通常,存货购置成本和生产加工成本会随时间变化。因此,总存货成本(即可供销售商品的成本)在损益表销售成本和资产负债表存货之间的分配,会因公司采用的存货计价方法而异。如引言所述,存货计价方法在国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)下分别被称为成本公式和成本流转假设。如果所选方法导致分配给销售成本的成本高于其他方法,而分配给存货的成本低于其他方法,则本年度报告的毛利润、净利润和存货账面价值将低于采用其他方法的情况。因此,存货的会计处理,以及由此产生的成本分配,对财务报表及其可比性有着直接的影响。

Generally, inventory purchase costs and manufacturing conversion costs change over time. As a result, the allocation of total inventory costs (i.e., cost of goods available for sale) between cost of sales on the income statement and inventory on the balance sheet will vary depending on the inventory valuation method used by the company. As mentioned in the introduction, inventory valuation methods are referred to as cost formulas and cost flow assumptions under IFRS and US GAAP, respectively. If the choice of method results in more cost being allocated to cost of sales and less cost being allocated to inventory than would be the case with other methods, the chosen method will cause, in the current year, reported gross profit, net income, and inventory carrying amount to be lower than if alternative methods had been used. Accounting for inventory, and consequently the allocation of costs, thus has a direct impact on financial statements and their comparability.

国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)均允许公司使用以下存货计价方法:个别计价法;先进先出法(FIFO);以及加权平均成本法。美国通用会计准则还允许公司使用另一种方法:后进先出法(LIFO)。公司必须对所有性质和用途相似的存货采用相同的计价方法。对于性质或用途不同的存货,可以使用不同的计价方法。9存货售出时,其账面价值将根据所使用的成本公式(成本流转假设)确认为费用(销售成本)。

Both IFRS and US GAAP allow companies to use the following inventory valuation methods: specific identification; first-in, first-out (FIFO); and weighted average cost. US GAAP allow companies to use an additional method: last-in, first-out (LIFO). A company must use the same inventory valuation method for all items that have a similar nature and use. For items with a different nature or use, a different inventory valuation method can be used.9 When items are sold, the carrying amount of the inventory is recognised as an expense (cost of sales) according to the cost formula (cost flow assumption) in use.

个别计价法适用于通常不可互换的存货项目,而先进先出法(FIFO)、加权平均成本法和后进先出法(LIFO)通常用于存货中存在大量可互换项目的情况。个别计价法将特定存货项目的实际历史成本与其实际流动情况相匹配;成本保留在存货中,直到实际可辨认的存货售出为止。先进先出法、加权平均成本法和后进先出法均基于成本流转假设。在这些方法下,公司必须对哪些商品售出以及哪些商品留在期末存货中做出某些假设。因此,成本分配到已售出商品和期末存货中的商品可能与商品的实际流动情况有所不同。

Specific identification is used for inventory items that are not ordinarily interchangeable, whereas FIFO, weighted average cost, and LIFO are typically used when there are large numbers of interchangeable items in inventory. Specific identification matches the actual historical costs of the specific inventory items to their physical flow; the costs remain in inventory until the actual identifiable inventory is sold. FIFO, weighted average cost, and LIFO are based on cost flow assumptions. Under these methods, companies must make certain assumptions about which goods are sold and which goods remain in ending inventory. As a result, the allocation of costs to the units sold and to the units in ending inventory can be different from the physical movement of the items.

如果存货成本在一段时间内保持不变或相对保持不变,那么存货计价方法的选择就无关紧要了。在价格相对稳定的情况下,四种计价方法下销售成本和期末存货之间的成本分配非常相似。然而,在价格水平发生变化的情况下,存货计价方法的选择会对报告的销售成本和存货金额产生显著影响。而报告的销售成本和存货余额又会影响其他项目,例如毛利润、净利润、流动资产和总资产。

The choice of inventory valuation method would be largely irrelevant if inventory costs remained constant or relatively constant over time. Given relatively constant prices, the allocation of costs between cost of goods sold and ending inventory would be very similar under each of the four methods. Given changing price levels, however, the choice of inventory valuation method can have a significant impact on the amount of reported cost of sales and inventory. And the reported cost of sales and inventory balances affect other items, such as gross profit, net income, current assets, and total assets.

3.1特殊识别

3.1. Specific Identification

个别计价法适用于通常不可互换的存货项目以及为特定项目生产和隔离的商品。该方法也常用于具有唯一标识的昂贵商品,例如宝石。根据该方法,销售成本和期末存货成本反映了为购买(或生产)已售出和未售出的存货项目而发生的实际成本。因此,该方法使已售出和未售出的存货项目的实物流动与其实际成本相匹配。

The specific identification method is used for inventory items that are not ordinarily interchangeable and for goods that have been produced and segregated for specific projects. This method is also commonly used for expensive goods that are uniquely identifiable, such as precious gemstones. Under this method, the cost of sales and the cost of ending inventory reflect the actual costs incurred to purchase (or manufacture) the items specifically identified as sold and the items specifically identified as remaining in inventory. Therefore, this method matches the physical flow of the specific items sold and remaining in inventory to their actual cost.

3.2先进先出(FIFO)

3.2. First-In, First-Out (FIFO)

先进先出法(FIFO)假定最早购入(或生产)的商品最先售出,而最新购入(或生产)的商品则保留在期末存货中。换句话说,存货中最先入账的商品被认为是最先售出的商品。因此,销售成本反映的是期初存货成本加上会计期间最早购入(或生产)的商品成本,而期末存货价值反映的是最近购入(或生产)的商品成本。在物价上涨时期,期末存货的成本高于已售商品的成本。相反,在物价下跌时期,期末存货的成本低于已售商品的成本。

FIFO assumes that the oldest goods purchased (or manufactured) are sold first and the newest goods purchased (or manufactured) remain in ending inventory. In other words, the first units included in inventory are assumed to be the first units sold from inventory. Therefore, cost of sales reflects the cost of goods in beginning inventory plus the cost of items purchased (or manufactured) earliest in the accounting period, and the value of ending inventory reflects the costs of goods purchased (or manufactured) more recently. In periods of rising prices, the costs assigned to the units in ending inventory are higher than the costs assigned to the units sold. Conversely, in periods of declining prices, the costs assigned to the units in ending inventory are lower than the costs assigned to the units sold.

3.3加权平均成本

3.3. Weighted Average Cost

加权平均成本法将会计期间可供销售商品(期初存货加上采购成本、加工成本和其他成本)的平均成本分配给已售出的商品以及期末存货。在一个会计期间内,单位加权平均成本的计算方法为:可供销售商品的总成本除以该期间可供销售商品的总数(可供销售商品的总成本/可供销售商品的总数)。

Weighted average cost assigns the average cost of the goods available for sale (beginning inventory plus purchase, conversion, and other costs) during the accounting period to the units that are sold as well as to the units in ending inventory. In an accounting period, the weighted average cost per unit is calculated as the total cost of the units available for sale divided by the total number of units available for sale in the period (Total cost of goods available for sale/Total units available for sale).

3.4后进先出(LIFO)

3.4. Last-In, First-Out (LIFO)

后进先出法(LIFO)仅在美国通用会计准则(US GAAP)下允许使用。该方法假设最新购入(或生产)的商品最先售出,而最早购入(或生产)的商品,包括期初存货,则保留在期末存货中。换言之,假设最后计入存货的商品最先售出。因此,销售成本反映的是最近购入(或生产)的商品成本,而期末存货的价值反映的是较早购入(或生产)的商品成本。在物价上涨时期,期末存货的成本低于已售商品的成本。相反,在物价下跌时期,期末存货的成本高于已售商品的成本。

LIFO is permitted only under US GAAP. This method assumes that the newest goods purchased (or manufactured) are sold first and the oldest goods purchased (or manufactured), including beginning inventory, remain in ending inventory. In other words, the last units included in inventory are assumed to be the first units sold from inventory. Therefore, cost of sales reflects the cost of goods purchased (or manufactured) more recently, and the value of ending inventory reflects the cost of older goods. In periods of rising prices, the costs assigned to the units in ending inventory are lower than the costs assigned to the units sold. Conversely, in periods of declining prices, the costs assigned to the units in ending inventory are higher than the costs assigned to the units sold.

3.5销售成本、毛利润和期末存货的计算

3.5. Calculation of Cost of Sales, Gross Profit, and Ending Inventory

在价格波动时期,总存货成本(即可供销售商品的成本)在损益表销售成本和资产负债表存货之间的分配,会因公司采用的存货计价方法而异。以下示例说明了销售成本、毛利润和期末存货如何因存货计价方法的不同而有所差异。

In periods of changing prices, the allocation of total inventory costs (i.e., cost of goods available for sale) between cost of sales on the income statement and inventory on the balance sheet will vary depending on the inventory valuation method used by the company. The following example illustrates how cost of sales, gross profit, and ending inventory differ based on the choice of inventory valuation method.

例 2

个别计价法、加权平均成本法、先进先出法和后进先出法的存货成本流转示意图

Inventory Cost Flow Illustration for the Specific Identification, Weighted Average Cost, FIFO, and LIFO Methods

Global Sales, Inc. (GSI) 是一家假想的总部位于迪拜的消费品分销商,经销包括高档香皂在内的多种产品。香皂按公斤出售。GSI 于 2018 年开始运营,当年首次购入 10 万公斤香皂,价格为每公斤 110 迪拉姆 (AED);随后购入 20 万公斤香皂,价格为每公斤 100 迪拉姆;最后购入 30 万公斤香皂,价格为每公斤 90 迪拉姆。GSI 共售出 52 万公斤香皂,售价为每公斤 240 迪拉姆。GSI 将香皂储存在仓库中,以便于识别每批收到的香皂。2018 年,GSI 将第一批收到的 10 万公斤香皂、第二批收到的 18 万公斤香皂以及最后一批收到的 24 万公斤香皂全部发货给了客户。以下问题的答案应四舍五入到最接近的 1,000 迪拉姆。

Global Sales, Inc. (GSI) is a hypothetical Dubai-based distributor of consumer products, including bars of luxury soap. The soap is sold by the kilogram. GSI began operations in 2018, during which it purchased and received initially 100,000 kg of soap at 110 dirham (AED)/kg, then 200,000 kg of soap at 100 AED/kg, and finally 300,000 kg of soap at 90 AED/kg. GSI sold 520,000 kg of soap at 240 AED/kg. GSI stores its soap in its warehouse so that soap from each shipment received is readily identifiable. During 2018, the entire 100,000 kg from the first shipment received, 180,000 kg of the second shipment received, and 240,000 kg of the final shipment received was sent to customers. Answers to the following questions should be rounded to the nearest 1,000 AED.

  1. 采用个别计价法计算,2018 年的报告销售成本、毛利润和期末存货余额分别是多少?

  2. What are the reported cost of sales, gross profit, and ending inventory balances for 2018 under the specific identification method?

  3. 采用加权平均成本法计算,2018 年的报告销售成本、毛利润和期末存货余额分别是多少?

  4. What are the reported cost of sales, gross profit, and ending inventory balances for 2018 under the weighted average cost method?

  5. 采用先进先出法(FIFO)计算,2018 年的报告销售成本、毛利润和期末存货余额分别是多少?

  6. What are the reported cost of sales, gross profit, and ending inventory balances for 2018 under the FIFO method?

  7. 采用后进先出法(LIFO)计算,2018 年的报告销售成本、毛利润和期末存货余额分别是多少?

  8. What are the reported cost of sales, gross profit, and ending inventory balances for 2018 under the LIFO method?

问题1的解答:

Solution to 1:

根据个别计价法,已售出的特定存货商品的实物流通与其实际成本相匹配。

Under the specific identification method, the physical flow of the specific inventory items sold is matched to their actual cost.

销售额 = 520,000 × 240 = 124,800,000 阿联酋迪拉姆

Sales = 520,000 × 240 = 124,800,000 AED

销售成本 = (100,000 × 110) + (180,000 × 100) + (240,000 × 90) = 50,600,000 阿联酋迪拉姆

Cost of sales = (100,000 × 110) + (180,000 × 100) + (240,000 × 90) = 50,600,000 AED

毛利润 = 124,800,000 – 50,600,000 = 74,200,000 迪拉姆

Gross profit = 124,800,000 – 50,600,000 = 74,200,000 AED

期末存货 = (20,000 × 100) + (60,000 × 90) = 7,400,000 阿联酋迪拉姆

Ending inventory = (20,000 × 100) + (60,000 × 90) = 7,400,000 AED

请注意,尽管仓库内库存已进行分类,但对于这种可互换的库存商品,使用特定标识是不合适的。使用特定标识可能会导致通过发货决策操纵利润。

Note that in spite of the segregation of inventory within the warehouse, it would be inappropriate to use specific identification for this inventory of interchangeable items. The use of specific identification could potentially result in earnings manipulation through the shipment decision.

答案二:

Solution to 2:

加权平均成本法是将所有存货项目的实际成本进行加权平均,然后分配到销售成本和期末存货中。单位加权平均成本的计算方法是将可供销售商品的总成本除以可供销售的商品数量。

Under the weighted average cost method, costs are allocated to cost of sales and ending inventory by using a weighted average mix of the actual costs incurred for all inventory items. The weighted average cost per unit is determined by dividing the total cost of goods available for sale by the number of units available for sale.

加权平均成本 = [(100,000 × 110) + (200,000 × 100) + (300,000 × 90)]/600,000 = 96.667 阿联酋迪拉姆/千克

Weighted average cost = [(100,000 × 110) + (200,000 × 100) + (300,000 × 90)]/600,000 = 96.667 AED/kg

销售额 = 520,000 × 240 = 124,800,000 阿联酋迪拉姆

Sales = 520,000 × 240 = 124,800,000 AED

销售成本 = 520,000 × 96.667 = 50,267,000 迪拉姆

Cost of sales = 520,000 × 96.667 = 50,267,000 AED

毛利润 = 124,800,000 – 50,267,000 = 74,533,000 迪拉姆

Gross profit = 124,800,000 – 50,267,000 = 74,533,000 AED

期末存货 = 80,000 × 96,667 = 7,733,360 阿联酋迪拉姆

Ending inventory = 80,000 × 96.667 = 7,733,360 AED

问题3的解答:

Solution to 3:

根据先进先出法(FIFO),假定最早购入的存货是最先售出的存货。因此,期末存货假定由最近购入的存货组成。

Under the FIFO method, the oldest inventory units acquired are assumed to be the first units sold. Ending inventory, therefore, is assumed to consist of those inventory units most recently acquired.

销售额 = 520,000 × 240 = 124,800,000 阿联酋迪拉姆

Sales = 520,000 × 240 = 124,800,000 AED

销售成本 = (100,000 × 110) + (200,000 × 100) + (220,000 × 90) = 50,800,000 阿联酋迪拉姆

Cost of sales = (100,000 × 110) + (200,000 × 100) + (220,000 × 90) = 50,800,000 AED

毛利润 = 124,800,000 – 50,800,000 = 74,000,000 迪拉姆

Gross profit = 124,800,000 – 50,800,000 = 74,000,000 AED

期末存货 = 80,000 × 90 = 7,200,000 阿联酋迪拉姆

Ending inventory = 80,000 × 90 = 7,200,000 AED

问题 4 的解答:

Solution to 4:

在后进先出法(LIFO)下,最新购入的存货被视为最先售出的存货。因此,期末存货被视为由最早购入的存货组成。

Under the LIFO method, the newest inventory units acquired are assumed to be the first units sold. Ending inventory, therefore, is assumed to consist of the oldest inventory units.

销售额 = 520,000 × 240 = 124,800,000 阿联酋迪拉姆

Sales = 520,000 × 240 = 124,800,000 AED

销售成本 = (20,000 × 110) + (200,000 × 100) + (300,000 × 90) = 49,200,000 迪拉姆

Cost of sales = (20,000 × 110) + (200,000 × 100) + (300,000 × 90) = 49,200,000 AED

毛利润 = 124,800,000 – 49,200,000 = 75,600,000 迪拉姆

Gross profit = 124,800,000 – 49,200,000 = 75,600,000 AED

期末存货 = 80,000 × 110 = 8,800,000 阿联酋迪拉姆

Ending inventory = 80,000 × 110 = 8,800,000 AED

下表(单位:千迪拉姆)汇总了四种存货计价方法计算出的销售成本、期末存货和可供销售商品成本。请注意,在运营的第一年,四种方法计算出的可供销售商品总成本相同。之后,由于期初存货不同,可供销售商品成本通常会有所差异。表中还列出了四种方法的毛利润。由于肥皂单价在期间内下降,后进先出法(LIFO)的期末存货金额最高,销售成本最低,毛利润也最高。先进先出法(FIFO)的期末存货金额最低,销售成本最高,毛利润也最低。

The following table (in thousands of AED) summarizes the cost of sales, the ending inventory, and the cost of goods available for sale that were calculated for each of the four inventory valuation methods. Note that in the first year of operation, the total cost of goods available for sale is the same under all four methods. Subsequently, the cost of goods available for sale will typically differ because beginning inventories will differ. Also shown is the gross profit figure for each of the four methods. Because the cost of a kg of soap declined over the period, LIFO had the highest ending inventory amount, the lowest cost of sales, and the highest gross profit. FIFO had the lowest ending inventory amount, the highest cost of sales, and the lowest gross profit.

存货估价法 特定 ID 加权平均成本 先进先出 后进先出
销售成本 50,600 50,267 50,800 49,200
期末库存 7,400 7,733 7,200 8,800
可供销售商品的总成本 58,000 58,000 58,000 58,000
 
毛利 74,200 74,533 74,000 75,600

3.6定期盘存制与永续盘存制

3.6. Periodic versus Perpetual Inventory Systems

公司通常采用定期盘存制或永续盘存制来记录存货变动。在定期盘存制下,存货价值和销售成本在会计期末确定。采购记入采购账户。采购额与期初存货总额之和即为该期间可供销售的商品数量。期末存货数量减去可供销售的商品数量,即可得出销售成本。期末存货数量通常通过对存货进行实物盘点来获取或核实。在永续盘存制下,存货价值和销售成本会持续更新,以反映采购和销售情况。

Companies typically record changes to inventory using either a periodic inventory system or a perpetual inventory system. Under a periodic inventory system, inventory values and costs of sales are determined at the end of an accounting period. Purchases are recorded in a purchases account. The total of purchases and beginning inventory is the amount of goods available for sale during the period. The ending inventory amount is subtracted from the goods available for sale to arrive at the cost of sales. The quantity of goods in ending inventory is usually obtained or verified through a physical count of the units in inventory. Under a perpetual inventory system, inventory values and cost of sales are continuously updated to reflect purchases and sales.

无论采用何种盘存制,如果存货计价方法为个别计价法或先进先出法(FIFO),可供销售商品在销售成本和期末存货中的分配比例均相同。但对于加权平均成本法而言,情况并非如此。在定期盘存制下,采用先进先出法和加权平均成本法时,可供销售商品在销售成本和期末存货中的分配比例可能存在显著差异。在永续盘存制下,存货价值和销售成本会持续更新以反映采购和销售情况。因此,采用先进先出法和加权平均成本法时,可供销售商品在销售成本和期末存货中的分配比例基本一致。由于缺乏信息披露以及永续盘存制的普遍存在,分析师在比较采用加权平均成本法和先进先出法的公司时,通常不会进行调整。

Under either system, the allocation of goods available for sale to cost of sales and ending inventory is the same if the inventory valuation method used is either specific identification or FIFO. This is not generally true for the weighted average cost method. Under a periodic inventory system, the amount of cost of goods available for sale allocated to cost of sales and ending inventory may be quite different using the FIFO method compared to the weighted average cost method. Under a perpetual inventory system, inventory values and cost of sales are continuously updated to reflect purchases and sales. As a result, the amount of cost of goods available for sale allocated to cost of sales and ending inventory is similar under the FIFO and weighted average cost methods. Because of lack of disclosure and the dominance of perpetual inventory systems, analysts typically do not make adjustments when comparing a company using the weighted average cost method with a company using the FIFO method.

采用后进先出法(LIFO),定期盘存制和永续盘存制通常会导致销售成本和期末存货的分配结果不同。无论采用永续盘存制还是定期盘存制,与其它存货计价方法相比,采用后进先出法通常会导致销售成本和期末存货的分配结果存在显著差异。当存货成本上升而存货数量保持稳定或上升时,采用后进先出法会导致销售成本高于先进先出法(FIFO),而存货账面价值低于先进先出法。后进先出法下较高的销售成本会导致毛利润、营业利润、税前利润和净利润下降。后进先出法下的所得税费用较低,从而使公司的净经营现金流较高。在资产负债表上,较低的存货账面价值会导致报告的流动资产、营运资本和总资产减少。分析师在比较采用后进先出法和先进先出法的公司时,必须仔细评估存货计价方法选择对财务报表的影响。

Using the LIFO method, the periodic and perpetual inventory systems will generally result in different allocations to cost of sales and ending inventory. Under either a perpetual or periodic inventory system, the use of the LIFO method will generally result in significantly different allocations to cost of sales and ending inventory compared to other inventory valuation methods. When inventory costs are increasing and inventory unit levels are stable or increasing, using the LIFO method will result in higher cost of sales and lower inventory carrying amounts than using the FIFO method. The higher cost of sales under LIFO will result in lower gross profit, operating income, income before taxes, and net income. Income tax expense will be lower under LIFO, causing the company’s net operating cash flow to be higher. On the balance sheet, the lower inventory carrying amount will result in lower reported current assets, working capital, and total assets. Analysts must carefully assess the financial statement implications of the choice of inventory valuation method when comparing companies that use the LIFO method with companies that use the FIFO method.

例 3说明了在后进先出 (LIFO) 法下选择系统的影响。

Example 3 illustrates the impact of the choice of system under LIFO.

例 3

永续盘存制与定期盘存制

Perpetual versus Periodic Inventory Systems

如果GSI(示例2中的公司)采用永续盘存制,则采购和销售的时间会影响销售成本和库存金额。以下是2018年交易后采购、销售和库存数量的记录。

If GSI (the company in Example 2) had used a perpetual inventory system, the timing of purchases and sales would affect the amounts of cost of sales and inventory. Below is a record of the purchases, sales, and quantity of inventory on hand after the transaction in 2018.

日期 已购买 现有库存
1月5日 100,000 公斤,单价 110 迪拉姆/公斤 100,000公斤
2月1日 80,000公斤,单价240迪拉姆/公斤 20,000公斤
3月8日 200,000 公斤,单价 100 迪拉姆/公斤 220,000公斤
4月6日 100,000 公斤,单价 240 迪拉姆/公斤 120,000公斤
5月23日 60,000公斤,单价240迪拉姆/公斤 60,000公斤
7月7日 40,000公斤,单价240迪拉姆/公斤 20,000公斤
8月2日 300,000 公斤,单价 90 迪拉姆/公斤 320,000公斤
9月5日 70,000公斤,单价240迪拉姆/公斤 250,000公斤
11月17日 90,000公斤,单价240迪拉姆/公斤 160,000公斤
12月8日 80,000公斤,单价240迪拉姆/公斤 80,000公斤
  可供销售的商品总额 = 58,000,000 迪拉姆 总销售额 = 124,800,000 迪拉姆

在第一年的运营中,无论采用永续盘存制还是定期盘存制,可供销售商品的总量和销售量均相同。然而,由于永续盘存制全年持续采用后进先出法(LIFO),期末存货的账面价值可能有所不同。在定期盘存制下,假设期末存货由80,000件最早入库的存货组成,单价为110迪拉姆/公斤。

The amounts for total goods available for sale and sales are the same under either the perpetual or periodic system in this first year of operation. The carrying amount of the ending inventory, however, may differ because the perpetual system will apply LIFO continuously throughout the year. Under the periodic system, it was assumed that the ending inventory was composed of 80,000 units of the oldest inventory, which cost 110 AED/kg.

采用永续盘存制和后进先出法(LIFO)计算,期末存货、销售成本和毛利润分别是多少?这些数值与例2中采用定期盘存制和后进先出法(LIFO)计算的数值相比如何?

What are the ending inventory, cost of sales, and gross profit amounts using the perpetual system and the LIFO method? How do these compare with the amounts using the periodic system and the LIFO method, as in Example 2?

解决方案:

Solution:

采用永续盘存制,不同时点的存货账面价值如下:

The carrying amounts of the inventory at the different time points using the perpetual inventory system are as follows:

日期 库存数量 数量和成本 账面价值
1月5日 100,000公斤 100,000 公斤,单价 110 迪拉姆/公斤 11,000,000 阿联酋迪拉姆
2月1日 20,000公斤 20,000公斤,单价110迪拉姆/公斤 2,200,000 阿联酋迪拉姆
3月8日 220,000公斤 20,000公斤,单价110迪拉姆/公斤;200,000公斤,单价100迪拉姆/公斤 22,200,000 阿联酋迪拉姆
4月6日 120,000公斤 20,000公斤,单价110迪拉姆/公斤;100,000公斤,单价100迪拉姆/公斤 12,200,000 阿联酋迪拉姆
5月23日 60,000公斤 20,000公斤,单价110迪拉姆/公斤;40,000公斤,单价100迪拉姆/公斤 6,200,000 阿联酋迪拉姆
7月7日 20,000公斤 20,000公斤,单价110迪拉姆/公斤 2,200,000 阿联酋迪拉姆
8月2日 320,000公斤 20,000公斤,单价110迪拉姆/公斤;300,000公斤,单价90迪拉姆/公斤 29,200,000 阿联酋迪拉姆
9月5日 250,000公斤 20,000公斤,单价110迪拉姆/公斤;230,000公斤,单价90迪拉姆/公斤 22,900,000 阿联酋迪拉姆
11月17日 160,000公斤 20,000公斤,单价110迪拉姆/公斤;140,000公斤,单价90迪拉姆/公斤 14,800,000 阿联酋迪拉姆
12月8日 80,000公斤 20,000公斤,单价110迪拉姆/公斤;60,000公斤,单价90迪拉姆/公斤 7,600,000 阿联酋迪拉姆

永续系统

Perpetual system

销售额 = 520,000 × 240 = 124,800,000 阿联酋迪拉姆

Sales = 520,000 × 240 = 124,800,000 AED

销售成本 = 58,000,000 – 7,600,000 = 50,400,000 迪拉姆

Cost of sales = 58,000,000 – 7,600,000 = 50,400,000 AED

毛利润 = 124,800,000 – 50,400,000 = 74,400,000 迪拉姆

Gross profit = 124,800,000 – 50,400,000 = 74,400,000 AED

期末存货 = 7,600,000 迪拉姆

Ending inventory = 7,600,000 AED

例 2中的周期系统

Periodic system from Example 2

销售额 = 520,000 × 240 = 124,800,000 阿联酋迪拉姆

Sales = 520,000 × 240 = 124,800,000 AED

销售成本 = (20,000 × 110) + (200,000 × 100) + (300,000 × 90) = 49,200,000 迪拉姆

Cost of sales = (20,000 × 110) + (200,000 × 100) + (300,000 × 90) = 49,200,000 AED

毛利润 = 124,800,000 – 49,200,000 = 75,600,000 迪拉姆

Gross profit = 124,800,000 – 49,200,000 = 75,600,000 AED

期末存货 = 80,000 × 110 = 8,800,000 阿联酋迪拉姆

Ending inventory = 80,000 × 110 = 8,800,000 AED

在这个例子中,永续盘存制下的期末存货量较低,因为假设只有成本最高的20,000公斤存货留在库存中。与定期盘存制相比,永续盘存制下的销售成本较高,毛利润较低。

In this example, the ending inventory amount is lower under the perpetual system because only 20,000 kg of the oldest inventory with the highest cost is assumed to remain in inventory. The cost of sales is higher and the gross profit is lower under the perpetual system compared to the periodic system.

3.7存货估价方法比较

3.7. Comparison of Inventory Valuation Methods

如例2所示,在不同的存货计价方法下,可供销售商品总成本在利润表销售成本和资产负债表期末存货中的分配比例有所不同。在存货单位成本下降而存货数量保持不变或增加的情况下,先进先出法(FIFO)(与加权平均成本法或后进先出法相比)会将更多可供销售商品总成本分配到利润表销售成本中,而将更少比例分配到资产负债表期末存货中。因此,由于先进先出法下的销售成本较高,公司的毛利润、营业利润和税前利润都会降低。

As shown in Example 2, the allocation of the total cost of goods available for sale to cost of sales on the income statement and to ending inventory on the balance sheet varies under the different inventory valuation methods. In an environment of declining inventory unit costs and constant or increasing inventory quantities, FIFO (in comparison with weighted average cost or LIFO) will allocate a higher amount of the total cost of goods available for sale to cost of sales on the income statement and a lower amount to ending inventory on the balance sheet. Accordingly, because cost of sales will be higher under FIFO, a company’s gross profit, operating profit, and income before taxes will be lower.

相反,在存货单位成本上升而存货数量保持不变或增加的情况下,先进先出法(与加权平均成本法或后进先出法相比)会将可供销售商品总成本中分配给利润表销售成本的部分减少,而将更多部分分配给资产负债表期末存货的部分。因此,由于先进先出法下的销售成本较低,公司的毛利润、营业利润和税前利润将会更高。

Conversely, in an environment of rising inventory unit costs and constant or increasing inventory quantities, FIFO (in comparison with weighted average cost or LIFO) will allocate a lower amount of the total cost of goods available for sale to cost of sales on the income statement and a higher amount to ending inventory on the balance sheet. Accordingly, because cost of sales will be lower under FIFO, a company’s gross profit, operating profit, and income before taxes will be higher.

先进先出法(FIFO)下的存货账面价值能更准确地反映当前的重置价值,因为存货假定为最近购入的商品。后进先出法(LIFO)下的销售成本能更准确地反映当前的重置价值。后进先出法的期末存货金额通常不能反映当前的重置价值,因为期末存货假定为最早购入的存货,成本也据此分配。例4说明了采用先进先出法和后进先出法核算存货所得到的不同结果。

The carrying amount of inventories under FIFO will more closely reflect current replacement values because inventories are assumed to consist of the most recently purchased items. The cost of sales under LIFO will more closely reflect current replacement value. LIFO ending inventory amounts are typically not reflective of current replacement value because the ending inventory is assumed to be the oldest inventory and costs are allocated accordingly. Example 4 illustrates the different results obtained by using either the FIFO or LIFO methods to account for inventory.

例 4

采用后进先出法(LIFO)与先进先出法(FIFO)对通货膨胀的影响比较

Impact of Inflation Using LIFO Compared to FIFO

L公司和F公司除L公司采用后进先出法(LIFO)而F公司采用先进先出法(FIFO)外,其他方面均相同。两家公司均已运营五年,每年基本库存为2,000件。除第一年外,每年的购入量均等于售出量。五年期间,销量每年增长10%,且每年年初的购入价和售价均按4%的通货膨胀率进行调整。第一年,两家公司售出20,000件产品,单价为15美元,购入价为8美元。

Company L and Company F are identical in all respects except that Company L uses the LIFO method and Company F uses the FIFO method. Each company has been in business for five years and maintains a base inventory of 2,000 units each year. Each year, except the first year, the number of units purchased equaled the number of units sold. Over the five year period, unit sales increased 10 percent each year and the unit purchase and selling prices increased at the beginning of each year to reflect inflation of 4 percent per year. In the first year, 20,000 units were sold at a price of $15.00 per unit and the unit purchase price was $8.00.

  1. 五年间,每家公司年末的存货、销售额、销售成本和毛利润分别是多少?

  2. What was the end of year inventory, sales, cost of sales, and gross profit for each company for each of the five years?

  3. 比较五年期间各公司的存货周转率(基于期末存货账面价值)和毛利率。

  4. Compare the inventory turnover ratios (based on ending inventory carrying amounts) and gross profit margins over the five year period and between companies.

问题1的解答:

Solution to 1:

L公司采用后进先出法(LIFO)。 一年级 二年级 三年级 四年级 五年级
期末存货 16,000 美元 16,000 美元 16,000 美元 16,000 美元 16,000 美元
销售b 30万美元 343,200 美元 392,621 美元 449,158 美元 513,837 美元
销售成本c 160,000 183,040 209,398 239,551 274,046
毛利 140,000 美元 160,160 美元 183,223 美元 209,607 美元 239,791 美元
  • 库存每年保持不变,为 16,000 美元(2,000 件 × 8 美元)。假设第一年购入的 2,000 件产品将留在库存中。

  • a Inventory is unchanged at $16,000 each year (2,000 units × $8). 2,000 of the units acquired in the first year are assumed to remain in inventory.

  • b销售年份 X = (20,000 × $15)(1.10) X–1 (1.04) X–1。销售量每年增长 10%,售价每年增长 4%。

  • b Sales Year X = (20,000 × $15)(1.10)X–1(1.04)X–1. The quantity sold increases by 10 percent each year and the selling price increases by 4 percent each year.

  • c销售成本 第 X 年 = (20,000 × $8)(1.10) X–1 (1.04) X–1。第 1 年售出 20,000 件产品,成本为 $8。在随后的年份中,购入的单位数量等于售出的单位数量,并且假设售出的单位数量与当年购入的单位数量相同。购入数量每年增加 10%,购入价格每年增加 4%。

  • c Cost of sales Year X = (20,000 × $8)(1.10)X–1(1.04)X–1. In Year 1, 20,000 units are sold with a cost of $8. In subsequent years, the number of units purchased equals the number of units sold and the units sold are assumed to be those purchased in the year. The quantity purchased increases by 10 percent each year and the purchase price increases by 4 percent each year.

请注意,如果公司一年内售出的产品数量超过购入量,库存就会减少。这被称为后进先出法(LIFO)。售出超过购入量的产品的销售成本将反映库存的账面价值。在本例中,每售出超过购入量的产品,其销售成本为 8 美元,毛利润也会更高。

Note that if the company sold more units than it purchased in a year, inventory would decrease. This is referred to as LIFO liquidation. The cost of sales of the units sold in excess of those purchased would reflect the inventory carrying amount. In this example, each unit sold in excess of those purchased would have a cost of sales of $8 and a higher gross profit.

F公司采用先进先出法(FIFO)。 一年级 二年级 三年级 四年级 五年级
期末存货 16,000 美元 16,640 美元 17,306 美元 17,998 美元 18,718 美元
销售b 30万美元 343,200 美元 392,621 美元 449,158 美元 513,837 美元
销售成本c 160,000 182,400 208,732 238,859 273,326
毛利 140,000 美元 160,800 美元 183,889 美元 210,299 美元 240,511 美元
  • 第 X 年末存货= 2,000 单位 × 第 X 年成本 = 2,000 单位 [$8 × (1.04) X–1 ]。假设第 X 年购入的 2,000 单位产品仍保留在存货中。

  • a Ending Inventory Year X = 2,000 units × Cost in Year X = 2,000 units [$8 × (1.04)X–1]. 2,000 units of the units acquired in Year X are assumed to remain in inventory.

  • b销售年份 X = (20,000 × $15)(1.10) X–1 (1.04) X–1

  • b Sales Year X = (20,000 × $15)(1.10)X–1(1.04)X–1

  • c第一年销售成本 = 160,000 美元(= 20,000 件 × 8 美元)。期初没有库存。

    • 第 X 年(X ≠ 1)的销售成本 = 期初存货 + 购货 - 期末存货

    • = (X-1 年库存) + [(20,000 × $8)(1.10) X-1 (1.04) X-1 ] − (X 年库存)

    • = 2,000($8)(1.04) X–2 + [(20,000 × $8)(1.10) X–1 (1.04) X–1 ] – [2,000 ($8)(1.04) X–1 ]

    例如,第二年销售成本 = 2,000($8) + [(20,000 × $8)(1.10)(1.04)] – [2,000 ($8)(1.04)] = $16,000 + 183,040 – 16,640 = $182,400

  • c Cost of sales Year 1 = $160,000 (= 20,000 units × $8). There was no beginning inventory.

    • Cost of sales Year X (where X ≠ 1) = Beginning inventory plus purchases less ending inventory

    • = (Inventory at Year X–1) + [(20,000 × $8)(1.10)X–1(1.04)X–1] − (Inventory at Year X)

    • = 2,000($8)(1.04)X–2 + [(20,000 × $8)(1.10)X–1(1.04)X–1] – [2,000 ($8)(1.04)X–1]

    For example, cost of sales Year 2 = 2,000($8) + [(20,000 × $8)(1.10)(1.04)] – [2,000 ($8)(1.04)] = $16,000 + 183,040 – 16,640 = $182,400

答案二:

Solution to 2:

  L公司 公司 F
1 2 3 4 5 1 2 3 4 5
库存周转率 10.0 11.4 13.1 15.0 17.1 10.0 11.0 12.1 13.3 14.6
毛利率(%) 46.7 46.7 46.7 46.7 46.7 46.7 46.9 46.8 46.8 46.8

存货周转率= 销售成本 ÷ 期末存货。两家公司的存货周转率逐年上升,因为销售量增加,而期末存货量保持不变。L 公司的存货周转率增幅更高,因为 L 公司的销售成本受通货膨胀影响而增加,但存货账面价值不受通货膨胀影响。乍一看,采用后进先出法 (LIFO) 的公司似乎能更有效地管理存货,但这是一种错觉。两家公司的采购和销售数量及价格完全相同,唯一的区别在于存货计价方法。

Inventory turnover ratio = Cost of sales ÷ Ending inventory. The inventory turnover ratio increased each year for both companies because the units sold increased, whereas the units in ending inventory remained unchanged. The increase in the inventory turnover ratio is higher for Company L because Company L’s cost of sales is increasing for inflation but the inventory carrying amount is unaffected by inflation. It might appear that a company using the LIFO method manages its inventory more effectively, but this is deceptive. Both companies have identical quantities and prices of purchases and sales and only differ in the inventory valuation method used.

毛利率= 毛利润 ÷ 销售额。在后进先出法(LIFO)下,毛利率较为稳定,因为销售额和销售成本的增长率与通货膨胀率相同。先进先出法(FIFO)下,第一年后的毛利率略高,因为部分销售成本反映了较早的进货价格。

Gross profit margin = Gross profit ÷ Sales. The gross profit margin is stable under LIFO because both sales and cost of sales increase at the same rate of inflation. The gross profit margin is slightly higher under the FIFO method after the first year because a proportion of the cost of sales reflects an older purchase price.

4.后进先出法

4. The LIFO Method

当存货成本不断上涨时,采用后进先出法(LIFO)的潜在所得税节省是一项优势。由于所得税降低,现金流增加,公司价值可能因此提升,因为公司价值取决于其未来现金流的现值。在后进先出法下,期末存货假定由持有时间最长的存货构成。这通常会导致期末存货的账面价值低于当前的重置成本,因为存货成本通常会随时间推移而增加。销售成本则能更准确地反映当前的重置成本。

The potential income tax savings are a benefit of using the LIFO method when inventory costs are increasing. The higher cash flows due to lower income taxes may make the company more valuable because the value of a company is based on the present value of its future cash flows. Under the LIFO method, ending inventory is assumed to consist of those units that have been held the longest. This generally results in ending inventories with carrying amounts lower than current replacement costs because inventory costs typically increase over time. Cost of sales will more closely reflect current replacement costs.

如果存货的采购价格(采购成本)或生产成本增加,与其它方法相比,采用后进先出法(LIFO)对损益表的影响包括:销售成本增加,毛利润、营业利润、所得税费用和净利润降低。对资产负债表的影响包括:期末存货、营运资本、总资产、留存收益和股东权益减少。较低的所得税支出将带来更高的经营活动净现金流。对财务比率的影响包括:流动比率降低,资产负债率升高,以及盈利能力比率降低。

If the purchase prices (purchase costs) or production costs of inventory are increasing, the income statement consequences of using the LIFO method compared to other methods will include higher cost of sales, and lower gross profit, operating profit, income tax expense, and net income. The balance sheet consequences include lower ending inventory, working capital, total assets, retained earnings, and shareholders’ equity. The lower income tax paid will result in higher net cash flow from operating activities. Some of the financial ratio effects are a lower current ratio, higher debt-to-equity ratios, and lower profitability ratios.

如果存货的采购价格或生产成本下降,公司不太可能出于税务目的(以及由于后进先出原则而出于财务报告目的)使用后进先出法,因为这会导致销售成本降低,应纳税所得额和所得税增加。然而,如果公司已选择使用后进先出法,并且在存货成本开始下降时无法证明出于税务和财务报告目的而更改存​​货计价方法是合理的,那么利润表、资产负债表和各项比率的变化将与成本上升时期的情况相反。

If the purchase prices or production costs of inventory are decreasing, it is unlikely that a company will use the LIFO method for tax purposes (and therefore for financial reporting purposes due to the LIFO conformity rule) because this will result in lower cost of sales, and higher taxable income and income taxes. However, if the company had elected to use the LIFO method and cannot justify changing the inventory valuation method for tax and financial reporting purposes when inventory costs begin to decrease, the income statement, balance sheet, and ratio effects will be opposite to the effects during a period of increasing costs.

4.1后进先出储备

4.1. LIFO Reserve

对于采用后进先出法(LIFO)的公司,美国通用会计准则(US GAAP)要求在财务报表附注或资产负债表中披露LIFO储备金额。LIFO储备是指采用LIFO法核算的存货账面价值与采用先进先出法(FIFO)核算的存货价值之间的差额(即FIFO存货价值减去LIFO存货价值)。该披露信息为分析师提供了将公司基于LIFO法的销售成本(销货成本)和期末存货余额调整为基于FIFO法所需的信息。

For companies using the LIFO method, US GAAP requires disclosure, in the notes to the financial statements or on the balance sheet, of the amount of the LIFO reserve. The LIFO reserve is the difference between the reported LIFO inventory carrying amount and the inventory amount that would have been reported if the FIFO method had been used (in other words, the FIFO inventory value less the LIFO inventory value). The disclosure provides the information that analysts need to adjust a company’s cost of sales (cost of goods sold) and ending inventory balance based on the LIFO method, to the FIFO method.

为了比较采用后进先出法(LIFO)的公司与未采用LIFO的公司,需要对存货进行调整,方法是将披露的LIFO储备加到资产负债表上报告的存货余额中。采用LIFO法报告的存货余额加上LIFO储备,即等于采用先进先出法(FIFO)报告的存货余额。销售成本的调整方法是从利润表上报告的销售成本中减去当期LIFO储备的增加额。如果当期LIFO储备有所下降,则将储备的减少额加到利润表上报告的销售成本中。LIFO储备的披露可用于调整采用LIFO法的美国公司的财务报表,使其与采用FIFO法的类似公司具有可比性。

To compare companies using LIFO with companies not using LIFO, inventory is adjusted by adding the disclosed LIFO reserve to the inventory balance that is reported on the balance sheet. The reported inventory balance, using LIFO, plus the LIFO reserve equals the inventory that would have been reported under FIFO. Cost of sales is adjusted by subtracting the increase in the LIFO reserve during the period from the cost of sales amount that is reported on the income statement. If the LIFO reserve has declined during the period,10 the decrease in the reserve is added to the cost of sales amount that is reported on the income statement. The LIFO reserve disclosure can be used to adjust the financial statements of a US company using the LIFO method to make them comparable with a similar company using the FIFO method.

4.2 . 后进先出法清算

4.2. LIFO Liquidations

在存货单位成本上升时期,先进先出法(FIFO)下的存货账面价值始终高于后进先出法(LIFO)下的存货账面价值。由于后进先出法下用于存货估值的早期成本与先进先出法下用于存货估值的近期成本之间的差异不断增大,后进先出法储备可能会随时间推移而增加。此外,当生产或采购的存货数量超过销售数量时,由于新增后进先出法层级(存货数量增加,每次增加都会形成一个新的后进先出法层级),后进先出法储备也可能增加。

In periods of rising inventory unit costs, the carrying amount of inventory under FIFO will always exceed the carrying amount of inventory under LIFO. The LIFO reserve may increase over time as the result of the increasing difference between the older costs used to value inventory under LIFO and the more recent costs used to value inventory under FIFO. Also, when the number of inventory units manufactured or purchased exceeds the number of units sold, the LIFO reserve may increase as the result of the addition of new LIFO layers (the quantity of inventory units is increasing and each increase in quantity creates a new LIFO layer).

当销售数量超过采购或生产数量时,期末存货数量低于期初存货数量,采用后进先出法(LIFO)的公司将进行LIFO清算(假设部分较早持有的存货已被售出)。如果存货单位成本逐期上升,且发生LIFO清算,则会导致毛利润因存货而增加。毛利润增加的原因是清算存货的账面价值降低。较低的账面价值用于计入销售成本,而销售则按当前价格进行。这些存货的毛利润高于按当前成本确认的毛利润。然而,LIFO清算带来的这些存货利润是一次性事件,不可持续。

When the number of units sold exceeds the number of units purchased or manufactured, the number of units in ending inventory is lower than the number of units in beginning inventory and a company using LIFO will experience a LIFO liquidation (some of the older units held in inventory are assumed to have been sold). If inventory unit costs have been rising from period to period and LIFO liquidation occurs, this will produce an inventory-related increase in gross profits. The increase in gross profits occurs because of the lower inventory carrying amounts of the liquidated units. The lower inventory carrying amounts are used for cost of sales and the sales are at the current prices. The gross profit on these units is higher than the gross profit that would be recognised using more current costs. These inventory profits caused by a LIFO liquidation, however, are one-time events and are not sustainable.

后进先出法(LIFO)清算可能由多种原因造成。库存水平的降低可能超出管理层的控制范围;例如,供应商的罢工可能迫使公司降低库存水平以满足客户需求。在经济衰退或客户需求下降时期,公司可能选择减少现有库存水平,而不是投资购买新库存。分析师应注意,管理层可能在关键时期通过故意减少库存数量和清算较早的LIFO库存层(出售部分期初库存)来操纵和虚增公司报告的毛利润和净利润。在经济低迷时期,LIFO清算可能导致毛利润高于正常水平。如果LIFO库存层暂时耗尽且在财政年度结束前未得到补充,则会发生LIFO清算,从而导致不可持续的高毛利润。因此,必须审查LIFO储备的附注披露,以确定是否发生了LIFO清算。LIFO储备较上期下降可能表明发生了LIFO清算。

LIFO liquidations can occur for a variety of reasons. The reduction in inventory levels may be outside of management’s control; for example, labour strikes at a supplier may force a company to reduce inventory levels to meet customer demands. In periods of economic recession or when customer demand is declining, a company may choose to reduce existing inventory levels rather than invest in new inventory. Analysts should be aware that management can potentially manipulate and inflate their company’s reported gross profits and net income at critical times by intentionally reducing inventory quantities and liquidating older layers of LIFO inventory (selling some units of beginning inventory). During economic downturns, LIFO liquidation may result in higher gross profit than would otherwise be realised. If LIFO layers of inventory are temporarily depleted and not replaced by fiscal year-end, LIFO liquidation will occur resulting in unsustainable higher gross profits. Therefore, it is imperative to review the LIFO reserve footnote disclosures to determine if LIFO liquidation has occurred. A decline in the LIFO reserve from the prior period may be indicative of LIFO liquidation.

例5

存货转换:从后进先出法 (LIFO) 到先进先出法 (FIFO)

Inventory Conversion from LIFO to FIFO

卡特彼勒公司(CAT)总部位于美国伊利诺伊州皮奥里亚市,是全球最大的建筑和采矿设备、柴油和天然气发动机以及工业燃气轮机制造商。CAT合并财务报表的摘录见附录1和附录2;有关CAT存货的附注见附录3。CAT的管理层讨论与分析(MD&A)披露显示,2017年的实际所得税率为28%,2016年为36%。

Caterpillar Inc. (CAT), based in Peoria, Illinois, USA, is the largest maker of construction and mining equipment, diesel and natural gas engines, and industrial gas turbines in the world. Excerpts from CAT’s consolidated financial statements are shown in Exhibits 1 and 2; notes pertaining to CAT’s inventories are presented in Exhibit 3. CAT’s Management Discussion and Analysis (MD&A) disclosure states that effective income tax rates were 28 percent for 2017 and 36 percent for 2016.

  1. 如果 CAT 公司在 2017 年、2016 年和 2015 年采用先进先出法 (FIFO) 而不是后进先出法 (LIFO),那么该公司会报告哪些库存价值?

  2. What inventory values would CAT report for 2017, 2016, and 2015 if it had used the FIFO method instead of the LIFO method?

  3. 如果 CAT 公司在 2017 年和 2016 年采用先进先出法 (FIFO) 而不是后进先出法 (LIFO),那么该公司的销售成本是多少?

  4. What amount would CAT’s cost of goods sold for 2017 and 2016 be if it had used the FIFO method instead of the LIFO method?

  5. 如果 CAT 公司在 2017 年和 2016 年采用先进先出法 (FIFO) 而不是后进先出法 (LIFO),那么该公司的净收入(利润)将是多少?

  6. What net income (profit) would CAT report for 2017 and 2016 if it had used the FIFO method instead of the LIFO method?

  7. 如果 CAT 采用先进先出法 (FIFO) 而不是后进先出法 (LIFO),则 CAT 2017 年和 2016 年的经营活动净现金流量将减少多少?

  8. By what amount would CAT’s 2017 and 2016 net cash flow from operating activities decline if CAT used the FIFO method instead of the LIFO method?

  9. 截至 2017 年,CAT 通过使用后进先出法 (LIFO) 而不是先进先出法 (FIFO) 累计节省了多少所得税?

  10. What is the cumulative amount of income tax savings that CAT has generated through 2017 by using the LIFO method instead of the FIFO method?

  11. 如果 CAT 公司在 2017 年 12 月 31 日采用先进先出法(FIFO)而不是后进先出法(LIFO),那么 CAT 公司的留存收益(企业使用的利润)将增加多少?

  12. What amount would be added to CAT’s retained earnings (profit employed in the business) at 31 December 2017 if CAT had used the FIFO method instead of the LIFO method?

  13. 如果 Cat 公司采用先进先出法(FIFO)而不是后进先出法(LIFO),其现金余额会有什么变化?

  14. What would be the change in Cat’s cash balance if CAT had used the FIFO method instead of the LIFO method?

  15. 计算并比较 2017 年采用后进先出法 (LIFO) 和先进先出法 (FIFO) 的以下指标:存货周转率、存货周转天数、毛利率、净利率、资产回报率、流动比率和负债权益比率。

  16. Calculate and compare the following for 2017 under the LIFO method and the FIFO method: inventory turnover ratio, days of inventory on hand, gross profit margin, net profit margin, return on assets, current ratio, and total liabilities-to-equity ratio.

附录1. 卡特彼勒公司合并经营业绩(百万美元)
截至12月31日止年度 2017 2016 2015
销售额和收入:      
   机械和发动机销售 42,676 35,773 44,147
   金融产品收入 2,786 2,764 2,864
      总销售额和收入 45,462 38,537 47,011
运营成本:
   销售成本 31,049 28,309 33,546
   ⋮
   金融产品的利息支出 646 596 587
   ⋮
      总运营成本 41,056 38,039 43,226
营业利润 4,406 498 3,785
   不包括金融产品的利息支出 531 505 507
   其他收入(支出) 207 146 161
税前合并利润 4,082 139 4,439
   所得税准备金 3,339 192 916
   合并公司的利润(亏损) 743 (53) 2,523
   未合并联营公司利润(亏损)权益 16 (6)
   归属于少数股东权益的利润 5 8 11
利润(亏损) 754 (67) 2,512
附录2. 卡特彼勒公司合并财务状况表(百万美元)
12月31日 2017 2016 2015
资产
   流动资产:
      现金和短期投资 8,261 7,168 6,460
      ⋮
      库存 10,018 8,614 9,700
   流动资产总额 36,244 31,967 33,508
      ⋮
总资产 76,962 74,704 78,342
 
负债
流动负债总额 26,931 26,132 26,242
总负债 63,196 61,491 63,457
股东权益
   面值 1.00 美元的普通股:
   授权股份:2,000,000,000股
   已发行股份(2017年、2016年和2015年 – 814,894,624股),按实缴金额计算 5,593 5,277 5,238
   库存股(2017 年 – 217,268,852 股;2016 年 – 228,408,600 股;2015 年 – 232,572,734 股)按成本计价 (17,005) (17,478) (17,640)
   企业所利用的利润 26,301 27,377 29,246
   其他综合收益(损失)累计 (1,192) (2,039) (2,035)
非控股权益 69 76 76
股东权益总额 13,766 13,213 14,885
总负债和股东权益 76,962 74,704 78,342
附件3. 卡特彼勒公司合并财务报表附注选编

注1. 运营及主要会计政策概要

Note 1. Operations and Summary of Significant Accounting Policies

D. 库存

D. Inventories

存货按成本与可变现净值孰低计价。成本主要采用后进先出法(LIFO)确定。截至2017年12月31日,按后进先出法计算的存货价值约占存货总额的65%;截至2016年12月31日和2015年12月31日,按后进先出法计算的存货价值约占存货总额的60%。

Inventories are stated at the lower of cost or net realizable value. Cost is principally determined using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis represented about 65% of total inventories at December 31, 2017 and about 60% of total inventories at December 31, 2016 and 2015.

如果采用先进先出法(FIFO),则截至 2017 年 12 月 31 日、2016 年 12 月 31 日和 2015 年 12 月 31 日,库存将分别比报告的库存高出 19.24 亿美元、21.39 亿美元和 24.98 亿美元。

If the FIFO (first-in, first-out) method had been in use, inventories would have been $1,924 million, $2,139 million and $2,498 million higher than reported at December 31, 2017, 2016 and 2015, respectively.

注7. 库存

Note 7. Inventories

12月31日(百万美元) 2017 2016 2015
原料 2,802 2,102 2,467
进行中 2,254 1,719 1,857
成品 4,761 4,576 5,122
补给品 261 217 254
总库存 10,018 8,614 9,700

截至 2017 年 12 月 31 日,我们有约 8.13 亿美元的长期材料采购义务。

We had long-term material purchase obligations of approximately $813 million at December 31, 2017.

问题1的解答:

Solution to 1:

12月31日(百万美元) 2017 2016 2015
总存货(后进先出法) 10,018 8,614 9,700
参见附注 1.D(后进先出储备) 1,934 2,139 2,498
总库存(先进先出法) 11,952 10,753 12,198

请注意,2015-2016 年和 2016-2017 年 LIFO 储备的减少可能表明 2016 年和 2017 年都进行了 LIFO 清算。

Note that the decrease in the LIFO reserve from 2015–2016 and again from 2016–2017 likely indicates a LIFO liquidation for both 2016 and 2017.

答案二:

Solution to 2:

12月31日(百万美元) 2017 2016
销售成本(后进先出法) 31,049 28,309
此外:后进先出法储备减少* 215 359
销售成本(先进先出法) 31,264 28,668

* 根据注释 1.D,2017 年 LIFO 储备减少 215(1,924 – 2,139),2016 年 LIFO 储备减少 359(2,139 – 2,498)。

* From Note 1.D, the decrease in LIFO reserve for 2017 is 215 (1,924 – 2,139) and for 2016 is 359 (2,139 – 2,498).

问题3的解答:

Solution to 3:

12月31日(百万美元) 2017 2016
净利润(亏损)(后进先出法) 754 −67
减少:销售成本增加(营业利润减少) −215 −359
营业利润下降带来的税收减免* 60 129
净利润(亏损)(先进先出法) 599 −297

* 2017 年营业利润减少导致的税收减少为 60(215 × 28%),2016 年营业利润减少导致的税收减少为 129(359 × 36%)。

* The reduction in taxes on the decreased operating profit are 60 (215 × 28%) for 2017 and 129 (359 × 36%) for 2016.

问题 4 的解答:

Solution to 4:

公司经营活动产生的净现金流量受到的影响仅限于所得税支出的变化;将存货成本分配至期末存货和销售成本的变化不会改变除所得税以外的任何现金流量。因此,采用先进先出法(FIFO)对CAT公司2017年经营活动产生的净现金流量的影响是增加6000万美元,2016年增加1.29亿美元。这些是如果采用先进先出法(FIFO)而非后进先出法(LIFO),CAT公司应缴纳的所得税的近似增量减少额(参见上文第3题的解答)。

The effect on a company’s net cash flow from operating activities is limited to the impact of the change on income taxes paid; changes in allocating inventory costs to ending inventory and cost of goods sold does not change any cash flows except income taxes. Consequently, the effect of using FIFO on CAT’s net operating cash flow from operating activities would be an increase of $60 million in 2017 and an increase of $129 million in 2016. These are the approximate incremental decreases in income taxes that CAT would have incurred if the FIFO method were used instead of the LIFO method (see solution to 3 above).

第五题的答案:

Solution to 5:

根据前述2017年28%和2016年36%的有效税率(以及之前年份的税率),CAT采用后进先出法(LIFO)而非先进先出法(FIFO)累计节省的所得税额约为7.1亿美元(-2.15亿美元 × 28% + 21.39亿美元 × 36%)。注1.D显示,2016年底LIFO储备为21.39亿美元,2017年底LIFO储备减少了2.15亿美元。因此,如果采用FIFO方法,截至2016年底,累计毛利润将增加21.39亿美元,截至2017年底将增加19.24亿美元。如果假设所得税税率更高(更低),预计的节税额将更高(更低)。

Using the previously mentioned effective tax rates of 28 percent for 2017 and 36 percent for 2016 (as well as for earlier years), the cumulative amount of income tax savings that CAT has generated by using the LIFO method instead of FIFO is approximately $710 million (−215 × 28% + 2,139 × 36%). Note 1.D indicates a LIFO reserve of $2,139 million at the end of 2016 and a decrease in the LIFO reserve of $215 million in 2017. Therefore, under the FIFO method, cumulative gross profits would have been $2,139 million higher as of the end of 2016 and $1,924 million higher as of the end of 2017. The estimated tax savings would be higher (lower) if income tax rates were assumed to be higher (lower).

第6题的答案:

Solution to 6:

CAT公司留存收益将增加12.14亿美元(19.24亿美元 – 7.1亿美元)或(-2.15亿美元 × 72% + 21.39亿美元 × 64%)。这代表由于销售成本下降而导致的营业利润累计增加额(后进先出法储备19.24亿美元),减去该利润的假定税额(7.1亿美元,参见上文第5题的解答)。一些分析师主张忽略税收影响,建议直接将存货和权益按相同金额进行调整。他们认为,由于存货的当前价值(按先进先出法计算)与其账面价值(按后进先出法计算)之间的差额,公司报告的权益被低估了。

The amount that would be added to CAT’s retained earnings is $1,214 million (1,924 – 710) or (–215 × 72% + 2,139 × 64%). This represents the cumulative increase in operating profit due to the decrease in cost of goods sold (LIFO reserve of $1,924 million) less the assumed taxes on that profit ($710 million, see solution to 5 above). Some analysts advocate ignoring the tax consequences and suggest simply adjusting inventory and equity by the same amount. They argue that the reported equity of the firm is understated by the difference between the current value of its inventory (approximated by the value under FIFO) and its carrying value (value under LIFO).

第7题的答案:

Solution to 7:

根据先进先出法(FIFO),假设已发生7.1亿美元的额外税项费用。如果CAT公司改用先进先出法,则由于财务报表需要根据先进先出法进行重述,其将产生7.1亿美元的额外税项负债。这说明在从后进先出法(LIFO)过渡到先进先出法的当年,可能会产生巨额的即时所得税负债。如果CAT公司出于税务目的改用先进先出法,则会产生7.1亿美元的现金流出,用于支付额外的税款。然而,由于该公司目前实际上并未出于税务或报告目的进行转换,因此应反映递延所得税负债,而不是减少现金。在本例中,出于分析目的,根据先进先出法,存货将增加19.24亿美元,权益将增加12.14亿美元,非流动负债将增加7.1亿美元。

Under the FIFO method, an additional $710 million is assumed to have been incurred for tax expenses. If CAT switched to FIFO, it would have an additional tax liability of $710 million as a consequence of the restatement of financial statements to the FIFO method. This illustrates the significant immediate income tax liabilities that may arise in the year of transition from the LIFO method to the FIFO method. If CAT switched to FIFO for tax purposes, there would be a cash outflow of $710 million for the additional taxes. However, because the company is not actually converting at this point for either tax or reporting purposes, it is appropriate to reflect a deferred tax liability rather than a reduction in cash. In this case for analysis purposes, under FIFO, inventory would increase by $1,924 million, equity by $1,214 million, and non-current liabilities by $710 million.

第8题的答案:

Solution to 8:

CAT 2017 年采用后进先出法 (LIFO) 和先进先出法 (FIFO) 的比率如下:

CAT’s ratios for 2017 under the LIFO and FIFO methods are as follows:

  后进先出 先进先出
库存周转率 3.33 2.76
库存周转天数 109.6天 132.2天
毛利率 27.24% 26.74%
净利润率 1.66% 1.32%
资产回报率 0.99% 0.77%
流动比率 1.35 1.42
总负债权益比率 4.59 4.27

存货周转率= 销售成本 ÷ 平均存货

Inventory turnover ratio = Cost of goods sold ÷ Average inventory

后进先出法 = 3.33 = 31,049 ÷ [(10,018 + 8,614) ÷ 2]

LIFO = 3.33 = 31,049 ÷ [(10,018 + 8,614) ÷ 2]

先进先出法 = 2.76 = 31,264 ÷ [(11,942 + 10,753) ÷ 2]

FIFO = 2.76 = 31,264 ÷ [(11,942 + 10,753) ÷ 2]

在后进先出法(LIFO)下,库存成本与销售成本之比更高,因为在库存成本上升的情况下,LIFO下的销售成本更高,而库存账面价值更低。如果分析师不考虑库存核算方法的差异,可能会误以为采用LIFO方法的公司库存管理效率更高。

The ratio is higher under LIFO because, given rising inventory costs, cost of goods sold will be higher and inventory carrying amounts will be lower under LIFO. If an analyst made no adjustment for the difference in inventory methods, it might appear that a company using the LIFO method manages its inventory more effectively.

 

 

存货周转天数 = 期数 ÷ 存货周转率

Days of inventory on hand = Number of days in period ÷ Inventory turnover ratio

后进先出法 = 109.6 天 = (365 天 ÷ 3.33)

LIFO = 109.6 days = (365 days ÷ 3.33)

先进先出法 = 132.2 天 = (365 天 ÷ 2.76)

FIFO = 132.2 days = (365 days ÷ 2.76)

如果不进行调整,采用后进先出法(LIFO)的公司表面上看起来库存管理效率更高。这主要是因为后进先出法下的库存账面价值较低。

Without adjustment, a company using the LIFO method might appear to manage its inventory more effectively. This is primarily the result of the lower inventory carrying amounts under LIFO.

 

 

毛利率= 毛利润 ÷ 总收入

Gross profit margin = Gross profit ÷ Total revenue

后进先出法 = 27.24% = [(42,676 – 31,049) ÷ 42,676]

LIFO = 27.24 percent = [(42,676 – 31,049) ÷ 42,676]

先进先出法 = 26.74% = [(42,676 – 31,264) ÷ 42,676]

FIFO = 26.74 percent = [(42,676 – 31,264) ÷ 42,676]

金融产品的收入不计入毛利润的计算。毛利润是指机械和发动机的销售额减去销售成本。先进先出法(FIFO)下的毛利率较低,因为后进先出法(LIFO)减少了储备金,导致销售成本降低。

Revenue of financial products is excluded from the calculation of gross profit. Gross profit is sales of machinery and engines less cost of goods sold. The gross profit margin is lower under FIFO because the cost of goods sold is lower from the LIFO reserve reduction.

 

 

净利润率= 净利润 ÷ 总收入

Net profit margin = Net income ÷ Total revenue

后进先出法 = 1.66% = (754 ÷ 45,462)

LIFO = 1.66 percent = (754 ÷ 45,462)

先进先出法 = 1.32% = (599 ÷ 45,462]

FIFO = 1.32 percent = (599 ÷ 45,462]

由于采用后进先出法(LIFO)进行清算,销售成本较低,因此净利润率更高。由于先进先出法(FIFO)下报告的收入减少,所得税也较低,且净利润除以总收入(包括机械和发动机的销售额以及金融产品的收入),因此净利润率的绝对百分比差异小于毛利率的差异。公司采用后进先出法似乎更有利可图。

The net profit margin is higher under LIFO because the cost of goods sold is lower due to the LIFO liquidation. The absolute percentage difference is less than that of the gross profit margin because of lower income taxes on the decreased income reported under FIFO and because net income is divided by total revenue including sales of machinery and engines and revenue of financial products. The company appears to be more profitable under LIFO.

 

 

资产回报率= 净利润 ÷ 平均总资产

Return on assets = Net income ÷ Average total assets

后进先出法 = 0.99% = 754 ÷ [(76,962 + 74,704) ÷ 2]

LIFO = 0.99 percent = 754 ÷ [(76,962 + 74,704) ÷ 2]

先进先出法 = 0.77% = 599 ÷ [(76,962 + 1,924) + (74,704 + 2,139) ÷ 2]

FIFO = 0.77 percent = 599 ÷ [(76,962 + 1,924) + (74,704 + 2,139) ÷ 2]

采用先进先出法(FIFO)计算的总资产等于采用后进先出法(LIFO)计算的总资产加上后进先出法储备金。由于销售成本较高导致净利润下降,以及后进先出法储备金调整导致总资产增加,因此采用先进先出法计算的资产回报率较低。公司采用先进先出法似乎盈利能力较弱。

The total assets under FIFO are the LIFO total assets increased by the LIFO reserve. The return on assets is lower under FIFO because the of the lower net income due to the higher cost of goods sold as well as higher total assets due to the LIFO reserve adjustment. The company appears to be less profitable under FIFO.

 

 

流动比率= 流动资产 ÷ 流动负债

Current ratio = Current assets ÷ Current liabilities

后进先出法 = 1.35 = (36,244 ÷ 26,931)

LIFO = 1.35 = (36,244 ÷ 26,931)

先进先出法 = 1.42 = [(36,244 + 1,924) ÷ 26,931]

FIFO = 1.42 = [(36,244 + 1,924) ÷ 26,931]

采用后进先出法(LIFO)计算,流动比率较低主要是因为存货账面价值较低。这表明,该公司在后进先出法下的流动性较差。

The current ratio is lower under LIFO primarily because of lower inventory carrying amount. The company appears to be less liquid under LIFO.

 

 

总负债权益比率= 总负债 ÷ 总股东权益

Total liabilities-to-equity ratio = Total liabilities ÷ Total shareholders’ equity

后进先出法 = 4.59 = (63,196 ÷ 13,766)

LIFO = 4.59 = (63,196 ÷ 13,766)

先进先出法 = 4.27 = [(63,196 + 710) ÷ (13,766 + 1,214)]

FIFO = 4.27 = [(63,196 + 710) ÷ (13,766 + 1,214)]

在后进先出法(LIFO)下,该比率较高,因为先进先出法(FIFO)下留存收益的增加会降低该比率。该公司在后进先出法下的杠杆率似乎更高。

The ratio is higher under LIFO because the addition to retained earnings under FIFO reduces the ratio. The company appears to be more highly leveraged under LIFO.

 

 

总而言之,采用后进先出法(LIFO)时,公司似乎盈利能力更强,流动性更差,杠杆率更高。然而,由于公司价值基于未来现金流的现值,LIFO 会提高公司价值,因为早期年份由于税收较低,现金流更高。LIFO 的主要用途在于其带来的税收优惠。

In summary, the company appears to be more profitable, less liquid, and more highly leveraged under LIFO. Yet, because a company’s value is based on the present value of future cash flows, LIFO will increase the company’s value because the cash flows are higher in earlier years due to lower taxes. LIFO is primarily used for the tax benefits it provides.

例 6

LIFO 清算图示

LIFO Liquidation Illustration

假设可靠风扇公司(Reliable Fans, Inc.,简称RF)是一家销售高质量风扇的公司,自2015年成立以来一直从事相关业务。附录4提供了RF公司2015年至2018年风扇库存购销的相关数据和财务报表信息。RF公司采用后进先出法(LIFO)和定期盘存制。RF公司2018年的毛利润中有多少是由于后进先出法清算造成的?

Reliable Fans, Inc. (RF), a hypothetical company, sells high quality fans and has been in business since 2015. Exhibit 4 provides relevant data and financial statement information about RF’s inventory purchases and sales of fan inventory for the years 2015 through 2018. RF uses the LIFO method and a periodic inventory system. What amount of RF’s 2018 gross profit is due to LIFO liquidation?

附件4. 后进先出法下的RF财务报表信息
  2015 2016 2017 2018
风扇单元已购入 12,000 12,000 12,000 12,000
每台风扇的购置成本 100美元 105美元 110美元 115美元
风扇销量 10,000 12,000 12,000 13,000
每台风扇的售价 200美元 205美元 210美元 215美元
后进先出法
期初库存 0美元 20万美元 20万美元 20万美元
购买 1,200,000 1,260,000 1,320,000 1,380,000
可供出售的商品 1,200,000 1,460,000 1,520,000 1,580,000
期末库存* (200,000) (200,000) (200,000) (100,000)
销售成本 1,000,000 美元 1,260,000 1,320,000 美元 1,480,000 美元
损益表
销售量 2,000,000 美元 2,460,000 美元 2,520,000 美元 2,795,000 美元
销售成本 1,000,000 1,260,000 1,320,000 1,480,000
毛利 1,000,000 美元 1,200,000 美元 1,200,000 美元 1,315,000 美元
资产负债表
存货 20万美元 20万美元 20万美元 10万美元

* 2015 年、2016 年和 2017 年的期末存货 = (2,000 × 100 美元);2018 年的期末存货 = (1,000 × 100 美元)。

* Ending inventory 2015, 2016, and 2017 = (2,000 × $100); Ending inventory 2018 = (1,000 × $100).

解决方案:

Solution:

RF公司2018年报告的毛利润为1,315,000美元。由于采用后进先出法(LIFO)清算,RF公司2018年的毛利润为15,000美元。如果RF公司在2018年采购了13,000台风扇而不是12,000台,则采用后进先出法计算的销售成本将为1,495,000美元(13,000台风扇,每台风扇的采购成本为115美元),报告的毛利润将为1,300,000美元(2,795,000美元减去1,495,000美元)。由于采用后进先出法清算,毛利润为15,000美元(1,315,000美元的报告毛利润减去如果不采用后进先出法清算本应报告的1,300,000美元毛利润)。采用后进先出法(LIFO)清算产生的毛利润也可以通过将清算单元的数量乘以清算单元的重置成本与其历史购置成本之间的差额来确定。例如,对于射频(RF)产品,1000 台风扇乘以 15 美元(每台风扇 115 美元的重置成本减去每台风扇 100 美元的历史成本)等于采用后进先出法清算产生的 15,000 美元毛利润。

RF’s reported gross profit for 2018 is $1,315,000. RF’s 2018 gross profit due to LIFO liquidation is $15,000. If RF had purchased 13,000 fans in 2018 rather than 12,000 fans, the cost of goods sold under the LIFO method would have been $1,495,000 (13,000 fans sold at $115.00 purchase cost per fan), and the reported gross profit would have been $1,300,000 ($2,795,000 less $1,495,000). The gross profit due to LIFO liquidation is $15,000 ($1,315,000 reported gross profit less the $1,300,000 gross profit that would have been reported without the LIFO liquidation). The gross profit due to LIFO liquidation may also be determined by multiplying the number of units liquidated times the difference between the replacement cost of the units liquidated and their historical purchase cost. For RF, 1,000 units times $15 ($115 replacement cost per fan less the $100 historical cost per fan) equals the $15,000 gross profit due to LIFO liquidation.

5.库存方法变更

5. Inventory Method Changes

公司极少会变更存货计价方法。根据国际财务报告准则(IFRS),只有当变更“能够使财务报表提供关于交易、其他事项或情况对企业财务状况、财务业绩或现金流量影响的可靠且更相关的信息”时,该方法的变更才是可接受的。 11如果变更合理,则可追溯适用。

Companies on rare occasion change inventory valuation methods. Under IFRS, a change in method is acceptable only if the change “results in the financial statements providing reliable and more relevant information about the effects of transactions, other events, or conditions on the business entity’s financial position, financial performance, or cash flows.”11 If the change is justifiable, then it is applied retrospectively.

这意味着该变更将应用于尽可能追溯至更早期间的比较信息。与当前财务报表所列示期间之前的期间相关的调整累计金额将计入最早列示期间的各受影响权益组成部分(即留存收益或综合收益)的期初余额。例如,如果一家公司在2018年变更了存货计价方法,并在其年度报告中列示了三年(2016年、2017年和2018年)的比较财务报表,则该公司将追溯反映该变更,使其尽可能追溯至更早期间。该变更将反映在所列示的三年财务报表中;2016年和2017年的财务报表将按照新方法重述,而该变更对2016年之前期间的累计影响将反映在2016年各受影响权益组成部分的期初余额中。当无法确定变更的特定期间影响或累积影响时,可免于重述。

This means that the change is applied to comparative information for prior periods as far back as is practicable. The cumulative amount of the adjustments relating to periods prior to those presented in the current financial statements is made to the opening balance of each affected component of equity (i.e., retained earnings or comprehensive income) of the earliest period presented. For example, if a company changes its inventory method in 2018 and it presents three years of comparative financial statements (2016, 2017, and 2018) in its annual report, it would retrospectively reflect this change as far back as possible. The change would be reflected in the three years of financial statements presented; the financial statements for 2016 and 2017 would be restated as if the new method had been used in these periods, and the cumulative effect of the change on periods prior to 2016 would be reflected in the 2016 opening balance of each affected component of equity. An exemption to the restatement applies when it is impracticable to determine either the period-specific effects or the cumulative effect of the change.

根据美国通用会计准则(US GAAP),变更会计政策的条件以及存货政策变更的会计处理与国际财务报告准则(IFRS)类似。然而,US GAAP 要求公司充分解释新采用的存货会计方法为何优于旧方法。如果公司决定从后进先出法(LIFO)变更为其他存货方法,US GAAP 要求进行如上所述的追溯调整。但是,如果公司决定变更为 LIFO 方法,则必须采用未来适用原则,且无需对财务报表进行追溯调整。旧方法下的存货账面价值成为采用 LIFO 方法当年的初始 LIFO 层。

Under US GAAP, the conditions to make a change in accounting policy and the accounting for a change in inventory policy are similar to IFRS.12 US GAAP, however, requires companies to thoroughly explain why the newly adopted inventory accounting method is superior and preferable to the old method. If a company decides to change from LIFO to another inventory method, US GAAP requires a retrospective restatement as described above. However, if a company decides to change to the LIFO method, it must do so on a prospective basis and retrospective adjustments are not made to the financial statements. The carrying amount of inventory under the old method becomes the initial LIFO layer in the year of LIFO adoption.

分析师应仔细评估存货计价方法的变更。尽管存货变更的公开理由可能是为了更好地将存货成本与销售收入相匹配(或其他合理的商业解释),但其真正的潜在(且未公开的)目的可能是为了降低所得税费用(如果从先进先出法或平均成本法改为后进先出法),或是为了提高报告利润(如果从后进先出法改为先进先出法或平均成本法)。一如既往,存货计价方法的选择会对财务报表及其衍生的财务比率产生重大影响。因此,分析师在将公司业绩与其所在行业或竞争对手进行比较时,必须仔细考虑存货计价方法变更的影响以及不同存货计价方法之间的差异。

Analysts should carefully evaluate changes in inventory valuation methods. Although the stated reason for the inventory change may be to better match inventory costs with sales revenue (or some other plausible business explanation), the real underlying (and unstated) purpose may be to reduce income tax expense (if changing to LIFO from FIFO or average cost), or to increase reported profits (if changing from LIFO to FIFO or average cost). As always, the choice of inventory valuation method can have a significant impact on financial statements and the financial ratios that are derived from them. As a consequence, analysts must carefully consider the impact of the change in inventory valuation methods and the differences in inventory valuation methods when comparing a company’s performance with that of its industry or its competitors.

6.库存调整

6. Inventory Adjustments

持有存货会带来重大的财务风险。由于变质、过时或售价下降,存货成本可能无法收回。国际财务报告准则(IFRS)规定,存货应按成本与可变现净值孰低计量(并在资产负债表上列示)。 13 可变现净值是指在正常经营过程中估计的售价减去完成销售所需的估计成本以及使存货达到可售状态的估计成本。可变现净值的评估通常逐项进行,或按类似或相关的项目组进行。如果存货价值低于资产负债表上的账面价值,则必须将存货账面价值减记至其可变现净值 14,并将损失(价值减少)确认为损益表中的费用。该费用可以计入销售成本,也可以单独列示。

Significant financial risk can result from the holding of inventory. The cost of inventory may not be recoverable due to spoilage, obsolescence, or declines in selling prices. IFRS state that inventories shall be measured (and carried on the balance sheet) at the lower of cost and net realisable value.13 Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale and estimated costs to get the inventory in condition for sale. The assessment of net realisable value is typically done item by item or by groups of similar or related items. In the event that the value of inventory declines below the carrying amount on the balance sheet, the inventory carrying amount must be written down to its net realisable value14 and the loss (reduction in value) recognised as an expense on the income statement. This expense may be included as part of cost of sales or reported separately.

在每个后续期间,都会对净可变现价值进行新的评估。如果先前已减值的存货价值随后增加,则需要进行冲回(冲回金额以原减值金额为限)。任何存货减值的冲回均确认为销售成本的减少(即确认为费用的存货金额减少)。

In each subsequent period, a new assessment of net realisable value is made. Reversal (limited to the amount of the original write-down) is required for a subsequent increase in value of inventory previously written down. The reversal of any write-down of inventories is recognised as a reduction in cost of sales (reduction in the amount of inventories recognised as an expense).

美国通用会计准则(US GAAP)过去规定存货采用成本与市价孰低法计量。 15对于2016年12月15日之后开始的会计年度,除后进先出法(LIFO)和零售存货法之外的其他方法计量的存货,均采用成本与可变现净值孰低法计量。这与国际财务报告准则(IFRS)基本一致,但有一个主要区别:美国通用会计准则禁止冲回减值损失。对于采用后进先出法和零售存货法计量的存货,市价定义为当前重置成本,但须遵守上下限。市价不得超过可变现净值(售价减去合理估计的完工和处置成本)。市价的下限为可变现净值减去正常利润率。任何减值损失(减记至市价或可变现净值)都会降低存货价值,该价值损失(费用)通常会在损益表中计入销售成本。

US GAAP used to specify the lower of cost or market to value inventories.15 For fiscal years beginning after December 15, 2016, inventories measured using other than LIFO and retail inventory methods are measured at the lower of cost or net realisable value. This is broadly consistent with IFRS with one major difference: US GAAP prohibit the reversal of write-downs. For inventories measured using LIFO and retail inventory methods, market value is defined as current replacement cost subject to upper and lower limits. Market value cannot exceed net realisable value (selling price less reasonably estimated costs of completion and disposal). The lower limit of market value is net realisable value less a normal profit margin. Any write-down to market value or net realisable value reduces the value of the inventory, and the loss in value (expense) is generally reflected in the income statement in cost of goods sold.

存货减值会降低利润和资产负债表上存货的账面价值,从而对盈利能力、流动性和偿付能力比率产生负面影响。然而,由于资产基础(分母)减少,周转率(例如存货周转率和总资产周转率)会受到减值的影响。利润下降对某些关键比率的负面影响可能导致一些公司不愿记录存货减值,除非有充分证据表明存货价值的下降是永久性的。在美国通用会计准则(US GAAP)下,这种情况尤为突出,因为该准则禁止冲回减值。

An inventory write-down reduces both profit and the carrying amount of inventory on the balance sheet and thus has a negative effect on profitability, liquidity, and solvency ratios. However, activity ratios (for example, inventory turnover and total asset turnover) will be positively affected by a write-down because the asset base (denominator) is reduced. The negative impact on some key ratios, due to the decrease in profit, may result in the reluctance by some companies to record inventory write-downs unless there is strong evidence that the decline in the value of inventory is permanent. This is especially true under US GAAP where reversal of a write-down is prohibited.

国际会计准则第2号[存货]不适用于农产品、林产品和矿产品生产商的存货,也不适用于商品经纪商的存货。这些存货可根据行业惯例以净可变现价值(公允价值减去销售和完成成本)计量。如果这些产品存在活跃市场,则该市场的报价是确定该资产公允价值的适当依据。如果不存在活跃市场,公司可在获得市场确定的价格或价值(例如最近的市场交易价格)时,使用此类价格或价值来确定公允价值。存货价值的变动(增加或减少)应在变动发生期间计入损益。美国通用会计准则(US GAAP)在农产品、林产品和矿石存货的处理方面与国际财务报告准则(IFRS)类似。金银条块允许采用市值计价法进行存货会计处理。

IAS 2 [Inventories] does not apply to the inventories of producers of agricultural and forest products and minerals and mineral products, nor to commodity broker–traders. These inventories may be measured at net realisable value (fair value less costs to sell and complete) according to well-established industry practices. If an active market exists for these products, the quoted market price in that market is the appropriate basis for determining the fair value of that asset. If an active market does not exist, a company may use market determined prices or values (such as the most recent market transaction price) when available for determining fair value. Changes in the value of inventory (increase or decrease) are recognised in profit or loss in the period of the change. US GAAP is similar to IFRS in its treatment of inventories of agricultural and forest products and mineral ores. Mark-to-market inventory accounting is allowed for bullion.

例 7

存货价值下降和回升的会计处理

Accounting for Declines and Recoveries of Inventory Value

假设一家名为Hatsumei Enterprises的公司生产电脑,并按照国际财务报告准则(IFRS)编制财务报表。2017年,该公司期末存货成本为520万欧元,但其净变现价值为490万欧元。该存货目前的重置成本为470万欧元。该金额超过了净变现价值减去正常利润率后的差额。2018年,Hatsumei存货的净变现价值比账面价值高出50万欧元。

Hatsumei Enterprises, a hypothetical company, manufactures computers and prepares its financial statements in accordance with IFRS. In 2017, the cost of ending inventory was €5.2 million but its net realisable value was €4.9 million. The current replacement cost of the inventory is €4.7 million. This figure exceeds the net realisable value less a normal profit margin. In 2018, the net realisable value of Hatsumei’s inventory was €0.5 million greater than the carrying amount.

  1. 减值对初音2017年财务报表有何影响?资产回收对初音2018年财务报表有何影响?

  2. What was the effect of the write-down on Hatsumei’s 2017 financial statements? What was the effect of the recovery on Hatsumei’s 2018 financial statements?

  3. 根据美国通用会计准则,如果 Hatsumei 采用后进先出法,那么减值会对 Hatsumei 2017 年的财务报表产生什么影响?回收会对 Hatsumei 2018 年的财务报表产生什么影响?

  4. Under US GAAP, if Hatsumei used the LIFO method, what would be the effects of the write-down on Hatsumei’s 2017 financial statements and of the recovery on Hatsumei’s 2018 financial statements?

  5. 如果 Hatsumei 的库存是农产品而不是电脑,那么此次复苏会对 Hatsumei 2018 年的财务报表产生什么影响?

  6. What would be the effect of the recovery on Hatsumei’s 2018 financial statements if Hatsumei’s inventory were agricultural products instead of computers?

问题1的解答:

Solution to 1:

2017年,Hatsumei公司将存货账面价值减记至490万欧元,并将价值变动30万欧元计入损益表费用。2018年,Hatsumei公司将增加存货账面价值,并将销售成本减少30万欧元(收回金额以原减记金额为限)。

For 2017, Hatsumei would write its inventory down to €4.9 million and record the change in value of €0.3 million as an expense on the income statement. For 2018, Hatsumei would increase the carrying amount of its inventory and reduce the cost of sales by €0.3 million (the recovery is limited to the amount of the original write-down).

答案二:

Solution to 2:

根据美国通用会计准则,2017年,Hatsumei公司将存货减值至470万欧元,通常会将50万欧元的价值变动计入损益表中的销售成本。2018年,Hatsumei公司不会冲回该项减值。

Under US GAAP, for 2017, Hatsumei would write its inventory down to €4.7 million and typically include the change in value of €0.5 million in cost of goods sold on the income statement. For 2018, Hatsumei would not reverse the write-down.

问题3的解答:

Solution to 3:

如果 Hatsumei 的库存是农产品而不是电脑,则库存将按净可变现价值计量,因此 Hatsumei 2018 年的库存将增加 0.5 亿欧元,并记录收益 0.5 百万欧元。

If Hatsumei’s inventory were agricultural products instead of computers, inventory would be measured at net realisable value and Hatsumei would, therefore, increase inventory by and record a gain of €0.5 million for 2018.

分析师应考虑存货减值的可能性,因为其对公司财务比率的影响可能相当显著。对于存货技术过时风险较高的行业而言,存货减值的可能性尤其高。当债务契约包含财务比率要求时,分析师应仔细评估预期存货减值(以及其他潜在资产减值)及其对财务比率的潜在影响。违反债务契约可能对公司造成重大影响。

Analysts should consider the possibility of an inventory write-down because the impact on a company’s financial ratios may be substantial. The potential for inventory write-downs can be high for companies in industries where technological obsolescence of inventories is a significant risk. Analysts should carefully evaluate prospective inventory impairments (as well as other potential asset impairments) and their potential effects on the financial ratios when debt covenants include financial ratio requirements. The breaching of debt covenants can have a significant impact on a company.

采用个别计价法、加权平均成本法或先进先出法(FIFO)的公司比采用后进先出法(LIFO)的公司更容易发生存货减值。在后进先出法下,资产负债表上的存货账面价值反映的是最早的成本。鉴于存货成本不断上涨,后进先出法下的存货账面价值已经保守地按照最早且成本最低的存货列示。因此,后进先出法下发生存货减值的可能性要小得多——即使发生减值,减值金额也可能较小。

Companies that use specific identification, weighted average cost, or FIFO methods are more likely to incur inventory write-downs than companies that use the LIFO method. Under the LIFO method, the oldest costs are reflected in the inventory carrying amount on the balance sheet. Given increasing inventory costs, the inventory carrying amounts under the LIFO method are already conservatively presented at the oldest and lowest costs. Thus, it is far less likely that inventory write-downs will occur under LIFO—and if a write-down does occur, it is likely to be of a lesser magnitude.

例 8

存货减值对财务比率的影响

Effect of Inventory Write-downs on Financial Ratios

沃尔沃集团总部位于瑞典哥德堡,是领先的商用运输产品供应商,产品包括建筑设备、卡车、巴士、船舶和工业应用驱动系统以及飞机发动机部件。沃尔沃合并财务报表的摘录附录5和附录6。有关沃尔沃存货的注释见附录7

The Volvo Group, based in Göteborg, Sweden, is a leading supplier of commercial transport products such as construction equipment, trucks, busses, and drive systems for marine and industrial applications as well as aircraft engine components.16 Excerpts from Volvo’s consolidated financial statements are shown in Exhibits 5 and 6. Notes pertaining to Volvo’s inventories are presented in Exhibit 7.

  1. 如果沃尔沃没有计提库存过时准备金,那么它在 2017 年、2016 年和 2015 年的库存价值会是多少?

  2. What inventory values would Volvo have reported for 2017, 2016, and 2015 if it had no allowance for inventory obsolescence?

  3. 假设存货报废准备金的任何变化都反映在销售成本中,如果沃尔沃在 2017 年和 2016 年没有记录存货减值,那么沃尔沃 2017 年和 2016 年的销售成本是多少?

  4. Assuming that any changes to the allowance for inventory obsolescence are reflected in the cost of sales, what amount would Volvo’s cost of sales be for 2017 and 2016 if it had not recorded inventory write-downs in 2017 and 2016?

  5. 如果沃尔沃在2017年和2016年没有计提存货减值,那么其2017年和2016年的利润(净收入)分别是多少?沃尔沃2017年的实际所得税率为25%,2016年为31%。

  6. What amount would Volvo’s profit (net income) be for 2017 and 2016 if it had not recorded inventory write-downs in 2017 and 2016? Volvo’s effective income tax rate was reported as 25 percent for 2017 and 31 percent for 2016.

  7. 如果沃尔沃在2017年冲回所有过去的存货减值,其2017年的利润(净收入)会是多少?这个问题与问题1、2和3无关。2017年的实际所得税率为25%。

  8. What would Volvo’s 2017 profit (net income) have been if it had reversed all past inventory write-downs in 2017? This question is independent of 1, 2, and 3. The effective income tax rate was 25 percent for 2017.

  9. 根据报告的数字和假设不考虑存货过时(如问题 1、2 和 3 中所述)的数字,比较 2017 年的以下指标:存货周转率、存货周转天数、毛利率和净利率。

  10. Compare the following for 2017 based on the numbers as reported and those assuming no allowance for inventory obsolescence as in questions 1, 2, and 3: inventory turnover ratio, days of inventory on hand, gross profit margin, and net profit margin.

  11. CAT(例5)2017年的财务报表中没有披露任何有关存货减值或累计存货报废准备的信息。请从概念上解释为什么沃尔沃在2017年发生了存货减值,而CAT没有。

  12. CAT (Example 5) has no disclosures indicative of either inventory write-downs or a cumulative allowance for inventory obsolescence in its 2017 financial statements. Provide a conceptual explanation as to why Volvo incurred inventory write-downs for 2017 but CAT did not.

附录 5. 沃尔沃集团合并损益表(除每股数据外,单位均为瑞典克朗,单位为百万瑞典克朗)
截至12月31日止年度 2017 2016 2015
净销售额 334,748 301,914 312,515
销售成本 (254,581) (231,602) (240,653)
总收入 80,167 70,312 71,862
   ⋮
营业收入 30,327 20,826 23,318
利息收入和类似信贷 164 240 257
收入支出及类似费用 (1,852) (1,847) (2,366)
其他财务收入和支出 (386) 11 (792)
扣除财务项目后的收入 28,254 19,230 20,418
所得税 (6,971) (6,008) (5,320)
该期间的收入 21,283 13,223 15,099
归因于:
母公司的股东 20,981 13,147 15,058
少数群体利益 302 76 41
利润 21,283 13,223 15,099
图表 6. 沃尔沃集团合并资产负债表(单位:百万瑞典克朗)
12月31日 2017 2016 2015
资产
非流动资产总额 213,455 218,465 203,478
流动资产:
库存 52,701 48,287 44,390
   ⋮
现金及现金等价物 36,092 23,949 21,048
流动资产总额 199,039 180,301 170,687
总资产 412,494 398,916 374,165
 
股东权益和负债
归属于母公司股东的权益 107,069 96,061 83,810
少数群体利益 1,941 1,703 1,801
股东权益总额 109,011 97,764 85,610
非流动准备金总额 29,147 29,744 26,704
非流动负债总额 96,213 104,873 91,814
当前拨备总额 10,806 11,333 14,176
流动负债总额 167,317 155,202 155,860
股东权益和负债总额 412,404 398,916 374,165
附件7. 沃尔沃集团合并财务报表精选附注

注17. 存货

Note 17. Inventories

会计政策

Accounting Policy

存货按成本与可变现净值孰低计量。成本采用先进先出法(FIFO)确定,并以标准成本法为基础,包括所有直接制造费用以及与产能和其他相关制造成本相对应的成本份额。标准成本定期进行测试,并根据实际情况进行调整。研发费用、销售费用、管理费用和财务费用不包含在内。可变现净值计算方法为售价减去与销售相关的成本。

Inventories are reported at the lower of cost and net realisable value. The cost is established using the first-in, first-out principle (FIFO) and is based on the standard cost method, including costs for all direct manufacturing expenses and the attributable share of capacity and other related manufacturing-related costs. The standard costs are tested regularly and adjustments are made based on current conditions. Costs for research and development, selling, administration and financial expenses are not included. Net realisable value is calculated as the selling price less costs attributable to the sale.

估计不确定性的来源

Sources of Estimation Uncertainty

库存过时

Inventory obsolescence

如果净变现价值低于成本,则需计提存货过时估值准备。扣除存货过时估值准备后的存货总价值为:截至2017年12月为52,701百万瑞典克朗,截至2016年12月31日为48,287百万瑞典克朗。

If the net realisable value is lower than cost, a valuation allowance is established for inventory obsolescence. The total inventory value, net of inventory obsolescence allowance, was: SEK (in millions) 52,701 as of December 2017 and 48,287 as of 31 December 2016.

存货
12月31日(百万克朗) 2017 2016 2015
制成品 32,304 31,012 27,496
生产材料等 20,397 17,275 16,894
全部的 52,701 48,287 44,390
增加(减少)库存报废准备金
12月31日(百万克朗) 2017 2016 2015
期初余额 3,683 3,624 3,394
计入损益的存货报废准备金变动 304 480 675
报废 (391) (576) (435)
翻译差异 (116) 177 (29)
重新分类等 8 (23) 20
截至12月31日的存货报废准备金 3,489 3,683 3,624

问题1的解答:

Solution to 1:

12月31日(瑞典克朗,单位:百万) 2017 2016 2015
净库存总额 52,701 48,287 44,390
摘自注释17。(考虑过时因素) 3,489 3,683 3,624
库存总量(不含津贴) 56,190 51,970 48,014

答案二:

Solution to 2:

12月31日(瑞典克朗,单位:百万) 2017 2016
销售成本 254,581 231,602
(增加)减少报废准备金* 194 (59)
不含折让的销售成本 254,775 231,543

* 根据注释 17,2017 年报废准备金减少了 194(3,489 – 3,683),2016 年报废准备金增加了 59(3,683 – 3,624)。

* From Note 17, the decrease in allowance for obsolescence for 2017 is 194 (3,489 – 3,683) and the increase for 2016 is 59 (3,683 – 3,624).

问题3的解答:

Solution to 3:

12月31日(瑞典克朗,单位:百万) 2017 2016
利润(净收入) 21,283 13,223
销售成本增加(减少) (194) 59
营业利润税(减税)* 49 (18)
利润(不含津贴) 21,138 13,264

* 假设 2017 年营业利润的税收(减税)为 49(194 × 25%),2016 年为 -18(-59 × 31%)。

* Taxes (tax reductions) on the operating profit are assumed to be 49 (194 × 25%) for 2017 and −18 (−59 × 31%) for 2016.

问题 4 的解答:

Solution to 4:

12月31日(瑞典克朗,单位:百万) 2017
利润(净收入) 21,283
降低销售成本(提高营业利润) 3,489
营业利润增长税* −872
利润(扣除先前减值损失后) 23,900

* 假设 2017 年增加的营业利润的税额为 872 (3,489 × 25%)。

* Taxes on the increased operating profit are assumed to be 872 (3,489 × 25%) for 2017.

第五题的答案:

Solution to 5:

沃尔沃集团2017年的财务比率(包括存货报废准备金和不包括存货报废准备金)如下:

The Volvo Group’s financial ratios for 2017 with the allowance for inventory obsolescence and without the allowance for inventory obsolescence are as follows:

  含津贴

(按报告)
不含津贴

(调整后)
存货周转率 5.04 4.71
库存周转天数 72.4 77.5
毛利率 23.95% 23.89%
净利润率 6.36% 6.31%

存货周转率= 销售成本 ÷ 平均存货

Inventory turnover ratio = Cost of sales ÷ Average inventory

扣除津贴(如报告所示)= 5.04 = 254,581 ÷ [(52,701 + 48,287) ÷ 2]

With allowance (as reported) = 5.04 = 254,581 ÷ [(52,701 + 48,287) ÷ 2]

不计津贴(调整后)= 4.71 = 254,775 ÷ [(56,190 + 51,970) ÷ 2]

Without allowance (adjusted) = 4.71 = 254,775 ÷ [(56,190 + 51,970) ÷ 2]

根据报告数据,存货周转率较高,这是因为计提存货报废准备后,存货账面价值会降低。公司计提存货减值准备后,表面上看起来存货管理效率更高。 

Inventory turnover is higher based on the numbers as reported because inventory carrying amounts will be lower with an allowance for inventory obsolescence. The company might appear to manage its inventory more efficiently when it has inventory write-downs. 

存货周转天数 = 期数 ÷ 存货周转率

Days of inventory on hand = Number of days in period ÷ Inventory turnover ratio

扣除津贴(如报告所示)= 72.4 天 = (365 天 ÷ 5.04)

With allowance (as reported) = 72.4 days = (365 days ÷ 5.04)

不计津贴(调整后)= 77.5 天 = (365 天 ÷ 4.71)

Without allowance (adjusted) = 77.5 days = (365 days ÷ 4.71)

根据报告数据,库存周转天数较低,是因为库存周转率较高。进行库存减值的公司可能看起来库存管理更有效。这主要是由于其库存账面价值较低所致。

Days of inventory on hand are lower based on the numbers as reported because the inventory turnover is higher. A company with inventory write-downs might appear to manage its inventory more effectively. This is primarily the result of the lower inventory carrying amounts.

 

 

毛利率= 毛收入 ÷ 净销售额

Gross profit margin = Gross income ÷ Net sales

扣除津贴(如报告所示)= 23.95% = (80,167 ÷ 334,748)

With allowance (as reported) = 23.95 percent = (80,167 ÷ 334,748)

不计津贴(调整后)= 23.89% = [(80,167 − 194) ÷ 334,748]

Without allowance (adjusted) = 23.89 percent = [(80,167 − 194) ÷ 334,748]

在这种情况下,由于销售成本降低(因为存货报废准备金减少),存货减值后的毛利率略高。这里假设存货减值(以及存货减值回收)计入销售成本。

In this instance, the gross profit margin is slightly higher with inventory write-downs because the cost of sales is lower (due to the reduction in the allowance for inventory obsolescence). This assumes that inventory write-downs (and inventory write-down recoveries) are reported as part of cost of sales.

 

 

净利润率= 利润 ÷ 净销售额

Net profit margin = Profit ÷ Net sales

扣除津贴(如报告所示)= 6.36% = (21,283 ÷ 334,748)

With allowance (as reported) = 6.36 percent = (21,283 ÷ 334,748)

未扣除津贴(调整后)= 6.31% = (21,138 ÷ 334,748)

Without allowance (adjusted) = 6.31 percent = (21,138 ÷ 334,748)

在这种情况下,由于销售成本降低(因为存货报废准备金减少),净利润率在存货减值后更高。由于未进行减值时收入减少,所得税有所降低,因此净利润率的绝对百分比差异小于毛利率的绝对百分比差异。

In this instance, the net profit margin is higher with inventory write-downs because the cost of sales is lower (due to the reduction in the allowance for inventory obsolescence). The absolute percentage difference is less than that of the gross profit margin because of the income tax reduction on the decreased income without write-downs.

如果沃尔沃集团2017年没有计提存货减值,其盈利能力指标(毛利率和净利率)会略低。如果没有减值,其周转率也会显得不那么吸引人。计提存货减值后,存货周转率反而略高,因为减值会降低平均存货(分母),从而使存货管理看起来更加高效。

The profitability ratios (gross profit margin and net profit margin) for Volvo Group would have been slightly lower for 2017 if the company had not recorded inventory write-downs. The activity ratio (inventory turnover ratio) would appear less attractive without the write-downs. The inventory turnover ratio is slightly better (higher) with inventory write-downs because inventory write-downs decrease the average inventory (denominator), making inventory management appear more efficient with write-downs.

第6题的答案:

Solution to 6:

卡特彼勒采用后进先出法(LIFO),而沃尔沃采用先进先出法(FIFO)。鉴于存货成本不断上涨,采用先进先出法的公司比采用后进先出法的公司更容易发生存货减值。这是因为在后进先出法下,存货账面价值反映的是最早的成本,因此在存货成本上涨的情况下,账面价值反映的是最低成本。由于后进先出法下的存货账面价值本身就比较保守,因此发生存货减值的可能性较小。

CAT uses the LIFO method whereas Volvo uses the FIFO method. Given increasing inventory costs, companies that use the FIFO inventory method are far more likely to incur inventory write-downs than those companies that use the LIFO method. This is because under the LIFO method, the inventory carrying amounts reflect the oldest costs and therefore the lowest costs given increasing inventory costs. Because inventory carrying amounts under the LIFO method are already conservatively presented, it is less likely that inventory write-downs will occur.

7.库存管理评估

7. Evaluation of Inventory Management

存货计价方法的选择会影响财务报表。受影响的财务报表项目包括销售成本、毛利润、净利润、存货、流动资产和总资产。因此,存货计价方法的选择也会影响包含这些项目的财务比率,例如流动比率、资产回报率、毛利率和存货周转率。因此,分析师在评估公司长期业绩或将其业绩与行业或竞争对手的业绩进行比较时,必须仔细考虑存货计价方法的差异。此外,将存货账面价值调整为可变现净值或当前重置成本也会影响财务报表项目和比率。

The choice of inventory valuation method impacts the financial statements. The financial statement items impacted include cost of sales, gross profit, net income, inventories, current assets, and total assets. Therefore, the choice of inventory valuation method also affects financial ratios that contain these items. Ratios such as current ratio, return on assets, gross profit margin, and inventory turnover are impacted. As a consequence, analysts must carefully consider inventory valuation method differences when evaluating a company’s performance over time or when comparing its performance with the performance of the industry or industry competitors. Additionally, the financial statement items and ratios may be impacted by adjustments of inventory carrying amounts to net realisable value or current replacement cost.

7.1展示与披露

7.1. Presentation and Disclosure

信息披露在分析公司时非常有用。国际财务报告准则(IFRS)要求财务报表披露以下与存货相关的信息:

Disclosures are useful when analyzing a company. IFRS require the following financial statement disclosures concerning inventory:

  1. 计量存货时所采用的会计政策,包括所使用的成本公式(存货估价方法);

  2. the accounting policies adopted in measuring inventories, including the cost formula (inventory valuation method) used;

  3. 存货的总账面价值以及与该实体相适应的分类(例如,商品、原材料、生产用品、在产品和产成品)的账面价值;

  4. the total carrying amount of inventories and the carrying amount in classifications (for example, merchandise, raw materials, production supplies, work in progress, and finished goods) appropriate to the entity;

  5. 按公允价值计量的存货账面价值减去销售成本;

  6. the carrying amount of inventories carried at fair value less costs to sell;

  7. 本期确认为费用的存货金额(销售成本);

  8. the amount of inventories recognised as an expense during the period (cost of sales);

  9. 本期确认为费用的存货减值金额;

  10. the amount of any write-down of inventories recognised as an expense in the period;

  11. 任何已确认为当期销售成本减少的减值冲回金额;

  12. the amount of any reversal of any write-down that is recognised as a reduction in cost of sales in the period;

  13. 导致存货减值逆转的情况或事件;以及

  14. the circumstances or events that led to the reversal of a write-down of inventories; and

  15. 已质押作为负债担保的存货账面价值。

  16. the carrying amount of inventories pledged as security for liabilities.

根据美国通用会计准则(US GAAP),存货相关的披露与上述披露非常相似,但由于US GAAP不允许冲回上年度存货减值,因此(f)和(g)项要求不适用。US GAAP还要求披露适用于存货的重大估计以及因清算后进先出法(LIFO)存货而产生的任何重大收益。

Inventory-related disclosures under US GAAP are very similar to the disclosures above, except that requirements (f) and (g) are not relevant because US GAAP do not permit the reversal of prior-year inventory write-downs. US GAAP also require disclosure of significant estimates applicable to inventories and of any material amount of income resulting from the liquidation of LIFO inventory.

7.2存货比率

7.2. Inventory Ratios

评估库存管理效率和效益的三个常用比率是库存周转率库存周转天数毛利率17这些比率直接受公司选择的库存计价方法的影响。然而,分析师应注意,许多其他比率也会受到库存计价方法的影响,尽管这种影响不如前者直接。这些比率包括流动比率(因为库存是流动资产的组成部分)、资产回报率(因为销售成本是计算净利润的关键因素,而库存是总资产的组成部分)以及资产负债率(因为企业自成立以来累计的净利润是留存收益的组成部分)。

Three ratios often used to evaluate the efficiency and effectiveness of inventory management are inventory turnover, days of inventory on hand, and gross profit margin.17 These ratios are directly impacted by a company’s choice of inventory valuation method. Analysts should be aware, however, that many other ratios are also affected by the choice of inventory valuation method, although less directly. These include the current ratio, because inventory is a component of current assets; the return-on-assets ratio, because cost of sales is a key component in deriving net income and inventory is a component of total assets; and even the debt-to-equity ratio, because the cumulative measured net income from the inception of a business is an aggregate component of retained earnings.

存货周转率衡量的是公司一年内售出(即周转)存货的次数。周转率越高,一年内售出存货的次数就越多,存货的相对投资就越低。存货周转天数可以用期间天数除以存货周转率计算得出。因此,存货周转率和存货周转天数呈反比关系。然而,存货周转率的计算可能基于年平均存货,而存货周转天数的计算则基于期末存货。一般来说,存货周转率和存货周转天数应参照行业标准进行基准比较,并进行跨年度对比。

The inventory turnover ratio measures the number of times during the year a company sells (i.e., turns over) its inventory. The higher the turnover ratio, the more times that inventory is sold during the year and the lower the relative investment of resources in inventory. Days of inventory on hand can be calculated as days in the period divided by inventory turnover. Thus, inventory turnover and days of inventory on hand are inversely related. It may be that inventory turnover, however, is calculated using average inventory in the year whereas days of inventory on hand is based on the ending inventory amount. In general, inventory turnover and the number of days of inventory on hand should be benchmarked against industry norms and compared across years.

高存货周转率和低存货周转天数可能表明库存管理非常有效。反之,高存货周转率和低存货周转天数也可能表明公司库存不足,或者公司对存货进行了减值处理。对于制造商而言,原材料库存短缺可能导致销售损失或生产问题。为了评估哪种解释更可能,分析师可以将公司的存货周转率和销售增长率与行业平均水平进行比较,并审查财务报表披露信息。增长放缓而存货周转率较高可能表明库存水平不足。存货减值可能反映出库存管理不善。如果减值幅度很小,且销售增长率达到或高于行业平均水平,则支持这样一种解释:较高的周转率反映了更高的库存管理效率。

A high inventory turnover ratio and a low number of days of inventory on hand might indicate highly effective inventory management. Alternatively, a high inventory ratio and a low number of days of inventory on hand could indicate that the company does not carry an adequate amount of inventory or that the company has written down inventory values. Inventory shortages could potentially result in lost sales or production problems in the case of the raw materials inventory of a manufacturer. To assess which explanation is more likely, analysts can compare the company’s inventory turnover and sales growth rate with those of the industry and review financial statement disclosures. Slower growth combined with higher inventory turnover could indicate inadequate inventory levels. Write-downs of inventory could reflect poor inventory management. Minimal write-downs and sales growth rates at or above the industry’s growth rates would support the interpretation that the higher turnover reflects greater efficiency in managing inventory.

库存周转率低、库存周转天数高于行业平均水平,可能表明库存周转缓慢或已过时。此外,将公司历年及与行业平均水平的销售增长进行比较,并查阅财务报表披露信息,可以提供更多见解。

A low inventory turnover ratio and a high number of days of inventory on hand relative to industry norms could be an indicator of slow-moving or obsolete inventory. Again, comparing the company’s sales growth across years and with the industry and reviewing financial statement disclosures can provide additional insight.

毛利率,即毛利润与销售额的比率,反映了销售额中用于净利润而非用于支付销售成本的百分比。在竞争激烈的行业中,企业的毛利率通常低于竞争对手较少的行业。企业的毛利率可能与其产品类型有关。销售奢侈品的公司通常比销售必需品的公司拥有更高的毛利率。然而,销售奢侈品的公司的存货周转率可能远低于销售必需品的公司的存货周转率。

The gross profit margin, the ratio of gross profit to sales, indicates the percentage of sales being contributed to net income as opposed to covering the cost of sales. Firms in highly competitive industries generally have lower gross profit margins than firms in industries with fewer competitors. A company’s gross profit margin may be a function of its type of product. A company selling luxury products will generally have higher gross profit margins than a company selling staple products. The inventory turnover of the company selling luxury products, however, is likely to be much lower than the inventory turnover of the company selling staple products.

7.3财务分析示例

7.3. Financial Analysis Illustrations

国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)要求公司在资产负债表或财务报表附注中披露存货的账面价值,并根据公司情况进行分类。对于制造型公司而言,这些分类可能包括生产用品、原材料、在产品和成品。对于零售商而言,这些分类可能包括重要的商品类别或具有相似属性的存货组合。这些披露信息可以提供有关公司未来销售额和利润的信号。

IFRS and US GAAP require companies to disclose, either on the balance sheet or in the notes to the financial statements, the carrying amounts of inventories in classifications suitable to the company. For manufacturing companies, these classifications might include production supplies, raw materials, work in progress, and finished goods. For a retailer, these classifications might include significant categories of merchandise or the grouping of inventories with similar attributes. These disclosures may provide signals about a company’s future sales and profits.

例如,原材料和/或在产品库存的显著增加(由单位销量增加而非单位成本增加引起)可能表明公司预期其产品需求将会增加,从而预示着销售额和利润的预期增长。然而,如果原材料和在产品库存下降的同时,成品库存却大幅增加,则可能表明公司产品需求下降,进而导致未来销售额和利润降低。这也可能预示着未来需要对成品库存进行减值。无论发出何种信号,分析师都应深入调查公司原材料、在产品和成品库存发生任何重大变化的根本原因。

For example, a significant increase (attributable to increases in unit volume rather than increases in unit cost) in raw materials and/or work-in-progress inventories may signal that the company expects an increase in demand for its products. This suggests an anticipated increase in sales and profit. However, a substantial increase in finished goods inventories while raw materials and work-in-progress inventories are declining may signal a decrease in demand for the company’s products and hence lower future sales and profit. This may also signal a potential future write down of finished goods inventory. Irrespective of the signal, an analyst should thoroughly investigate the underlying reasons for any significant changes in a company’s raw materials, work-in-progress, and finished goods inventories.

分析师还应将公司的销售增长率与其成品库存增长率进行比较,因为这也能预示未来的销售额和利润。例如,如果库存增长超过销售增长,则可能表明需求下降,未来收益也会减少。公司可能不得不降低产品售价(降价)以减少库存余额,或者由于库存过时而减记其价值,这两种情况都会对利润产生负面影响。除了降价或减记的可能性之外,库存过多或库存类型不当也会对公司的财务状况产生负面影响,因为这会增加与库存相关的费用,例如保险费、仓储费和税费。此外,这也意味着公司可用于其他用途的现金和营运资金减少。

Analysts also should compare the growth rate of a company’s sales to the growth rate of its finished goods inventories, because this could also provide a signal about future sales and profits. For example, if the growth of inventories is greater than the growth of sales, this could indicate a decline in demand and a decrease in future earnings. The company may have to lower (mark down) the selling price of its products to reduce its inventory balances, or it may have to write down the value of its inventory because of obsolescence, both of which would negatively affect profits. Besides the potential for mark-downs or write-downs, having too much inventory on hand or the wrong type of inventory can have a negative financial effect on a company because it increases inventory related expenses such as insurance, storage costs, and taxes. In addition, it means that the company has less cash and working capital available to use for other purposes.

存货减值可能对公司的运营活动、盈利能力、流动性和偿付能力比率产生重大影响。分析师必须了解产品过时的行业趋势,并分析各项财务比率对潜在存货减值的敏感性。公司可以通过更好地匹配其存货构成和增长与潜在客户需求,来最大限度地降低存货减值的影响。为了获取有关公司存货及其未来销售的更多信息,可以从多种信息来源获取。分析师应参考公司财务报告中的管理层讨论与分析(MD&A)或类似章节、行业相关新闻和出版物以及行业经济数据。

Inventory write-downs may have a substantial impact on a company’s activity, profitability, liquidity, and solvency ratios. It is critical for the analyst to be aware of industry trends toward product obsolescence and to analyze the financial ratios for their sensitivity to potential inventory impairment. Companies can minimise the impact of inventory write-downs by better matching their inventory composition and growth with prospective customer demand. To obtain additional information about a company’s inventory and its future sales, a variety of sources of information are available. Analysts should consider the Management Discussion and Analysis (MD&A) or similar sections of the company’s financial reports, industry related news and publications, and industry economic data.

在进行比较时,存货计价方法的选择差异会显著影响公司间财务比率的可比性。从后进先出法(LIFO)重述为先进先出法(FIFO)对于与采用其他计价方法的公司(例如采用国际财务报告准则(IFRS)的公司)进行有效比较至关重要。分析师在分析公司业绩时,应尽可能收集更多信息。

When conducting comparisons, differences in the choice of inventory valuation method can significantly affect the comparability of financial ratios between companies. A restatement from the LIFO method to the FIFO method is critical to make a valid comparison with companies using a method other than the LIFO method such as those companies reporting under IFRS. Analysts should seek out as much information as feasible when analyzing the performance of companies.

例9

对比图示

Comparative Illustration

  1. 使用卡特彼勒公司报告的后进先出法(LIFO)数据和先进先出法(FIFO)调整后数据(示例 5)以及沃尔沃公司报告的数据(示例 8),比较以下 2017 年的指标:存货周转率、存货周转天数、毛利率、净利率、资产回报率、流动比率、负债权益比率和权益回报率。计算流动比率时,应将流动准备金计入流动负债。计算负债权益比率时,应将流动准备金计入总负债。

  2. Using CAT’s LIFO numbers as reported and FIFO adjusted numbers (Example 5) and Volvo’s numbers as reported (Example 8), compare the following for 2017: inventory turnover ratio, days of inventory on hand, gross profit margin, net profit margin, return on assets, current ratio, total liabilities-to-equity ratio, and return on equity. For the current ratio, include current provisions as part of current liabilities. For the total liabilities-to-equity ratio, include provisions in total liabilities.

  3. 卡特彼勒公司(CAT)2017年和2016年,使用后进先出法(LIFO)报告数据和先进先出法(FIFO)调整后数据计算的存货占总资产的比例是多少?沃尔沃公司2016年和2017年使用报告数据计算的存货占总资产的比例是多少?讨论任何可能引起分析师关注的变化。

  4. How much do inventories represent as a component of total assets for CAT using LIFO numbers as reported and FIFO adjusted numbers, and for Volvo using reported numbers in 2017 and 2016? Discuss any changes that would concern an analyst.

  5. 根据报告的数据,比较 CAT 和沃尔沃 2016 年和 2017 年的销售额、成品库存和成品以外的库存的增长率。

  6. Using the reported numbers, compare the 2016 and 2017 growth rates of CAT and Volvo for sales, finished goods inventory, and inventories other than finished goods.

问题1的解答:

Solution to 1:

2017年卡特彼勒和沃尔沃的对比情况如下:

The comparisons between Caterpillar and Volvo for 2017 are as follows:

  CAT(后进先出) CAT(先进先出) 沃尔沃
存货周转率 3.33 2.76 5.04
库存周转天数 109.6天 132.2天 72.4天
毛利率 27.24% 26.74% 23.95%
净利润率 1.66% 1.32% 6.36%
资产回报率 0.99% 0.77% 5.25%
流动比率b 1.35 1.42 1.12
总负债权益比率c 4.59 4.27 2.78
权益回报 5.59% 4.05% 20.59%

先前计算过的比率的计算(参见示例 58)不再重复显示。

Calculations for ratios previously calculated (see Examples 5 and 8) are not shown again.

  • 资产回报率= 净利润 ÷ 平均总资产

    沃尔沃 = 5.25% = 21,283 ÷ [(412,494 + 398,916) ÷ 2]

  • a Return on assets = Net income ÷ Average total assets

    Volvo = 5.25 percent = 21,283 ÷ [(412,494 + 398,916) ÷ 2]

  • b流动比率 = 流动资产 ÷ 流动负债

    沃尔沃 = 1.12 = [199,039 ÷ (10,806 + 167,317)]

    题目提示应将流动准备计入流动负债。

  • b Current ratio = Current assets ÷ Current liabilities

    Volvo = 1.12 = [199,039 ÷ (10,806 + 167,317)]

    The question indicates to include current provisions in current liabilities.

  • c总负债权益比率 = 总负债 ÷ 总股东权益

    沃尔沃 = 2.78 = [(29,147 + 96,213 + 10,806 + 167,317) ÷ 109,011]

    题目提示应将准备金计入总负债。

  • c Total liabilities-to-equity ratio = Total liabilities ÷ Total shareholders’ equity

    Volvo = 2.78 = [(29,147 + 96,213 + 10,806 + 167,317) ÷ 109,011]

    The question indicates to include provisions in total liabilities.

  • d权益回报率 = 净利润 ÷ 平均股东权益

    CAT(后进先出法)= 5.59% = 754 ÷ [(13,766 + 13,213) ÷ 2]

    CAT(先进先出法)= 4.05% = 599 ÷ {[(13,766 + 1,924 – 710) + (13,213 + 2,139 – 770)] ÷ 2}

    沃尔沃 = 20.59% = 21,283 ÷ [(109,011 + 97,764) ÷ 2]

  • d Return on equity = Net income ÷ Average shareholders’ equity

    CAT (LIFO) = 5.59 percent = 754 ÷ [(13,766 + 13,213) ÷ 2]

    CAT (FIFO) = 4.05 percent = 599 ÷ {[(13,766 + 1,924 – 710) + (13,213 + 2,139 – 770)] ÷ 2}

    Volvo = 20.59 percent = 21,283 ÷ [(109,011 + 97,764) ÷ 2]

对比卡特彼勒(先进先出法)和沃尔沃,沃尔沃的库存管理似乎更为高效。其库存周转率更高,库存周转天数更短。根据净利润率来看,沃尔沃的盈利能力似乎更强。卡特彼勒2017年盈利能力低下的主要原因是所得税准备金大幅增加。分析师可能会进一步调查卡特彼勒所得税准备金的增加情况以及其他已公布的数据,而不是仅仅根据比率得出结论(换句话说,会尝试找出比率变化或差异的根本原因)。

Comparing CAT (FIFO) and Volvo, it appears that Volvo manages its inventory more effectively. It has higher inventory turnover and fewer days of inventory on hand. Volvo appears to have superior profitability based on net profit margin. A primary reason for CAT’s low profitability in 2017 was due to a substantial increase in the provision for income taxes. An analyst would likely further investigate CAT’s increase in provision for income taxes, as well as other reported numbers, rather than reaching a conclusion based on ratios alone (in other words, try to identify the underlying causes of changes or differences in ratios).

答案二:

Solution to 2:

卡特彼勒公司 2017 年和 2016 年采用后进先出法 (LIFO) 计算的存货与总资产比率,以及沃尔沃公司报告的存货与总资产比率如下:

The 2017 and 2016 inventory to total assets ratios for CAT using LIFO and adjusted to FIFO and for Volvo as reported, are as follows:

  CAT(后进先出) CAT(先进先出) 沃尔沃
2017 13.02% 15.28% 12.78%
2016 11.53% 14.14% 12.10%

存货占总资产的比例

Inventory to total assets

2017 年 CAT(后进先出法)= 13.02% = 10,018 ÷ 76,962

CAT (LIFO) 2017 =13.02 percent = 10,018 ÷ 76,962

2016年CAT(后进先出法)= 11.53% = 8,614 ÷ 74,704

CAT (LIFO) 2016 = 11.53 percent = 8,614 ÷ 74,704

2017 年 CAT(先进先出法)= 15.28% = 11,942 ÷ (76,962 + 1,924 – 710)

CAT (FIFO) 2017 = 15.28 percent = 11,942 ÷ (76,962 + 1,924 – 710)

2016 年 CAT(先进先出法)= 14.14% = 10,753 ÷ (74,704 + 2,139 – 770)

CAT (FIFO) 2016 = 14.14 percent = 10,753 ÷ (74,704 + 2,139 – 770)

沃尔沃 2017 = 12.78% = 52,701 ÷ 412,494

Volvo 2017 = 12.78 percent = 52,701 ÷ 412,494

沃尔沃 2016 = 12.10% = 48,287 ÷ 398,916

Volvo 2016 = 12.10 percent = 48,287 ÷ 398,916

根据已公布的数据,卡特彼勒的库存资产占比似乎与沃尔沃相近。然而,当卡特彼勒的库存采用先进先出法(FIFO)进行调整后,其库存资产占比则高于沃尔沃。

Based on the numbers as reported, CAT appears to have a similar percentage of assets tied up in inventory as Volvo. However, when CAT’s inventory is adjusted to FIFO, it has a higher percentage of its assets tied up in inventory than Volvo.

库存占总资产比例的上升令人担忧。库存增加通常会导致更高的维护成本(例如仓储成本和融资成本)。滞销或过时库存的积累可能导致未来的库存减值。沃尔沃的报告17显示,按库存分类细分的库存量显著增加。沃尔沃可能计划增加成品库存(成品库存量也有所增加)。从CAT的报告7来看,所有类别的库存似乎都在增加,由于这些库存采用后进先出法(LIFO)计价,因此值得关注。该公司必然正在增加库存数量并增加新的后进先出层级。

The increase in inventory as a percentage of total assets is cause for some concern. Higher inventory typically results in higher maintenance costs (for example, storage and financing costs). A build-up of slow moving or obsolete inventories may result in future inventory write-downs. In Volvo’s Note 17, the breakdown by inventory classification shows a significant increase in the inventory of production materials. Volvo may be planning on increasing production of more finished goods inventory (which has also increased). Looking at CAT’s Note 7, all classifications of inventory seem to be increasing and because these are valued using the LIFO method, there is some cause for concern. The company must be increasing inventory quantities and adding new LIFO layers.

问题3的解答:

Solution to 3:

CAT 和沃尔沃 2017 年和 2016 年的销售额(CAT 指“机械和发动机销售额”,沃尔沃指“净销售额”)、成品和成品以外的库存增长率如下:

CAT’s and Volvo’s 2017 and 2016 growth rates for sales (“Sales of machinery and engines” for CAT and “Net sales” for Volvo), finished goods, and inventories other than finished goods” are as follows:

2017 沃尔沃
销售量 19.3% 10.9%
成品 4.0% 4.2%
除成品以外的存货 30.2% 18.1%
 
2016 沃尔沃
销售量 -19.0% -3.4%
成品 -10.7% 12.8%
除成品以外的存货 -11.8% 2.3%

增长率 = (本年数值 – 上年数值) / 上年数值

Growth rate = (Value for year – Value for previous year)/Value for previous year

  • 2017 CAT

    • 销售额 = 19.3% = (42,676 – 35,773) ÷ 35,773

    • 成品率 = 4.0% = (4,761 – 4,576) ÷ 4,576

    • 除成品以外的存货 = 30.2% = [(2,802 + 2,254 + 201) – (2,102 + 1,719 + 217)] ÷ (2,102 + 1,719 + 217)

  • 2017 CAT

    • Sales = 19.3 percent = (42,676 – 35,773) ÷ 35,773

    • Finished goods = 4.0 percent = (4,761 – 4,576) ÷ 4,576

    • Inventories other than finished goods = 30.2 percent = [(2,802 + 2,254 + 201) – (2,102 + 1,719 + 217)] ÷ (2,102 + 1,719 + 217)

  • 2017款沃尔沃

    • 销售额 = 10.9% = (334,748 – 301,914) ÷ 301,914

    • 成品率 = 4.2% = (32,304 – 31,012) ÷ 31,012

    • 除成品以外的存货 = 18.1% = (20,397 – 17,275) ÷ 17,275

  • 2017 Volvo

    • Sales = 10.9 percent = (334,748 – 301,914) ÷ 301,914

    • Finished products = 4.2 percent = (32,304 – 31,012) ÷ 31,012

    • Inventories other than finished products =18.1 percent = (20,397 – 17,275) ÷ 17,275

  • 2016年CAT

    • 销售额 = -19.0% = (35,773 – 44,147) ÷ 44,147

    • 成品 = -10.7% = (4,576 – 5,122) ÷ 5,122

    • 除成品以外的存货 = -11.8% = [(2,102+ 1,719 + 217) - (2,467 + 1,857 + 254)] ÷ (2,467 + 1,857 + 254)

  • 2016 CAT

    • Sales = –19.0 percent = (35,773 – 44,147) ÷ 44,147

    • Finished goods = –10.7 percent = (4,576 – 5,122) ÷ 5,122

    • Inventories other than finished goods = –11.8 percent = [(2,102+ 1,719 + 217) – (2,467 + 1,857 + 254)] ÷ (2,467 + 1,857 + 254)

  • 2016款沃尔沃

    • 销售额 = -3.4% = (301,914 – 312,515) ÷ 312,515

    • 成品率 = 12.8% = (31,012 – 27,496) ÷ 27,496

    • 除成品以外的存货 = 2.3% = (17,275 – 16,894) ÷ 16,894

  • 2016 Volvo

    • Sales = – 3.4 percent = (301,914 – 312,515) ÷ 312,515

    • Finished products = 12.8 percent = (31,012 – 27,496) ÷ 27,496

    • Inventories other than finished products = 2.3 percent = (17,275 – 16,894) ÷ 16,894

两家公司的成品库存增长率均高于销售额增长率,这可能表明库存积压。沃尔沃的成品库存增长率远高于其销售额增长率,而卡特彼勒的成品库存增长率较低,可能是由于其采用的是后进先出法(LIFO)而非先进先出法(FIFO)。沃尔沃似乎已经意识到存在这个问题,并计划削减产量,因为除成品以外的其他库存增幅相对较小。无论如何,分析师在对公司未来的销售和利润前景得出任何结论之前,都应该进行更深入的调查。

For both companies, the growth rates in finished goods inventory exceeds the growth rate in sales; this could be indicative of accumulating excess inventory. Volvo’s growth rate in finished goods compared to its growth rate in sales is significantly higher but the lower growth rates in finished goods inventory for CAT is potentially a result of using the LIFO method versus the FIFO method. It appears Volvo is aware that an issue exists and is planning on cutting back production given the relatively small increase in inventories other than finished products. Regardless, an analyst should do further investigation before reaching any conclusion about a company’s future prospects for sales and profit.

例10

单一公司插图

Single Company Illustration

附件8、9和10列出了Jollof Inc.(一家提供网络和通信解决方案的假设电信公司)合并财务报表及其附注的部分摘录。附件8包含合并利润表的摘录,附件9包含合并资产负债表的摘录,附件10包含三份合并财务报表附注的摘录。

Selected excerpts from the consolidated financial statements and notes to consolidated financial statements for Jollof Inc., a hypothetical telecommunications company providing networking and communications solutions, are presented in Exhibits 8, 9, and 10. Exhibit 8 contains excerpts from the consolidated income statements, and Exhibit 9 contains excerpts from the consolidated balance sheets. Exhibit 10 contains excerpts from three of the notes to consolidated financial statements.

附注1(a)披露,Jollof的产成品存货和在产品按成本与可变现净值孰低计价。附注2(a)披露,存货和在产品减值对Jollof税前利润的影响分别为:2017年净减少2.39亿欧元,2016年净减少1.56亿欧元,2015年净减少6500万欧元。 18存货减值损失金额从2015年到2017年持续增加,并作为Jollof估值准备变动的组成部分(增加/转回)列示,详见附录10附注3(b) 另请注意,Jollof在附注3(b)中披露了其截至2017年12月31日、2016年12月31日和2015年12月31日的估值准备,有关该准备分配的详细信息见附注19(a)。 5.49亿欧元的估值准备金是5.28亿欧元的存货准备金和2100万欧元的在建工程准备金的总和。最后,请注意,附注19(a)中2017年12月31日存货(不包括建筑合同)净值为18.45亿欧元,与附录9中列示的2017年12月31日资产负债表中存货和在建工程净额相符。

Note 1 (a) discloses that Jollof’s finished goods inventories and work in progress are valued at the lower of cost or net realisable value. Note 2 (a) discloses that the impact of inventory and work in progress write-downs on Jollof’s income before tax was a net reduction of €239 million in 2017, a net reduction of €156 million in 2016, and a net reduction of €65 million in 2015.18 The inventory impairment loss amounts steadily increased from 2015 to 2017 and are included as a component, (additions)/reversals, of Jollof’s change in valuation allowance as disclosed in Note 3 (b) from Exhibit 10. Observe also that Jollof discloses its valuation allowance at 31 December 2017, 2016, and 2015 in Note 3 (b) and details on the allocation of the allowance are included in Note 19 (a). The €549 million valuation allowance is the total of a €528 million allowance for inventories and a €21 million allowance for work in progress on construction contracts. Finally, observe that the €1,845 million net value for inventories (excluding construction contracts) at 31 December 2017 in Note 19 (a) reconciles with the balance sheet amount for inventories and work in progress, net, on 31 December 2017, as presented in Exhibit 9.

存货计提准备金是指对资产负债表上列示的存货(按成本与可变现净值孰低计量)计提的存货减值总额。因此,分析师可以通过将存货计提准备金加到资产负债表上列示的存货账面价值上,来确定公司存货的历史成本。2015年至2017年,计提准备金的数额及其占存货总价值的百分比均有所增加。

The inventory valuation allowance represents the total amount of inventory write-downs taken for the inventory reported on the balance sheet (which is measured at the lower of cost or net realisable value). Therefore, an analyst can determine the historical cost of the company’s inventory by adding the inventory valuation allowance to the reported inventory carrying amount on the balance sheet. The valuation allowance increased in magnitude and as a percentage of gross inventory values from 2015 to 2017.

附录 8. 阿尔卡特朗讯合并损益表(百万欧元)
截至12月31日止年度 2017 2016 2015
收入 14,267 14,945 10,317
销售成本 (9,400) (10,150) (6,900)
毛利 4,867 4,795 3,417
行政和销售费用 (2,598) (2,908) (1,605)
研发成本 (2,316) (2,481) (1,235)
未计重组成本、资产减值、处置合并实体损益以及退休后福利计划修订前的经营活动收入 (47) (594) 577
重组成本 (472) (719) (594)
资产减值 (3,969) (2,473) (118)
处置合并实体的损益 (6) 13
退休后福利计划修订 39 217
经营活动所得(亏损) (4,455) (3,569) (122)
持续经营收入(亏损) (4,373) (3,433) (184)
已终止经营业务的收入(亏损) 28 512 133
净收入(亏损) (4,345) (2,921) 51
附件9. 阿尔卡特朗讯合并资产负债表(百万欧元)
12月31日 2017 2016 2015
非流动资产总额 10,703 16,913 21,559
库存和在建工程净额 1,845 1,877 1,898
建筑合同中客户应收款项 416 591 517
应收账款及相关账户净额 3,637 3,497 3,257
预付款和进度款 83 92 73
流动资产总额 12,238 11,504 13,629
总资产 22,941 28,417 35,188
 
留存收益、公允价值和其他储备 (7,409) (3,210) (2,890)
股东权益总额 4,388 9,830 13,711
养老金、退休补偿金和其他退休后福利 4,038 3,735 4,577
已发行债券和票据,长期 3,302 3,794 4,117
其他长期债务 56 40 123
递延所得税负债 968 1,593 2,170
其他非流动负债 372 307 232
非流动负债总额 8,736 9,471 11,219
条款 2,036 2,155 1,987
长期债务的当前部分 921 406 975
客户的存款和预付款 780 711 654
建筑合同项下应付客户的款项 158 342 229
应付账款及相关账户 3,840 3,792 3,383
与待售处置组相关的负债 1,349
当期所得税负债 155 59 55
其他流动负债 1,926 1,651 1,625
流动负债总额 9,817 9,117 10,257
总负债和股东权益 22,941 28,417 35,188
附件10. Jollof公司合并财务报表附注选编

注1. 重要会计政策概要

Note 1. Summary of Significant Accounting Policies

(a)库存和在建工程

(a) Inventories and work in progress

存货和在建工程按成本(包括适用的间接生产成本)与可变现净值孰低计价。 19 可变现净值是指正常经营期间的预计销售收入减去预计的完工成本和销售成本。

Inventories and work in progress are valued at the lower of cost (including indirect production costs where applicable) or net realizable value.19 Net realizable value is the estimated sales revenue for a normal period of activity less expected completion and selling costs.

注2. 使用估算值的主要不确定性

Note 2. Principal uncertainties regarding the use of estimates

(a)存货和在建工程的估价准备

(a) Valuation allowance for inventories and work in progress

存货和在产品按成本与净变现价值孰低计量。存货和在产品估值准备金的计算基于对需求、技术或市场可预见变化的分析,以确定过时或过剩的存货和在产品。

Inventories and work in progress are measured at the lower of cost or net realizable value. Valuation allowances for inventories and work in progress are calculated based on an analysis of foreseeable changes in demand, technology, or the market, in order to determine obsolete or excess inventories and work in progress.

根据相关金额的性质,估值准备金计入销售成本或重组成本。

The valuation allowances are accounted for in cost of sales or in restructuring costs, depending on the nature of the amounts concerned.

12月31日
(百万欧元) 2017 2016 2015
建筑合同中存货和在建工程的估值准备 (549) (432) 318
存货和在建工程减值对所得税前利润(亏损)的影响,包括商誉减值和折价经营活动 (239) (156) (65)

注3.库存和在建工程

Note 3. Inventories and work in progress

(a)净值分析

(a) Analysis of net value

(百万欧元) 2017 2016 2015
原材料和商品 545 474 455
正在进行的工作(不包括建筑合同) 816 805 632
成品 1,011 995 1,109
总价值(不包括建筑合同) 2,373 2,274 2,196
估值准备金 (528) (396) (298)
净值(不包括建筑合同) 1,845 1,877 1,898
建筑合同在建工程,总工程量* 184 228 291
估值准备金 (21) (35) (19)
正在进行中的建筑合同,净值 163 193 272
总计,净值 2008年 2,071 2,170

* 包含在建筑合同应付/应收款项中。

* Included in the amounts due from/to construction contracts.

(b)估值准备金的变动

(b) Change in valuation allowance

(百万欧元) 2017 2016 2015
1月1日 (432) (318) (355)
(新增)/逆转 (239) (156) (65)
利用率 58 32 45
合并集团的变化 45
汇率变动及其他变动的净影响 63 10 12
12月31日 (549) (432) (318)

舍入误差可能导致总数与总和以及纸币上的相应数字略有不同。

Rounding differences may result in totals that are slightly different from the sum and from corresponding numbers in the note.

  1. 根据报告数据,计算 Jollof 公司 2017 年和 2016 年的存货周转率、存货周转天数、毛利率、流动比率、资产负债率和总资产回报率。存货和总资产金额采用平均值,其他比率项目采用年末数据。债务仅包括已发行的债券和票据(长期债务)、其他长期债务以及长期债务的流动部分。

  2. Calculate Jollof’s inventory turnover, number of days of inventory on hand, gross profit margin, current ratio, debt-to-equity ratio, and return on total assets for 2017 and 2016 based on the numbers reported. Use an average for inventory and total asset amounts and year-end numbers for other ratio items. For debt, include only bonds and notes issued, long-term; other long-term debt; and current portion of long-term debt.

  3. 根据问题 1 的答案,评论 2016 年到 2017 年的变化。

  4. Based on the answer to Question 1, comment on the changes from 2016 to 2017.

  5. 如果 Jollof 在 2017 年、2016 年和 2015 年采用加权平均成本法而不是先进先出法,会对 Jollof 报告的销售成本和存货账面价值产生什么影响?对问题 1 中为 Jollof 计算的财务比率会产生什么方向性的影响?

  6. If Jollof had used the weighted average cost method instead of the FIFO method during 2017, 2016, and 2015, what would be the effect on Jollof’s reported cost of sales and inventory carrying amounts? What would be the directional impact on the financial ratios that were calculated for Jollof in Question 1?

问题1的解答:

Solution to 1:

财务比率如下:

The financial ratios are as follows:

  2017 2016
存货周转率 5.05 5.38
库存周转天数 72.3天 67.8天
毛利率 34.1% 32.1%
流动比率 1.25 1.26
债务权益比率 0.98 0.43
总资产回报率 -16.9% -9.2%

存货周转率 = 销售成本 ÷ 平均存货

Inventory turnover ratio = Cost of sales ÷ Average inventory

2017 年存货周转率 = 5.05 = 9,400 ÷ [(1,845 + 1,877) ÷ 2]

2017 inventory turnover ratio = 5.05 = 9,400 ÷ [(1,845 + 1,877) ÷ 2]

2016 年存货周转率 = 5.38 = 10,150 ÷ [(1,877 + 1,898) ÷ 2]

2016 inventory turnover ratio = 5.38 = 10,150 ÷ [(1,877 + 1,898) ÷ 2]

 

 

存货天数 = 365 天 ÷ 存货周转率

Number of days of inventory = 365 days ÷ Inventory turnover ratio

2017年库存周转天数 = 72.3天 = 365天 ÷ 5.05

2017 number of days of inventory = 72.3 days = 365 days ÷ 5.05

2016年库存周转天数 = 67.8天 = 365天 ÷ 5.38

2016 number of days of inventory = 67.8 days = 365 days ÷ 5.38

 

 

毛利率 = 毛利润 ÷ 总收入

Gross profit margin = Gross profit ÷ Total revenue

2017年毛利率 = 34.1% = 4,867 ÷ 14,267

2017 gross profit margin = 34.1% = 4,867 ÷ 14,267

2016年毛利率 = 32.1% = 4,795 ÷ 14,945

2016 gross profit margin = 32.1% = 4,795 ÷ 14,945

 

 

流动比率 = 流动资产 ÷ 流动负债

Current ratio = Current assets ÷ Current liabilities

2017年流动比率 = 1.25 = 12,238 ÷ 9,817

2017 current ratio = 1.25 = 12,238 ÷ 9,817

2016年流动比率 = 1.26 = 11,504 ÷ 9,117

2016 current ratio = 1.26 = 11,504 ÷ 9,117

 

 

负债权益比率 = 总负债 ÷ 总股东权益

Debt-to-equity ratio = Total debt ÷ Total shareholders’ equity

2017年负债权益比率 = 0.98 = (3,302 + 56 + 921) ÷ 4,388

2017 debt-to-equity ratio = 0.98 = (3,302 + 56 + 921) ÷ 4,388

2016年负债权益比率 = 0.43 = (3,794 + 40 + 406) ÷ 9,830

2016 debt-to-equity ratio = 0.43 = (3,794 + 40 + 406) ÷ 9,830

 

 

资产回报率 = 净利润 ÷ 平均总资产

Return on assets = Net income ÷ Average total assets

2017 年资产回报率 = -16.9% = -4,345 ÷ [(22,941 + 28,417) ÷ 2]

2017 return on assets = –16.9% = –4,345 ÷ [(22,941 + 28,417) ÷ 2]

2016 年资产回报率 = -9.2% = -2,921 ÷ [(28,417 + 35,188) ÷ 2]

2016 return on assets = –9.2% = –2,921 ÷ [(28,417 + 35,188) ÷ 2]

答案二:

Solution to 2:

2016年至2017年,存货周转率下降,存货周转天数增加了4.5天。Jollof的存货管理效率似乎有所下降。毛利率提高了2.0个百分点,从2016年的32.1%增至2017年的34.1%。流动比率在2016年至2017年间基本保持不变。与2016年相比,2017年的负债权益比率显著上升。尽管在此期间Jollof的总负债相对稳定,但由于净亏损对留存收益的累积影响,公司权益却在快速下降。

From 2016 to 2017, the inventory turnover ratio declined and the number of days of inventory increased by 4.5 days. Jollof appears to be managing inventory less efficiently. The gross profit margin improved by 2.0 percent, from 32.1 percent in 2016 to 34.1 percent in 2017. The current ratio is relatively unchanged from 2016 to 2017. The debt-to-equity ratio has risen significantly in 2017 compared to 2016. Although Jollofn’s total debt has been relatively stable during this time period, the company’s equity has been declining rapidly because of the cumulative effect of its net losses on retained earnings.

2017年资产回报率为负,且较2016年进一步恶化。2017年净亏损增加和总资产减少导致资产回报率出现更大的负值。分析师应深入调查Jollof资产回报率急剧下降的根本原因。从附录8可以看出,Jollof在2016年和2017年的毛利率均不足以覆盖管理费用、销售费用以及研发成本。巨额重组成本和资产减值损失是导致2016年和2017年经营活动亏损的主要原因。

The return on assets is negative and deteriorated in 2017 compared to 2016. A larger net loss and lower total assets in 2017 resulted in a higher negative return on assets. The analyst should investigate the underlying reasons for the sharp decline in Jollof’s return on assets. From Exhibit 8, it is apparent that Jollof’s gross profit margins were insufficient to cover the administrative and selling expenses and research and development costs in 2016 and 2017. Large restructuring costs and asset impairment losses contributed to the loss from operating activities in both 2016 and 2017.

问题3的解答:

Solution to 3:

如果2015年、2016年和2017年存货重置成本持续增长(且存货数量保持稳定或增长),那么在加权平均成本法下,Jollof公司的销售成本会高于先进先出法(FIFO)下的销售成本,毛利率也会低于先进先出法下的销售成本(假设没有存货减值,否则减值会抵消两种存货计价方法之间的差异)。先进先出法将最早购入的存货成本计入销售成本;鉴于存货成本不断增长,先进先出法下的销售成本会更低。由于最近购入的存货会按其较高的成本计入存货(同样假设没有存货减值,否则减值会抵消两种存货计价方法之间的差异),先进先出法下的存货账面价值会高于加权平均成本法。因此,在先进先出法下,Jollof公司这几年的毛利润、净利润和留存收益也会更高。

If inventory replacement costs were increasing during 2015, 2016, and 2017 (and inventory quantity levels were stable or increasing), Jollof’s cost of sales would have been higher and its gross profit margin would have been lower under the weighted average cost inventory method than what was reported under the FIFO method (assuming no inventory write-downs that would otherwise neutralize the differences between the inventory valuation methods). FIFO allocates the oldest inventory costs to cost of sales; the reported cost of sales would be lower under FIFO given increasing inventory costs. Inventory carrying amounts would be higher under the FIFO method than under the weighted average cost method because the more recently purchased inventory items would be included in inventory at their higher costs (again assuming no inventory write-downs that would otherwise neutralize the differences between the inventory valuation methods). Consequently, Jollof’s reported gross profit, net income, and retained earnings would also be higher for those years under the FIFO method.

对比例的影响如下:

The effects on ratios are as follows:

  • 根据加权平均成本法,存货周转率都会更高,因为分子(销售成本)会更高,分母(存货)会更低,而 Jollof 根据先进先出法报告的存货周转率则较低。

  • The inventory turnover ratios would all be higher under the weighted average cost method because the numerator (cost of sales) would be higher and the denominator (inventory) would be lower than what was reported by Jollof under the FIFO method.

  • 采用加权平均成本法时,库存天数会更少,因为库存周转率会更高。

  • The number of days of inventory would be lower under the weighted average cost method because the inventory turnover ratios would be higher.

  • 由于加权平均成本法下的销售成本高于先进先出法下的销售成本,因此加权平均成本法下的毛利率都会降低。

  • The gross profit margin ratios would all be lower under the weighted average cost method because cost of sales would be higher under the weighted average cost method than under the FIFO method.

  • 采用加权平均成本法计算的流动比率都会降低,因为存货账面价值会低于先进先出法(两种方法下的流动负债相同)。

  • The current ratios would all be lower under the weighted average cost method because inventory carrying values would be lower than under the FIFO method (current liabilities would be the same under both methods).

  • 在加权平均成本法下,所有资产回报率都会降低,因为分子(净利润)增加的利润对总资产增加的影响大于分母(总资产)增加的利润。例如,假设一家公司采用加权平均成本法计算的净利润为 300 万欧元,总资产为 1 亿欧元。如果该公司采用先进先出法(FIFO)而非加权平均成本法,并额外报告 100 万欧元的净利润,那么其税后总资产也将增加 100 万欧元。基于此示例,加权平均成本法下的资产回报率为 3.00%(3 欧元/1 亿欧元),而先进先出法下的资产回报率为 3.96%(4 欧元/1 亿欧元)。

  • The return-on-assets ratios would all be lower under the weighted average cost method because the incremental profit added to the numerator (net income) has a greater impact than the incremental increase to the denominator (total assets). By way of example, assume that a company has €3 million in net income and €100 million in total assets using the weighted average cost method. If the company reports another €1 million in net income by using FIFO instead of weighted average cost, it would then also report an additional €1 million in total assets (after tax). Based on this example, the return on assets is 3.00 percent (€3/€100) under the weighted average cost method and 3.96 percent (€4/€101) under the FIFO method.

  • 采用加权平均成本法计算的负债权益比率都会更高,因为留存收益会低于采用先进先出法计算的留存收益(再次假设没有存货减值,否则存货减值会抵消存货估值方法之间的差异)。

  • The debt-to-equity ratios would all be higher under the weighted average cost method because retained earnings would be lower than under the FIFO method (again assuming no inventory write-downs that would otherwise neutralize the differences between the inventory valuation methods).

反之,如果2015年、2016年和2017年存货重置成本下降(且存货数量保持稳定或增加),那么根据加权平均成本法计算出的Jollof公司的销售成本会低于先进先出法(FIFO)下的结果,而毛利润和存货则会高于先进先出法下的结果(假设没有存货减值,否则减值会抵消两种存货计价方法之间的差异)。因此,上述比率分析将得出截然相反的结论。

Conversely, if inventory replacement costs were decreasing during 2015, 2016, and 2017 (and inventory quantity levels were stable or increasing), Jollof’s cost of sales would have been lower and its gross profit and inventory would have been higher under the weighted average cost method than were reported under the FIFO method (assuming no inventory write-downs that would otherwise neutralize the differences between the inventory valuation methods). As a result, the ratio assessment that was performed above would result in directly opposite conclusions.

概括

Summary

存货计价方法(成本公式法或成本流转假设法)的选择会对存货账面价值和销售成本产生潜在的重大影响。这些反过来又会影响其他财务报表项目,例如流动资产、总资产、毛利润和净利润。财务报表及其附注提供了有关公司存货会计政策的重要信息,分析师需要这些信息来正确评估财务业绩并将其与其他公司进行比较。本文的关键概念如下:

The choice of inventory valuation method (cost formula or cost flow assumption) can have a potentially significant impact on inventory carrying amounts and cost of sales. These in turn impact other financial statement items, such as current assets, total assets, gross profit, and net income. The financial statements and accompanying notes provide important information about a company’s inventory accounting policies that the analyst needs to correctly assess financial performance and compare it with that of other companies. Key concepts in this reading are as follows:

  • 库存是商品销售和制造企业分析中的一个重要因素。这类企业通过定期进行库存交易来产生销售额和利润。对于这些企业而言,确定利润的一个重要考量因素是衡量库存售出时的销售成本。

  • Inventories are a major factor in the analysis of merchandising and manufacturing companies. Such companies generate their sales and profits through inventory transactions on a regular basis. An important consideration in determining profits for these companies is measuring the cost of sales when inventories are sold.

  • 存货总成本包括所有采购成本、加工成本以及使存货达到当前位置和状态所产生的其他成本。成品存货的仓储成本和因损耗造成的异常成本通常在其发生期间计入费用。

  • The total cost of inventories comprises all costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition. Storage costs of finished inventory and abnormal costs due to waste are typically treated as expenses in the period in which they occurred.

  • 允许的存货计价方法隐含着不同的成本流转假设。存货计价方法的选择决定了当期可供销售商品的成本如何在存货和销售成本之间分配。

  • The allowable inventory valuation methods implicitly involve different assumptions about cost flows. The choice of inventory valuation method determines how the cost of goods available for sale during the period is allocated between inventory and cost of sales.

  • 国际财务报告准则(IFRS)允许采用三种存货计价方法(成本公式):先进先出法(FIFO)、加权平均成本法和个别计价法。个别计价法适用于通常不可互换的存货,以及为特定项目生产并隔离的商品或服务。美国通用会计准则(US GAAP)允许采用上述三种方法以及后进先出法(LIFO)。由于后进先出法具有潜在的所得税节省优势,因此在美国被广泛用于税务和财务报告。

  • IFRS allow three inventory valuation methods (cost formulas): first-in, first-out (FIFO); weighted average cost; and specific identification. The specific identification method is used for inventories of items that are not ordinarily interchangeable and for goods or services produced and segregated for specific projects. US GAAP allow the three methods above plus the last-in, first-out (LIFO) method. The LIFO method is widely used in the United States for both tax and financial reporting purposes because of potential income tax savings.

  • 存货计价方法的选择会影响财务报表及其所依据的任何财务比率。因此,分析师在评估公司业绩随时间的变化或与行业数据或竞争对手进行比较时,必须仔细考虑存货计价方法的差异。

  • The choice of inventory method affects the financial statements and any financial ratios that are based on them. As a consequence, the analyst must carefully consider inventory valuation method differences when evaluating a company’s performance over time or in comparison to industry data or industry competitors.

  • 对于性质和用途相似的存货,公司必须采用相同的成本计算方法。

  • A company must use the same cost formula for all inventories having a similar nature and use to the entity.

  • 当采用加权平均成本法或后进先出法进行存货估价时,存货会计系统(永续盘存制或定期盘存制)可能会导致销售成本和期末存货的价值不同。

  • The inventory accounting system (perpetual or periodic) may result in different values for cost of sales and ending inventory when the weighted average cost or LIFO inventory valuation method is used.

  • 根据美国通用会计准则(US GAAP),采用后进先出法(LIFO)的公司必须在财务报表附注中披露LIFO储备金额,或者如果采用先进先出法(FIFO)则应计入存货的金额。该信息可用于将采用LIFO法计算的存货和销售成本余额调整为采用FIFO法计算的余额,以便进行比较。

  • Under US GAAP, companies that use the LIFO method must disclose in their financial notes the amount of the LIFO reserve or the amount that would have been reported in inventory if the FIFO method had been used. This information can be used to adjust reported LIFO inventory and cost of goods sold balances to the FIFO method for comparison purposes.

  • 后进先出法(LIFO)是指期末存货数量少于年初存货数量的清算方式。如果存货单位成本逐年上升,这将导致毛利润因存货增加而增长。

  • LIFO liquidation occurs when the number of units in ending inventory declines from the number of units that were present at the beginning of the year. If inventory unit costs have generally risen from year to year, this will produce an inventory-related increase in gross profits.

  • 国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)均要求存货成本核算的一致性。如果公司变更会计政策,则该变更必须有正当理由,并追溯适用于财务报表。但当公司采用美国通用会计准则并变更为后进先出法(LIFO)时,则无需追溯重述。

  • Consistency of inventory costing is required under both IFRS and US GAAP. If a company changes an accounting policy, the change must be justifiable and applied retrospectively to the financial statements. An exception to the retrospective restatement is when a company reporting under US GAAP changes to the LIFO method.

  • 根据国际财务报告准则(IFRS),存货计量采用成本与可变现净值孰低法。可变现净值是指在正常经营过程中估计的售价减去完成销售所需的估计成本。根据美国通用会计准则(US GAAP),存货计量采用成本、市价或可变现净值孰低法,具体取决于所采用的存货计量方法。市价是指当前重置成本,但须受可变现净值上限和可变现净值下限(减去正常利润率)的限制。IFRS允许转回之前的减值准备,而US GAAP不允许。

  • Under IFRS, inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Under US GAAP, inventories are measured at the lower of cost, market value, or net realisable value depending upon the inventory method used. Market value is defined as current replacement cost subject to an upper limit of net realizable value and a lower limit of net realizable value less a normal profit margin. Reversals of previous write-downs are permissible under IFRS but not under US GAAP.

  • 根据国际财务报告准则 (IFRS),可以进行存货减值冲回,但根据美国通用会计准则 (US GAAP),则不允许进行此类冲回。

  • Reversals of inventory write-downs may occur under IFRS but are not allowed under US GAAP.

  • 存货分类(例如原材料、在产品和产成品)账面价值的变化可以预示公司未来的销售额和利润。有关存货管理和未来销售的相关信息,可以在年度或季度报告的管理层讨论与分析或类似部分、行业新闻和出版物以及行业经济数据中找到。

  • Changes in the carrying amounts within inventory classifications (such as raw materials, work-in-process, and finished goods) may provide signals about a company’s future sales and profits. Relevant information with respect to inventory management and future sales may be found in the Management Discussion and Analysis or similar items within the annual or quarterly reports, industry news and publications, and industry economic data.

  • 存货周转率、存货周转天数比率和毛利率可用于评价公司存货管理情况。

  • The inventory turnover ratio, number of days of inventory ratio, and gross profit margin ratio are useful in evaluating the management of a company’s inventory.

  • 库存管理可能对公司的运营活动、盈利能力、流动性和偿付能力比率产生重大影响。分析师必须了解行业趋势和管理层的意图。

  • Inventory management may have a substantial impact on a company’s activity, profitability, liquidity, and solvency ratios. It is critical for the analyst to be aware of industry trends and management’s intentions.

  • 财务报表披露的信息包括:公司在计量存货时采用的会计政策、与存货相关的估计使用方面的主要不确定性,以及存货的账面价值和成本明细。这些信息能够极大地帮助分析师评估公司的存货管理水平。

  • Financial statement disclosures provide information regarding the accounting policies adopted in measuring inventories, the principal uncertainties regarding the use of estimates related to inventories, and details of the inventory carrying amounts and costs. This information can greatly assist analysts in their evaluation of a company’s inventory management.

练习题

Practice Problems

  1. 库存成本最不可能包括:

    1. 生产相关的仓储成本。

    2. 因正常材料浪费而产生的成本。

    3. 将库存商品运送给客户的运输成本。

  2. Inventory cost is least likely to include:

    1. production-related storage costs.

    2. costs incurred as a result of normal waste of materials.

    3. transportation costs of shipping inventory to customers.

  3. 芥菜籽有限公司(Mustard Seed PLC)遵循国际财务报告准则(IFRS)。该公司近期购入价值 1 亿欧元的存货,并在售出前支付了 500 万欧元的仓储费。其计入存货费用的金额(百万欧元)最接近以下哪个选项:

    1. 95欧元。

    2. 100欧元。

    3. 105欧元。

  4. Mustard Seed PLC adheres to IFRS. It recently purchased inventory for €100 million and spent €5 million for storage prior to selling the goods. The amount it charged to inventory expense (€ millions) was closest to:

    1. €95.

    2. €100.

    3. €105.

  5. 如果符合以下条件,则很可能允许 以高于历史成本的价格持有存货:

    1. 该库存由一家农产品生产商持有。

    2. 财务报表按照美国通用会计准则编制。

    3. 这一变化是由于之前一笔减记被撤销所致。

  6. Carrying inventory at a value above its historical cost would most likely be permitted if:

    1. the inventory was held by a producer of agricultural products.

    2. financial statements were prepared using US GAAP.

    3. the change resulted from a reversal of a previous write-down.

以下信息与问题 4 和 5 有关。

The following information relates to Questions 4 and 5.

一家零售公司正在比较不同的库存估值方法。该公司只有一种产品,售价为 50 美元。

A retail company is comparing different approaches to valuing inventory. The company has one product that it sells for $50.

表1. 采购量和销售量(第一季度)
日期 已购单位 购买价格 已售单位 售价 现有库存单位
1月2日 1,000 20.00美元 1,000
1月17日 500 50.00美元 500
2月16日 1,000 18.00美元 1,500
3月3日 1200 50.00美元 300
3月13日 1,000 17.00美元 1300
3月23日 500 50.00美元 800
季度末总计: 3,000 55,000 美元 2,200 110,000 美元
表2. 库存方法和模型的比较
季度末估值(

3月31日)
永续后进先出法 周期性后进先出法 永续先进先出法
销售量 110,000 美元 110,000 美元 110,000 美元
期末库存 16,000 美元 13,600 美元
销售成本 39,000 美元 41,400 美元
毛利 71,000美元 68,600 美元
存货周转率 279%

注意:LIFO 是后进先出,FIFO 是先进先出。

Note: LIFO is last in, first out and FIFO is first in, first out.

  1. 如果公司采用永续后进先出法(LIFO)进行存货计价,那么第一季度末存货的价值是多少?

    1. 14,500 美元

    2. 15,000 美元

    3. 16,000 美元

  2. What is the value of ending inventory for the first quarter if the company uses a perpetual LIFO inventory valuation method?

    1. $14,500

    2. $15,000

    3. $16,000

  3. 哪种存货会计方法能使第一季度的存货周转率最低?

    1. 周期性后进先出法

    2. 永续后进先出法

    3. 永续先进先出法

  4. Which inventory accounting method results in the lowest inventory turnover ratio for the first quarter?

    1. Periodic LIFO

    2. Perpetual LIFO

    3. Perpetual FIFO


  1. 在存货单位成本上升时期,采用先进先出法(FIFO)而非后进先出法(LIFO)的公司将报告较低的:

    1. 流动比率。

    2. 存货周转率。

    3. 毛利率。

  2. During periods of rising inventory unit costs, a company using the FIFO method rather than the LIFO method will report a lower:

    1. current ratio.

    2. inventory turnover.

    3. gross profit margin.

  3. 后进先出法(LIFO)储备最有可能在以下情况下增加:存货单位为:

    1. 成本正在上涨。

    2. 成本正在下降。

    3. 水平正在下降。

  4. LIFO reserve is most likely to increase when inventory unit:

    1. costs are increasing.

    2. costs are decreasing.

    3. levels are decreasing.

  5. 如果存货单位成本逐期增加,采用后进先出法清算 最有可能导致以下哪项增加:

    1. 毛利。

    2. 后进先出储备金。

    3. 存货账面价值。

  6. If inventory unit costs are increasing from period-to-period, a LIFO liquidation is most likely to result in an increase in:

    1. gross profit.

    2. LIFO reserve.

    3. inventory carrying amounts.

  7. 一家采用后进先出法(LIFO)的公司以英镑报告如下:

    2018 2017
    销售成本(COGS) 50,800 48,500
    期末存货 10,550 10,000
    后进先出储备 4,320 2,600

    采用先进先出法计算的2018年销售成本最接近于:

    1. 48,530 英镑。

    2. 49,080 英镑。

    3. 52,520 英镑。

  8. A company using the LIFO method reports the following in £:

    2018 2017
    Cost of goods sold (COGS) 50,800 48,500
    Ending inventories 10,550 10,000
    LIFO reserve 4,320 2,600

    Cost of goods sold for 2018 under the FIFO method is closest to:

    1. £48,530.

    2. £49,080.

    3. £52,520.

  9. 埃里克二手书店按照国际财务报告准则 (IFRS) 编制财务报表。一批库存购入价为 100 万英镑,后减值至 55 万英镑。然而,其中一本书后来被发现是稀有收藏品,因此这批库存目前的价值估计为 300 万英镑。这批库存最有可能在资产负债表中列示为:

    1. 55万英镑。

    2. 100万英镑。

    3. 300万英镑。

  10. Eric’s Used Book Store prepares its financial statements in accordance with IFRS. Inventory was purchased for £1 million and later marked down to £550,000. One of the books, however, was later discovered to be a rare collectible item, and the inventory is now worth an estimated £3 million. The inventory is most likely reported on the balance sheet at:

    1. £550,000.

    2. £1,000,000.

    3. £3,000,000.

  11. 费尔南多意大利面店购入了一批存货,之后又将其减记。目前的净变现价值高于减记时的价值。费尔南多的存货余额 最有可能为:

    1. 如果符合国际财务报告准则,则数值更高。

    2. 如果符合美国通用会计准则,则收益更高。

    3. 根据美国通用会计准则和国际财务报告准则,情况相同。

  12. Fernando’s Pasta purchased inventory and later wrote it down. The current net realisable value is higher than the value when written down. Fernando’s inventory balance will most likely be:

    1. higher if it complies with IFRS.

    2. higher if it complies with US GAAP.

    3. the same under US GAAP and IFRS.

  13. 将存货价值减记至其净变现价值将对以下方面产生积极影响:

    1. 资产负债表。

    2. 损益表。

    3. 存货周转率。

  14. A write down of the value of inventory to its net realizable value will have a positive effect on the:

    1. balance sheet.

    2. income statement.

    3. inventory turnover ratio.

对于问题 13–24,假设公司采用定期盘存制。

For questions 13–24, assume the companies use a periodic inventory system.

  1. Cinnamon 公司成立于 2017 年,采用加权平均成本法。2017 年,该公司以每件 10 欧元的价格购入 45,000 件存货,并以每件 20 欧元的价格售出 40,000 件。2018 年,该公司又以每件 11 欧元的价格购入 50,000 件存货,并以每件 22 欧元的价格售出 45,000 件。其 2018 年的销售成本(单位:千欧元)最接近于:

    1. 490欧元。

    2. 491欧元。

    3. 495欧元。

  2. Cinnamon Corp. started business in 2017 and uses the weighted average cost method. During 2017, it purchased 45,000 units of inventory at €10 each and sold 40,000 units for €20 each. In 2018, it purchased another 50,000 units at €11 each and sold 45,000 units for €22 each. Its 2018 cost of sales (€ thousands) was closest to:

    1. €490.

    2. €491.

    3. €495.

  3. Zimt AG公司于2017年开始营业,采用先进先出法(FIFO)。2017年,该公司以每件10欧元的价格购入45,000件库存商品,并以每件20欧元的价格售出40,000件。2018年,该公司又以每件11欧元的价格购入50,000件库存商品,并以每件22欧元的价格售出45,000件。其2018年末库存余额(单位:千欧元)最接近以下哪个数值:

    1. 105欧元。

    2. 109欧元。

    3. 110欧元。

  4. Zimt AG started business in 2017 and uses the FIFO method. During 2017, it purchased 45,000 units of inventory at €10 each and sold 40,000 units for €20 each. In 2018, it purchased another 50,000 units at €11 each and sold 45,000 units for €22 each. Its 2018 ending inventory balance (€ thousands) was closest to:

    1. €105.

    2. €109.

    3. €110.

  5. Zimt AG采用先进先出法(FIFO),Nutmeg Inc.采用后进先出法(LIFO)。与补货成本相比,在物价上涨时期,两家公司报告的销售成本分别为:

    1. Zimt 值太低了。

    2. 肉豆蔻放得太少了。

    3. 肉豆蔻用量过多。

  6. Zimt AG uses the FIFO method, and Nutmeg Inc. uses the LIFO method. Compared to the cost of replacing the inventory, during periods of rising prices, the cost of sales reported by:

    1. Zimt is too low.

    2. Nutmeg is too low.

    3. Nutmeg is too high.

  7. Zimt AG采用先进先出法(FIFO),Nutmeg Inc.采用后进先出法(LIFO)。与重置存货成本相比,在物价上涨时期,以下两家公司报告的期末存货余额分别为:

    1. Zimt 太高了。

    2. 肉豆蔻放得太少了。

    3. 肉豆蔻用量过多。

  8. Zimt AG uses the FIFO method, and Nutmeg Inc. uses the LIFO method. Compared to the cost of replacing the inventory, during periods of rising prices the ending inventory balance reported by:

    1. Zimt is too high.

    2. Nutmeg is too low.

    3. Nutmeg is too high.

  9. 与许多科技公司一样,TechnoTools 也面临着价格下跌的市场环境。如果采用以下方式计入库存, 其报告利润往往会最高:

    1. 先进先出法。

    2. 后进先出法。

    3. 加权平均成本法。

  10. Like many technology companies, TechnoTools operates in an environment of declining prices. Its reported profits will tend to be highest if it accounts for inventory using the:

    1. FIFO method.

    2. LIFO method.

    3. weighted average cost method.

  11. 与使用加权平均成本法核算存货相比,在物价普遍上涨的时期,采用先进先出法(FIFO)的公司流动比率最有可能为:

    1. 降低。

    2. 更高。

    3. 取决于与应付账款部门的互动情况。

  12. Compared to using the weighted average cost method to account for inventory, during a period in which prices are generally rising, the current ratio of a company using the FIFO method would most likely be:

    1. lower.

    2. higher.

    3. dependent upon the interaction with accounts payable.

  13. Zimt AG 在 2017 年对其存货价值进行了减值,并在 2018 年冲回了该减值。与假设未发生减值的情况下计算出的比率相比,Zimt 2017 年的报告如下:

    1. 流动比率过高。

    2. 毛利率过高。

    3. 库存周转率过高。

  14. Zimt AG wrote down the value of its inventory in 2017 and reversed the write-down in 2018. Compared to the ratios that would have been calculated if the write-down had never occurred, Zimt’s reported 2017:

    1. current ratio was too high.

    2. gross margin was too high.

    3. inventory turnover was too high.

  15. Zimt AG 在 2017 年对其存货价值进行了减值,并在 2018 年冲回了该减值。与假设从未进行减值的情况下公司本应公布的业绩相比,Zimt 2018 年的业绩如下:

    1. 利润被高估了。

    2. 经营活动产生的现金流量被高估了。

    3. 年末存货余额被高估了。

  16. Zimt AG wrote down the value of its inventory in 2017 and reversed the write-down in 2018. Compared to the results the company would have reported if the write-down had never occurred, Zimt’s reported 2018:

    1. profit was overstated.

    2. cash flow from operations was overstated.

    3. year-end inventory balance was overstated.

  17. 与采用先进先出法(FIFO)的公司相比,在物价上涨时期,采用后进先出法(LIFO)的公司更有可能出现以下情况:

    1. 液体。

    2. 高效的。

    3. 有利可图。

  18. Compared to a company that uses the FIFO method, during periods of rising prices a company that uses the LIFO method will most likely appear more:

    1. liquid.

    2. efficient.

    3. profitable.

  19. Nutmeg公司采用后进先出法(LIFO)核算存货。在存货单位成本普遍上涨且公司购入存货多于售出存货的年份,其报告的毛利率最有可能为:

    1. 如果公司采用先进先出法(FIFO),则结果会更低。

    2. 如果公司采用先进先出法,则结果会更高。

    3. 这与公司采用先进先出法的结果大致相同。

  20. Nutmeg, Inc. uses the LIFO method to account for inventory. During years in which inventory unit costs are generally rising and in which the company purchases more inventory than it sells to customers, its reported gross profit margin will most likely be:

    1. lower than it would be if the company used the FIFO method.

    2. higher than it would be if the company used the FIFO method.

    3. about the same as it would be if the company used the FIFO method.

  21. 与使用先进先出法(FIFO)核算存货相比,在物价上涨时期,使用后进先出法(LIFO)的公司很可能报告更高的存货亏损:

    1. 净利。

    2. 销售成本。

    3. 所得税。

  22. Compared to using the FIFO method to account for inventory, during periods of rising prices, a company using the LIFO method is most likely to report higher:

    1. net income.

    2. cost of sales.

    3. income taxes.

  23. Carey 公司遵循美国通用会计准则 (US GAAP),而 Jonathan 公司遵循国际财务报告准则 (IFRS)。 最不可能的情况是:

    1. 凯瑞公司已撤销了一项库存减值。

    2. 乔纳森已经撤销了一笔库存减值。

    3. 乔纳森和凯里都采用先进先出法进行库存核算。

  24. Carey Company adheres to US GAAP, whereas Jonathan Company adheres to IFRS. It is least likely that:

    1. Carey has reversed an inventory write-down.

    2. Jonathan has reversed an inventory write-down.

    3. Jonathan and Carey both use the FIFO inventory accounting method.


  1. A公司采用美国通用会计准则(US GAAP),B公司采用国际财务报告准则(IFRS)。下列哪项最有可能在两家公司的财务报表中披露?

    1. 因清算后进先出法存货而产生的任何实质性收入

    2. 本期间确认为费用的存货金额

    3. 导致存货减值逆转的情况

  2. Company A adheres to US GAAP and Company B adheres to IFRS. Which of the following is most likely to be disclosed on the financial statements of both companies?

    1. Any material income resulting from the liquidation of LIFO inventory

    2. The amount of inventories recognized as an expense during the period

    3. The circumstances that led to the reversal of a write down of inventories

  3. 以下哪项最有可能表明一家制造公司预期其产品的需求将会增加?

    1. 成品库存增长率高于销售增长率

    2. 在制品和原材料库存的单位数量较高

    3. 成品数量大幅增加,而原材料和在制品数量减少。

  4. Which of the following most likely signals that a manufacturing company expects demand for its product to increase?

    1. Finished goods inventory growth rate higher than the sales growth rate

    2. Higher unit volumes of work in progress and raw material inventories

    3. Substantially higher finished goods, with lower raw materials and work-in-process

  5. 与采用先进先出法(FIFO)的公司相比,在单位存货成本上升时期,采用后进先出法(LIFO)的公司很可能看起来更:

    1. 液体。

    2. 高效的。

    3. 有利可图。

  6. Compared with a company that uses the FIFO method, during a period of rising unit inventory costs, a company using the LIFO method will most likely appear more:

    1. liquid.

    2. efficient.

    3. profitable.

  7. 在存货单位成本下降而存货数量保持不变或增加的时期,哪种存货方法最有可能导致更高的负债权益比率?

    1. 后进先出

    2. 先进先出

    3. 加权平均成本

  8. In a period of declining inventory unit costs and constant or increasing inventory quantities, which inventory method is most likely to result in a higher debt-to-equity ratio?

    1. LIFO

    2. FIFO

    3. Weighted average cost

以下信息与问题 29-36 相关。

The following information relates to Questions 29–36

特许金融分析师 (CFA) 汉斯·安南 (Hans Annan) 正在审查世纪巧克力 (Century Chocolate) 的库存政策,这是他对该公司进行评估的一部分。世纪巧克力总部位于瑞士,生产巧克力产品,并采购和转售其他糖果产品以完善其巧克力产品线。安南去年参观了世纪巧克力的生产工厂。他了解到,从巴西进口的可可豆是最重要的原材料,而半成品库存主要包括三种:烘焙过的可可豆、由可可豆制成的浓稠糊状物(称为可可液块)以及需要经过“精炼”才能制成巧克力的甜味混合物。在参观过程中,安南了解到,精炼过程从低品质产品的几个小时到最高品质巧克力的六天不等。安南还参观了工厂的温控区域,那里存放着成品(可可和巧克力)以及采购的成品,这些成品在发货给客户之前都存放于此。参观完工厂后,安南与世纪巧克力公司的首席财务官讨论了每类库存中包含的成本类型。

Hans Annan, CFA, a food and beverage analyst, is reviewing Century Chocolate’s inventory policies as part of his evaluation of the company. Century Chocolate, based in Switzerland, manufactures chocolate products and purchases and resells other confectionery products to complement its chocolate line. Annan visited Century Chocolate’s manufacturing facility last year. He learned that cacao beans, imported from Brazil, represent the most significant raw material and that the work-in-progress inventory consists primarily of three items: roasted cacao beans, a thick paste produced from the beans (called chocolate liquor), and a sweetened mixture that needs to be “conched” to produce chocolate. On the tour, Annan learned that the conching process ranges from a few hours for lower-quality products to six days for the highest-quality chocolates. While there, Annan saw the facility’s climate-controlled area where manufactured finished products (cocoa and chocolate) and purchased finished goods are stored prior to shipment to customers. After touring the facility, Annan had a discussion with Century Chocolate’s CFO regarding the types of costs that were included in each inventory category.

安南让他的助理乔安娜·克恩收集一些关于世纪巧克力公司财务报表和存货的初步信息。他还要求克恩计算世纪巧克力公司和另一家巧克力制造商最近五年的存货周转率。安南不知道世纪巧克力公司最直接的竞争对手是谁,所以他请克恩做一些调查,选择最合适的公司进行比率比较。

Annan has asked his assistant, Joanna Kern, to gather some preliminary information regarding Century Chocolate’s financial statements and inventories. He also asked Kern to calculate the inventory turnover ratios for Century Chocolate and another chocolate manufacturer for the most recent five years. Annan does not know Century Chocolate’s most direct competitor, so he asks Kern to do some research and select the most appropriate company for the ratio comparison.

科恩汇报说,世纪巧克力公司按照国际财务报告准则(IFRS)编制财务报表。她告诉安南,该准则的附注规定,原材料和外购成品按采购成本计价,而未完成产品和成品按生产成本计价。原材料存货和外购成品采用先进先出法(FIFO)进行核算,其他存货采用加权平均成本法。当任何存货项目的净变现价值低于上述计算值时,将计提减值准备。

Kern reports back that Century Chocolate prepares its financial statements in accordance with IFRS. She tells Annan that the policy footnote states that raw materials and purchased finished goods are valued at purchase cost whereas work in progress and manufactured finished goods are valued at production cost. Raw material inventories and purchased finished goods are accounted for using the FIFO (first-in, first-out) method, and the weighted average cost method is used for other inventories. An allowance is established when the net realisable value of any inventory item is lower than the value calculated above.

克恩向安南提供了世纪巧克力公司选定的财务报表和存货数据,如附录1至5所示。克恩编制的比率表将世纪巧克力公司的存货周转率与美国公司戈登糖果公司的存货周转率进行了比较。安南退回了该附录,并要求克恩选择一家采用国际财务报告准则(IFRS)而非美国通用会计准则(US GAAP)的竞争对手。在初步审查过程中,安南询问克恩为何没有说明世纪巧克力公司采用的是永续盘存制还是定期盘存制。克恩回答说,她了解到世纪巧克力公司采用的是永续盘存制,但由于在永续盘存制和定期盘存制下存货价值相同,因此没有将此信息纳入报告中。安南指出克恩的说法有误,并指示她对此进行调查。

Kern provides Annan with the selected financial statements and inventory data for Century Chocolate shown in Exhibits 1 through 5. The ratio exhibit Kern prepared compares Century Chocolate’s inventory turnover ratios to those of Gordon’s Goodies, a US-based company. Annan returns the exhibit and tells Kern to select a different competitor that reports using IFRS rather than US GAAP. During this initial review, Annan asks Kern why she has not indicated whether Century Chocolate uses a perpetual or a periodic inventory system. Kern replies that she learned that Century Chocolate uses a perpetual system but did not include this information in her report because inventory values would be the same under either a perpetual or periodic inventory system. Annan tells Kern she is wrong and directs her to research the matter.

在克恩修改分析报告的同时,安南审阅了国际可可组织最新发布的《可可市场回顾》。他注意到报告中有这样一段话:“以美元计价的ICCO每日可可价格(综合两个期货市场的平均价格)创下29年来的新高,以特别提款权(SDR,一种国际贸易中使用的主要货币篮子,包括美元、欧元、英镑和日元)计价则创下23年来的新高。”安南注意到,他需要将这一趋势可能持续的情况纳入分析。

While Kern is revising her analysis, Annan reviews the most recent month’s Cocoa Market Review from the International Cocoa Organization. He is drawn to the statement that “the ICCO daily price, averaging prices in both futures markets, reached a 29-year high in US$ terms and a 23-year high in SDRs terms (the SDR unit comprises a basket of major currencies used in international trade: US$, euro, pound sterling and yen).” Annan makes a note that he will need to factor the potential continuation of this trend into his analysis.

图表 1. 世纪巧克力公司损益表(百万瑞士法郎)
截至12月31日止年度 2018 2017
销售量 95,290 93,248
销售成本 -41,043 -39,047
市场营销、行政管理及其他费用 -35,318 -42,481
税前利润 18,929 11,720
税收 -3,283 -2,962
本期利润 15,646 8,758
图表 2. 世纪巧克力资产负债表(百万瑞士法郎)
12月31日 2018 2017
现金、现金等价物和短期投资 6,190 8,252
应收账款及相关账户净额 11,654 12,910
净存货 8100 7,039
其他流动资产 2,709 2,812
流动资产总额 28,653 31,013
固定资产净值 18,291 19,130
其他非流动资产 45,144 49,875
总资产 92,088 100,018
贸易及其他应付款项 10,931 12,299
其他流动负债 17,873 25,265
流动负债总额 28,804 37,564
非流动负债 15,672 14,963
总负债 44,476 52,527
公平
股本 332 341
留存收益和其他储备 47,280 47,150
总权益 47,612 47,491
总负债和股东权益 92,088 100,018
附件 3. 世纪巧克力补充脚注披露:库存(百万瑞士法郎)
12月31日 2018 2017
原料 2,154 1,585
进行中 1,061 1,027
成品 5,116 4,665
   折旧前库存总额 8,331 7,277
净可变现价值减值准备 -231 -238
   扣除折让后的总库存 8100 7,039
附件4. 世纪巧克力公司采购柠檬糖的库存记录
日期 纸箱 每单位金额

(瑞士法郎)
期初库存 100 22
2009年2月4日 购买 40 25
2009年4月3日 销售 50 32
2009年7月23日 购买 70 30
2009年8月16日 销售 100 32
2009年9月9日 销售 35 32
2009年11月15日 购买 100 28
附件5. 世纪巧克力黑甘草软糖豆的净可变现价值信息
2018 2017
12月31日存货的先进先出法成本(瑞士法郎) 314,890 374,870
12月31日期末库存(公斤) 77,750 92,560
单位成本(瑞士法郎) 4.05 4.05
净可变现价值(瑞士法郎/公斤) 4.20 3.95
  1. 首席财务官 最不可能将以下成本计入存货:

    1. 巧克力酒的储存成本。

    2. 向巴西政府缴纳的可可豆消费税。

    3. 巧克力和已购入的成品(等待发货给客户)的仓储成本。

  2. The costs least likely to be included by the CFO as inventory are:

    1. storage costs for the chocolate liquor.

    2. excise taxes paid to the government of Brazil for the cacao beans.

    3. storage costs for chocolate and purchased finished goods awaiting shipment to customers.

  3. 世纪巧克力公司选择这种存货估价方法对其采购的成品进行估价, 最可能的理由是什么?

    1. 这是国际财务报告准则下的首选方法。

    2. 它将相同的单位成本分配给销售成本和库存成本。

    3. 期末存货反映的是最近一次购入商品的成本。

  4. What is the most likely justification for Century Chocolate’s choice of inventory valuation method for its purchased finished goods?

    1. It is the preferred method under IFRS.

    2. It allocates the same per unit cost to both cost of sales and inventory.

    3. Ending inventory reflects the cost of goods purchased most recently.

  5. 在 Kern 的比较比率分析中,Century Chocolate 2018 年的存货周转率最接近以下哪个数值:

    1. 5.07。

    2. 5.42.

    3. 5.55。

  6. In Kern’s comparative ratio analysis, the 2018 inventory turnover ratio for Century Chocolate is closest to:

    1. 5.07.

    2. 5.42.

    3. 5.55.

  7. 关于安南要求科恩选择一家按照国际财务报告准则(IFRS)进行报告的竞争对手进行比较的理由,最准确的表述是根据美国通用会计准则(US GAAP )

    1. 存货价值采用公允价值进行评估。

    2. 允许采用后进先出法对存货进行估价。

    3. 允许采用特定识别方法对存货进行估价。

  8. The most accurate statement regarding Annan’s reasoning for requiring Kern to select a competitor that reports under IFRS for comparative purposes is that under US GAAP:

    1. fair values are used to value inventory.

    2. the LIFO method is permitted to value inventory.

    3. the specific identification method is permitted to value inventory.

  9. 安南关于永续盘存制和定期盘存制的论述,在下列哪种成本核算系统中最为重要?

    1. 后进先出。

    2. 先进先出。

    3. 具体识别。

  10. Annan’s statement regarding the perpetual and periodic inventory systems is most significant when which of the following costing systems is used?

    1. LIFO.

    2. FIFO.

    3. Specific identification.

  11. 根据附录 4 所示的柠檬糖采购库存记录,2018 年的销售成本最接近以下哪个数值:

    1. 3,550 瑞士法郎。

    2. 4,550 瑞士法郎。

    3. 4,850 瑞士法郎。

  12. Using the inventory record for purchased lemon drops shown in Exhibit 4, the cost of sales for 2018 will be closest to:

    1. CHF 3,550.

    2. CHF 4,550.

    3. CHF 4,850.

  13. 不考虑税收影响,2018 年黑甘草软糖的净可变现价值重新评估很可能导致以下结果:

    1. 毛利润增加 7,775 瑞士法郎。

    2. 毛利润增加 11,670 瑞士法郎。

    3. 对销售成本没有影响,因为根据国际财务报告准则,减值损失不能逆转。

  14. Ignoring any tax effect, the 2018 net realisable value reassessment for the black licorice jelly beans will most likely result in:

    1. an increase in gross profit of CHF 7,775.

    2. an increase in gross profit of CHF 11,670.

    3. no impact on cost of sales because under IFRS, write-downs cannot be reversed.

  15. 如果ICCO报告中指出的趋势持续下去,且世纪巧克力计划维持或增加库存量,那么世纪巧克力与原材料库存相关的财务报表 最可能受到的影响将是:

    1. 更能反映当前重置价值的销售成本。

    2. 将可供销售的商品总成本中更高比例分配给销售成本。

    3. 将可供销售商品的总成本中较高比例分配给期末存货。

  16. If the trend noted in the ICCO report continues and Century Chocolate plans to maintain constant or increasing inventory quantities, the most likely impact on Century Chocolate’s financial statements related to its raw materials inventory will be:

    1. a cost of sales that more closely reflects current replacement values.

    2. a higher allocation of the total cost of goods available for sale to cost of sales.

    3. a higher allocation of the total cost of goods available for sale to ending inventory.


以下信息与问题 37–42 有关。

The following information relates to Questions 37–42

约翰·马丁森(John Martinson)是一位特许金融分析师(CFA),就职于一家大型养老基金。他的主管琳达·帕卡德(Linda Packard)要求他撰写一份关于卡普公司(Karp Inc.)的报告。卡普公司按照美国通用会计准则(US GAAP)编制财务报表。帕卡德尤其关注该公司采用后进先出法(LIFO)核算存货的影响。为此,马丁森收集了附录1和附录2中列出的财务数据。

John Martinson, CFA, is an equity analyst with a large pension fund. His supervisor, Linda Packard, asks him to write a report on Karp Inc. Karp prepares its financial statements in accordance with US GAAP. Packard is particularly interested in the effects of the company’s use of the LIFO method to account for its inventory. For this purpose, Martinson collects the financial data presented in Exhibits 1 and 2.

附录1. 资产负债表信息(百万美元)
截至12月31日 2018 2017
现金及现金等价物 172 157
应收账款 626 458
库存 620 539
其他流动资产 125 65
   流动资产总额 1,543 1,219
财产和设备净值 3,035 2,972
   总资产 4,578 4,191
流动负债总额 1,495 1,395
长期债务 644 604
   总负债 2,139 1,999
普通股和实收资本 1,652 1,652
留存收益 787 540
   股东权益总额 2,439 2,192
   总负债和股东权益 4,578 4,191
附录2. 损益表信息(百万美元)
截至12月31日止年度 2018 2017
销售量 4,346 4,161
销售成本 2,211 2,147
折旧和摊销费用 139 119
销售、一般及行政费用 1,656 1,637
利息支出 31 18
所得税费用 62 48
净利 247 192

马丁森在财务报表附注中发现了以下信息:

Martinson finds the following information in the notes to the financial statements:

  • 截至2018年12月31日和2017年12月31日,后进先出法(LIFO)储备分别为1.55亿美元和1.17亿美元。

  • The LIFO reserves as of 31 December 2018 and 2017 are $155 million and $117 million respectively, and

  • 2018 年及以前期间,适用于 Karp 的实际所得税税率为 20%。

  • The effective income tax rate applicable to Karp for 2018 and earlier periods is 20 percent.

  1. 如果 Karp 公司采用的是先进先出法(FIFO)而不是后进先出法(LIFO),那么截至 2018 年 12 月 31 日报告的存货金额最接近以下哪个数值:

    1. 4.65亿美元。

    2. 6.58亿美元。

    3. 7.75亿美元。

  2. If Karp had used FIFO instead of LIFO, the amount of inventory reported as of 31 December 2018 would have been closest to:

    1. $465 million.

    2. $658 million.

    3. $775 million.

  3. 如果 Karp 公司采用先进先出法 (FIFO) 而非后进先出法 (LIFO),则 Karp 公司截至 2018 年 12 月 31 日止年度报告的销售成本金额最接近以下哪个数值

    1. 20.56亿美元。

    2. 21.73亿美元。

    3. 22.49亿美元。

  4. If Karp had used FIFO instead of LIFO, the amount of cost of goods sold reported by Karp for the year ended 31 December 2018 would have been closest to:

    1. $2,056 million.

    2. $2,173 million.

    3. $2,249 million.

  5. 如果 Karp 公司采用先进先出法 (FIFO) 而非后进先出法 (LIFO),其截至 2018 年 12 月 31 日止年度的报告净利润将增加,增加的金额最接近于

    1. 3000万美元。

    2. 3800万美元。

    3. 1.55亿美元。

  6. If Karp had used FIFO instead of LIFO, its reported net income for the year ended 31 December 2018 would have been higher by an amount closest to:

    1. $30 million.

    2. $38 million.

    3. $155 million.

  7. 如果 Karp 公司采用先进先出法 (FIFO) 而非后进先出法 (LIFO),则截至 2018 年 12 月 31 日,Karp 公司的留存收益将增加的金额最接近于

    1. 1.17亿美元。

    2. 1.24亿美元。

    3. 1.55亿美元。

  8. If Karp had used FIFO instead of LIFO, Karp’s retained earnings as of 31 December 2018 would have been higher by an amount closest to:

    1. $117 million.

    2. $124 million.

    3. $155 million.

  9. 如果 Karp 使用先进先出法 (FIFO) 而不是后进先出法 (LIFO),则截至 2018 年 12 月 31 日计算的下列哪个比率最有可能更低?

    1. 现金比率。

    2. 流动比率。

    3. 毛利率。

  10. If Karp had used FIFO instead of LIFO, which of the following ratios computed as of 31 December 2018 would most likely have been lower?

    1. Cash ratio.

    2. Current ratio.

    3. Gross profit margin.

  11. 如果 Karp 公司采用的是先进先出法(FIFO)而不是后进先出法(LIFO),那么截至 2018 年 12 月 31 日,其负债权益比率将为:

    1. 增加。

    2. 减少。

    3. 保持不变。

  12. If Karp had used FIFO instead of LIFO, its debt to equity ratio computed as of 31 December 2018 would have:

    1. increased.

    2. decreased.

    3. remained unchanged.


以下信息与第 43 至 48 题有关。

The following information relates to Questions 43–48

股票分析师罗伯特·格罗夫正在准备一份关于 Crux Corp. 的报告。作为报告的一部分,格罗夫对 Crux 与其两个主要竞争对手 Rolby Corp. 和 Mikko Inc. 进行了财务比较分析。Crux 和 Mikko 按照美国通用会计准则 (US GAAP) 进行报告,而 Rolby 按照国际财务报告准则 (IFRS) 进行报告。

Robert Groff, an equity analyst, is preparing a report on Crux Corp. As part of his report, Groff makes a comparative financial analysis between Crux and its two main competitors, Rolby Corp. and Mikko Inc. Crux and Mikko report under US GAAP and Rolby reports under IFRS.

格罗夫收集了有关Crux、Rolby和Mikko的信息。他整理的相关财务信息见附录1。一些行业信息见附录2。

Groff gathers information on Crux, Rolby, and Mikko. The relevant financial information he compiles is in Exhibit 1. Some information on the industry is in Exhibit 2.

附录1. 精选财务信息(百万美元)
症结 罗尔比 米科
存货估价法 后进先出 先进先出 后进先出
从资产负债表来看
截至2018年12月31日
库存总额 480 620 510
估值准备金 20 25 14
净库存 460 595 496
总债务 1,122 850 732
股东权益总额 2,543 2,403 2,091
截至2017年12月31日
库存总额 465 602 401
估值准备金 23 15 12
净库存 442 587 389
从损益表中
截至2018年12月31日止年度
收入 4,609 5,442 3,503
销售成本 3,120 3,782 2,550
净利 229 327 205
a计入销售成本的存货减值费用* 13 15 15

* 这与存货估价准备的变化不符,因为估价准备会减少以反映已售商品的估价准备,并增加以反映额外的必要减值。

* This does not match the change in the inventory valuation allowance because the valuation allowance is reduced to reflect the valuation allowance attached to items sold and increased for additional necessary write-downs.

后进先出储备
截至2018年12月31日 55 0 77
截至2017年12月31日 72 0 50
截至2016年12月31日 96 0 43
税率
实际税率 30% 30% 30%
图表 2. 行业信息
2018 2017 2016
原材料价格指数 112 105 100
成品价格指数 114 106 100

为了比较这三家公司的财务业绩,格罗夫决定将后进先出法 (LIFO) 数据转换为先进先出法 (FIFO) 数据,并调整数据,假设任何公司都不确认估值准备。

To compare the financial performance of the three companies, Groff decides to convert LIFO figures into FIFO figures, and adjust figures to assume no valuation allowance is recognized by any company.

格罗夫的导师雷切尔·博尔吉在阅读完他的报告草稿后,向他提出了以下问题:

After reading Groff’s draft report, his supervisor, Rachel Borghi, asks him the following questions:

  1. 问题 1

    哪家公司的毛利率最能反映当前行业的成本?

  2. Question 1

    Which company’s gross profit margin would best reflect current costs of the industry?

  3. 问题 2

    在通货膨胀、通货紧缩或价格稳定的情况下,Rolby 的估值方法是否会比 Crux 的估值方法显示出更高的毛利率?

  4. Question 2

    Would Rolby’s valuation method show a higher gross profit margin than Crux’s under an inflationary, a deflationary, or a stable price scenario?

  5. 问题 3

    哪些比率在存货减值时通常更有利?

  6. Question 3

    Which group of ratios usually appears more favorable with an inventory write-down?

  1. 根据 Groff 建议的调整,Crux 截至 2018 年 12 月 31 日的存货周转率最接近以下数值:

    1. 5.67。

    2. 5.83。

    3. 6.13.

  2. Crux’s inventory turnover ratio computed as of 31 December 2018, after the adjustments suggested by Groff, is closest to:

    1. 5.67.

    2. 5.83.

    3. 6.13.

  3. 根据 Groff 的建议进行调整后,Rolby 截至 2018 年 12 月 31 日止年度的净利润率最接近以下哪个数值:

    1. 6.01%。

    2. 6.20%。

    3. 6.28%。

  4. Rolby’s net profit margin for the year ended 31 December 2018, after the adjustments suggested by Groff, is closest to:

    1. 6.01%.

    2. 6.20%.

    3. 6.28%.

  5. 与未经调整的负债权益比率相比,根据 Groff 的建议进行调整后,截至 2018 年 12 月 31 日,Mikko 的负债权益比率为:

    1. 降低。

    2. 更高。

    3. 相同。

  6. Compared with its unadjusted debt-to-equity ratio, Mikko’s debt-to-equity ratio as of 31 December 2018, after the adjustments suggested by Groff, is:

    1. lower.

    2. higher.

    3. the same.

  7. 博尔吉提出的第一个问题的 最佳答案是:

    1. 克鲁克斯。

    2. 罗尔比的。

    3. 米科的。

  8. The best answer to Borghi’s Question 1 is:

    1. Crux’s.

    2. Rolby’s.

    3. Mikko’s.

  9. 博尔吉提出的第二个问题的最佳答案 是

    1. 稳定的。

    2. 通货膨胀。

    3. 通货紧缩。

  10. The best answer to Borghi’s Question 2 is:

    1. Stable.

    2. Inflationary.

    3. Deflationary.

  11. 博尔吉提出的第三个问题的最佳答案 是

    1. 活动比率。

    2. 溶解度比率。

    3. 盈利能力比率。

  12. The best answer to Borghi’s Question 3 is:

    1. Activity ratios.

    2. Solvency ratios.

    3. Profitability ratios.


以下信息与第 49 至 55 题有关。

The following information relates to Questions 49–55

ZP株式会社是一家(假设的)总部位于日本的跨国公司,在多家证券交易所上市交易。ZP按照美国通用会计准则(US GAAP)编制合并财务报表。ZP 2018年度报告摘录见附录1-3。

ZP Corporation is a (hypothetical) multinational corporation headquartered in Japan that trades on numerous stock exchanges. ZP prepares its consolidated financial statements in accordance with US GAAP. Excerpts from ZP’s 2018 annual report are shown in Exhibits 1–3.

附录1. 合并资产负债表(百万日元)
12月31日 2017 2018
流动资产
现金及现金等价物 542,849日元 814,760日元
   ⋮
库存 608,572 486,465
   ⋮
流动资产总额 4,028,742 3,766,309
   ⋮
总资产 10,819,440日元 9,687,346日元
   ⋮
流动负债总额 3,980,247日元 3,529,765日元
   ⋮
长期负债总额 2,663,795 2,624,002
少数股东权益 218,889 179,843
股东权益总额 3,956,509 3,353,736
总负债和股东权益 10,819,440日元 9,687,346日元
附录2. 合并损益表(百万日元)
截至12月31日止年度 2016 2017 2018
净收入
产品销售 7,556,699日元 8,273,503日元 6,391,240日元
融资业务 425,998 489,577 451,950
7,982,697 8,763,080 6,843,190
成本和费用
销售产品的成本 6,118,742 6,817,446 5,822,805
运营融资成本 290,713 356,005 329,128
销售、一般及行政 827,005 832,837 844,927
    ⋮
营业收入(亏损) 746,237 756,792 -153,670
    ⋮
净利 548,011日元 572,626日元 -¥145,646
附录3. 2018年度报告中的部分披露内容

管理层对财务状况和经营成果的讨论与分析

成本削减措施被原材料、其他生产材料和零部件价格上涨所抵消……2009财年库存减少1221亿日元,降幅20.1%,至4865亿日元。这反映了销售量下降和外汇汇率波动的影响。

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cost reduction efforts were offset by increased prices of raw materials, other production materials and parts … Inventories decreased during fiscal 2009 by ¥122.1 billion, or 20.1%, to ¥486.5 billion. This reflects the impacts of decreased sales volumes and fluctuations in foreign currency translation rates.

 

 

管理与企业信息

风险因素

行业和商业风险

我们的产品在全球市场竞争异常激烈。ZP在各个运营市场都面临着来自其他制造商的激烈竞争。全球经济形势的恶化加剧了竞争。此外,持续的全球化进程可能会进一步加剧竞争,并可能导致行业重组。影响竞争的因素包括产品质量和功能、创新和研发所需的时间、定价、可靠性、安全性、经济性、客户服务和融资条款。竞争加剧可能导致销量下降、产能过剩和库存积压,进而造成价格进一步下行压力。

ZP能否充分应对行业近期快速变化并保持竞争力,对其未来在现有市场和新市场中维持和扩大市场份额至关重要。

Management & Corporate Information

Risk Factors

Industry and Business Risks

The worldwide market for our products is highly competitive. ZP faces intense competition from other manufacturers in the respective markets in which it operates. Competition has intensified due to the worldwide deterioration in economic conditions. In addition, competition is likely to further intensify because of continuing globalization, possibly resulting in industry reorganization. Factors affecting competition include product quality and features, the amount of time required for innovation and development, pricing, reliability, safety, economy in use, customer service and financing terms. Increased competition may lead to lower unit sales and excess production capacity and excess inventory. This may result in a further downward price pressure.

ZP’s ability to adequately respond to the recent rapid changes in the industry and to maintain its competitiveness will be fundamental to its future success in maintaining and expanding its market share in existing and new markets.

 

 

合并财务报表附注

2. 主要会计政策概要:

存货。存货按成本计价,不高于市场价。成本采用平均成本法确定,但某些子公司持有的成品成本采用后进先出法(LIFO)确定。截至2017年12月31日和2018年12月31日,采用后进先出法计价的存货总额分别为945.78亿日元和500.37亿日元。如果对采用后进先出法的公司也采用先进先出法,则截至2017年12月31日和2018年12月31日,存货金额将分别比报告金额高出101.2亿日元和196.6亿日元。

Notes to Consolidated Financial Statements

2. Summary of significant accounting policies:

Inventories. Inventories are valued at cost, not in excess of market. Cost is determined on the “average-cost” basis, except for the cost of finished products carried by certain subsidiary companies which is determined “last-in, first-out” (“LIFO”) basis. Inventories valued on the LIFO basis totaled ¥94,578 million and ¥50,037 million at December 31, 2017 and 2018, respectively. Had the “first-in, first-out” basis been used for those companies using the LIFO basis, inventories would have been ¥10,120 million and ¥19,660 million higher than reported at December 31, 2017 and 2018, respectively.

 

 

9. 库存:

9. Inventories:

库存包括以下内容:

Inventories consist of the following:

12月31日(百万日元) 2017 2018
成品 403,856元 291,977元
原料 99,869 85,966
进行中 79,979 83,890
物资和其他 24,868 24,632
608,572日元 486,465元
  1. 管理层讨论与分析(MD&A)显示,原材料、其他生产材料和零部件的价格上涨。根据附注2中描述的存货估价方法,哪种存货分类最不能准确反映当前价格?

    1. 原料。

    2. 成品。

    3. 正在进行中。

  2. The MD&A indicated that the prices of raw material, other production materials, and parts increased. Based on the inventory valuation methods described in Note 2, which inventory classification would least accurately reflect current prices?

    1. Raw materials.

    2. Finished goods.

    3. Work in process.

  3. 如果该公司在2018年年度报告中对部分存货采用先进先出法(FIFO)而非后进先出法(LIFO)进行存货计价,则2017年的存货价值最接近以下哪个数值:

    1. 1046.98亿日元。

    2. 5061.25亿日元。

    3. 6186.92亿日元。

  4. The 2017 inventory value as reported on the 2018 Annual Report if the company had used the FIFO inventory valuation method instead of the LIFO inventory valuation method for a portion of its inventory would be closest to:

    1. ¥104,698 million.

    2. ¥506,125 million.

    3. ¥618,692 million.

  5. 如果 ZP 公司按照国际财务报告准则 (IFRS) 编制财务报表,则其 2018 年的存货周转率(采用平均存货)将为:

    1. 降低。

    2. 更高。

    3. 相同。

  6. If ZP had prepared its financial statement in accordance with IFRS, the inventory turnover ratio (using average inventory) for 2018 would be:

    1. lower.

    2. higher.

    3. the same.

  7. 2017年至2018年,库存水平下降的原因如下,除了

    1. 后进先出法清算。

    2. 销量下降。

    3. 外币汇率波动。

  8. Inventory levels decreased from 2017 to 2018 for all of the following reasons except:

    1. LIFO liquidation.

    2. decreased sales volume.

    3. fluctuations in foreign currency translation rates.

  9. 以下哪项观察结果最可能是仅根据注释 9 中报告的信息得出的?

    1. 竞争加剧导致销量下降。

    2. 物资价格大幅上涨。

    3. 管理层预计2010年销售额将进一步下滑。

  10. Which observation is most likely a result of looking only at the information reported in Note 9?

    1. Increased competition has led to lower unit sales.

    2. There have been significant price increases in supplies.

    3. Management expects a further downturn in sales during 2010.

  11. 注2指出,“截至2017年12月31日和2018年12月31日,按后进先出法(LIFO)计算的存货总额分别为945.78亿日元和500.37亿日元。” 基于此,后进先出法储备最有可能为

    1. 增加。

    2. 减少。

    3. 保持不变。

  12. Note 2 indicates that, “Inventories valued on the LIFO basis totaled ¥94,578 million and ¥50,037 million at December 31, 2017 and 2018, respectively.” Based on this, the LIFO reserve should most likely:

    1. increase.

    2. decrease.

    3. remain the same.

  13. 行业和业务风险摘录指出,“竞争加剧可能导致销量下降、产能过剩和库存过剩。这可能进一步加剧价格下行压力。”价格下行压力可能导致库存估值高于当前市场价格或净可变现价值。任何库存减值对采用以下方法估值的库存影响 最小:

    1. 加权平均成本。

    2. 先进先出(FIFO)。

    3. 后进先出(LIFO)。

  14. The Industry and Business Risk excerpt states that, “Increased competition may lead to lower unit sales and excess production capacity and excess inventory. This may result in a further downward price pressure.” The downward price pressure could lead to inventory that is valued above current market prices or net realisable value. Any write-downs of inventory are least likely to have a significant effect on the inventory valued using:

    1. weighted average cost.

    2. first-in, first-out (FIFO).

    3. last-in, first-out (LIFO).


解决方案

Solutions

  1. C选项正确。将库存商品运送给客户所产生的运输成本属于费用,不能计入库存。(将库存商品运回营业场所所产生的运输成本可以计入库存。)生产过程中所需的仓储成本以及因正常材料损耗而产生的成本可以计入库存。(因异常损耗而产生的成本必须计入费用。)

  2. C is correct. Transportation costs incurred to ship inventory to customers are an expense and may not be capitalized in inventory. (Transportation costs incurred to bring inventory to the business location can be capitalized in inventory.) Storage costs required as part of production, as well as costs incurred as a result of normal waste of materials, can be capitalized in inventory. (Costs incurred as a result of abnormal waste must be expensed.)

  3. B选项正确。存货费用包括采购成本、加工成本以及使存货达到当前位置和状态所产生的其他成本。它不包括非生产必需的仓储成本。

  4. B is correct. Inventory expense includes costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition. It does not include storage costs not required as part of production.

  5. A选项正确。国际财务报告准则允许农产品和林产品生产商及经销商的存货、收获后的农产品以及矿产和矿产品以净可变现价值计量,即使该价值高于历史成本。(美国通用会计准则的处理方法类似。)

  6. A is correct. IFRS allow the inventories of producers and dealers of agricultural and forest products, agricultural produce after harvest, and minerals and mineral products to be carried at net realisable value even if above historical cost. (US GAAP treatment is similar.)

  7. A选项正确。永续盘存制会持续更新库存价值、数量和销售成本,以反映采购和销售情况。期末库存为800件,其中300件单价20美元,500件单价17美元。

    (300 × 20 美元)+(500 × 17 美元)= 14,500 美元

  8. A is correct. A perpetual inventory system updates inventory values and quantities and cost of goods sold continuously to reflect purchases and sales. The ending inventory of 800 units consists of 300 units at $20 and 500 units at $17.

    (300 × $20) + (500 × $17) = $14,500

  9. A 选项正确。在存货成本和存货水平下降的环境下,与永续后进先出法 (LIFO) 和永续先进先出法 (FIFO) 相比,定期后进先出法 (LIFO) 会导致更高的期末存货价值和更低的销售成本。这将导致存货周转率降低,存货周转率的计算方法如下:

    存货周转率 = 销售成本 / 期末存货

    采用定期后进先出法计算的存货周转率为 39,000 美元/16,000 美元 = 244% 或 2.44 次。

    采用永续后进先出法的存货周转率为 279% 或 2.79 次,如表 2 所示(= 40,500/14,500,来自上一个问题)。

    永续先进先出法的存货周转率为 41,400 美元/13,600 美元 = 304% 或 3.04 次。

  10. A is correct. In an environment with falling inventory costs and declining inventory levels, periodic LIFO will result in a higher ending inventory value and lower cost of goods sold versus perpetual LIFO and perpetual FIFO methods. This results in a lower inventory turnover ratio, which is calculated as follows:

    Inventory turnover ratio = Cost of goods sold/Ending inventory

    The inventory turnover ratio using periodic LIFO is $39,000/$16,000 = 244% or 2.44 times.

    The inventory turnover ratio using perpetual LIFO is 279% or 2.79 times, which is provided in Table 2 (= 40,500/14,500 from previous question).

    The inventory turnover for perpetual FIFO is $41,400/$13,600 = 304% or 3.04 times.

  11. B选项正确。在存货成本上升时期,采用先进先出法(FIFO)的公司,其销售成本分配额会低于采用后进先出法(LIFO)的公司,而期末存货分配额则会高于采用后进先出法的公司。存货周转率是指销售成本与期末存货的比率。采用先进先出法的公司,其存货周转率会低于采用后进先出法的公司。在存货单位成本上升时期,采用先进先出法计算的流动比率(流动资产/流动负债)和毛利率[毛利润/销售额=(销售额-销售成本)/销售额]会高于采用后进先出法计算的流动比率。

  12. B is correct. During a period of rising inventory costs, a company using the FIFO method will allocate a lower amount to cost of goods sold and a higher amount to ending inventory as compared with the LIFO method. The inventory turnover ratio is the ratio of cost of sales to ending inventory. A company using the FIFO method will produce a lower inventory turnover ratio as compared with the LIFO method. The current ratio (current assets/current liabilities) and the gross profit margin [gross profit/sales = (sales less cost of goods sold)/sales] will be higher under the FIFO method than under the LIFO method in periods of rising inventory unit costs.

  13. A选项正确。后进先出法(LIFO)储备金等于先进先出法(FIFO)下的存货价值减去后进先出法下的存货价值。在存货单位成本上升时期,FIFO下的存货账面价值始终高于LIFO下的存货账面价值。随着LIFO下用于存货估值的早期成本与FIFO下用于存货估值的近期成本之间的差异不断增大,LIFO储备金可能会随时间推移而增加。当存货单位数量下降时,公司将进行LIFO清算,从而减少LIFO储备金。

  14. A is correct. LIFO reserve is the FIFO inventory value less the LIFO inventory value. In periods of rising inventory unit costs, the carrying amount of inventory under FIFO will always exceed the carrying amount of inventory under LIFO. The LIFO reserve may increase over time as a result of the increasing difference between the older costs used to value inventory under LIFO and the more recent costs used to value inventory under FIFO. When inventory unit levels are decreasing, the company will experience a LIFO liquidation, reducing the LIFO reserve.

  15. A选项正确。当销售数量超过采购数量时,采用后进先出法(LIFO)的公司将进行LIFO清算。如果存货单位成本逐期上升,且发生LIFO清算,则由于清算存货的账面价值降低(即单位成本降低),毛利润将会增加。

  16. A is correct. When the number of units sold exceeds the number of units purchased, a company using LIFO will experience a LIFO liquidation. If inventory unit costs have been rising from period-to-period and a LIFO liquidation occurs, it will produce an increase in gross profit as a result of the lower inventory carrying amounts of the liquidated units (lower cost per unit of the liquidated units).

  17. B选项正确。先进先出法下的调整后销售成本等于后进先出法下的销售成本减去后进先出储备金的增加额:

    先进先出法销售成本 = 后进先出法销售成本 – 后进先出法储备增加额

    销售成本(先进先出法)= 50,800 英镑 – (4,320 英镑 – 2,600 英镑)

    销售成本(先进先出法)= 49,080 英镑

  18. B is correct. The adjusted COGS under the FIFO method is equal to COGS under the LIFO method less the increase in LIFO reserve:

    COGS (FIFO) = COGS (LIFO) – Increase in LIFO reserve

    COGS (FIFO) = £50,800 – (£4,320 – £2,600)

    COGS (FIFO) = £49,080

  19. B选项正确。根据国际财务报告准则(IFRS),如果净变现价值增加,则需要冲回减值损失。存货将在资产负债表上以1,000,000英镑列示。存货按成本与净变现价值孰低计量。根据美国通用会计准则(US GAAP),存货按成本与市场价值孰低计量。减值后,需要确定新的成本基础,任何后续调整都只能进一步降低存货价值。因此,不允许冲回减值损失。

  20. B is correct. Under IFRS, the reversal of write-downs is required if net realisable value increases. The inventory will be reported on the balance sheet at £1,000,000. The inventory is reported at the lower of cost or net realisable value. Under US GAAP, inventory is carried at the lower of cost or market value. After a write-down, a new cost basis is determined and additional revisions may only reduce the value further. The reversal of write-downs is not permitted.

  21. A选项正确。国际财务报告准则(IFRS)要求,如果存货净值增加,则必须冲回存货减值损失;而美国通用会计准则(US GAAP)不允许冲回减值损失。

  22. A is correct. IFRS require the reversal of inventory write-downs if net realisable values increase; US GAAP do not permit the reversal of write-downs.

  23. C选项正确。资产减记至净变现价值会对各项业务比率(例如存货周转率和总资产周转率)产生积极影响,因为资产基础(分母)减少了。在资产负债表上,存货账面价值减记至其净变现价值,而价值损失(费用)通常会反映在利润表的销售成本中,从而降低毛利润、营业利润和净利润。

  24. C is correct. Activity ratios (for example, inventory turnover and total asset turnover) will be positively affected by a write down to net realizable value because the asset base (denominator) is reduced. On the balance sheet, the inventory carrying amount is written down to its net realizable value and the loss in value (expense) is generally reflected on the income statement in cost of goods sold, thus reducing gross profit, operating profit, and net income.

  25. B选项正确。Cinnamon公司采用加权平均成本法,因此在2018年,5,000件库存是2017年采购的,单价10欧元;50,000件是2008年采购的,单价11欧元。2018年库存的加权平均成本为(5,000 × 10) + (50,000 × 11) = 50,000 + 550,000 = 600,000欧元,加权平均成本约为10.91欧元/年(600,000欧元/55,000)。销售成本为10.91欧元/年 × 45,000,约为490,950欧元。

  26. B is correct. Cinnamon uses the weighted average cost method, so in 2018, 5,000 units of inventory were 2017 units at €10 each and 50,000 were 2008 purchases at €11. The weighted average cost of inventory during 2008 was thus (5,000 × 10) + (50,000 × 11) = 50,000 + 550,000 = €600,000, and the weighted average cost was approximately €10.91 = €600,000/55,000. Cost of sales was €10.91 × 45,000, which is approximately €490,950.

  27. C选项正确。Zimt公司采用先进先出法(FIFO),因此2018年售出的前5000件产品消耗了2017年的库存。2018年购入的库存中,售出了40000件,剩余10000件,每件价值11欧元,总价值110000欧元。

  28. C is correct. Zimt uses the FIFO method, and thus the first 5,000 units sold in 2018 depleted the 2017 inventory. Of the inventory purchased in 2018, 40,000 units were sold and 10,000 remain, valued at €11 each, for a total of €110,000.

  29. A 选项正确。Zimt 公司采用先进先出法 (FIFO),因此其销售成本反映的是以较低价格(现已售罄)购入的商品成本。Nutmeg 公司采用后进先出法 (LIFO),因此其销售成本约等于当前存货的重置成本。

  30. A is correct. Zimt uses the FIFO method, so its cost of sales represents units purchased at a (no longer available) lower price. Nutmeg uses the LIFO method, so its cost of sales is approximately equal to the current replacement cost of inventory.

  31. B选项正确。Nutmeg公司采用后进先出法(LIFO),因此资产负债表上的部分存货是以较低价格(现已不再可用)购入的。Zimt公司采用先进先出法(FIFO),因此资产负债表上的账面价值代表最近购入的存货,从而近似于当前的重置成本。

  32. B is correct. Nutmeg uses the LIFO method, and thus some of the inventory on the balance sheet was purchased at a (no longer available) lower price. Zimt uses the FIFO method, so the carrying value on the balance sheet represents the most recently purchased units and thus approximates the current replacement cost.

  33. B选项正确。在价格下跌的环境下,最新入库的库存成本最低。在这种情况下,采用后进先出法(优先销售较新、成本较低的库存)将降低销售成本并提高利润。

  34. B is correct. In a declining price environment, the newest inventory is the lowest-cost inventory. In such circumstances, using the LIFO method (selling the newer, cheaper inventory first) will result in lower cost of sales and higher profit.

  35. B选项正确。在物价上涨的环境下,采用先进先出法(FIFO)的公司库存余额会更高。应付账款是基于应付供应商的款项,而不是基于库存会计核算的应计金额。

  36. B is correct. In a rising price environment, inventory balances will be higher for the company using the FIFO method. Accounts payable are based on amounts due to suppliers, not the amounts accrued based on inventory accounting.

  37. C选项正确。减值降低了2017年的存货价值,增加了销售成本。较高的分子和较低的分母意味着报告的存货周转率过高。毛利率和流动比率均过低。

  38. C is correct. The write-down reduced the value of inventory and increased cost of sales in 2017. The higher numerator and lower denominator mean that the inventory turnover ratio as reported was too high. Gross margin and the current ratio were both too low.

  39. A选项正确。减值冲回将销售成本从2018年转移到了2017年。2017年的销售成本较高是因为减值,而2018年的销售成本较低是因为减值冲回。因此,2018年报告的利润被高估了。2018年的存货余额与2018年相同,因为减值和冲回相互抵消。经营活动现金流不受非现金减值的影响,但2018年较高的利润可能导致更高的税收,从而降低经营活动现金流。

  40. A is correct. The reversal of the write-down shifted cost of sales from 2018 to 2017. The 2017 cost of sales was higher because of the write-down, and the 2018 cost of sales was lower because of the reversal of the write-down. As a result, the reported 2018 profits were overstated. Inventory balance in 2018 is the same because the write-down and reversal cancel each other out. Cash flow from operations is not affected by the non-cash write-down, but the higher profits in 2018 likely resulted in higher taxes and thus lower cash flow from operations.

  41. B选项正确。后进先出法(LIFO)会导致存货减少,销售成本增加。毛利率(盈利能力指标)会降低,流动比率(流动性指标)会降低,存货周转率(效率指标)会提高。

  42. B is correct. LIFO will result in lower inventory and higher cost of sales. Gross margin (a profitability ratio) will be lower, the current ratio (a liquidity ratio) will be lower, and inventory turnover (an efficiency ratio) will be higher.

  43. A选项正确。与先进先出法(FIFO)相比,后进先出法(LIFO)在成本上升时期会导致库存降低、销售成本升高。因此,后进先出法的毛利率低于先进先出法。

  44. A is correct. LIFO will result in lower inventory and higher cost of sales in periods of rising costs compared to FIFO. Consequently, LIFO results in a lower gross profit margin than FIFO.

  45. B选项正确。后进先出法会增加销售成本,从而降低利润和相应的税款。

  46. B is correct. The LIFO method increases cost of sales, thus reducing profits and the taxes thereon.

  47. A选项正确。美国通用会计准则不允许冲回存货减值损失。

  48. A is correct. US GAAP do not permit inventory write-downs to be reversed.

  49. B选项正确。美国通用会计准则(US GAAP)和国际财务报告准则(IFRS)均要求披露当期确认为费用的存货金额。只有美国通用会计准则允许采用后进先出法(LIFO),并要求披露因清算LIFO存货而产生的任何重大收益。美国通用会计准则不允许转回上年度的存货减值损失。

  50. B is correct. Both US GAAP and IFRS require disclosure of the amount of inventories recognized as an expense during the period. Only US GAAP allows the LIFO method and requires disclosure of any material amount of income resulting from the liquidation of LIFO inventory. US GAAP does not permit the reversal of prior-year inventory write downs.

  51. B选项正确。原材料和/或在产品库存的显著增加(由单位销量增加而非单位成本增加引起)可能表明公司预期其产品需求将会增加。如果成品库存的增长超过销售额的增长,则可能表明需求下降,未来收益也会减少。如果原材料和在产品库存下降的同时,成品库存却大幅增加,则可能表明公司产品需求下降。

  52. B is correct. A significant increase (attributable to increases in unit volume rather than increases in unit cost) in raw materials and/or work-in-progress inventories may signal that the company expects an increase in demand for its products. If the growth of finished goods inventories is greater than the growth of sales, it could indicate a decrease in demand and a decrease in future earnings. A substantial increase in finished goods inventories while raw materials and work-in-progress inventories are declining may signal a decrease in demand for the company’s products.

  53. B选项正确。在存货价格上涨时期,采用后进先出法(LIFO)的公司,其销售成本会高于采用先进先出法(FIFO)的公司,而存货则会低于后者。采用后进先出法的公司存货周转率会更高,因此看起来效率更高。采用后进先出法的公司,其流动资产和毛利率会更低,因此看起来流动性更差,盈利能力也更低。

  54. B is correct. During a period of rising inventory prices, a company using the LIFO method will have higher cost of cost of goods sold and lower inventory compared with a company using the FIFO method. The inventory turnover ratio will be higher for the company using the LIFO method, thus making it appear more efficient. Current assets and gross profit margin will be lower for the company using the LIFO method, thus making it appear less liquid and less profitable.

  55. B选项正确。在存货单位成本下降而存货数量保持不变或增加的情况下,先进先出法(与加权平均成本法或后进先出法相比)会导致销售成本(和净利润)更高,存货更低。由于存货和净利润均较低,总权益也随之降低,从而导致负债权益比率升高。

  56. B is correct. In an environment of declining inventory unit costs and constant or increasing inventory quantities, FIFO (in comparison with weighted average cost or LIFO) will have higher cost of goods sold (and net income) and lower inventory. Because both inventory and net income are lower, total equity is lower, resulting in a higher debt-to-equity ratio.

  57. C选项正确。待发货库存的仓储成本并非采购成本、加工成本或将库存调整到当前位置和状态所产生的其他成本,因此不计入库存。巧克力酒的仓储成本发生在生产过程中,因此属于加工成本。消费税属于采购成本。

  58. C is correct. The storage costs for inventory awaiting shipment to customers are not costs of purchase, costs of conversion, or other costs incurred in bringing the inventories to their present location and condition and are not included in inventory. The storage costs for the chocolate liquor occur during the production process and are thus part of the conversion costs. Excise taxes are part of the purchase cost.

  59. C选项正确。先进先出法(FIFO)下的存货账面价值能更准确地反映当前的重置价值,因为存货假定由最近购入的商品构成。FIFO是国际财务报告准则(IFRS)下可接受的方法,但并非首选方法。加权平均成本法(WAC)而非FIFO,才是将相同的单位成本分配给销售成本和存货的成本核算方法。

  60. C is correct. The carrying amount of inventories under FIFO will more closely reflect current replacement values because inventories are assumed to consist of the most recently purchased items. FIFO is an acceptable, but not preferred, method under IFRS. Weighted average cost, not FIFO, is the cost formula that allocates the same per unit cost to both cost of sales and inventory.

  61. B 正确。存货周转率 = 销售成本/平均存货 = 41,043/7,569.5 = 5.42。平均存货为 (8,100 + 7,039)/2 = 7,569.5。

  62. B is correct. Inventory turnover = Cost of sales/Average inventory = 41,043/7,569.5 = 5.42. Average inventory is (8,100 + 7,039)/2 = 7,569.5.

  63. B选项正确。为了便于比较,之所以选择一家按照国际财务报告准则(IFRS)编制报告的竞争对手,是因为美国通用会计准则(US GAAP)允许采用后进先出法(LIFO)。

  64. B is correct. For comparative purposes, the choice of a competitor that reports under IFRS is requested because LIFO is permitted under US GAAP.

  65. A选项正确。期末存货的账面价值可能不同,因为永续盘存制全年持续采用后进先出法(LIFO),随着销售的发生逐层清算存货。而定期盘存制下,销售从当年最后一层开始。先进先出法(FIFO)无论采用永续盘存制还是定期盘存制,销售都从同一层开始。个别计价法用于识别实际售出和剩余存货,因此在永续盘存制和定期盘存制下,个别计价法不会产生差异。

  66. A is correct. The carrying amount of the ending inventory may differ because the perpetual system will apply LIFO continuously throughout the year, liquidating layers as sales are made. Under the periodic system, the sales will start from the last layer in the year. Under FIFO, the sales will occur from the same layers regardless of whether a perpetual or periodic system is used. Specific identification identifies the actual products sold and remaining in inventory, and there will be no difference under a perpetual or periodic system.

  67. B 选项正确。销售成本最接近 4,550 瑞士法郎。根据先进先出法 (FIFO),先购入的存货先售出。参考附录 4,共有 310 箱可供销售(100 + 40 + 70 + 100),售出 185 箱(50 + 100 + 35),期末存货为 125 箱。采用先进先出法计算的成本如下:

    100(期初库存)× 22 = 2,200

    40(2009年2月4日)× 25 = 1,000

    45(2009年7月23日)× 30 = 1,350

    销售成本 = 2,200 + 1,000 + 1,350 = 4,550 瑞士法郎

  68. B is correct. The cost of sales is closest to CHF 4,550. Under FIFO, the inventory acquired first is sold first. Using Exhibit 4, a total of 310 cartons were available for sale (100 + 40 + 70 + 100) and 185 cartons were sold (50 + 100 + 35), leaving 125 in ending inventory. The FIFO cost would be as follows:

    100 (beginning inventory) × 22 = 2,200

    40 (4 February 2009) × 25 = 1,000

    45 (23 July 2009) × 30 = 1,350

    Cost of sales = 2,200 + 1,000 + 1,350 = CHF 4,550

  69. A选项正确。毛利润很可能增加7,775瑞士法郎。净可变现价值已增加,现在超过了成本。2017年的减值可以转回。2017年的减值金额为9,256 [92,560 × (4.05 – 3.95)]。国际财务报告准则(IFRS)要求,如果先前已减值的存货价值随后增加,则必须转回任何减值。转回金额以后续增加额和原始减值金额两者中的较低者为限。目前存货仅剩77,750公斤;转回金额为77,750 × (4.05 – 3.95) = 7,775。任何减值转回的金额都应确认为销售成本的减少。这一减少将导致毛利润增加。

  70. A is correct. Gross profit will most likely increase by CHF 7,775. The net realisable value has increased and now exceeds the cost. The write-down from 2017 can be reversed. The write-down in 2017 was 9,256 [92,560 × (4.05 – 3.95)]. IFRS require the reversal of any write-downs for a subsequent increase in value of inventory previously written down. The reversal is limited to the lower of the subsequent increase or the original write-down. Only 77,750 kilograms remain in inventory; the reversal is 77,750 × (4.05 – 3.95) = 7,775. The amount of any reversal of a write-down is recognised as a reduction in cost of sales. This reduction results in an increase in gross profit.

  71. C 是正确的。当物价上涨时,使用先进先出法(FIFO)对存货进行估值,会将更多可供销售的商品成本分配给期末存货(假设成本较高的最新购入的商品留在存货中),而将更少的成本分配给销售成本(假设成本较低的最早购入的商品首先售出)。

  72. C is correct. Using the FIFO method to value inventories when prices are rising will allocate more of the cost of goods available for sale to ending inventories (the most recent purchases, which are at higher costs, are assumed to remain in inventory) and less to cost of sales (the oldest purchases, which are at lower costs, are assumed to be sold first).

  73. C选项正确。Karp公司采用先进先出法(FIFO)计算的存货等于Karp公司采用后进先出法(LIFO)计算的存货加上后进先出法储备。因此,截至2018年12月31日,Karp公司采用先进先出法计算的存货等于:

    存货(先进先出法)= 存货(后进先出法)+ 后进先出储备

     = 6.2亿美元 + 1.55亿美元

     = 7.75亿美元

  74. C is correct. Karp’s inventory under FIFO equals Karp’s inventory under LIFO plus the LIFO reserve. Therefore, as of 31 December 2018, Karp’s inventory under FIFO equals:

    Inventory (FIFO method) = Inventory (LIFO method) + LIFO reserve

     = $620 million + 155 million

     = $775 million

  75. B选项正确。卡普公司采用先进先出法(FIFO)计算的销售成本等于其采用后进先出法(LIFO)计算的销售成本减去后进先出法储备的增加额。因此,截至2018年12月31日止年度,卡普公司采用先进先出法计算的销售成本为:

    销售成本(先进先出法)= 销售成本(后进先出法)- 后进先出储备增加额

     = 22.11亿美元 – (1.55亿美元 – 1.17亿美元)

     = 21.73亿美元

  76. B is correct. Karp’s cost of goods sold (COGS) under FIFO equals Karp’s cost of goods sold under LIFO minus the increase in the LIFO reserve. Therefore, for the year ended 31 December 2018, Karp’s cost of goods sold under FIFO equals:

    COGS (FIFO method) = COGS (LIFO method) – Increase in LIFO reserve

     = $2,211 million – (155 million – 117 million)

     = $2,173 million

  77. A 正确。Karp 公司采用先进先出法 (FIFO) 计算的净利润 (NI) 等于 Karp 公司采用后进先出法 (LIFO) 计算的净利润加上 LIFO 储备的税后增加额。截至 2018 年 12 月 31 日止年度,Karp 公司采用先进先出法计算的净利润为:

    净利润(先进先出法)= 净利润(后进先出法)+ 后进先出储备增加额 × (1 – 税率)

     = 2.47亿美元 + 3800万美元 × (1 – 20%)

     = 2.774亿美元

    因此,净收入增加额为:

    NI 增加量 = NI(先进先出法)- NI(后进先出法)

     = 2.77亿美元 – 2.47亿美元

     = 3040万美元

  78. A is correct. Karp’s net income (NI) under FIFO equals Karp’s net income under LIFO plus the after-tax increase in the LIFO reserve. For the year ended 31 December 2018, Karp’s net income under FIFO equals:

    NI (FIFO method) = NI (LIFO method) + Increase in LIFO reserve × (1 – Tax rate)

     = $247 million + 38 million × (1 – 20%)

     = $277.4 million

    Therefore, the increase in net income is:

    Increase in NI = NI (FIFO method) – NI (LIFO method)

     = $277 million – 247 million

     = $30.4 million

  79. B 选项正确。Karp 公司采用先进先出法 (FIFO) 计算的留存收益 (RE) 等于 Karp 公司采用后进先出法 (LIFO) 计算的留存收益加上税后 LIFO 储备。因此,截至 2018 年 12 月 31 日止年度,Karp 公司采用先进先出法计算的留存收益为:

    预留资金(先进先出法)= 预留资金(后进先出法)+ 后进先出储备金 × (1 – 税率)

     = 7.87亿美元 + 1.55亿美元 × (1 – 20%)

     = 9.11亿美元

    因此,留存收益的增加额为:

    留存收益增加额 = 先进先出法留存收益 – 后进先出法留存收益

     = 9.11亿美元 – 7.87亿美元

     = 1.24亿美元

  80. B is correct. Karp’s retained earnings (RE) under FIFO equals Karp’s retained earnings under LIFO plus the after-tax LIFO reserve. Therefore, for the year ended 31 December 2018, Karp’s retained earnings under FIFO equals:

    RE (FIFO method) = RE (LIFO method) + LIFO reserve × (1 – Tax rate)

     = $787 million + 155 million × (1 – 20%)

     = $911 million

    Therefore, the increase in retained earnings is:

    Increase in RE = RE (FIFO method) – RE (LIFO method)

     = $911 million – 787 million

     = $124 million

  81. A选项正确。现金比率(现金及现金等价物÷流动负债)会降低,因为采用先进先出法(FIFO)时现金较少。卡普公司采用先进先出法时税前利润会更高,因此卡普公司缴纳的税款也会更高,现金会更少。流动负债不受影响。如果采用先进先出法,卡普公司的流动比率和毛利率都会更高。流动比率会更高,是因为采用先进先出法时存货的增加量大于因缴纳税款而减少的现金量。由于采用先进先出法时的销售成本低于采用后进先出法(LIFO)时的销售成本,因此毛利率会更高。

  82. A is correct. The cash ratio (cash and cash equivalents ÷ current liabilities) would be lower because cash would have been less under FIFO. Karp’s income before taxes would have been higher under FIFO, and consequently taxes paid by Karp would have also been higher and cash would have been lower. There is no impact on current liabilities. Both Karp’s current ratio and gross profit margin would have been higher if FIFO had been used. The current ratio would have been higher because inventory under FIFO increases by a larger amount than the cash decreases for taxes paid. Because the cost of goods sold under FIFO is lower than under LIFO, the gross profit margin would have been higher.

  83. B选项正确。如果卡普公司采用先进先出法(FIFO)而非后进先出法(LIFO),其负债权益比率将会下降。债务不会发生变化,但由于留存收益增加,股东权益将会增加。

  84. B is correct. If Karp had used FIFO instead of LIFO, the debt-to-equity ratio would have decreased. No change in debt would have occurred, but shareholders’ equity would have increased as a result of higher retained earnings.

  85. B选项正确。Crux的调整后存货周转率必须使用先进先出法(FIFO)下的销售成本(COGS)计算,并且不包括估值准备增加的费用。

    调整后销售成本 = 销售成本(后进先出法)– 计入销售成本的存货减值费用 – 后进先出储备金变动

     = 31.2亿美元 – 1300万美元 – (5500万美元 – 7200万美元)

     = 31.24亿美元

    :后进先出法(LIFO)储备变动额减去后进先出法储备减少额等于后进先出法储备减少额加上后进先出法储备减少额。调整后的存货周转率采用先进先出法(FIFO)下的平均存货计算。

    期末存货(先进先出法)= 期末存货(后进先出法)+ 后进先出储备

    2018 年末存货(先进先出法)= 480 美元 + 55 美元 = 535 美元

    2017 年末存货(先进先出法)= 465 美元 + 72 = 537 美元

    平均库存 = (535 美元 + 537 美元)/2 = 536 美元

    因此,调整后的存货周转率等于:

    存货周转率 = 销售成本/平均存货 = 3,124 美元/536 美元 = 5.83

  86. B is correct. Crux’s adjusted inventory turnover ratio must be computed using cost of goods sold (COGS) under FIFO and excluding charges for increases in valuation allowances.

    COGS (adjusted) = COGS (LIFO method) – Charges included in cost of goods sold for inventory write-downs – Change in LIFO reserve

     = $3,120 million – 13 million – (55 million – 72 million)

     = $3,124 million

    Note: Minus the change in LIFO reserve is equivalent to plus the decrease in LIFO reserve. The adjusted inventory turnover ratio is computed using average inventory under FIFO.

    Ending inventory (FIFO) = Ending inventory (LIFO) + LIFO reserve

    Ending inventory 2018 (FIFO) = $480 + 55 = $535

    Ending inventory 2017 (FIFO) = $465 + 72 = $537

    Average inventory = ($535 + 537)/2 = $536

    Therefore, adjusted inventory turnover ratio equals:

    Inventory turnover ratio = COGS/Average inventory = $3,124/$536 = 5.83

  87. B选项正确。Rolby公司调整后的净利润率必须使用先进先出法(FIFO)下的净利润(NI)计算,并且不计入估值准备金增加的费用。

    调整后净利润 = 先进先出法净利润 + 计入销售成本的存货减值费用(税后)

     = 3.27亿美元 + 1500万美元 × (1 – 30%)

     = 3.375亿美元

    因此,调整后的净利润率等于:

    净利润率 = NI/收入 = $337.5/$5,442 = 6.20%

  88. B is correct. Rolby’s adjusted net profit margin must be computed using net income (NI) under FIFO and excluding charges for increases in valuation allowances.

    NI (adjusted) = NI (FIFO method) + Charges, included in cost of goods sold for inventory write-downs, after tax

     = $327 million + 15 million × (1 – 30%)

     = $337.5 million

    Therefore, adjusted net profit margin equals:

    Net profit margin = NI/Revenues = $337.5/$5,442 = 6.20%

  89. A选项正确。Mikko公司调整后的负债权益比率较低,是因为其负债(分子)保持不变,而调整后的股东权益(分母)有所增加。调整后的股东权益是指采用先进先出法(FIFO)计算的股东权益,但不包括估值准备金增加的费用。因此,调整后的股东权益高于报告的(未经调整的)股东权益。

  90. A is correct. Mikko’s adjusted debt-to-equity ratio is lower because the debt (numerator) is unchanged and the adjusted shareholders’ equity (denominator) is higher. The adjusted shareholders’ equity corresponds to shareholders’ equity under FIFO, excluding charges for increases in valuation allowances. Therefore, adjusted shareholders’ equity is higher than reported (unadjusted) shareholders’ equity.

  91. C选项正确。Mikko和Crux的毛利率比Rolby更能反映当前行业的毛利率水平,因为两家公司都采用后进先出法(LIFO)。LIFO将最近购入的单位成本计入销售成本,因此更能反映重置成本。然而,Mikko的毛利率最能反映当前行业的毛利率水平,因为Crux的LIFO储备正在减少。这可能反映出Crux正在进行LIFO清算,从而扭曲毛利率。

  92. C is correct. Mikko’s and Crux’s gross margin ratios would better reflect the current gross margin of the industry than Rolby because both use LIFO. LIFO recognizes as cost of goods sold the cost of the most recently purchased units, therefore, it better reflects replacement cost. However, Mikko’s gross margin ratio best reflects the current gross margin of the industry because Crux’s LIFO reserve is decreasing. This could reflect a LIFO liquidation by Crux which would distort gross profit margin.

  93. B选项正确。在通货膨胀的情况下,先进先出法(FIFO)的毛利率高于后进先出法(LIFO),因为先进先出法将最早可供销售的商品的成本计入销售成本。在通货膨胀环境下,这些商品的成本最低。

  94. B is correct. The FIFO method shows a higher gross profit margin than the LIFO method in an inflationary scenario, because FIFO allocates to cost of goods sold the cost of the oldest units available for sale. In an inflationary environment, these units are the ones with the lowest cost.

  95. A选项正确。存货减值会增加销售成本,降低利润,并减少存货和资产的账面价值。这会对盈利能力和偿付能力比率产生负面影响。然而,由于资产基础(无论是总资产还是存货,即分母)减少,周转率似乎会受到减值的影响。总资产周转率中的分子(销售额)保持不变,而存货周转率中的分子(销售成本)则会增加。因此,由于减值,周转率会更高,看起来更有利。

  96. A is correct. An inventory write-down increases cost of sales and reduces profit and reduces the carrying value of inventory and assets. This has a negative effect on profitability and solvency ratios. However, activity ratios appear positively affected by a write-down because the asset base, whether total assets or inventory (denominator), is reduced. The numerator, sales, in total asset turnover is unchanged, and the numerator, cost of sales, in inventory turnover is increased. Thus, turnover ratios are higher and appear more favorable as the result of the write-down.

  97. B选项正确。成品价格最不能准确反映当前价格,因为部分成品采用“后进先出”(LIFO)法计价。最新上市产品的成本计入销售成本,而成本较低的旧产品则留在库存中。ZP公司采用加权平均成本法对原材料和在产品进行估值。虽然这种方法不能完全反映当前价格,但库存价值中已包含一定的通货膨胀因素。

  98. B is correct. Finished goods least accurately reflect current prices because some of the finished goods are valued under the “last-in, first-out” (“LIFO”) basis. The costs of the newest units available for sale are allocated to cost of goods sold, leaving the oldest units (at lower costs) in inventory. ZP values raw materials and work in process using the weighted average cost method. While not fully reflecting current prices, some inflationary effect will be included in the inventory values.

  99. C选项正确。先进先出法(FIFO)存货 = 报告存货 + 后进先出法(LIFO)储备 = 608,572元 + 10,120元 = 618,692元。后进先出法储备在合并财务报表附注2中披露。

  100. C is correct. FIFO inventory = Reported inventory + LIFO reserve = ¥608,572 + 10,120 = ¥618,692. The LIFO reserve is disclosed in Note 2 of the notes to consolidated financial statements.

  101. A选项正确。存货周转率会降低。采用先进先出法(FIFO)时,平均存货会更高,而由于后进先出法(LIFO)储备的增加,销售成本会降低。国际财务报告准则(IFRS)不允许采用后进先出法。

    存货周转率 = 销售成本 ÷ 平均存货

    2018 年存货周转率(如报告所示)= 10.63 = ¥5,822,805/[(608,572 + 486,465)/2]。

    2018 年存货周转率(必要时按先进先出法调整)= 10.34 = [¥5,822,805 – (19,660 – 10,120)]/[(608,572 + 10,120 + 486,465 + 19,660)/2]。

  102. A is correct. The inventory turnover ratio would be lower. The average inventory would be higher under FIFO and cost of products sold would be lower by the increase in LIFO reserve. LIFO is not permitted under IFRS.

    Inventory turnover ratio = Cost of products sold ÷ Average inventory

    2018 inventory turnover ratio as reported = 10.63 = ¥5,822,805/[(608,572 + 486,465)/2].

    2018 inventory turnover ratio adjusted to FIFO as necessary = 10.34 = [¥5,822,805 – (19,660 – 10,120)]/[(608,572 + 10,120 + 486,465 + 19,660)/2].

  103. A选项正确。2018年未发生后进先出法(LIFO)清算;LIFO储备从2008年的101.2亿日元增加到2018年的196.6亿日元。管理层在管理层讨论与分析(MD&A)中指出,存货减少反映了销售量下降和外币汇率波动的影响。

  104. A is correct. No LIFO liquidation occurred during 2018; the LIFO reserve increased from ¥10,120 million in 2008 to ¥19,660 million in 2018. Management stated in the MD&A that the decrease in inventories reflected the impacts of decreased sales volumes and fluctuations in foreign currency translation rates.

  105. C选项正确。2018年成品和原材料库存均低于2017年。库存水平下降通常表明预期业务萎缩。

  106. C is correct. Finished goods and raw materials inventories are lower in 2018 when compared to 2017. Reduced levels of inventory typically indicate an anticipated business contraction.

  107. B选项正确。2018年后进先出法(LIFO)库存的减少通常表明售出的库存单位多于生产或采购的库存单位。因此,人们会预期部分较早的LIFO层级会进行清算,LIFO储备也会减少。但实际上,LIFO储备从2017年的101.2亿日元增加到2019年的196.6亿日元。这并非预期,很可能是由于管理层讨论与分析(MD&A)中提到的原材料、其他生产材料以及部分外币价格上涨所致。分析师应核实这一解释。

  108. B is correct. The decrease in LIFO inventory in 2018 would typically indicate that more inventory units were sold than produced or purchased. Accordingly, one would expect a liquidation of some of the older LIFO layers and the LIFO reserve to decrease. In actuality, the LIFO reserve increased from ¥10,120 million in 2017 to ¥19,660 million in 2009. This is not to be expected and is likely caused by the increase in prices of raw materials, other production materials, and parts of foreign currencies as noted in the MD&A. An analyst should seek to confirm this explanation.

  109. B选项正确。如果价格持续下降,采用先进先出法(FIFO)计价的存货减值不太可能产生显著影响,因为存货价值更接近新的较低价格。通常情况下,采用后进先出法(LIFO)计价的存货比采用加权平均成本法或先进先出法计价的存货更不容易发生减值。在后进先出法下,资产负债表上的存货账面价值反映的是最早的成本。鉴于存货成本不断上涨,后进先出法下的存货账面价值已经保守地按照最早的最低成本列示。因此,采用后进先出法发生存货减值的可能性要小得多;即使发生减值,减值幅度也可能较小。

  110. B is correct. If prices have been decreasing, write-downs under FIFO are least likely to have a significant effect because the inventory is valued at closer to the new, lower prices. Typically, inventories valued using LIFO are less likely to incur inventory write-downs than inventories valued using weighted average cost or FIFO. Under LIFO, the oldest costs are reflected in the inventory carrying value on the balance sheet. Given increasing inventory costs, the inventory carrying values under the LIFO method are already conservatively presented at the oldest and lowest costs. Thus, it is far less likely that inventory write-downs will occur under LIFO; and if a write-down does occur, it is likely to be of a lesser magnitude.

笔记

Notes

阅读26 长期资产

Reading 26 Long-Lived Assets

作者:伊莱恩·亨利(Elaine Henry,博士,特许金融分析师)和伊丽莎白·A·戈登(Elizabeth A. Gordon,博士,工商管理硕士,注册会计师)

Elaine Henry,博士,特许金融分析师 (CFA),任职于美国史蒂文斯理工学院。Elizabeth A. Gordon,博士,工商管理硕士 (MBA),注册会计师 (CPA),任职于美国天普大学。

Elaine Henry, PhD, CFA, is at Stevens Institute of Technology (USA). Elizabeth A. Gordon, PhD, MBA, CPA, is at Temple University (USA).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 区分资本化成本和在发生期间计入费用的成本;

  2. distinguish between costs that are capitalised and costs that are expensed in the period in which they are incurred;

  3. 比较下列几种无形资产的财务报告:购买的、内部开发的、通过企业合并获得的;

  4. compare the financial reporting of the following types of intangible assets: purchased, internally developed, acquired in a business combination;

  5. 解释并评估在发生期间将成本资本化与费用化对财务报表和比率的影响;

  6. explain and evaluate how capitalising versus expensing costs in the period in which they are incurred affects financial statements and ratios;

  7. 描述固定资产折旧方法,并计算折旧费用;

  8. describe the different depreciation methods for property, plant, and equipment and calculate depreciation expense;

  9. 描述折旧方法的选择以及关于使用寿命和残值的假设如何影响折旧费用、财务报表和比率;

  10. describe how the choice of depreciation method and assumptions concerning useful life and residual value affect depreciation expense, financial statements, and ratios;

  11. 描述使用寿命有限的无形资产的不同摊销方法,并计算摊销费用;

  12. describe the different amortisation methods for intangible assets with finite lives and calculate amortisation expense;

  13. 描述摊销方法的选择以及关于使用寿命和残值的假设如何影响摊销费用、财务报表和比率;

  14. describe how the choice of amortisation method and assumptions concerning useful life and residual value affect amortisation expense, financial statements, and ratios;

  15. 描述重估模型;

  16. describe the revaluation model;

  17. 解释固定资产、厂房及设备和无形资产的减值;

  18. explain the impairment of property, plant, and equipment and intangible assets;

  19. 解释终止确认固定资产、厂房及设备以及无形资产的原因;

  20. explain the derecognition of property, plant, and equipment and intangible assets;

  21. 解释和评估固定资产、厂房和设备以及无形资产的减值、重估和终止确认如何影响财务报表和比率;

  22. explain and evaluate how impairment, revaluation, and derecognition of property, plant, and equipment and intangible assets affect financial statements and ratios;

  23. 描述有关固定资产、厂房和设备以及无形资产的财务报表列报和披露;

  24. describe the financial statement presentation of and disclosures relating to property, plant, and equipment and intangible assets;

  25. 分析和解读有关固定资产、厂房和设备以及无形资产的财务报表披露信息;

  26. analyze and interpret financial statement disclosures regarding property, plant, and equipment and intangible assets;

  27. 比较投资性房地产与固定资产的财务报告。

  28. compare the financial reporting of investment property with that of property, plant, and equipment.

1.引言

1. Introduction

长期资产,也称为非流动资产或长期资产,是指预期在未来一段时间内(通常超过一年)提供经济效益的资产。¹长期资产可以是实物资产、无形资产或金融资产。长期有形资产的例子通常被称为固定资产,包括土地、建筑物、家具和固定装置、机器设备和车辆;长期无形资产缺乏实物形态的资产)的例子包括专利和商标;长期金融资产的例子包括对其他实体发行的股权或债券的投资。本文的范围仅限于长期有形资产和长期无形资产(为简便起见,以下统称为长期资产)。

Long-lived assets, also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other entities. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets).

长期资产会计处理的首要问题是确定其购置成本。第二个问题是如何将成本分摊到各个时期的费用中。大多数长期资产的成本会被资本化,然后在预期产生经济效益的期间内,在损益表中作为费用分摊。通常进行分摊的两类主要长期资产是土地(不计提折旧)和使用寿命不确定的无形资产。其他问题还包括:如何处理与该资产相关的后续成本;成本模式与重估模式的选择;资产价值的意外下降;根据资产用途(例如,自用或出售)对其进行分类;以及终止确认该资产。

The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset.

本文结构如下:第二部分描述并举例说明长期资产购置的会计处理,重点关注资本化支出与费用化支出的影响。第三部分描述长期资产成本在其使用寿命内的分摊。第四部分讨论基于资产公允价值变动的重估模型。第五部分涵盖减值(资产价值的意外下降)的概念。第六部分描述长期资产终止确认的会计处理。第七部分描述长期资产的财务报表列报、披露和分析。第八部分讨论投资性房地产与固定资产在财务报告方面的差异。最后是总结和练习题。

This reading is organised as follows. Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of capitalizing versus expensing expenditures. Section 3 describes the allocation of the costs of long-lived assets over their useful lives. Section 4 discusses the revaluation model that is based on changes in the fair value of an asset. Section 5 covers the concepts of impairment (unexpected decline in the value of an asset). Section 6 describes accounting for the derecognition of long-lived assets. Section 7 describes financial statement presentation, disclosures, and analysis of long-lived assets. Section 8 discusses differences in financial reporting of investment property compared with property, plant, and equipment. A summary is followed by practice problems.

2.长期资产的收购

2. Acquisition of Long-Lived Assets

购置时,固定资产(经济寿命超过一年且拟供公司自用的有形资产)按成本计入资产负债表,成本通常与其公允价值相同。2无形资产的会计处理取决于其购置方式。如果以组合形式购置多项资产,则按每项资产公允价值分配购买价格。资产成本可能包含除购买价格之外的其他支出。

Upon acquisition, property, plant, and equipment (tangible assets with an economic life of longer than one year and intended to be held for the company’s own use) are recorded on the balance sheet at cost, which is typically the same as their fair value.2 Accounting for an intangible asset depends on how the asset is acquired. If several assets are acquired as part of a group, the purchase price is allocated to each asset on the basis of its fair value. An asset’s cost potentially includes expenditures additional to the purchase price.

在对与长期资产相关的支出进行会计处理时,一个关键概念是:何时以及是否将这些支出资本化(即计入资产负债表上的资产)或费用化(即作为当期费用计入利润表)。在考察某些支出的具体处理方法后,我们将探讨资本化与费用化对财务报表的总体影响,以及与此决策相关的两个分析问题——即对单个公司趋势分析和公司间可比性的影响。

A key concept in accounting for expenditures related to long-lived assets is whether and when such expenditures are capitalised (i.e., included in the asset shown on the balance sheet) versus expensed (i.e., treated as an expense of the period on the income statement). After examining the specific treatment of certain expenditures, we will consider the general financial statement impact of capitalising versus expensing and two analytical issues related to the decision—namely, the effects on an individual company’s trend analysis and on comparability across companies.

2.1固定资产、厂房和设备

2.1. Property, Plant, and Equipment

本节主要讨论通过购买方式取得长期有形资产(固定资产、厂房和设备)的会计处理。资产的取得方式不仅限于购买。一项资产交换另一项资产时,如果存在可靠的公允价值计量方法,则所取得的资产应按公允价值入账。公允价值是指放弃资产的公允价值,除非所取得资产的公允价值更为明确。如果不存在可靠的公允价值计量方法,则所取得的资产应按放弃资产的账面价值计量。在这种情况下,资产的账面价值不变,不确认损益。

This section primarily discusses the accounting treatment for the acquisition of long-lived tangible assets (property, plant, and equipment) through purchase. Assets can be acquired by methods other than purchase.3 When an asset is exchanged for another asset, the asset acquired is recorded at fair value if reliable measures of fair value exist. Fair value is the fair value of the asset given up unless the fair value of the asset acquired is more clearly evident. If there is no reliable measure of fair value, the acquired asset is measured at the carrying amount of the asset given up. In this case, the carrying amount of the assets is unchanged, and no gain or loss is reported.

通常,资产置换的会计处理包括:从新置换资产的账面价值中减去原资产的账面价值,加上新置换资产的公允价值,并将账面价值与公允价值之间的差额作为损益确认。当新置换资产的公允价值超过原资产的账面价值时,确认收益;当新置换资产的公允价值低于原资产的账面价值时,确认损失。

Typically, accounting for the exchange involves removing the carrying amount of the asset given up, adding a fair value for the asset acquired, and reporting any difference between the carrying amount and the fair value as a gain or loss. A gain would be reported when the fair value used for the newly acquired asset exceeds the carrying amount of the asset given up. A loss would be reported when the fair value used for the newly acquired asset is less than the carrying amount of the asset given up.

购买固定资产(如厂房、设备或装置)时,买方按成本入账。除购买价格外,买方还将使资产达到预期用途所需的所有支出计入资产成本。例如,买方为将资产运送至其营业场所而承担的运费,以及使资产投入使用所需的特殊安装和测试费用,均计入资产总成本。

When property, plant, or equipment is purchased, the buyer records the asset at cost. In addition to the purchase price, the buyer also includes, as part of the cost of an asset, all the expenditures necessary to get the asset ready for its intended use. For example, freight costs borne by the purchaser to get the asset to the purchaser’s place of business and special installation and testing costs required to make the asset usable are included in the total cost of the asset.

与长期资产相关的后续支出,如果预期在未来一年以上仍能带来收益,则计入资产负债表上该资产的账面价值(即资本化);如果预期在未来期间不会带来收益,则计入费用。延长资产原始使用寿命的支出通常资本化。示例1说明了资本化成本和当期费用化成本之间的区别。

Subsequent expenditures related to long-lived assets are included as part of the recorded value of the assets on the balance sheet (i.e., capitalised) if they are expected to provide benefits beyond one year in the future and are expensed if they are not expected to provide benefits in future periods. Expenditures that extend the original life of the asset are typically capitalised. Example 1 illustrates the difference between costs that are capitalised and costs that are expensed in a period.

例 1

个人防护装备的采购

Acquisition of PPE

假设一家名为 Trofferini SA 的公司(虚构)购买了一台毛巾和纸巾卷筒机,支出如下:含税购买价格 10,900 欧元,机器运费 200 欧元,安装和测试费用 300 欧元,以及员工维护培训费用 100 欧元。此外,该公司还支付了 350 欧元给施工队,用于加固工厂的地板和天花板横梁,以承受机器的重量。该公司还支付了 1,500 欧元用于维修工厂屋顶(预计维修后工厂的使用寿命将延长五年),并支付了 1,000 欧元用于工厂和相邻办公室的外墙重新粉刷,以进行维护。重新粉刷既没有延长工厂和办公室的使用寿命,也没有提高其使用性能。

Assume a (hypothetical) company, Trofferini S.A., incurred the following expenditures to purchase a towel and tissue roll machine: €10,900 purchase price including taxes, €200 for delivery of the machine, €300 for installation and testing of the machine, and €100 to train staff on maintaining the machine. In addition, the company paid a construction team €350 to reinforce the factory floor and ceiling joists to accommodate the machine’s weight. The company also paid €1,500 to repair the factory roof (a repair expected to extend the useful life of the factory by five years) and €1,000 to have the exterior of the factory and adjoining offices repainted for maintenance reasons. The repainting neither extends the life of factory and offices nor improves their usability.

  1. 这些支出中哪些需要资本化,哪些需要计入费用?

  2. Which of these expenditures will be capitalised and which will be expensed?

  3. 这些支出的处理方式将如何影响公司的财务报表?

  4. How will the treatment of these expenditures affect the company’s financial statements?

问题1的解答:

Solution to 1:

公司将把所有使新机器达到预期使用状态所需的费用资本化,计入机器成本:购置价格 10,900 欧元,运费 200 欧元,安装和测试费用 300 欧元,以及加固工厂地板和天花板横梁以承受机器重量的 350 欧元(这是使用该机器的必要条件,不会增加工厂价值)。用于员工培训的 100 欧元并非使该资产达到预期使用状态所必需,将作为费用计入。

The company will capitalise as part of the cost of the machine all costs that are necessary to get the new machine ready for its intended use: €10,900 purchase price, €200 for delivery, €300 for installation and testing, and €350 to reinforce the factory floor and ceiling joists to accommodate the machine’s weight (which was necessary to use the machine and does not increase the value of the factory). The €100 to train staff is not necessary to get the asset ready for its intended use and will be expensed.

公司将把用于维修工厂屋顶的1500欧元支出资本化,因为预计此次维修将延长工厂的使用寿命。公司将把用于重新粉刷工厂外墙和相邻办公室的1000欧元支出计入费用,因为粉刷不会延长建筑物的使用寿命或改变其生产能力。

The company will capitalise the expenditure of €1,500 to repair the factory roof because the repair is expected to extend the useful life of the factory. The company will expense the €1,000 to have the exterior of the factory and adjoining offices repainted because the painting does not extend the life or alter the productive capacity of the buildings.

答案二:

Solution to 2:

与机器相关的资本化成本包括:购置价格 10,900 欧元、运费 200 欧元、安装和测试费用 300 欧元以及工厂准备费用 350 欧元。这些成本将增加资产负债表上机器资产的账面价值,并计入投资性现金流出。与工厂相关的资本化项目——屋顶维修费用 1,500 欧元——将增加资产负债表上工厂资产的账面价值,并计入投资性现金流出。员工培训费用 100 欧元和油漆费用 1,000 欧元已计入当期费用,将减少公司利润表中的收入(从而减少资产负债表上的留存收益)以及经营活动现金流量。

The costs related to the machine that are capitalised—€10,900 purchase price, €200 for delivery, €300 for installation and testing, and €350 to prepare the factory—will increase the carrying amount of the machine asset as shown on the balance sheet and will be included as investing cash outflows. The item related to the factory that is capitalised—the €1,500 roof repair—will increase the carrying amount of the factory asset as shown on the balance sheet and is an investing cash outflow. The expenditures of €100 to train staff and €1,000 to paint are expensed in the period and will reduce the amount of income reported on the company’s income statement (and thus reduce retained earnings on the balance sheet) and the operating cash flow.

例1描述了在购置固定资产(包括厂房和设备)时,资本化与费用化的区别。当公司建造资产(或购置需要较长时间才能投入使用的资产)时,与建造直接相关的借款成本通常应资本化。建造建筑物,无论是用于出售(此时建筑物归类为存货)还是供公司自用(此时建筑物归类为长期资产),通常都需要相当长的时间。为了筹集建造资金,在资产投入使用前发生的任何借款成本都应资本化,并计入资产成本。公司根据其现有借款或(如适用)专门用于建造该资产的借款来确定适用的利率。如果公司专门为建造建筑物而贷款,则建造期间该贷款的利息成本应资本化,并计入建筑物成本。根据国际财务报告准则(IFRS),但根据美国通用会计准则(US GAAP),暂时投资借入资金所获得的收入会减少符合资本化条件的借款成本金额。

Example 1 describes capitalising versus expensing in the context of purchasing property, plant, and equipment. When a company constructs an asset (or acquires an asset that requires a long period of time to get ready for its intended use), borrowing costs incurred directly related to the construction are generally capitalised. Constructing a building, whether for sale (in which case, the building is classified as inventory) or for the company’s own use (in which case, the building is classified as a long-lived asset), typically requires a substantial amount of time. To finance construction, any borrowing costs incurred prior to the asset being ready for its intended use are capitalised as part of the cost of the asset. The company determines the interest rate to use on the basis of its existing borrowings or, if applicable, on a borrowing specifically incurred for constructing the asset. If a company takes out a loan specifically to construct a building, the interest cost on that loan during the time of construction would be capitalised as part of the building’s cost. Under IFRS, but not under US GAAP, income earned on temporarily investing the borrowed monies decreases the amount of borrowing costs eligible for capitalisation.

因此,公司某一期间的利息成本要么计入资产负债表(如果已资本化为资产的一部分),要么计入利润表(如果已费用化)。如果利息支出与公司自用资产的建设相关,则资本化的利息作为相关长期资产(即固定资产)的一部分列于资产负债表。随着固定资产的折旧,资本化的利息会分期计入后续年度的折旧费用,而非当期利息费用。如果利息支出与用于出售的资产的建设相关(例如,房屋建筑商),则资本化的利息作为存货的一部分列于公司资产负债表。资产出售时,资本化的利息作为销售成本的一部分计入费用。在工程竣工前支付的已资本化的利息支出,应归类为投资性现金流出。根据国际财务报告准则 (IFRS),已支出利息可归类为经营性或筹资性现金流出;根据美国通用会计准则 (US GAAP),已支出利息归类为经营性现金流出。

Thus, a company’s interest costs for a period are included either on the balance sheet (to the extent they are capitalised as part of an asset) or on the income statement (to the extent they are expensed). If the interest expenditure is incurred in connection with constructing an asset for the company’s own use, the capitalised interest appears on the balance sheet as a part of the relevant long-lived asset (i.e., property, plant, and equipment). The capitalised interest is expensed over time as the property is depreciated and is thus part of subsequent years’ depreciation expense rather than interest expense of the current period. If the interest expenditure is incurred in connection with constructing an asset to sell (for example, by a home builder), the capitalised interest appears on the company’s balance sheet as part of inventory. The capitalised interest is expensed as part of the cost of goods sold when the asset is sold. Interest payments made prior to completion of construction that are capitalised are classified as an investing cash outflow. Expensed interest may be classified as an operating or financing cash outflow under IFRS and is classified as an operating cash outflow under US GAAP.

例 2

资本化借贷成本

Capitalised Borrowing Costs

假设一家名为 BILDA SA 的公司于 2010 年 1 月 1 日以年利率 10% 借入 100 万欧元,用于建造一座使用寿命为 40 年的工厂。工厂在两年后竣工,在此期间,该公司通过暂时投资贷款所得款项赚取了 2 万欧元。

BILDA S.A., a hypothetical company, borrows €1,000,000 at an interest rate of 10 percent per year on 1 January 2010 to finance the construction of a factory that will have a useful life of 40 years. Construction is completed after two years, during which time the company earns €20,000 by temporarily investing the loan proceeds.

  1. 根据国际财务报告准则(IFRS),需要资本化的利息金额是多少?该金额与根据美国通用会计准则(US GAAP)需要资本化的金额有何不同?

  2. What is the amount of interest that will be capitalised under IFRS, and how would that amount differ from the amount that would be capitalised under US GAAP?

  3. 资本化借款成本将在公司财务报表的哪个部分列示?

  4. Where will the capitalised borrowing cost appear on the company’s financial statements?

问题1的解答:

Solution to 1:

施工期间支付的贷款利息总额为 20 万欧元(= 100 万欧元 × 10% × 2 年)。根据国际财务报告准则 (IFRS),符合资本化的借款成本金额需扣除将贷款资金临时投资所产生的 2 万欧元利息收入,因此应资本化的金额为 18 万欧元。根据美国通用会计准则 (US GAAP),应资本化的金额为 20 万欧元。

The total amount of interest paid on the loan during construction is €200,000 (= €1,000,000 × 10% × 2 years). Under IFRS, the amount of borrowing cost eligible for capitalisation is reduced by the €20,000 interest income from temporarily investing the loan proceeds, so the amount to be capitalised is €180,000. Under US GAAP, the amount to be capitalised is €200,000.

答案二:

Solution to 2:

资本化的借款成本将作为固定资产的一部分列入公司资产负债表。在工程竣工前的几年里,支付的利息将作为投资活动列入现金流量表。随着时间的推移,随着固定资产的折旧,资本化的利息部分将计入公司后续年度的利润表中的折旧费用。

The capitalised borrowing costs will appear on the company’s balance sheet as a component of property, plant, and equipment. In the years prior to completion of construction, the interest paid will appear on the statement of cash flows as an investment activity. Over time, as the property is depreciated, the capitalised interest component is part of subsequent years’ depreciation expense on the company’s income statement.

2.2无形资产

2.2. Intangible Assets

无形资产是指缺乏实物形态的资产。无形资产包括涉及专有权利的项目,例如专利、版权、商标和特许经营权。根据国际财务报告准则(IFRS),可辨认的无形资产必须满足三个定义标准:(1) 可辨认(能够与企业分离或源于合同或法律权利);(2) 由企业控制;(3) 预期能够产生未来经济利益。此外,还必须满足两个确认标准:(1) 该资产预期产生的未来经济利益很可能流入企业;(2) 该资产的成本能够可靠计量。商誉不属于可辨认的无形资产,当一家公司收购另一家公司,且收购价格超过所收购的净可辨认资产(包括有形资产和可辨认的无形资产,减去负债)的公允价值时,就会产生商誉。

Intangible assets are assets lacking physical substance. Intangible assets include items that involve exclusive rights, such as patents, copyrights, trademarks, and franchises. Under IFRS, identifiable intangible assets must meet three definitional criteria. They must be (1) identifiable (either capable of being separated from the entity or arising from contractual or legal rights), (2) under the control of the company, and (3) expected to generate future economic benefits. In addition, two recognition criteria must be met: (1) It is probable that the expected future economic benefits of the asset will flow to the company, and (2) the cost of the asset can be reliably measured. Goodwill, which is not considered an identifiable intangible asset,4 arises when one company purchases another and the acquisition price exceeds the fair value of the net identifiable assets (both the tangible assets and the identifiable intangible assets, minus liabilities) acquired.

无形资产的会计处理取决于其取得方式。以下章节将介绍三种取得方式的无形资产的会计处理方法:非企业合并情况下购买的无形资产、内部开发的无形资产以及通过企业合并获得的无形资产。

Accounting for an intangible asset depends on how it is acquired. The following sections describe accounting for intangible assets obtained in three ways: purchased in situations other than business combinations, developed internally, and acquired in business combinations.

2.2.1 . 非企业合并情况下购买的无形资产

2.2.1. Intangible Assets Purchased in Situations Other Than Business Combinations

在企业合并以外的其他情况下购入的无形资产(例如购买专利)在收购时与长期有形资产的处理方式相同;它们按收购时的公允价值入账,该公允价值假定等于收购价格。如果作为一组资产购入多个无形资产,则根据每项资产的公允价值将收购价格分配到每项资产。

Intangible assets purchased in situations other than business combinations, such as buying a patent, are treated at acquisition the same as long-lived tangible assets; they are recorded at their fair value when acquired, which is assumed to be equivalent to the purchase price. If several intangible assets are acquired as part of a group, the purchase price is allocated to each asset on the basis of its fair value.

在决定如何处理用于分析的各项无形资产时,分析师尤其意识到,公司必须运用大量的判断和诸多假设来确定各项无形资产的公允价值。因此,对于分析而言,了解公司收购的无形资产类型通常比关注各项资产的具体价值更有帮助。换言之,分析师通常更关注公司收购了哪些资产(例如,特许经营权),而不是公司将购买价格分配给每项资产的具体比例。了解公司收购的资产类型有助于洞察公司的战略方向和未来经营潜力。

In deciding how to treat individual intangible assets for analytical purposes, analysts are particularly aware that companies must use a substantial amount of judgment and numerous assumptions to determine the fair value of individual intangible assets. For analysis, therefore, understanding the types of intangible assets acquired can often be more useful than focusing on the values assigned to the individual assets. In other words, an analyst would typically be more interested in understanding what assets a company acquired (for example, franchise rights) than in the precise portion of the purchase price a company allocated to each asset. Understanding the types of assets a company acquires can offer insights into the company’s strategic direction and future operating potential.

2.2.2 . 内部开发的无形资产

2.2.2. Intangible Assets Developed Internally

与有形资产建设成本的处理方式不同,内部开发无形资产的成本通常在发生时计入当期损益。然而,在某些情况下,内部开发无形资产的成本会被资本化。资本化与费用化决策相关的通用分析问题同样适用于此——即公司间的可比性以及对单个公司趋势分析的影响。

In contrast with the treatment of construction costs of tangible assets, the costs to internally develop intangible assets are generally expensed when incurred. There are some situations, however, in which the costs incurred to internally develop an intangible asset are capitalised. The general analytical issues related to the capitalising-versus-expensing decision apply here—namely, comparability across companies and the effect on an individual company’s trend analysis.

一般而言,内部开发无形资产的成本应计入费用,这与在企业合并以外的情况下,获取无形资产的成本应资本化的做法有所不同。由于内部开发无形资产的相关成本通常计入费用,因此,通过研发或广告支出内部开发专利、版权或品牌等无形资产的公司,其确认的资产金额将低于通过外部购买获得无形资产的公司。此外,在现金流量表中,内部开发无形资产的成本被归类为经营活动现金流出,而获取无形资产的成本则被归类为投资活动现金流出。因此,不同的战略(开发无形资产与获取无形资产)会影响财务比率。

The general requirement that costs to internally develop intangible assets be expensed should be compared with capitalising the cost of acquiring intangible assets in situations other than business combinations. Because costs associated with internally developing intangible assets are usually expensed, a company that has internally developed such intangible assets as patents, copyrights, or brands through expenditures on R&D or advertising will recognise a lower amount of assets than a company that has obtained intangible assets through external purchase. In addition, on the statement of cash flows, costs of internally developing intangible assets are classified as operating cash outflows whereas costs of acquiring intangible assets are classified as investing cash outflows. Differences in strategy (developing versus acquiring intangible assets) can thus impact financial ratios.

国际财务报告准则(IFRS)要求研发支出(或内部项目研发阶段的支出)应计入费用,而非作为无形资产资本化。 5研发的定义是“为获得新的科学或技术知识和理解而进行的原创性、计划性调查”。 6 “内部项目研发阶段”是指公司无法证明正在创造无形资产的期间——例如,寻找可用于生产过程的替代材料或系统。与研发阶段支出的处理方式不同,如果满足某些标准,包括证明完成该无形资产的技术可行性以及使用或出售该资产的意图,IFRS允许公司确认开发支出(或内部项目开发阶段)产生的无形资产。开发的定义是“在开始商业生产或使用之前,将研究成果或其他知识应用于生产新的或实质性改进的材料、设备、产品、工艺、系统或服务的计划或设计”。 7

IFRS require that expenditures on research (or during the research phase of an internal project) be expensed rather than capitalised as an intangible asset.5 Research is defined as “original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding.”6 The “research phase of an internal project” refers to the period during which a company cannot demonstrate that an intangible asset is being created—for example, the search for alternative materials or systems to use in a production process. In contrast with the treatment of research-phase expenditures, IFRS allow companies to recognise an intangible asset arising from development expenditures (or the development phase of an internal project) if certain criteria are met, including a demonstration of the technical feasibility of completing the intangible asset and the intent to use or sell the asset. Development is defined as “the application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before the start of commercial production or use.”7

通常,美国通用会计准则(US GAAP)要求研发成本在发生时计入当期费用,但要求将与软件开发相关的某些成本资本化。8开发待售软件产品而发生的成本,在产品技术可行性得到证实之前计入当期费用,之后则资本化。同样,公司为内部使用而开发的软件的相关成本,在项目很可能完成且软件能够按预期使用之前,也计入当期费用。之后,开发成本则资本化。项目完成的可能性比技术可行性更容易证明。与开发待售或内部使用的软件直接相关的资本化成本,包括参与软件构建和测试的员工成本。美国通用会计准则下软件开发成本的处理方式,与国际财务报告准则(IFRS)下所有内部开发的无形资产成本的处理方式类似。

Generally, US GAAP require that both research and development costs be expensed as incurred but require capitalisation of certain costs related to software development.8 Costs incurred to develop a software product for sale are expensed until the product’s technological feasibility is established and are capitalised thereafter. Similarly, companies expense costs related to the development of software for internal use until it is probable that the project will be completed and that the software will be used as intended. Thereafter, development costs are capitalised. The probability that the project will be completed is easier to demonstrate than is technological feasibility. The capitalised costs, related directly to developing software for sale or internal use, include the costs of employees who help build and test the software. The treatment of software development costs under US GAAP is similar to the treatment of all costs of internally developed intangible assets under IFRS.

例 3

软件开发成本

Software Development Costs

假设REH AG是一家虚拟公司,在截至2019年12月31日的财政年度内,每月支出1,000欧元用于开发内部使用的软件。根据国际财务报告准则(IFRS),该公司必须将这些支出作为费用处理,直到该软件符合确认为无形资产的标准;之后,这些支出才能资本化为无形资产。

Assume REH AG, a hypothetical company, incurs expenditures of €1,000 per month during the fiscal year ended 31 December 2019 to develop software for internal use. Under IFRS, the company must treat the expenditures as an expense until the software meets the criteria for recognition as an intangible asset, after which time the expenditures can be capitalised as an intangible asset.

  1. 如果公司能够证明该软件在 2 月 1 日符合无形资产确认标准,那么与在 12 月 1 日相比,这对公司的会计处理有何影响?

  2. What is the accounting impact of the company being able to demonstrate that the software met the criteria for recognition as an intangible asset on 1 February versus 1 December?

  3. 如果公司按照美国通用会计准则进行报告,并且在 2018 年确定该项目可能完成,并且用于执行预期功能的软件,那么支出的处理方式会有何不同?

  4. How would the treatment of expenditures differ if the company reported under US GAAP and it had established in 2018 that the project was likely to be completed and the software used to perform the function intended?

问题1的解答:

Solution to 1:

如果公司能够证明该软件在2月1日符合无形资产的确认标准,则公司应将1月份支出的1,000欧元确认为截至2019年12月31日止财政年度损益表中的费用。其余11,000欧元支出应确认为无形资产(在资产负债表中)。或者,如果公司在12月1日之前无法证明该软件符合无形资产的确认标准,则公司应将1月至11月期间支出的11,000欧元确认为截至2019年12月31日止财政年度损益表中的费用,其余1,000欧元支出应确认为无形资产。

If the company is able to demonstrate that the software met the criteria for recognition as an intangible asset on 1 February, the company would recognise the €1,000 expended in January as an expense on the income statement for the fiscal year ended 31 December 2019. The other €11,000 of expenditures would be recognised as an intangible asset (on the balance sheet). Alternatively, if the company is not able to demonstrate that the software met the criteria for recognition as an intangible asset until 1 December, the company would recognise the €11,000 expended in January through November as an expense on the income statement for the fiscal year ended 31 December 2019, with the other €1,000 of expenditures recognised as an intangible asset.

答案二:

Solution to 2:

根据美国通用会计准则,该公司将把用于开发内部使用软件的全部 12,000 欧元资本化。

Under US GAAP, the company would capitalise the entire €12,000 spent to develop software for internal use.

2.2.3 . 企业合并中取得的无形资产

2.2.3. Intangible Assets Acquired in a Business Combination

当一家公司收购另一家公司时,该交易采用收购法进行会计处理。9根据收购法,被认定为收购方公司将收购价格按公允价值分配给每项收购的资产(以及每项承担的负债)。如果收购价格超过可分配给各项可辨认资产和负债的金额之和,则超出部分计入商誉。商誉不能从企业整体中单独识别。

When one company acquires another company, the transaction is accounted for using the acquisition method of accounting.9 Under the acquisition method, the company identified as the acquirer allocates the purchase price to each asset acquired (and each liability assumed) on the basis of its fair value. If the purchase price exceeds the sum of the amounts that can be allocated to individual identifiable assets and liabilities, the excess is recorded as goodwill. Goodwill cannot be identified separately from the business as a whole.

根据国际财务报告准则(IFRS),收购的个别资产包括符合定义和确认标准的可辨认无形资产。 10否则,如果某项资产是在企业合并中收购的,且无法确认为有形资产或可辨认无形资产,则确认为商誉。根据美国通用会计准则(US GAAP),判断在企业合并中收购的无形资产是否应与商誉分开确认,有两个标准:该资产必须是源于合同或法律权利的项目,或是可以从被收购公司分离的项目。与商誉分开处理的无形资产示例包括前述涉及专有权利(专利、版权、特许经营权、许可)的无形资产,以及互联网域名、视频和视听材料等项目。

Under IFRS, the acquired individual assets include identifiable intangible assets that meet the definitional and recognition criteria.10 Otherwise, if the item is acquired in a business combination and cannot be recognised as a tangible or identifiable intangible asset, it is recognised as goodwill. Under US GAAP, there are two criteria to judge whether an intangible asset acquired in a business combination should be recognised separately from goodwill: The asset must be either an item arising from contractual or legal rights or an item that can be separated from the acquired company. Examples of intangible assets treated separately from goodwill include the intangible assets previously mentioned that involve exclusive rights (patents, copyrights, franchises, licenses), as well as such items as internet domain names and video and audiovisual materials.

附录1描述了百威英博在2016年收购SABMiller集团时如何分配1030亿美元的收购对价。合并后的公司更名为百威英博股份有限公司(Anheuser-Busch InBev SA/NV)。无形资产估值的大部分与生命周期不确定的品牌相关(在200亿美元的总额中占199亿美元)。在收购的总资产630亿美元中,待剥离资产估值为248亿美元,待持有资产估值为382亿美元。总计,无形资产占待持有资产总额的52%。此外,该交易还确认了741亿美元的商誉。

Exhibit 1 describes how AB InBev allocated the $103 billion purchase consideration in its 2016 acquisition of SABMiller Group. The combined company was renamed Anheuser-Busch InBev SA/NV. The majority of the intangible asset valuation relates to brands with indefinite life ($19.9 billion of the $20.0 billion total). Of $63.0 billion total assets acquired, assets to be divested were valued at $24.8 billion and assets to be held for were valued at $38.2 billion. In total, intangible assets represent 52 percent of the total assets to be held for use. In addition, $74.1 billion of goodwill was recognized in the transaction.

图表1. 通过企业合并获取无形资产

摘自百威英博2016年年度报告:

Excerpt from the 2016 annual report of AB InBev:

“2016 年 10 月 10 日,百威英博宣布……成功完成与前 SABMiller 集团(“SAB”)的业务合并。

此次交易产生了741亿美元的商誉,暂定主要分配给哥伦比亚、厄瓜多尔、秘鲁、澳大利亚、南非以及其他非洲、亚太和拉丁美洲国家的业务。促成商誉确认的因素包括收购现有员工队伍以及为预期在SABMiller实现的成本协同效应而支付的溢价。管理层对支持确认该商誉的未来经济效益的评估,部分基于预期通过实施百威英博最佳实践(例如零基预算计划以及预期能够提高效率和标准化程度、降低成本并最大化购买力的举措)而实现的成本节约。此外,由于对收购的无形资产进行初步公允价值调整而确认了递延所得税负债,且该等无形资产的摊销不符合税收抵扣条件,因此也产生了商誉。所有已确认的商誉均不可用于税收抵扣。

“无形资产估值的大部分与生命周期无限期的品牌相关,总估值达199亿美元。这些品牌的估值基于一系列因素,包括品牌历史、运营计划以及品牌销售的国家/地区。品牌的公允价值是通过应用多种已知的估值方法估算得出的,例如特许权使用费减免法和超额收益估值法。”

“寿命不确定的无形资产主要包括非洲的 Castle 和 Carling 品牌家族、哥伦比亚的 Aguila 和 Poker 品牌家族、厄瓜多尔的 Cristal 和 Pilsner 品牌家族以及澳大利亚的 Carlton 品牌家族。

“出售资产的确认与以下事项相关:SABMiller 将其在 MillerCoors LLC 合资企业中的权益以及 SABMiller 在美国以外的部分 Miller 品牌组合出售给 Molson Coors Brewing 公司;SABMiller 将其欧洲高端品牌出售给朝日集团控股有限公司;以及 SABMiller 将其在华润雪啤酒有限公司的权益出售给华润啤酒(控股)有限公司……”[摘录]

“On 10 October 2016, AB InBev announced the … successful completion of the business combination with the former SABMiller Group (“SAB”).

“The transaction resulted in 74.1 billion US dollar of goodwill provisionally allocated primarily to the businesses in Colombia, Ecuador, Peru, Australia, South Africa and other African, Asia Pacific and Latin American countries. The factors that contributed to the recognition of goodwill include the acquisition of an assembled workforce and the premiums paid for cost synergies expected to be achieved in SABMiller. Management’s assessment of the future economic benefits supporting recognition of this goodwill is in part based on expected savings through the implementation of AB InBev best practices such as, among others, a zero based budgeting program and initiatives that are expected to bring greater efficiency and standardization, generate cost savings and maximize purchasing power. Goodwill also arises due to the recognition of deferred tax liabilities in relation to the preliminary fair value adjustments on acquired intangible assets for which the amortization does not qualify as a tax deductible expense. None of the goodwill recognized is deductible for tax purposes.

“The majority of the intangible asset valuation relates to brands with indefinite life, valued for a total amount of 19.9 billion US dollar. The valuation of the brands with indefinite life is based on a series of factors, including the brand history, the operating plan and the countries in which the brands are sold. The fair value of brands was estimated by applying a combination of known valuation methodologies, such as the royalty relief and excess earnings valuation approaches.

“The intangibles with an indefinite life mainly include the Castle and Carling brand families in Africa, the Aguila and Poker brand families in Colombia, the Cristal and Pilsner brand families in Ecuador, and the Carlton brand family in Australia.

“Assets held for sale were recognized in relation to the divestiture of SABMiller’s interests in the MillerCoors LLC joint venture and certain of SABMiller’s portfolio of Miller brands outside of the U.S. to Molson Coors Brewing company; the divestiture of SABMiller’s European premium brands to Asahi Group Holdings, Ltd and the divestiture of SABMiller’s interest in China Resources Snow Breweries Ltd. to China Resources Beer (Holdings) Co. Ltd. ….” [Excerpt]

以下是 AB InBev 收购 SABMiller 价格的暂定分配概要:

The following is a summary of the provisional allocation of AB InBev’s purchase price of SABMiller:

资产 百万美元
   固定资产、厂房和设备 9,060
   无形资产 20,040
   对关联公司的投资 4,386
   库存 977
   贸易应收款及其他应收款 1,257
   现金及现金等价物 1,410
   待售资产 24,805
   所有其他资产 1,087
总资产 63,022
总负债 -27,769
   已识别净资产和负债 35,253
   非控股权益 -6,200
   收购所得商誉 74,083
   购买考虑 103,136

表格摘自公司2016年年度报告。部分细节已省略,小计以斜体字显示。

Table is excerpted from the company’s 2016 Annual Report. Portions of detail are omitted, and subtotals are shown in italics.

2.3资本化与费用化:对财务报表和比率的影响

2.3. Capitalising versus Expensing: Impact on Financial Statements and Ratios

本节讨论在发生当期将成本资本化或费用化对财务报表和比率的影响。我们首先概述成本资本化或费用化对财务报表的总体影响,以及与此决策相关的两个分析问题——即对单个公司趋势分析的影响和对公司间可比性的影响。

This section discusses the implications for financial statements and ratios of capitalising versus expensing costs in the period in which they are incurred. We first summarize the general financial statement impact of capitalising versus expensing and two analytical issues related to the decision—namely the effect on an individual company’s trend analysis and on comparability across companies.

在支出发生期间,资本化的支出会增加资产负债表上的资产金额,并在现金流量表中显示为投资性现金流出。初始确认后,公司会将资本化的金额在资产的使用寿命内分摊为折旧或摊销费用(不计折旧的资产,例如土地;不计摊销的资产,例如使用寿命不确定的无形资产除外)。该费用会减少利润表中的净利润,并降低资产负债表上该资产的价值。折旧和摊销属于非现金支出,因此,除了对应纳税所得额和应缴税款的影响外,不会对现金流量表产生影响。在现金流量表中将净利润与经营活动现金流量进行调节的部分,折旧和摊销费用会加回净利润。

In the period of the expenditure, an expenditure that is capitalised increases the amount of assets on the balance sheet and appears as an investing cash outflow on the statement of cash flows. After initial recognition, a company allocates the capitalised amount over the asset’s useful life as depreciation or amortisation expense (except assets that are not depreciated, i.e., land, or amortised, e.g., intangible assets with indefinite lives). This expense reduces net income on the income statement and reduces the value of the asset on the balance sheet. Depreciation and amortisation are non-cash expenses and therefore, apart from their effect on taxable income and taxes payable, have no impact on the cash flow statement. In the section of the statement of cash flows that reconciles net income to operating cash flow, depreciation and amortisation expenses are added back to net income.

或者,费用化支出会在发生当期减少净利润,减少的金额为支出的税后金额。资产负债表上不会记录任何资产,因此后续期间不会发生折旧或摊销。净利润的减少反映在资产负债表上留存收益的减少。费用化支出在发生当期作为经营现金流出出现。对后续期间的财务报表没有影响。

Alternatively, an expenditure that is expensed reduces net income by the after-tax amount of the expenditure in the period it is made. No asset is recorded on the balance sheet and thus no depreciation or amortisation occurs in subsequent periods. The lower amount of net income is reflected in lower retained earnings on the balance sheet. An expenditure that is expensed appears as an operating cash outflow in the period it is made. There is no effect on the financial statements of subsequent periods.

例 4说明了将支出资本化与费用化对财务报表的影响。

Example 4 illustrates the impact on the financial statements of capitalising versus expensing an expenditure.

例 4

资本化与费用化对一般财务报表的影响

General Financial Statement Impact of Capitalising Versus Expensing

假设两家完全相同的(假想)公司,CAP 公司(CAP)和 NOW 公司(NOW),初始资金为 1,000 欧元现金和 1,000 欧元普通股。每年两家公司确认的总收入为 1,500 欧元现金,现金支出(不包括设备购置)为 500 欧元。在运营初期,两家公司均支付 900 欧元购置设备。CAP 公司预计该设备的使用寿命为三年,三年后残值为 0 欧元。NOW 公司预计该设备的使用寿命要短得多,因此立即将该设备费用计入当期损益。两家公司没有其他资产,并且在三年期间没有购置其他资产。假设两家公司不支付股息,现金余额不产生利息,税率为 30%,并且财务和税务会计方法相同。

Assume two identical (hypothetical) companies, CAP Inc. (CAP) and NOW Inc. (NOW), start with €1,000 cash and €1,000 common stock. Each year the companies recognise total revenues of €1,500 cash and make cash expenditures, excluding an equipment purchase, of €500. At the beginning of operations, each company pays €900 to purchase equipment. CAP estimates the equipment will have a useful life of three years and an estimated salvage value of €0 at the end of the three years. NOW estimates a much shorter useful life and expenses the equipment immediately. The companies have no other assets and make no other asset purchases during the three-year period. Assume the companies pay no dividends, earn zero interest on cash balances, have a tax rate of 30 percent, and use the same accounting method for financial and tax purposes.

图表2左侧列出了CAP公司的财务报表;其中,支出被资本化,并采用直线折旧法按每年300欧元计提折旧(成本900欧元减去残值0欧元等于900欧元,除以三年使用寿命等于每年300欧元)。图表右侧列出了NOW公司的财务报表,其中全部900欧元支出在第一年计入费用。所有金额均以欧元为单位。

The left side of Exhibit 2 shows CAP’s financial statements; i.e., with the expenditure capitalised and depreciated at €300 per year based on the straight-line method of depreciation (€900 cost minus €0 salvage value equals €900, divided by a three-year life equals €300 per year). The right side of the exhibit shows NOW’s financial statements, with the entire €900 expenditure treated as an expense in the first year. All amounts are in euro.

图表 2. 资本化与费用化
CAP公司 NOW公司
将900欧元资本化为资产并计提折旧。 立即支出 900 欧元
一年 1 2 3   一年 1 2 3
收入 1,500   1,500   1,500   收入 1,500   1,500   1,500
现金支出 500   500   500   现金支出 1400   500   500
折旧 300 300   300   折旧 0   0   0
税前收入 700   700   700   税前收入 100   1,000   1,000
税率为30% 210   210   210   税率为30% 30   300   300
净利 490   490   490   净利 70   700   700
                         
经营活动现金流 790   790   790   经营活动现金流 70   700   700
用于投资的现金 (900)   0   0   用于投资的现金 0   0   0
现金找零总额 (110)   790   790   现金找零总额 70   700   700
截至 时间 0 第一学年结束 第二学年结束 三年级结束 时间 时间 0 第一学年结束 第二学年结束 三年级结束
现金 1,000 890 1,680 2,470 现金 1,000 1,070 1,770 2,470
PP&E(净值) 600 300 PP&E(净值)
总资产 1,000 1,490 1,980 2,470 总资产 1,000 1,070 1,770 2,470
留存收益 0 490 980 1,470 留存收益 0 70 770 1,470
普通股 1,000 1,000 1,000 1,000 普通股 1,000 1,000 1,000 1,000
股东权益总额 1,000 1,490 1,980 2,470 股东权益总额 1,000 1,070 1,770 2,470
  1. 哪家公司三年来的净利润更高?总现金流更高?经营活动产生的现金流量更高?

  2. Which company reports higher net income over the three years? Total cash flow? Cash from operations?

  3. 根据净资产收益率和净利润率,这两家公司的盈利能力如何比较?

  4. Based on ROE and net profit margin, how does the profitability of the two companies compare?

  5. 为什么 NOW 报告第一年现金变动为 70 欧元,而 CAP 报告现金总变动为 (110 欧元)?

  6. Why does NOW report change in cash of €70 in Year 1, while CAP reports total change in cash of (€110)?

问题1的解答:

Solution to 1:

两家公司三年内的总净利润和现金流均未增加。无论将900欧元资本化还是计入费用,三年净利润总额均为1470欧元。此外,两种情况下现金变动总额也相同(均为1470欧元)。CAP公司经营活动产生的现金流量增加了900欧元,因为在资本化方案下,这900欧元的购买被视为投资现金流。

Neither company reports higher total net income or cash flow over the three years. The sum of net income over the three years is identical (€1,470 total) whether the €900 is capitalised or expensed. Also, the sum of the change in cash (€1,470 total) is identical under either scenario. CAP reports higher cash from operations by an amount of €900 because, under the capitalisation scenario, the €900 purchase is treated as an investing cash flow.

注意:由于公司对财务收入和应税收入采用相同的会计方法,如果不假设现金余额的利息为零,将 900 欧元计入费用将使 NOW 获得更高的收入和现金流,因为第一年缴纳的税款较少(30 欧元对 210 欧元),这将使 NOW 能够从节省的税款中获得利息收入。

Note: Because the companies use the same accounting method for both financial and taxable income, absent the assumption of zero interest on cash balances, expensing the €900 would have resulted in higher income and cash flow for NOW because the lower taxes paid in the first year (€30 versus €210) would have allowed NOW to earn interest income on the tax savings.

答案二:

Solution to 2:

一般来说,期末股东权益 = 期初股东权益 + 净利润 + 其他综合收益 - 股利 + 股东净投入。由于本例中的公司没有其他综合收益,没有支付股利,也没有报告股东净投入,因此期末留存收益 = 期初留存收益 + 净利润,期末股东权益 = 期初股东权益 + 净利润。

In general, Ending shareholders’ equity = Beginning shareholders’ equity + Net income + Other comprehensive income – Dividends + Net capital contributions from shareholders. Because the companies in this example do not have other comprehensive income, did not pay dividends, and reported no capital contributions from shareholders, Ending retained earnings = Beginning retained earnings + Net income, and Ending shareholders’ equity = Beginning shareholders’ equity + Net income.

净资产收益率(ROE)的计算方法为净利润除以平均股东权益,净利润率的计算方法为净利润除以总收入。例如,CAP公司第一年的净资产收益率为39%(490欧元/[(1000欧元+1490欧元)/2]),第一年的净利润率为33%(490欧元/1500欧元)。

ROE is calculated as Net income divided by Average shareholders’ equity, and Net profit margin is calculated as Net income divided by Total revenue. For example, CAP had Year 1 ROE of 39 percent (€490/[(€1,000 + €1,490)/2]), and Year 1 net profit margin of 33 percent (€490/€1,500).

CAP公司 NOW公司
将900欧元资本化为资产并计提折旧。 立即支出 900 欧元
一年 1 2 3 一年 1 2 3
鱼子 39% 28% 22% 鱼子 7% 49% 33%
净利润率 33% 33% 33% 净利润率 5% 47% 47%

如图所示,与费用化相比,资本化在第一年能带来更高的盈利能力指标(净资产收益率和净利润率),但在随后的几年里,这些指标会降低。例如,CAP公司第一年的净资产收益率为39%,高于NOW公司第一年的7%,但NOW公司在第二年和第三年的盈利能力更胜一筹。

As shown, compared to expensing, capitalising results in higher profitability ratios (ROE and net profit margin) in the first year, and lower profitability ratios in subsequent years. For example, CAP’s Year 1 ROE of 39 percent was higher than NOW’s Year 1 ROE of 7 percent, but in Years 2 and 3, NOW reports superior profitability.

另需注意的是,NOW公司第一年和第二年净利润的显著增长并非源于其业绩优于CAP公司,而是由于其会计决策提前确认了相关费用。一般来说,在其他条件相同的情况下,提前确认费用的会计决策会给人以后续增长更为显著的错觉。若不了解会计方法的差异,仅比较两家公司净利润的增长情况会产生误导。由此推论,NOW公司三年间的收入和盈利能力波动较大,并非由于其业绩波动更大,而是由于不同的会计决策所致。

Note also that NOW’s superior growth in net income between Year 1 and Year 2 is not attributable to superior performance compared to CAP but rather to the accounting decision to recognise the expense sooner than CAP. In general, all else equal, accounting decisions that result in recognising expenses sooner will give the appearance of greater subsequent growth. Comparison of the growth of the two companies’ net incomes without an awareness of the difference in accounting methods would be misleading. As a corollary, NOW’s income and profitability exhibit greater volatility across the three years, not because of more volatile performance but rather because of the different accounting decision.

问题3的解答:

Solution to 3:

NOW 报告称,第一年现金增加了 70 欧元,而 CAP 报告称,现金减少了 110 欧元,因为 NOW 的税款比 CAP 的税款少了 180 欧元(30 欧元对 210 欧元)。

NOW reports an increase in cash of €70 in Year 1, while CAP reports a decrease in cash of €110 because NOW’s taxes were €180 lower than CAP’s taxes (€30 versus €210).

请注意,本题假设每家公司用于税务目的的会计方法与用于财务报告的会计方法相同。在许多国家,公司可以采用不同的折旧方法进行财务报告和税务申报,这可能会导致递延税款。

Note that this problem assumes the accounting method used by each company for its tax purposes is identical to the accounting method used by the company for its financial reporting. In many countries, companies are allowed to use different depreciation methods for financial reporting and taxes, which may give rise to deferred taxes.

如前所述,对支出进行费用化或资本化的自由裁量权会影响公司间的可比性。例4假设各公司在一年内购置了一项资产。由于三年期间的净利润总和在资产资本化或费用化的情况下相同,这表明,虽然资本化在第一年比费用化带来更高的盈利能力,但在随后的几年中却导致盈利能力下降。相反,费用化在第一年虽然盈利能力较低,但在之后的几年中盈利能力更高,呈现出一种有利的趋势。

As shown, discretion regarding whether to expense or capitalise expenditures can impede comparability across companies. Example 4 assumes the companies purchase a single asset in one year. Because the sum of net income over the three-year period is identical whether the asset is capitalised or expensed, it illustrates that although capitalising results in higher profitability compared to expensing in the first year, it results in lower profitability in the subsequent years. Conversely, expensing results in lower profitability in the first year but higher profitability in later years, indicating a favorable trend.

同样,对于将支出资本化的公司而言,其股东权益在初期会更高,因为初期较高的利润会带来较高的留存收益。例4假设两家公司在一年内购置了一项资产,并在三年期间报告了相同的净利润总额,因此,三年期末,支出资本化公司的股东权益(和留存收益)将与资本化公司的股东权益(和留存收益)相同。

Similarly, shareholders’ equity for a company that capitalises the expenditure will be higher in the early years because the initially higher profits result in initially higher retained earnings. Example 4 assumes the companies purchase a single asset in one year and report identical amounts of total net income over the three-year period, so shareholders’ equity (and retained earnings) for the firm that expenses will be identical to shareholders’ equity (and retained earnings) for the capitalising firm at the end of the three-year period.

虽然例 4显示的是公司仅在第一年购置资产,但如果公司每年持续购置数量相近或不断增加的资产,只要当期支出金额持续大于折旧费用,资本化带来的盈利能力提升效果就会持续存在。例 5对此进行了说明。

Although Example 4 shows companies purchasing an asset only in the first year, if a company continues to purchase similar or increasing amounts of assets each year, the profitability-enhancing effect of capitalising continues if the amount of the expenditures in a period continues to be more than the depreciation expense. Example 5 illustrates this point.

例5

持续采购中资本化与费用化的影响

Impact of Capitalising Versus Expensing for Ongoing Purchases

一家公司在第一年购买了一台价值 300 英镑的电脑,并将这笔支出资本化。该电脑的使用寿命为三年,预计残值为 0 英镑,因此采用直线法计算的年折旧费用为 100 英镑。与立即将全部 300 英镑计入费用相比,该公司第一年的税前利润将增加 200 英镑。

A company buys a £300 computer in Year 1 and capitalises the expenditure. The computer has a useful life of three years and an expected salvage value of £0, so the annual depreciation expense using the straight-line method is £100 per year. Compared to expensing the entire £300 immediately, the company’s pre-tax profit in Year 1 is £200 greater.

  1. 假设公司每年都以相同的价格购买一台相同的电脑。如果公司对每台电脑都采用相同的会计处理方法,那么资本化与费用化对利润提升的影响何时结束?

  2. Assume that the company continues to buy an identical computer each year at the same price. If the company uses the same accounting treatment for each of the computers, when does the profit-enhancing effect of capitalising versus expensing end?

  3. 如果公司在第 4 年购买另一台相同的计算机,并采用与前几年相同的会计处理方法,那么将这些支出资本化还是费用化,对第 4 年的利润有何影响?

  4. If the company buys another identical computer in Year 4, using the same accounting treatment as the prior years, what is the effect on Year 4 profits of capitalising versus expensing these expenditures?

问题1的解答:

Solution to 1:

资本化与费用化对利润提升的影响在第三年结束。在第三年,第一、二、三年购买的三台电脑的折旧费用总计为 300 英镑(100 英镑 + 100 英镑 + 100 英镑)。因此,第三年的总折旧费用将与第三年的资本支出完全相等。无论公司将年度电脑购置费用​​资本化还是费用化,第三年的费用均为 300 英镑。

The profit-enhancing effect of capitalising versus expensing would end in Year 3. In Year 3, the depreciation expense on each of the three computers bought in Years 1, 2, and 3 would total £300 (£100 + £100 + £100). Therefore, the total depreciation expense for Year 3 will be exactly equal to the capital expenditure in Year 3. The expense in Year 3 would be £300, regardless of whether the company capitalised or expensed the annual computer purchases.

答案二:

Solution to 2:

对第四年的利润没有影响。与上一年一样,第二、三、四年购买的三台电脑的折旧费用总计为 300 英镑(100 英镑 + 100 英镑 + 100 英镑)。因此,第四年的总折旧费用将与第四年的资本支出完全相等。无论公司将年度电脑购置费用​​资本化还是计入费用,税前利润都将减少 300 英镑。

There is no impact on Year 4 profits. As in the previous year, the depreciation expense on each of the three computers bought in Years 2, 3, and 4 would total £300 (£100 + £100 + £100). Therefore, the total depreciation expense for Year 4 will be exactly equal to the capital expenditure in Year 4. Pre-tax profits would be reduced by £300, regardless of whether the company capitalised or expensed the annual computer purchases.

与将支出计入费用相比,将支出资本化通常会导致经营活动现金流量报告金额增加。资本化支出通常被视为投资现金流出,而费用则会减少经营现金流量。由于经营活动现金流量在某些估值模型中是一个重要的考量因素,公司可能会试图通过将本应计入费用的支出资本化来最大化报告的经营活动现金流量。使用自由现金流的估值模型不仅会考虑经营活动现金流量,还会考虑投资活动现金流量。分析师应警惕公司通过将本应计入费用的支出资本化来操纵报告的经营活动现金流量的迹象。

Compared to expensing an expenditure, capitalising the expenditure typically results in greater amounts reported as cash from operations. Capitalised expenditures are typically treated as an investment cash outflow whereas expenses reduce operating cash flows. Because cash flow from operating activities is an important consideration in some valuation models, companies may try to maximise reported cash flow from operations by capitalising expenditures that should be expensed. Valuation models that use free cash flow will consider not only operating cash flows but also investing cash flows. Analysts should be alert to evidence of companies manipulating reported cash flow from operations by capitalising expenditures that should be expensed.

总之,在其他条件不变的情况下,将支出资本化可以提高当期盈利能力并增加经营活动产生的现金流量。只要资本支出超过折旧费用,资本化的盈利能力提升效果就会持续存在。在分析业绩时,应考虑资本化决策背后的盈利能力提升动机。例如,公司可能会选择将更多支出资本化(在会计准则允许的范围内),以实现特定时期的盈利目标。当期费用化会降低当期利润,但会提高未来盈利能力,从而改善利润趋势。在分析业绩时,还应考虑改善利润趋势的动机。如果公司所处的报告环境要求财务报告和税务申报采用相同的会计方法(与美国不同,美国允许公司在报告时使用与税务申报要求不同的折旧方法),那么费用化将对现金流产生更有利的影响,因为在前期缴纳较少的税款可以创造机会,利用节省下来的现金赚取利息收入。

In summary, holding all else constant, capitalising an expenditure enhances current profitability and increases reported cash flow from operations. The profitability-enhancing effect of capitalising continues so long as capital expenditures exceed the depreciation expense. Profitability-enhancing motivations for decisions to capitalise should be considered when analyzing performance. For example, a company may choose to capitalise more expenditures (within the allowable bounds of accounting standards) to achieve earnings targets for a given period. Expensing a cost in the period reduces current period profits but enhances future profitability and thus enhances the profit trend. Profit trend-enhancing motivations should also be considered when analyzing performance. If the company is in a reporting environment which requires identical accounting methods for financial reporting and taxes (unlike the United States, which permits companies to use depreciation methods for reporting purposes that differ from the depreciation method required by tax purposes), then expensing will have a more favorable cash flow impact because paying lower taxes in an earlier period creates an opportunity to earn interest income on the cash saved.

与上述相对简单的例子相比,通常既不可能也不可取地去识别涉及支出资本化或费用化处理的个人自由裁量权的具体案例。然而,分析师通常可以识别出各公司处理方式不同的重大支出项目。造成公司间最显著差异的支出项目会因行业而异。这种跨行业的差异在以下关于支出资本化的讨论中显而易见。

In contrast with the relatively simple examples above, it is generally neither possible nor desirable to identify individual instances involving discretion about whether to capitalise or expense expenditures. An analyst can, however, typically identify significant items of expenditure treated differently across companies. The items of expenditure giving rise to the most relevant differences across companies will vary by industry. This cross-industry variation is apparent in the following discussion of the capitalisation of expenditures.

2.4利息成本资本化

2.4. Capitalisation of Interest Costs

如上所述,对于需要较长时间才能投入预期用途的资产,公司通常必须将购置或建造过程中产生的利息成本资本化。11

As noted above, companies generally must capitalise interest costs associated with acquiring or constructing an asset that requires a long period of time to get ready for its intended use.11

由于这种会计处理方式,公司某一时期的利息成本既可以出现在资产负债表上(如果已资本化),也可以出现在损益表上(如果已费用化)。

As a consequence of this accounting treatment, a company’s interest costs for a period can appear either on the balance sheet (to the extent they are capitalised) or on the income statement (to the extent they are expensed).

如果利息支出是为公司自用而建造资产产生的,则资本化利息会作为相关长期资产的一部分列入资产负债表。随着资产折旧,资本化利息会分期摊销,因此属于折旧费用而非利息费用。如果利息支出是为出售而建造资产产生的,例如房地产建筑公司,则资本化利息会作为存货的一部分列入公司资产负债表。资产出售时,资本化利息会作为销售成本的一部分摊销。

If the interest expenditure is incurred in connection with constructing an asset for the company’s own use, the capitalised interest appears on the balance sheet as a part of the relevant long-lived asset. The capitalised interest is expensed over time as the property is depreciated—and is thus part of depreciation expense rather than interest expense. If the interest expenditure is incurred in connection with constructing an asset to sell, for example by a real estate construction company, the capitalised interest appears on the company’s balance sheet as part of inventory. The capitalised interest is then expensed as part of the cost of sales when the asset is sold.

资本化利息的处理方式存在一些分析师应考虑的问题。首先,资本化利息计入投资现金流出,而费用化利息通常会减少经营现金流。美国通用会计准则(US GAAP)要求将利息计入经营现金流,而国际财务报告准则(IFRS)则允许将利息计入经营、投资或筹资现金流。尽管这种处理方式符合会计准则,但分析师可能需要考察其对报告现金流的影响。其次,利息保障倍数是衡量公司偿付能力的指标,用于衡量公司某一期间的收益(或现金流)覆盖其利息成本的程度。为了真实反映公司的利息保障情况,计算利息保障倍数时应使用全部利息支出,包括资本化部分和费用化部分。此外,如果公司对之前期间资本化的利息进行折旧,则应调整收益以消除该折旧的影响。示例6说明了计算方法。

The treatment of capitalised interest poses certain issues that analysts should consider. First, capitalised interest appears as part of investing cash outflows, whereas expensed interest typically reduces operating cash flow. US GAAP reporting companies are required to categorize interest in operating cash flow, and IFRS reporting companies can categorize interest in operating, investing, or financing cash flows. Although the treatment is consistent with accounting standards, an analyst may want to examine the impact on reported cash flows. Second, interest coverage ratios are solvency indicators measuring the extent to which a company’s earnings (or cash flow) in a period covered its interest costs. To provide a true picture of a company’s interest coverage, the entire amount of interest expenditure, both the capitalised portion and the expensed portion, should be used in calculating interest coverage ratios. Additionally, if a company is depreciating interest that it capitalised in a previous period, income should be adjusted to eliminate the effect of that depreciation. Example 6 illustrates the calculations.

例 6

资本化利息成本对偿付能力比率和现金流的影响

Effect of Capitalised Interest Costs on Coverage Ratios and Cash Flow

新濠博亚娱乐有限公司(纳斯达克股票代码:MLCO)是一家总部位于香港特别行政区的赌场公司,在纳斯达克证券交易所上市,并按照美国通用会计准则编制财务报告。该公司在其2017年财务报表附注中披露了以下信息:“与重大开发和建设项目相关的递延融资成本的利息和摊销已资本化并计入项目成本。……截至2017年12月31日、2016年12月31日和2015年12月31日止年度,发生的利息支出总额分别为267,065美元、252,600美元和253,168美元,其中分别有37,483美元、29,033美元和134,83​​8美元已资本化。递延融资成本的摊销额分别为26,182美元、48,345美元和38,511美元(扣除已资本化的摊销额后)。截至2017年12月31日、2016年12月31日和2015年12月31日止年度,分别记录了0美元、0美元和5,458美元。”(2018年4月12日提交的20-F表格)。递延融资成本的现金支付计入融资活动现金流量。

Melco Resorts & Entertainment Limited (NASDAQ: MLCO), a Hong Kong SAR based casino company which is listed on the NASDAQ stock exchange and prepares financial reports under US GAAP, disclosed the following information in one of the footnotes to its 2017 financial statements: “Interest and amortization of deferred financing costs associated with major development and construction projects is capitalized and included in the cost of the project. …. Total interest expenses incurred amounted to $267,065, $252,600, and $253,168, of which $37,483, $29,033, and $134,838 were capitalized during the years ended December 31, 2017, 2016, and 2015, respectively. Amortization of deferred financing costs of $26,182, $48,345, and $38,511, net of amortization capitalized of nil, nil, and $5,458, were recorded during the years ended December 31, 2017, 2016, and 2015, respectively.” (Form 20-F filed 12 April 2018). Cash payments for deferred financing costs were reported in cash flows from financing activities.

附录3. 新濠博亚娱乐有限公司部分报告数据(单位:千美元)
  2017 2016 2015
息税前利润(来自损益表) 544,865 298,663 58,553
利息支出(来自损益表) 229,582 223,567 118,330
资本化利息(来自脚注) 37,483 29,033 134,83​​8
递延融资成本摊销(来自脚注) 26,182 48,345 38,511
经营活动产生的现金流量净额 1,162,500 1,158,128 522,026
投资活动产生的(已使用的)现金流量净额 (410,226) 280,604 (469,656)
融资活动产生的(使用的)现金净额 (1,046,041) (1,339,717) (29,688)

:EBIT 代表“所得税前的收入(亏损)”加上损益表中的“扣除资本化利息后的利息支出”。

Notes: EBIT represents “Income (Loss) Before Income Tax” plus “Interest expenses, net of capitalized interest” from the income statement.

  1. 计算并解释 Melco 在有资本化利息和无资本化利息情况下的利息保障倍数。

  2. Calculate and interpret Melco’s interest coverage ratio with and without capitalised interest.

  3. 计算 Melco 从 2016 年到 2017 年经营现金流的百分比变化。假设财务报告不影响所得税报告,资本化利息对经营现金流和投资现金流有何影响?

  4. Calculate Melco’s percentage change in operating cash flow from 2016 to 2017. Assuming the financial reporting does not affect reporting for income taxes, what were the effects of capitalised interest on operating and investing cash flows?

问题1的解答:

Solution to 1:

包含资本化利息和不包含资本化利息的利息保障倍数如下:

Interest coverage ratios with and without capitalised interest were as follows:

2017年

For 2017

2.37(544,865 美元 ÷ 229,582 美元),未计入资本化利息;

2.37 ($544,865 ÷ $229,582) without adjusting for capitalised interest; and

2.14 [($544,865 + $26,182) ÷ ($229,582 + $37,483)],包括对息税前利润 (EBIT) 进行调整,以计提先前资本化的利息折旧,以及对利息支出进行调整,以计提 2017 年资本化的利息金额。 

2.14 [($544,865 + $26,182) ÷ ($229,582 + $37,483)] including an adjustment to EBIT for depreciation of previously capitalised interest and an adjustment to interest expense for the amount of interest capitalised in 2017. 

2016年

For 2016

1.34(298,663美元÷223,567美元),未计入资本化利息;以及

1.34 ($298,663÷ $223,567) without adjusting for capitalised interest; and

1.37 [($298,663 + $48,345) ÷ ($223,567 + $29,033)],其中包括对息税前利润 (EBIT) 的调整(用于计提先前资本化的利息折旧)以及对利息支出的调整(用于计提 2016 年资本化的利息金额)。 

1.37 [($298,663 + $48,345) ÷ ($223,567 + $29,033)] including an adjustment to EBIT for depreciation of previously capitalised interest and an adjustment to interest expense for the amount of interest capitalised in 2016. 

2015年

For 2015

0.49(58,533 美元÷ 118,330 美元),未计入资本化利息;

0.49 ($58,533÷ $118,330) without adjusting for capitalised interest; and

0.36 [($58,533 + $33,053) ÷ ($118,330 + $134,83​​8)],其中包括对息税前利润 (EBIT) 的调整(用于计提先前资本化的利息折旧)以及对利息支出的调整(用于计提 2015 年资本化的利息金额)。

0.36 [($58,533 + $33,053) ÷ ($118,330+ $134,838)] including an adjustment to EBIT for depreciation of previously capitalised interest and an adjustment to interest expense for the amount of interest capitalised in 2015.

以上计算表明,与前两年相比,新濠博亚娱乐2017年的利息保障倍数有所提高。但若计入资本化利息,2017年和2015年的利息保障倍数均较低。

The above calculations indicate that Melco’s interest coverage improved in 2017 compared to the previous two years. In both 2017 and 2015, the coverage ratio is lower when adjusted for capitalised interest.

答案二:

Solution to 2:

如果将利息计入费用而非资本化,则这三年的经营现金流都会降低。经调整后(而非未经调整),该公司2017年的经营现金流较2016年有所下降。未经调整后,2017年新濠博亚娱乐的经营现金流较2016年增长了0.4% [(1,162,500美元 ÷ 1,158,128美元) – 1]。若将所有利息成本计入费用,则2017年新濠博亚娱乐的经营现金流也下降了0.4% {[1,162,500美元 – 37,483美元) ÷ (1,158,128美元 – 29,033美元)] – 1}。

If the interest had been expensed rather than capitalised, operating cash flows would have been lower in all three years. On an adjusted basis, but not an unadjusted basis, the company’s operating cash flow declined in 2017 compared to 2016. On an unadjusted basis, for 2017 compared with 2016, Melco’s operating cash flow increased by 0.4 percent in 2017 [($1,162,500 ÷ $1,158,128) – 1]. Including adjustments to expense all interest costs, Melco’s operating cash flow also decreased by 0.4 percent in 2017 {[$1,162,500 – $37,483) ÷ ($1,158,128 – $29,033)] – 1}.

如果利息是计入费用而不是资本化,那么这三年的融资现金流都会更高。

If the interest had been expensed rather than capitalised, financing cash flows would have been higher in all three years.

资本化利息的处理方式会引发分析师需要考虑的问题。首先,资本化利息计入投资现金流出,而费用化利息则根据国际财务报告准则 (IFRS) 减少经营或筹资现金流,根据美国通用会计准则 (US GAAP) 减少经营现金流。分析师在比较不同公司时,可能需要考察利息支出对报告现金流的影响。其次,利息保障倍数是衡量公司偿付能力的指标,用于衡量公司在特定时期内的收益(或现金流)覆盖其利息成本的程度。为了真实反映公司的利息保障能力,计算利息保障倍数时应使用全部利息,包括资本化部分和费用化部分。

The treatment of capitalised interest raises issues for consideration by an analyst. First, capitalised interest appears as part of investing cash outflows, whereas expensed interest reduces operating or financing cash flow under IFRS and operating cash flow under US GAAP. An analyst may want to examine the impact on reported cash flows of interest expenditures when comparing companies. Second, interest coverage ratios are solvency indicators measuring the extent to which a company’s earnings (or cash flow) in a period covered its interest costs. To provide a true picture of a company’s interest coverage, the entire amount of interest, both the capitalised portion and the expensed portion, should be used in calculating interest coverage ratios.

通常,将资本化利息纳入利息保障倍数的计算能更准确地评估公司的偿付能力。评级机构在进行信用评级时,也会将资本化利息计入利息保障倍数。例如,标准普尔将息税前利润(EBIT)利息保障倍数计算为息税前利润除以总利息(定义为扣除资本化利息或利息收入之前的利息)。

Generally, including capitalised interest in the calculation of interest coverage ratios provides a better assessment of a company’s solvency. In assigning credit ratings, rating agencies include capitalised interest in coverage ratios. For example, Standard & Poor’s calculates the EBIT interest coverage ratio as EBIT divided by gross interest (defined as interest prior to deductions for capitalised interest or interest income).

维持最低利息保障倍数是一项常见的财务契约,通常包含在贷款协议中,例如银行贷款和债券契约。利息保障倍数的定义可在公司的信贷协议中找到。该定义至关重要,因为在计算利息保障倍数时如何处理资本化利息会影响对公司实际比率与财务契约规定水平接近程度的评估,进而影响公司违反这些契约的可能性。

Maintaining a minimum interest coverage ratio is a financial covenant often included in lending agreements, e.g., bank loans and bond indentures. The definition of the coverage ratio can be found in the company’s credit agreement. The definition is relevant because treatment of capitalised interest in calculating coverage ratios would affect an assessment of how close a company’s actual ratios are to the levels specified by its financial covenants and thus the probability of breaching those covenants.

2.5 .内部开发成本资本化

2.5. Capitalisation of Internal Development Costs

如上所述,会计准则要求公司在产品可行性确定后将软件开发成本资本化。尽管有此要求,但由于对可行性的判断存在差异,各公司的资本化做法可能有所不同。例如,如图表 4所示,微软在产品生产开始前不久才判断产品可行性,因此实际上是将研发成本计入费用,而不是资本化。

As noted above, accounting standards require companies to capitalise software development costs after a product’s feasibility is established. Despite this requirement, judgment in determining feasibility means that companies’ capitalisation practices may differ. For example, as illustrated in Exhibit 4, Microsoft judges product feasibility to be established very shortly before manufacturing begins and, therefore, effectively expenses—rather than capitalises—research and development costs.

附录4:软件开发成本披露

摘自微软公司管理层讨论与分析(MD&A)报告《关键会计政策的应用:研发成本》:

Excerpt from Management’s Discussion and Analysis (MD&A) of Microsoft Corporation, Application of Critical Accounting Policies, Research and Development Costs:

“在计算机软件产品技术可行性得到证实之前,公司内部研发过程中产生的成本均计入费用。一旦技术可行性得到证实,所有软件成本均资本化,直至产品正式发布供客户使用。判断产品何时达到技术可行性需要专业判断。我们认为,在所有高风险开发问题通过编码和测试得到解决之后,我们的软件产品即达到技术可行性。通常情况下,这发生在产品正式发布前不久。这些成本的摊销计入产品预计生命周期内的营业成本。”

资料来源:微软公司 2017 年 10-K 表格年度报告,第 45 页。

“Costs incurred internally in researching and developing a computer software product are charged to expense until technological feasibility has been established for the product. Once technological feasibility is established, all software costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. We have determined that technological feasibility for our software products is reached after all high-risk development issues have been resolved through coding and testing. Generally, this occurs shortly before the products are released to production. The amortization of these costs is included in cost of revenue over the estimated life of the products.”

Source: Microsoft Corporation Annual Report on Form 10-K 2017, p. 45.

将开发成本计入费用而非资本化会导致当期净利润降低。只要当期开发费用高于摊销前期资本化开发成本所产生的摊销费用(这通常是公司开发成本不断增长时的情况),计入费用而非资本化就会导致净利润持续降低。在现金流量表中,将开发成本计入费用而非资本化会导致经营活动净现金流减少,而投资活动净现金流增加。这是因为开发成本反映为经营活动现金流出,而非投资活动现金流出。

Expensing rather than capitalising development costs results in lower net income in the current period. Expensing rather than capitalising will continue to result in lower net income so long as the amount of the current-period development expenses is higher than the amortisation expense that would have resulted from amortising prior periods’ capitalised development costs—the typical situation when a company’s development costs are increasing. On the statement of cash flows, expensing rather than capitalising development costs results in lower net operating cash flows and higher net investing cash flows. This is because the development costs are reflected as operating cash outflows rather than investing cash outflows.

在比较一家将大部分或全部软件开发成本计入费用的公司(例如微软)与另一家将软件开发成本资本化的公司的财务业绩时,可以通过调整使两家公司具有可比性。对于将软件开发成本资本化的公司,分析师可以进行以下调整:(a) 调整损益表,将软件开发成本计入费用,并剔除往年软件开发成本的摊销;(b) 调整资产负债表,剔除已资本化的软件成本(减少资产和权益);以及 (c) 调整现金流量表,减少经营活动现金流量和投资活动现金流量,减少的金额为当期软件开发成本。任何包含收入、长期资产或经营活动现金流量的比率(例如净资产收益率)也会受到影响。

In comparing the financial performance of a company that expenses most or all software development costs, such as Microsoft, with another company that capitalises software development costs, adjustments can be made to make the two comparable. For the company that capitalises software development costs, an analyst can adjust (a) the income statement to include software development costs as an expense and to exclude amortisation of prior years’ software development costs; (b) the balance sheet to exclude capitalised software (decrease assets and equity); and (c) the statement of cash flows to decrease operating cash flows and decrease cash used in investing by the amount of the current period development costs. Any ratios that include income, long-lived assets, or cash flow from operations—such as return on equity—will also be affected.

例 7

软件开发成本

Software Development Costs

你正在进行一个项目,需要分析JHH软件公司(一家假设的软件开发公司),该公司于2017年完成了其首款产品的技术可行性验证。你的分析工作包括计算一些基于市场的比率,并将这些比率与另一家将所有软件开发支出计入费用的公司进行比较。相关数据和公司年度报告摘录见附录5

You are working on a project involving the analysis of JHH Software, a (hypothetical) software development company that established technical feasibility for its first product in 2017. Part of your analysis involves computing certain market-based ratios, which you will use to compare JHH to another company that expenses all of its software development expenditures. Relevant data and excerpts from the company’s annual report are included in Exhibit 5.

附件 5. JHH 软件(金额单位:千美元,每股金额除外)
合并收益表(简称)
截至12月31日止年度: 2018 2017 2016
总收入 91,424 美元 91,134 美元 96,293 美元
总运营费用 78,107 78,908 85,624
营业收入 13,317 12,226 10,669
所得税准备金 3,825 4,232 3,172
净利 9,492 美元 7,994 美元 7,479 美元
每股收益(EPS) 1.40美元 0.82美元 0.68美元
现金流量表(简称)
截至12月31日止年度: 2018 2017 2016
经营活动产生的现金流量净额 15,007 美元 14,874 美元 15,266 美元
投资活动所用现金净额* (11,549) (4,423) (5,346)
融资活动所用的现金净额 (8,003) (7,936) (7,157)
现金及现金等价物的净变动 (4,545 美元) 2,515 美元 2,763 美元
 
*包括软件开发费用和资本支出 (6000美元) (4000美元) (2000美元)
(2000美元) (1600美元) (1200美元)
附加信息:
截至12月31日止年度: 2018 2017 2016
未偿债务的市场价值 0 0 0
资本化软件开发费用的摊销 (2000美元) (667美元) 0
折旧费用 (2200美元) (1440美元) (1320美元)
 
普通股每股市场价格 42美元 26美元 17美元
已发行普通股股数(千股) 6,780 9,765 10,999

软件开发会计政策的脚注披露:

Footnote disclosure of accounting policy for software development:

与软件产品概念构思和设计相关的费用在发生时计入研发费用。公司将技术可行性验证后为生产最终产品而产生的费用资本化。

Expenses that are related to the conceptual formulation and design of software products are expensed to research and development as incurred. The company capitalises expenses that are incurred to produce the finished product after technological feasibility has been established.

  1. 根据 JHH 公司截至 2018 年 12 月 31 日的财务报表(未作任何调整),计算其以下比率。接下来,确定如果该公司将其软件投资计入费用而非资本化,这些比率将受到怎样的近似影响。(假设财务报告不影响所得税申报,实际税率不变。)

    1. 市盈率:每股价格/收益

    2. P/CFO:股价/每股经营现金流

    3. EV/EBITDA:企业价值/EBITDA,其中企业价值定义为公司所有融资来源(包括股权和债务)的总市场价值,而 EBITDA 为息税折旧摊销前的收益。

  2. Compute the following ratios for JHH based on the reported financial statements for fiscal year ended 31 December 2018, with no adjustments. Next, determine the approximate impact on these ratios if the company had expensed rather than capitalised its investments in software. (Assume the financial reporting does not affect reporting for income taxes. There would be no change in the effective tax rate.)

    1. P/E: Price/Earnings per share

    2. P/CFO: Price/Operating cash flow per share

    3. EV/EBITDA: Enterprise value/EBITDA, where enterprise value is defined as the total market value of all sources of a company’s financing, including equity and debt, and EBITDA is earnings before interest, taxes, depreciation, and amortisation.

  3. 解释这些比例的变化。

  4. Interpret the changes in the ratios.

问题1的解答:

Solution to 1:

(除每股金额外,所有金额均以千美元为单位。)JHH 2019 年的各项比率如下表所示:

(Dollars are in thousands, except per-share amounts.) JHH’s 2019 ratios are presented in the following table:

  比率 据报道   经调整
一个。 市盈率 30.0   42.9
B. 首席财务官 19.0   31.6
C. 企业价值/息税折旧摊销前利润 16.3   24.7
  1. 根据已公布的信息,市盈率为 30.0(42 美元 ÷ 1.40 美元)。根据扣除软件开发费用后的每股收益调整后的市盈率为 42.9(42 美元 ÷ 0.98 美元)。

    • 价格:假设公司股权的市场价值是基于其基本面,则无论会计处理上的差异如何,每股价格均为 42 美元。

    • 每股收益:报告显示,每股收益为 1.40 美元。调整后每股收益为 0.98 美元。如果将软件开发成本计入费用,JHH 公司 2018 年的营业收入将减少 6,000 美元,但该公司无需报告往年软件成本的摊销,这将使营业收入增加 2,000 美元。净变化 4,000 美元将使营业收入从报告的 13,317 美元减少至 9,317 美元。2018 年的实际税率(3,825 美元 ÷ 13,317 美元)为 28.72%,使用该实际税率计算出的调整后净收入为 6,641 美元 [9,317 美元 × (1 – 0.2872)],而调整前为 9,492 美元。因此,每股收益将从报告的 1.40 美元减少到 0.98 美元(调整后的净收入 6,641 美元除以 6,780 股)。

  2. Based on the information as reported, the P/E ratio was 30.0 ($42 ÷ $1.40). Based on EPS adjusted to expense software development costs, the P/E ratio was 42.9 ($42 ÷ $0.98).

    • Price: Assuming that the market value of the company’s equity is based on its fundamentals, the price per share is $42, regardless of a difference in accounting.

    • EPS: As reported, EPS was $1.40. Adjusted EPS was $0.98. Expensing software development costs would have reduced JHH’s 2018 operating income by $6,000, but the company would have reported no amortisation of prior years’ software costs, which would have increased operating income by $2,000. The net change of $4,000 would have reduced operating income from the reported $13,317 to $9,317. The effective tax rate for 2018 ($3,825 ÷ $13,317) is 28.72%, and using this effective tax rate would give an adjusted net income of $6,641 [$9,317 × (1 – 0.2872)], compared to $9,492 before the adjustment. The EPS would therefore be reduced from the reported $1.40 to $0.98 (adjusted net income of $6,641 divided by 6,780 shares).

  3. 根据报告的信息,P/CFO 为 19.0(42 美元 ÷ 2.21 美元)。根据扣除软件开发费用后的 CFO,P/CFO 为 31.6(42 美元 ÷ 1.33 美元)。

    • 价格:假设公司股权的市场价值是基于其基本面,则无论会计处理上的差异如何,每股价格均为 42 美元。

    • 据报道,每股 CFO 为 2.21 美元(总经营现金流 15,007 美元 ÷ 6,780 股)。

    • 经调整后,每股经营活动现金流为1.33美元。公司在软件开发方面的6,000美元支出被计入投资活动现金流出,因此将这些支出计入费用将使经营活动现金流减少6,000美元,从报告的15,007美元减少至9,007美元。将调整后的总经营现金流9,007美元除以6,780股,得出每股现金流为1.33美元。

  4. Based on information as reported, the P/CFO was 19.0 ($42 ÷ $2.21). Based on CFO adjusted to expense software development costs, the P/CFO was 31.6 ($42 ÷ $1.33).

    • Price: Assuming that the market value of the company’s equity is based on its fundamentals, the price per share is $42, regardless of a difference in accounting.

    • CFO per share, as reported, was $2.21 (total operating cash flows $15,007 ÷ 6,780 shares).

    • CFO per share, as adjusted, was $1.33. The company’s $6,000 expenditure on software development costs was reported as a cash outflow from investing activities, so expensing those costs would reduce cash from operating activities by $6,000, from the reported $15,007 to $9,007. Dividing adjusted total operating cash flow of $9,007 by 6,780 shares results in cash flow per share of $1.33.

  5. 根据已公布的信息,EV/EBITDA 为 16.3(284,760 美元 ÷ 17,517 美元)。根据扣除软件开发费用后的 EBITDA,EV/EBITDA 为 24.7(284,760 美元 ÷ 11,517 美元)。

    • 企业价值:企业价值是公司股权和债务市场价值的总和。JHH公司没有债务,因此其企业价值等于其股权的市场价值。其股权市场价值为284,760美元(每股42美元×6,780股)。

    • 报告显示,EBITDA 为 17,517 美元(息税前利润 13,317 美元,加上折旧 2,200 美元,加上摊销 2,000 美元)。

    • 经调整以计入软件开发成本费用(包括 6,000 美元的开发费用和 2,000 美元的前期费用摊销)后,EBITDA 为 11,517 美元(息税前利润 9,317 美元加上 2,200 美元的折旧加上 0 美元的摊销)。

  6. Based on information as reported, the EV/EBITDA was 16.3 ($284,760 ÷ $17,517). Based on EBITDA adjusted to expense software development costs, the EV/EBITDA was 24.7 ($284,760 ÷ $11,517).

    • Enterprise Value: Enterprise value is the sum of the market value of the company’s equity and debt. JHH has no debt, and therefore the enterprise value is equal to the market value of its equity. The market value of its equity is $284,760 ($42 per share × 6,780 shares).

    • EBITDA, as reported, was $17,517 (earnings before interest and taxes of $13,317 plus $2,200 depreciation plus $2,000 amortisation).

    • EBITDA, adjusted for expensing software development costs by the inclusion of $6,000 development expense and the exclusion of $2,000 amortisation of prior expense, would be $11,517 (earnings before interest and taxes of $9,317 plus $2,200 depreciation plus $0 amortisation).

答案二:

Solution to 2:

将软件开发成本计入费用会降低历史利润、经营现金流和 EBITDA,从而提高所有市盈率。因此,如果 JHH 将软件开发成本计入费用而不是资本化,其股票看起来会更贵。

Expensing software development costs would decrease historical profits, operating cash flow, and EBITDA, and would thus increase all market multiples. So JHH’s stock would appear more expensive if it expensed rather than capitalised the software development costs.

如果使用未经调整的市场比率来比较 JHH 与其将所有软件开发支出计入费用的竞争对手,那么当差异仅仅源于会计因素时,JHH 的定价可能显得偏低。JHH 经调整后的市场比率则提供了更佳的比较基础。

If the unadjusted market-based ratios were used in the comparison of JHH to its competitor that expenses all software development expenditures, then JHH might appear to be under-priced when the difference is solely related to accounting factors. JHH’s adjusted market-based ratios provide a better basis for comparison.

对于例7中的公司而言,当期软件开发支出超过了前期资本化软件开发支出的摊销额。因此,将软件开发成本计入费用而非资本化会降低利润。然而,如果软件开发支出增速放缓,使得当期支出低于前期资本化软件开发支出的摊销额,那么将软件开发成本计入费用相对于资本化反而会增加利润。

For the company in Example 7, current period software development expenditures exceed the amortisation of prior periods’ capitalised software development expenditures. As a result, expensing rather than capitalising software development costs would have the effect of lowering income. If, however, software development expenditures slowed such that current expenditures were lower than the amortisation of prior periods’ capitalised software development expenditures, then expensing software development costs would have the effect of increasing income relative to capitalising it.

本节阐述了资本化与费用化决策如何影响财务报表和比率。提前费用化会降低当期利润,但会增强趋势;而现在资本化,以后费用化则会提高当期利润。在描述了长期资产购置的会计处理之后,我们现在转向后续期间长期资产的计量问题。

This section illustrated how decisions about capitalising versus expensing impact financial statements and ratios. Earlier expensing lowers current profits but enhances trends, whereas capitalising now and expensing later enhances current profits. Having described the accounting for acquisition of long-lived assets, we now turn to the topic of measuring long-lived assets in subsequent periods.

3.长期资产的折旧和摊销

3. Depreciation and Amortisation of Long-Lived Assets

根据国际财务报告准则(IFRS)允许且美国通用会计准则(US GAAP)要求采用的成本模式报告长期资产,长期有形资产(土地除外,土地不计提折旧)和使用寿命有限的无形资产的资本化成本将作为折旧和摊销费用分配到后续期间。折旧和摊销实际上是同一概念,折旧是指分配有形资产成本的过程,而摊销是指分配无形资产成本的过程。 12另一种报告长期资产的模式是重估模式,该模式在IFRS中允许,但在US GAAP中不被允许。在重估模式下,公司以公允价值而非成本模式中以购置成本(历史成本)减去累计折旧或摊销额来报告长期资产。

Under the cost model of reporting long-lived assets, which is permitted under IFRS and required under US GAAP, the capitalised costs of long-lived tangible assets (other than land, which is not depreciated) and intangible assets with finite useful lives are allocated to subsequent periods as depreciation and amortisation expenses. Depreciation and amortisation are effectively the same concept, with the term depreciation referring to the process of allocating tangible assets’ costs and the term amortisation referring to the process of allocating intangible assets’ costs.12 The alternative model of reporting long-lived assets is the revaluation model, which is permitted under IFRS but not under US GAAP. Under the revaluation model, a company reports the long-lived asset at fair value rather than at acquisition cost (historical cost) less accumulated depreciation or amortisation, as in the cost model.

资产的账面价值是指资产在资产负债表上列示的金额。根据成本模式,在任何时点,长期资产的账面价值(也称为账面净值或净账面价值)等于其历史成本减去自购置以来累计的折旧或摊销金额(假设该资产未发生减值,这将在第5节中讨论)。公司可以在资产负债表上列示固定资产净值总额和无形资产净值总额。然而,财务报表附注中会披露更多细节。披露的细节通常包括购置成本、折旧和摊销费用、累计折旧和摊销金额、所采用的折旧和摊销方法,以及用于对长期资产进行折旧和摊销的假设信息。

An asset’s carrying amount is the amount at which the asset is reported on the balance sheet. Under the cost model, at any point in time, the carrying amount (also called carrying value or net book value) of a long-lived asset is equal to its historical cost minus the amount of depreciation or amortisation that has been accumulated since the asset’s purchase (assuming that the asset has not been impaired, a topic which will be addressed in Section 5). Companies may present on the balance sheet the total net amount of property, plant, and equipment and the total net amount of intangible assets. However, more detail is disclosed in the notes to financial statements. The details disclosed typically include the acquisition costs, the depreciation and amortisation expenses, the accumulated depreciation and amortisation amounts, the depreciation and amortisation methods used, and information on the assumptions used to depreciate and amortise long-lived assets.

3.1折旧方法和折旧费用的计算

3.1. Depreciation Methods and Calculation of Depreciation Expense

折旧方法包括直线法和加速折旧法。直线法将资产成本在其使用寿命内平均分摊到各项费用中; 加速折旧法则在早期阶段分摊成本较高;而工作量法则根据资产在特定期间的实际使用量来分摊成本。折旧方法的选择会影响财务报表上的金额,包括报告的资产、营业利润和净利润。这反过来又会影响多种财务比率,例如固定资产周转率、总资产周转率、营业利润率、营业资产回报率和资产回报率。

Depreciation methods include the straight-line method, in which the cost of an asset is allocated to expense evenly over its useful life; accelerated methods, in which the allocation of cost is greater in earlier years; and the units-of-production method, in which the allocation of cost corresponds to the actual use of an asset in a particular period. The choice of depreciation method affects the amounts reported on the financial statements, including the amounts for reported assets and operating and net income. This, in turn, affects a variety of financial ratios, including fixed asset turnover, total asset turnover, operating profit margin, operating return on assets, and return on assets.

采用直线法时,折旧费用计算方法为可折旧成本除以预计使用寿命,且各期间的折旧费用相同。可折旧成本是指有形资产的历史成本减去预计残值。 13 常用的加速折旧方法是余额递减法,该方法将当期折旧费用按账面价值(即期初成本减去累计折旧)的一定百分比计算。采用加速折旧法时,计算折旧费用时不使用可折旧成本,但账面价值不应低于预计残值。在产量法中,当期折旧费用基于该期间资产产量占该资产预计使用寿命内总产量的比例。折旧费用的计算方法为:可折旧成本乘以当期产量,再除以该资产预计使用寿命内的总产量。换句话说,公司可以估算单位折旧成本(可折旧成本除以估计的生产能力),并将折旧费用计算为单位折旧成本乘以当期产量。无论采用何种折旧方法,资产的账面价值都不会低于估计残值。例 8提供了这些折旧方法的示例。

Using the straight-line method, depreciation expense is calculated as depreciable cost divided by estimated useful life and is the same for each period. Depreciable cost is the historical cost of the tangible asset minus the estimated residual (salvage) value.13 A commonly used accelerated method is the declining balance method, in which the amount of depreciation expense for a period is calculated as some percentage of the carrying amount (i.e., cost net of accumulated depreciation at the beginning of the period). When an accelerated method is used, depreciable cost is not used to calculate the depreciation expense but the carrying amount should not be reduced below the estimated residual value. In the units-of-production method, the amount of depreciation expense for a period is based on the proportion of the asset’s production during the period compared with the total estimated productive capacity of the asset over its useful life. The depreciation expense is calculated as depreciable cost times production in the period divided by estimated productive capacity over the life of the asset. Equivalently, the company may estimate a depreciation cost per unit (depreciable cost divided by estimated productive capacity) and calculate depreciation expense as depreciation cost per unit times production in the period. Regardless of the depreciation method used, the carrying amount of the asset is not reduced below the estimated residual value. Example 8 provides an example of these depreciation methods.

例 8

其他折旧方法

Alternative Depreciation Methods

您正在分析三家假设的公司:EVEN-LI 公司、SOONER 公司和 AZUSED 公司。在第一年初,每家公司都以 2,300 美元的价格购买了一台相同的纸箱制造设备,并且对设备的使用寿命、预计残值和生产能力都做了相同的假设。每家公司的年产量相同,但每家公司采用的折旧方法不同。根据各公司财务报表附注的披露,每家公司的折旧方法、假设和产量如下:

You are analyzing three hypothetical companies: EVEN-LI Co., SOONER Inc., and AZUSED Co. At the beginning of Year 1, each company buys an identical piece of box manufacturing equipment for $2,300 and has the same assumptions about useful life, estimated residual value, and productive capacity. The annual production of each company is the same, but each company uses a different method of depreciation. As disclosed in each company’s notes to the financial statements, each company’s depreciation method, assumptions, and production are as follows:

折旧法

Depreciation method

  • 永利公司:直线法

  • EVEN-LI Co.: straight-line method

  • SOONER 公司:双倍余额递减法(对账面价值适用的折旧率是直线法折旧率的两倍)

  • SOONER Inc.: double-declining balance method (the rate applied to the carrying amount is double the depreciation rate for the straight-line method)

  • AZUSED公司:生产单位法

  • AZUSED Co.: units-of-production method

假设和生产

Assumptions and production

  • 预计残值:100美元

  • Estimated residual value: $100

  • 预计使用寿命:4年

  • Estimated useful life: 4 years

  • 预计总产能:800 箱

  • Total estimated productive capacity: 800 boxes

  • 四年间每年的产量分别为:第一年200盒,第二年300盒,第三年200盒,第四年100盒。

  • Production in each of the four years: 200 boxes in the first year, 300 in the second year, 200 in the third year, and 100 in the fourth year

  1. 使用以下模板,记录每家公司纸箱制造设备的期初和期末账面净值(账面价值)、年末累计折旧和年度折旧费用。

    模板:

      期初净账面价值 折旧费用 累计折旧 期末净账面价值
    一年级
    二年级
    三年级
    四年级

  2. Using the following template for each company, record its beginning and ending net book value (carrying amount), end-of-year accumulated depreciation, and annual depreciation expense for the box manufacturing equipment.

    Template:

      Beginning Net Book Value Depreciation Expense Accumulated Depreciation Ending Net Book Value
    Year 1
    Year 2
    Year 3
    Year 4

  3. 解释确认折旧费用时间上的重大差异。

  4. Explain the significant differences in the timing of the recognition of the depreciation expense.

  5. 假设每家公司的销售额、息税折旧摊销前利润(EBITDA)以及除纸箱制造设备以外的其他资产均如下表所示。计算每家公司四年中每年的总资产周转率、营业利润率和营业资产回报率。讨论这些比率,并比较公司内部和公司之间的结果。

      销售量 息税折旧摊销前利润 年末总资产账面价值(不包括纸箱制造设备)*
    一年级 30万美元 36,000 美元 30,000美元
    二年级 320,000 38,400 32,000
    三年级 340,000 40,800 34,000
    四年级 360,000 43,200 36,000

    * 假设第一年初的总资产(包括纸箱制造设备)价值为 30,300 美元。假设除纸箱制造设备以外的其他资产的折旧费用总计每年 1,000 美元。

  6. For each company, assume that sales, earnings before interest, taxes, depreciation, and amortization, and assets other than the box manufacturing equipment are as shown in the following table. Calculate the total asset turnover ratio, the operating profit margin, and the operating return on assets for each company for each of the four years. Discuss the ratios, comparing results within and across companies.

      Sales Earnings before Interest, Taxes, Depreciation, and Amortization Carrying Amount of Total Assets, Excluding the Box Manufacturing Equipment, at Year End*
    Year 1 $300,000 $36,000 $30,000
    Year 2 320,000 38,400 32,000
    Year 3 340,000 40,800 34,000
    Year 4 360,000 43,200 36,000

    * Assume that total assets at the beginning of Year 1, including the box manufacturing equipment, had a value of $30,300. Assume that depreciation expense on assets other than the box manufacturing equipment totaled $1,000 per year.

问题1的解答:

Solution to 1:

对于每家公司,适用以下信息:第一年的期初账面净值等于购买价格 2,300 美元;累计年末折旧等于上年余额加上本年度折旧费用;期末账面净值(账面价值)等于原始成本减去累计年末折旧(即期初账面净值减去折旧费用);第二、三、四年的期初账面净值等于上一年的期末账面净值。以下文本和已填写的模板描述了每家公司折旧费用的计算方法。

For each company, the following information applies: Beginning net book value in Year 1 equals the purchase price of $2,300; accumulated year-end depreciation equals the balance from the previous year plus the current year’s depreciation expense; ending net book value (carrying amount) equals original cost minus accumulated year-end depreciation (which is the same as beginning net book value minus depreciation expense); and beginning net book value in Years 2, 3, and 4 equals the ending net book value of the prior year. The following text and filled-in templates describe how depreciation expense is calculated for each company.

EVEN-LI公司采用直线法折旧,因此每年的折旧费用为550美元,计算方法为(2300美元原始成本 - 100美元残值)/ 4年。第四年末的账面净值为预计残值100美元。

EVEN-LI Co. uses the straight-line method, so depreciation expense in each year equals $550, which is calculated as ($2,300 original cost – $100 residual value)/4 years. The net book value at the end of Year 4 is the estimated residual value of $100.

永利公司 期初净账面价值 折旧费用 年末累计折旧 期末净账面价值
一年级 2300美元 550美元 550美元 1750美元
二年级 1,750 550 1,100 1200
三年级 1200 550 1,650 650
四年级 650 550 2,200 100

SOONER公司采用双倍余额递减法计提折旧。双倍余额递减法的折旧率是直线法折旧率的两倍。直线法的折旧率为25%(100%除以4年)。因此,双倍余额递减法的折旧率为50%(2乘以25%)。第一年的折旧费用为1,150美元(2,300美元的50%)。需要注意的是,在这种方法下,50%的折旧率直接应用于资产的账面价值(净账面价值),而不考虑预期残值。然而,由于资产的账面价值并未折旧至低于其预计残值,因此在最后一年的折旧费用会使期末账面价值(净账面价值)减少至预计残值。

SOONER Inc. uses the double-declining balance method. The depreciation rate for the double-declining balance method is double the depreciation rate for the straight-line method. The depreciation rate under the straight-line method is 25 percent (100 percent divided by 4 years). Thus, the depreciation rate for the double-declining balance method is 50 percent (2 times 25 percent). The depreciation expense for the first year is $1,150 (50 percent of $2,300). Note that under this method, the depreciation rate of 50 percent is applied to the carrying amount (net book value) of the asset, without adjustment for expected residual value. Because the carrying amount of the asset is not depreciated below its estimated residual value, however, the depreciation expense in the final year of depreciation decreases the ending net book value (carrying amount) to the estimated residual value.

SOONER公司 期初净账面价值 折旧费用 年末累计折旧 期末净账面价值
一年级 2300美元 1150美元 1150美元 1150美元
二年级 1,150 575 1,725 575
三年级 575 288 2013年 287
四年级 287 187 2,200 100

另一种常用方法(本题并非必须)是先采用加速折旧法,例如双倍余额递减法,持续一段时间(一年或更久),然后在资产剩余使用寿命内改用直线折旧法。如果 SOONER 公司第一年采用双倍余额递减法,然后在第二、三、四年采用直线折旧法,则第二、三、四年的折旧费用为每年 350 美元 [(1150 美元 – 100 美元估计残值)/ 3 年]。SOONER 公司采用此替代方法的结果如下所示。

Another common approach (not required in this question) is to use an accelerated method, such as the double-declining method, for some period (a year or more) and then to change to the straight-line method for the remaining life of the asset. If SOONER had used the double-declining method for the first year and then switched to the straight-line method for Years 2, 3, and 4, the depreciation expense would be $350 [($1,150 – $100 estimated residual value)/3 years] a year for Years 2, 3, and 4. The results for SOONER under this alternative approach are shown below.

SOONER公司 期初净账面价值 折旧费用 年末累计折旧 期末净账面价值
一年级 2300美元 1150美元 1150美元 1150美元
二年级 1,150 350 1,500 800
三年级 800 350 1,850 450
四年级 450 350 2,200 100

AZUSED公司采用产量法计提折旧。将设备的总可折旧成本除以其总生产能力,得出单位成本为2.75美元,计算方法为(2300美元原价 - 100美元残值)/ 800。每年确认的折旧费用为产量乘以2.75美元。第一年,折旧费用为550美元(200单位 × 2.75美元)。第二年,折旧费用为825美元(300单位 × 2.75美元)。第三年,折旧费用为550美元。第四年,折旧费用为275美元。

AZUSED Co. uses the units-of-production method. Dividing the equipment’s total depreciable cost by its total productive capacity gives a cost per unit of $2.75, calculated as ($2,300 original cost – $100 residual value)/800. The depreciation expense recognised each year is the number of units produced times $2.75. For Year 1, the amount of depreciation expense is $550 (200 units times $2.75). For Year 2, the amount is $825 (300 units times $2.75). For Year 3, the amount is $550. For Year 4, the amount is $275.

AZUSED 公司 期初净账面价值 折旧费用 年末累计折旧 期末净账面价值
一年级 2300美元 550美元 550美元 1750美元
二年级 1,750 825 1,375 925
三年级 925 550 1,925 375
四年级 375 275 2,200 100

答案二:

Solution to 2:

三种方法在设备使用寿命期内累计折旧总额相同。主要区别在于折旧费用确认的时间。直线法平均确认费用,加速折旧法在第一年确认大部分费用,而产量法则根据产量(或资产使用量)确认费用。三种方法下,设备期末账面净值均为100美元。

All three methods result in the same total amount of accumulated depreciation over the life of the equipment. The significant differences are simply in the timing of the recognition of the depreciation expense. The straight-line method recognises the expense evenly, the accelerated method recognises most of the expense in the first year, and the units-of-production method recognises the expense on the basis of production (or use of the asset). Under all three methods, the ending net book value is $100.

问题3的解答:

Solution to 3:

总资产周转率 = 总收入 ÷ 平均总资产

Total asset turnover ratio = Total revenue ÷ Average total assets

营业利润率 = 息税前利润 ÷ 总收入

Operating profit margin = Earnings before interest and taxes ÷ Total revenue

资产经营回报率 = 息税前利润 ÷ 平均总资产

Operating return on assets = Earnings before interest and taxes ÷ Average total assets

下表显示了各项比率,第 1 年和第 2 年的计算详情将在讨论这些比率之后进行描述。

Ratios are shown in the table below, and details of the calculations for Years 1 and 2 are described after discussion of the ratios.

永利公司 SOONER公司 AZUSED 公司
比率* PM(%) 资产回报率 (%) PM(%) 资产回报率 (%) PM(%) 资产回报率 (%)
一年级 9.67 11.48 111.04 9.76 11.28 110.17 9.67 11.48 111.04
二年级 9.85 11.52 113.47 10.04 11.51 115.57 9.90 11.43 113.10
三年级 10.02 11.54 115.70 10.17 11.62 118.21 10.10 11.54 116.64
四年级 10.18 11.57 117.74 10.23 11.67 119.42 10.22 11.65 118.98

* AT = 总资产周转率。PM = 营业利润率。ROA = 资产经营回报率。

* AT = Total asset turnover ratio. PM = Operating profit margin. ROA = Operating return on assets.

所有公司的资产周转率均随时间推移而增加,因为销售额的增长速度超过了资产的增长速度。然而,SOONER 的资产周转率始终高于其他两家公司,这是因为其早期较高的折旧费用降低了其平均总资产。此外,早期较高的折旧费用导致 SOONER 在第一年的营业利润率和营业资产回报率较低,而在后期则较高。根据其更高的资产周转率以及利润率和资产回报率随时间推移的更大增长,SOONER 的运营效率似乎更高;然而,这些比较反映了各公司折旧方法选择的差异。此外,分析师可能会质疑这三家公司极高的资产回报率的可持续性,因为如此高的盈利水平可能会吸引新的竞争对手,从而可能对这些比率构成下行压力。

For all companies, the asset turnover ratio increased over time because sales grew at a faster rate than that of the assets. SOONER had consistently higher asset turnover ratios than the other two companies, however, because higher depreciation expense in the earlier periods decreased its average total assets. In addition, the higher depreciation in earlier periods resulted in SOONER having lower operating profit margin and operating ROA in the first year and higher operating profit margin and operating ROA in the later periods. SOONER appears to be more efficiently run, on the basis of its higher asset turnover and greater increases in profit margin and ROA over time; however, these comparisons reflect differences in the companies’ choice of depreciation method. In addition, an analyst might question the sustainability of the extremely high ROAs for all three companies because such high profitability levels would probably attract new competitors, which would likely put downward pressure on the ratios.

永利公司

EVEN-LI Co.

一年级:

Year 1:

总资产周转率 = 300,000/[(30,300 + 30,000 + 1,750)/2]

Total asset turnover ratio = 300,000/[(30,300 + 30,000 + 1,750)/2]

 = 300,000/31,025 = 9.67

 = 300,000/31,025 = 9.67

营业利润率 = (36,000 – 1,000 – 550)/300,000

Operating profit margin = (36,000 – 1,000 – 550)/300,000

 = 34,450/300,000 = 11.48%

 = 34,450/300,000 = 11.48%

经营资产回报率 = 34,450/31,025 = 111.04%

Operating ROA = 34,450/31,025 = 111.04%

二年级:

Year 2:

总资产周转率 = 320,000/[(30,000 + 1,750 + 32,000 + 1,200)/2]

Total asset turnover ratio = 320,000/[(30,000 + 1,750 + 32,000 + 1,200)/2]

 = 320,000/32,475 = 9.85

 = 320,000/32,475 = 9.85

营业利润率 = (38,400 – 1,000 – 550)/320,000

Operating profit margin = (38,400 – 1,000 – 550)/320,000

 = 36,850/320,000 = 11.52%

 = 36,850/320,000 = 11.52%

经营资产回报率 = 36,850/32,475 = 113.47%

Operating ROA = 36,850/32,475 = 113.47%

SOONER公司

SOONER Inc.

一年级:

Year 1:

总资产周转率 = 300,000/[(30,300 + 30,000 + 1,150)/2]

Total asset turnover ratio = 300,000/[(30,300 + 30,000 + 1,150)/2]

 = 300,000/30,725 = 9.76

 = 300,000/30,725 = 9.76

营业利润率 = (36,000 – 1,000 – 1,150)/300,000

Operating profit margin = (36,000 – 1,000 – 1,150)/300,000

 = 33,850/300,000 = 11.28%

 = 33,850/300,000 = 11.28%

经营资产回报率 = 33,850/30,725 = 110.17%

Operating ROA = 33,850/30,725 = 110.17%

二年级:

Year 2:

总资产周转率 = 320,000/[(30,000 + 1,150 + 32,000 + 575)/2]

Total asset turnover ratio = 320,000/[(30,000 + 1,150 + 32,000 + 575)/2]

 = 320,000/31,862.50 = 10.04

 = 320,000/31,862.50 = 10.04

营业利润率 = (38,400 – 1,000 – 575)/320,000

Operating profit margin = (38,400 – 1,000 – 575)/320,000

 = 36,825/320,000 = 11.51%

 = 36,825/320,000 = 11.51%

经营资产回报率 = 36,825/31,862.50 = 115.57%

Operating ROA = 36,825/31,862.50 = 115.57%

AZUSED 公司

AZUSED Co.

一年级:

Year 1:

总资产周转率 = 300,000/[(30,300 + 30,000 + 1,750)/2]

Total asset turnover ratio = 300,000/[(30,300 + 30,000 + 1,750)/2]

 = 300,000/31,025 = 9.67

 = 300,000/31,025 = 9.67

营业利润率 = (36,000 – 1,000 – 550)/300,000

Operating profit margin = (36,000 – 1,000 – 550)/300,000

 = 34,450/300,000 = 11.48%

 = 34,450/300,000 = 11.48%

经营资产回报率 = 34,450/31,025 = 111.04%

Operating ROA = 34,450/31,025 = 111.04%

二年级:

Year 2:

总资产周转率 = 320,000/[(30,000 + 1,750 + 32,000 + 925)/2]

Total asset turnover ratio = 320,000/[(30,000 + 1,750 + 32,000 + 925)/2]

 = 320,000/32,337.50 = 9.90

 = 320,000/32,337.50 = 9.90

营业利润率 = (38,400 – 1,000 – 825)/320,000

Operating profit margin = (38,400 – 1,000 – 825)/320,000

 = 36,575/320,000 = 11.43%

 = 36,575/320,000 = 11.43%

经营资产回报率 = 36,575/32,337.50 = 113.10%

Operating ROA = 36,575/32,337.50 = 113.10%

在许多国家,公司必须在财务报告和税务报告中使用相同的折旧方法。而在包括美国在内的其他一些国家,公司则无需在财务报告和税务报告中使用相同的折旧方法。由于财务报告和税务报告采用不同的折旧方法,损益表中的税前利润和纳税申报表中的应纳税所得额可能存在差异。因此,基于税前利润计算的所得税费用与基于应纳税所得额实际应缴纳的税款金额也可能存在差异。尽管这些差异最终会相互抵消,因为无论在财务报表还是纳税申报表中确认折旧的时间点如何,总折旧额都是相同的,但在差异出现期间,资产负债表将显示所谓的递延所得税。例如,如果一家公司在财务报告中采用直线折旧法,而在税务报告中采用加速折旧法,那么与税务报告中的折旧费用和应纳税所得额相比,该公司财务报表在第一年将显示较低的折旧费用和较高的税前利润。 (比较前例中 EVEN-LI 公司和 SOONER 公司第一年的折旧费用。)根据财务报表税前利润计算的所得税费用将高于根据应纳税所得额计算的应纳税所得额;两者之间的差额代表递延所得税负债。随着差额的转回(即,当财务报告中的折旧高于税务目的的折旧时),递延所得税负债将减少,所得税也将随之缴纳。

In many countries, a company must use the same depreciation methods for both financial and tax reporting. In other countries, including the United States, a company need not use the same depreciation method for financial reporting and taxes. As a result of using different depreciation methods for financial and tax reporting, pre-tax income on the income statement and taxable income on the tax return may differ. Thus, the amount of tax expense computed on the basis of pre-tax income and the amount of taxes actually owed on the basis of taxable income may differ. Although these differences eventually reverse because the total depreciation is the same regardless of the timing of its recognition in financial statements versus on tax returns, during the period of the difference, the balance sheet will show what is known as deferred taxes. For instance, if a company uses straight-line depreciation for financial reporting and an accelerated depreciation method for tax purposes, the company’s financial statements will report lower depreciation expense and higher pre-tax income in the first year, compared with the amount of depreciation expense and taxable income in its tax reporting. (Compare the depreciation expense in Year 1 for EVEN-LI Co. and SOONER Inc. in the previous example.) Tax expense calculated on the basis of the financial statements’ pre-tax income will be higher than taxes payable on the basis of taxable income; the difference between the two amounts represents a deferred tax liability. The deferred tax liability will be reduced as the difference reverses (i.e., when depreciation for financial reporting is higher than the depreciation for tax purposes) and the income tax is paid.

计算折旧所需的重要估计值包括资产的使用寿命(或其总生产能力)以及使用寿命结束时的预期残值。与使用寿命较短、预期残值较低相比,使用寿命较长、预期残值较高会降低年度折旧费用。公司应定期审查其估计值,以确保其合理性。国际财务报告准则(IFRS)要求公司每年审查这些估计值。

Significant estimates required for calculating depreciation include the useful life of the asset (or its total lifetime productive capacity) and its expected residual value at the end of that useful life. A longer useful life and higher expected residual value decrease the amount of annual depreciation expense relative to a shorter useful life and lower expected residual value. Companies should review their estimates periodically to ensure they remain reasonable. IFRS require companies to review estimates annually.

尽管国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)在折旧的定义和可接受的折旧方法方面没有显著差异,但IFRS要求公司采用组成部分法进行折旧。 14公司需要对资产的重要组成部分(成本相对于总成本而言较大和/或使用寿命不同的部分)分别进行折旧,因此需要对各个组成部分进行额外的成本估算。例如,对飞机的发动机、机架和内饰分别进行折旧可能是合适的。根据US GAAP,组成部分法虽然被允许,但在实践中很少使用。 15以下示例说明了如何对资产的组成部分进行折旧。

Although no significant differences exist between IFRS and US GAAP with respect to the definition of depreciation and the acceptable depreciation methods, IFRS require companies to use a component method of depreciation.14 Companies are required to separately depreciate the significant components of an asset (parts of an item with a cost that is significant in relation to the total cost and/or with different useful lives) and thus require additional estimates for the various components. For instance, it may be appropriate to depreciate separately the engine, frame, and interior furnishings of an aircraft. Under US GAAP, the component method of depreciation is allowed but is seldom used in practice.15 The following example illustrates depreciating components of an asset.

例9

资产折旧组成部分图示

Illustration of Depreciating Components of an Asset

假设一家名为 CUTITUP 的公司购入了一台铣床,这是一种用于金属成型的机器,总成本为 10,000 美元。其中,旋转刀具(铣床的重要组成部分)的成本估计为 2,000 美元。该公司预计该铣床的使用寿命为 8 年,残值为 3,000 美元,并且旋转刀具需要每两年更换一次。假设所有残值均归因于铣床本身,并且该公司对所有资产均采用直线折旧法。

CUTITUP Co., a hypothetical company, purchases a milling machine, a type of machine used for shaping metal, at a total cost of $10,000. $2,000 was estimated to represent the cost of the rotating cutter, a significant component of the machine. The company expects the machine to have a useful life of eight years and a residual value of $3,000 and that the rotating cutter will need to be replaced every two years. Assume the entire residual value is attributable to the milling machine itself, and assume the company uses straight-line depreciation for all assets.

  1. 如果公司采用分项折旧法,则第一年应报告多少折旧费用?如果不采用分项折旧法,则第一年应报告多少折旧费用?

  2. How much depreciation expense would the company report in Year 1 if it uses the component method of depreciation, and how much depreciation expense would the company report in Year 1 if it does not use the component method?

  3. 假设在第二年末以 2,000 美元的价格购买了一台预计使用寿命为两年的新切割机,如果该公司采用部件法和不采用部件法,则该公司在第三年应报告的折旧费用分别是多少?

  4. Assuming a new cutter with an estimated two-year useful life is purchased at the end of Year 2 for $2,000, what depreciation expenses would the company report in Year 3 if it uses the component method and if it does not use the component method?

  5. 假设每两年更换一次切割机,价格为 2,000 美元,如果公司采用部件法,八年内的总折旧费用是多少?如果公司不采用部件法,总折旧费用又是多少?

  6. Assuming replacement of the cutter every two years at a price of $2,000, what is the total depreciation expense over the eight years if the company uses the component method compared with the total depreciation expense if the company does not use the component method?

  7. 如果公司采用部件法计算铣床的折旧费用,那么在第一年需要估算多少个不同的项目?如果不采用部件法,又需要估算多少个项目?

  8. How many different items must the company estimate in the first year to compute depreciation expense for the milling machine if it uses the component method, and how does this compare with what would be required if it does not use the component method?

问题1的解答:

Solution to 1:

根据部件法,第一年的折旧费用为 1,625 美元。对于不包括切割机的机器部分,其折旧基数为总成本减去切割机的成本再减去预计残值,即 10,000 美元 – 2,000 美元 – 3,000 美元 = 5,000 美元。因此,第一年不包括切割机的机器部分的折旧费用为 625 美元(折旧成本除以机器的使用寿命 = 5,000 美元 / 8 年)。对于切割机,折旧费用为 1,000 美元(折旧成本除以切割机的使用寿命 = 2,000 美元 / 2 年)。因此,根据部件法,第一年的总折旧费用为 1,625 美元(两个部件的折旧费用之和 = 625 美元 + 1,000 美元)。第二年的折旧费用也为 1,625 美元。

Depreciation expense in Year 1 under the component method would be $1,625. For the portion of the machine excluding the cutter, the depreciable base is total cost minus the cost attributable to the cutter minus the estimated residual value = $10,000 – $2,000 – $3,000 = $5,000. Depreciation expense for the machine excluding the cutter in the first year equals $625 (depreciable cost divided by the useful life of the machine = $5,000/8 years). For the cutter, the depreciation expense equals $1,000 (depreciable cost divided by the useful life of the cutter = $2,000/2 years). Thus, the total depreciation expense for Year 1 under the component method is $1,625 (the sum of the depreciation expenses of the two components = $625 + $1,000). Depreciation expense in Year 2 would also be $1,625.

如果公司不采用部件法,则第一年的折旧费用为 875 美元(铣床总可折旧成本除以其使用寿命 = [10,000 美元 – 3,000 美元]/8 年)。第二年的折旧费用也为 875 美元。

If the company does not use the component method, depreciation expense in Year 1 is $875 (the depreciable cost of the total milling machine divided by its useful life = [$10,000 – $3,000]/8 years). Depreciation expense in Year 2 would also be $875.

答案二:

Solution to 2:

假设公司在第二年末以 2,000 美元的价格购买了一台预计使用寿命为两年的新切割机,采用部件法,则第三年的折旧费用仍为 1,625 美元。如果公司不采用部件法,而是在第二年末以 2,000 美元的价格购买了一台预计使用寿命为两年的新切割机,则第三年的折旧费用将为 1,875 美元 [875 美元 + (2,000 美元/2) = 875 美元 + 1,000 美元]。

Assuming that at the end of Year 2, the company purchases a new cutter for $2,000 with an estimated two-year life, under the component method, the depreciation expense in Year 3 will remain at $1,625. If the company does not use the component method and purchases a new cutter with an estimated two-year life for $2,000 at the end of Year 2, the depreciation expense in Year 3 will be $1,875 [$875 + ($2,000/2) = $875 + $1,000].

问题3的解答:

Solution to 3:

假设每两年更换一次切割器,每次更换价格为 2,000 美元,那么在八年内,采用部件法计算的总折旧费用为 13,000 美元 [1,625 美元 × 8 年]。如果不采用部件法,总折旧费用也为 13,000 美元 [875 美元 × 2 年 + 1,875 美元 × 6 年]。该金额等于总支出 16,000 美元 [10,000 美元 + 3 个切割器 × 2,000 美元] 减去残值 3,000 美元。

Over the eight years, assuming replacement of the cutters every two years at a price of $2,000, the total depreciation expense will be $13,000 [$1,625 × 8 years] when the component method is used. When the component method is not used, the total depreciation expense will also be $13,000 [$875 × 2 years + $1,875 × 6 years]. This amount equals the total expenditures of $16,000 [$10,000 + 3 cutters × $2,000] less the residual value of $3,000.

问题 4 的解答:

Solution to 4:

下表总结了公司在第一年计算折旧费用时,如果采用或不采用组成部分法,所需的估计值:

The following table summarizes the estimates required in the first year to compute depreciation expense if the company does or does not use the component method:

估计 是否必须使用组件方法? 如果未使用组件方法,则需要此项吗?
铣床的使用寿命 是的 是的
铣床的残值 是的 是的
机器成本中归因于切割机的部分 是的
归因于切割机的残值部分 是的
切割器的使用寿命 是的

总折旧费用可在销售成本和其他费用之间分配。在利润表中,用于生产的资产的折旧费用通常分配至销售成本,而未用于生产的资产的折旧费用则可能分配至其他费用类别。例如,如果可折旧资产用于销售、一般及行政费用,则折旧费用可分配至这些费用。财务报表附注有时会披露哪些利润表项目包含折旧费用,但各公司披露的具体细节有所不同。

Total depreciation expense may be allocated between the cost of sales and other expenses. Within the income statement, depreciation expense of assets used in production is usually allocated to the cost of sales, and the depreciation expense of assets not used in production may be allocated to some other expense category. For instance, depreciation expense may be allocated to selling, general, and administrative expenses if depreciable assets are used in those functional areas. Notes to the financial statements sometimes disclose information regarding which income statement line items include depreciation expense, although the exact amount of detail disclosed by individual companies varies.

3.2摊销方法和摊销费用的计算

3.2. Amortisation Methods and Calculation of Amortisation Expense

摊销的概念与折旧类似。摊销一词适用于无形资产,而折旧一词适用于有形资产。这两个术语都指的是将资产成本在其使用寿命内分摊的过程。只有那些被假定具有有限使用寿命的无形资产才会在其使用寿命内进行摊销,摊销模式遵循其效益消耗的规律。可接受的摊销方法与可接受的折旧方法相同。被假定具有无限使用寿命(即没有有限使用寿命)的资产不进行摊销。当“预计该资产为公司产生净现金流入的期间没有可预见的限制”时,该无形资产被视为具有无限使用寿命。 16

Amortisation is similar in concept to depreciation. The term amortisation applies to intangible assets, and the term depreciation applies to tangible assets. Both terms refer to the process of allocating the cost of an asset over the asset’s useful life. Only those intangible assets assumed to have finite useful lives are amortised over their useful lives, following the pattern in which the benefits are used up. Acceptable amortisation methods are the same as the methods acceptable for depreciation. Assets assumed to have an indefinite useful life (in other words, without a finite useful life) are not amortised. An intangible asset is considered to have an indefinite useful life when there is “no foreseeable limit to the period over which the asset is expected to generate net cash inflows” for the company.16

使用寿命有限的无形资产包括:预计可为直邮营销公司带来两到三年收益的客户名单;具有特定到期日的专利或版权;具有特定到期日且无权续展的许可;以及公司计划在特定年限内逐步淘汰的产品商标。使用寿命无限的无形资产示例包括:虽然具有特定到期日但可以以极低的成本甚至免费续展的许可;以及虽然具有特定到期日但可以以极低的成本续展且与公司计划在可预见的未来继续销售的产品相关的商标。

Intangible assets with finite useful lives include an acquired customer list expected to provide benefits to a direct-mail marketing company for two to three years, an acquired patent or copyright with a specific expiration date, an acquired license with a specific expiration date and no right to renew the license, and an acquired trademark for a product that a company plans to phase out over a specific number of years. Examples of intangible assets with indefinite useful lives include an acquired license that, although it has a specific expiration date, can be renewed at little or no cost and an acquired trademark that, although it has a specific expiration, can be renewed at a minimal cost and relates to a product that a company plans to continue selling for the foreseeable future.

与有形资产折旧一样,无形资产摊销的计算也需要用到无形资产的初始确认金额,以及对其使用寿命和使用寿命结束时残值的估计。使用寿命的估计基于资产的预期用途,并考虑任何可能限制资产使用寿命的因素,例如法律、监管、合同、竞争或经济因素。

As with depreciation for a tangible asset, the calculation of amortisation for an intangible asset requires the original amount at which the intangible asset is recognised and estimates of the length of its useful life and its residual value at the end of its useful life. Useful lives are estimated on the basis of the expected use of the asset, considering any factors that may limit the life of the asset, such as legal, regulatory, contractual, competitive, or economic factors.

例10

摊销费用

Amortisation Expense

国际会计准则第38号《无形资产》提供了有关无形资产会计处理的示例,其中包括以下内容:

IAS 38 Intangible Assets provides illustrative examples regarding the accounting for intangible assets, including the following:

一家直邮营销公司获得了一份客户名单,并预期至少一年、至多三年内能够从名单中的信息中获益。该客户名单将按管理层对其使用寿命的最佳估计(例如18个月)进行摊销。尽管这家直邮营销公司未来可能会向名单中添加客户姓名和其他信息,但所购客户名单的预期收益仅限于收购之日名单上的客户。

A direct-mail marketing company acquires a customer list and expects that it will be able to derive benefit from the information on the list for at least one year, but no more than three years. The customer list would be amortised over management’s best estimate of its useful life, say 18 months. Although the direct-mail marketing company may intend to add customer names and other information to the list in the future, the expected benefits of the acquired customer list relate only to the customers on that list at the date it was acquired.

在这个例子中,管理层的决策和估计会以哪些方式影响公司的财务报表?

In this example, in what ways would management’s decisions and estimates affect the company’s financial statements?

解决方案:

Solution:

由于预计收购的客户名单将在一年以上的时间内产生经济效益,因此该名单的成本应资本化而非计入费用。经确定,收购的客户名单并非无限期使用,必须进行摊销。管理层必须估计客户名单的使用寿命并选择一种摊销方法。在本例中,该名单似乎没有残值。摊销方法和预计使用寿命都会影响每个期间的摊销费用。与预计使用寿命较长相比,预计使用寿命较短会导致每年在较短时间内产生较高的摊销费用,但无形资产使用寿命内的累计摊销费用总额不受预计使用寿命的影响。同样,无形资产使用寿命内的累计摊销费用总额也不受摊销方法选择的影响。每个期间的摊销费用取决于摊销方法。如果采用直线法,则每年的摊销费用相同。如果采用加速摊销法,则前几年的摊销费用较高。

Because the acquired customer list is expected to generate future economic benefits for a period greater than one year, the cost of the list should be capitalised and not expensed. The acquired customer list is determined to not have an indefinite life and must be amortised. Management must estimate the useful life of the customer list and must select an amortisation method. In this example, the list appears to have no residual value. Both the amortisation method and the estimated useful life affect the amount of the amortisation expense in each period. A shorter estimated useful life, compared with a longer estimated useful life, results in a higher amortisation expense each year over a shorter period, but the total accumulated amortisation expense over the life of the intangible asset is unaffected by the estimate of the useful life. Similarly, the total accumulated amortisation expense over the life of the intangible asset is unaffected by the choice of amortisation method. The amortisation expense per period depends on the amortisation method. If the straight-line method is used, the amortisation expense is the same for each year of useful life. If an accelerated method is used, the amortisation expense will be higher in earlier years.

4.重估模型

4. The Revaluation Model

重估模型是长期资产定期估值和报告的成本模型的替代方案。国际财务报告准则(IFRS)允许使用重估模型或成本模型,但美国通用会计准则(US GAAP)不允许使用重估模型。重估将各类长期资产的账面价值变更为公允价值(公允价值必须可靠计量)。在成本模型下,账面价值为历史成本减去累计折旧或摊销。在重估模型下,账面价值为重估日的公允价值减去任何后续累计折旧或摊销。

The revaluation model is an alternative to the cost model for the periodic valuation and reporting of long-lived assets. IFRS permit the use of either the revaluation model or the cost model, but the revaluation model is not allowed under US GAAP. Revaluation changes the carrying amounts of classes of long-lived assets to fair value (the fair value must be measured reliably). Under the cost model, carrying amounts are historical costs less accumulated depreciation or amortisation. Under the revaluation model, carrying amounts are the fair values at the date of revaluation less any subsequent accumulated depreciation or amortisation.

国际财务报告准则(IFRS)允许公司采用两种方式对长期资产进行估值:一种是成本模式,即以历史成本减去累计折旧或摊销;另一种是重估模式,即以公允价值计量。相比之下,美国会计准则要求采用成本模式。两种模式的一个关键区别在于,成本模式只允许长期资产的价值低于历史成本,而重估模式则可能导致长期资产的价值高于历史成本。

IFRS allow companies to value long-lived assets either under a cost model at historical cost minus accumulated depreciation or amortisation or under a revaluation model at fair value. In contrast, US accounting standards require that the cost model be used. A key difference between the two models is that the cost model allows only decreases in the values of long-lived assets compared with historical costs but the revaluation model may result in increases in the values of long-lived assets to amounts greater than historical costs.

国际财务报告准则(IFRS)允许公司对某些类别的资产采用成本模式,对其他类别的资产采用重估模式,但公司必须对同一类别内的所有资产采用相同的模式,并且必须对该类别内的所有项目进行重估,以避免选择性重估。不同类别的资产示例包括土地、土地及建筑物、机器设备、机动车辆、家具及固定装置以及办公设备。重估模式可用于某些无形资产,但前提是这些资产存在活跃的市场,因为只有在能够可靠计量资产公允价值的情况下才能使用重估模式。实际上,重估模式很少用于有形资产或无形资产,尤其很少用于无形资产。

IFRS allow a company to use the cost model for some classes of assets and the revaluation model for others, but the company must apply the same model to all assets within a particular class of assets and must revalue all items within a class to avoid selective revaluation. Examples of different classes of assets include land, land and buildings, machinery, motor vehicles, furniture and fixtures, and office equipment. The revaluation model may be used for classes of intangible assets but only if an active market for the assets exists, because the revaluation model may only be used if the fair values of the assets can be measured reliably. For practical purposes, the revaluation model is rarely used for either tangible or intangible assets, but its use is especially rare for intangible assets.

在重估模式下,资产重估是否影响收益取决于重估最初是增加还是减少了某类资产的账面价值。如果重估最初减少了某类资产的账面价值,则该减少额计入损益。之后,如果某类资产的账面价值增加,则增加额计入损益,但以抵消之前计入损益的同一类资产的重估减少额为限。超过抵消额的增加额将不计入利润表,而是直接计入权益的重估盈余账户。向上重估的处理方式与超过抵消额的增加额相同。换言之,如果重估最初增加了某类资产的账面价值,则该增加额绕过利润表,直接计入权益的重估盈余账户。之后,资产价值的任何减少首先会减少重估盈余,然后计入利润。当一项资产被报废或处置时,计入权益的任何相关重估盈余金额将直接转入留存收益。

Under the revaluation model, whether an asset revaluation affects earnings depends on whether the revaluation initially increases or decreases an asset class’ carrying amount. If a revaluation initially decreases the carrying amount of the asset class, the decrease is recognised in profit or loss. Later, if the carrying amount of the asset class increases, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset class previously recognised in profit or loss. Any increase in excess of the reversal amount will not be recognised in the income statement but will be recorded directly to equity in a revaluation surplus account. An upward revaluation is treated the same as the amount in excess of the reversal amount. In other words, if a revaluation initially increases the carrying amount of the asset class, the increase in the carrying amount of the asset class bypasses the income statement and goes directly to equity under the heading of revaluation surplus. Any subsequent decrease in the asset’s value first decreases the revaluation surplus and then goes to income. When an asset is retired or disposed of, any related amount of revaluation surplus included in equity is transferred directly to retained earnings.

资产重估为财务报表分析提供了几个需要考虑的因素。首先,可折旧长期资产账面价值的增加会增加总资产和股东权益,因此,增加资产账面价值的资产重估可以用来降低报告的杠杆率。杠杆率定义为平均总资产除以平均股东权益,分子(资产)和分母(权益)同时增加相同的金额会导致该比率下降。(从数学角度来看,当比率大于1时,如本例所示,分子和分母同时增加相同的金额会导致比率下降。)因此,在分析中应考虑重估的杠杆动机。例如,如果公司正在寻求新的资金或接近财务契约规定的杠杆限制,则可能会提高资产的重估价值。

Asset revaluations offer several considerations for financial statement analyses. First, an increase in the carrying amount of depreciable long-lived assets increases total assets and shareholders’ equity, so asset revaluations that increase the carrying amount of an asset can be used to reduce reported leverage. Defining leverage as average total assets divided by average shareholders’ equity, increasing both the numerator (assets) and denominator (equity) by the same amount leads to a decline in the ratio. (Mathematically, when a ratio is greater than one, as in this case, an increase in both the numerator and the denominator by the same amount leads to a decline in the ratio.) Therefore, the leverage motivation for the revaluation should be considered in analysis. For example, a company may revalue assets up if it is seeking new capital or approaching leverage limitations set by financial covenants.

其次,资产重估降低资产账面价值会减少净利润。在重估当年,资产回报率和权益回报率等盈利指标会下降。然而,由于总资产和股东权益也会降低,公司未来几年的盈利能力可能会有所提升。此外,向下重估的逆转也会影响损益,从而增加收益。管理层可以择机调整逆转时机,以管理收益并提高利润。第三,资产重估增加资产账面价值最初会增加折旧费用、总资产和股东权益。因此,资产回报率和权益回报率等盈利指标会下降。虽然向上重估通常也会降低收益(通过增加折旧费用),但长期资产价值的增加很可能是基于资产运营能力的提升,这很可能会体现在未来收入的增长上。

Second, assets revaluations that decrease the carrying amount of the assets reduce net income. In the year of the revaluation, profitability measures such as return on assets and return on equity decline. However, because total assets and shareholders’ equity are also lower, the company may appear more profitable in future years. Additionally, reversals of downward revaluations also go through income, thus increasing earnings. Managers can then opportunistically time the reversals to manage earnings and increase income. Third, asset revaluations that increase the carrying amount of an asset initially increase depreciation expense, total assets, and shareholders’ equity. Therefore, profitability measures, such as return on assets and return on equity, would decline. Although upward asset revaluations also generally decrease income (through higher depreciation expense), the increase in the value of the long-lived asset is presumably based on increases in the operating capacity of the asset, which will likely be evidenced in increased future revenues.

最后,分析师应考虑评估的执行者——是独立的外部评估师还是管理层——以及重估的频率。对长期资产公允价值的评估涉及相当大的判断和自由裁量权。一般来说,来自独立外部机构的资产评估更为可靠。资产重估的频率可以作为判断其报告价值是否仍然能够代表其公允价值的指标。

Finally, an analyst should consider who did the appraisal—i.e. an independent external appraiser or management—and how often revaluations are made. Appraisals of the fair value of long-lived assets involve considerable judgment and discretion. Presumably, appraisals of assets from independent external sources are more reliable. How often assets are revalued can provide an indicator of whether their reported value continues to be representative of their fair values.

接下来的两个例子说明了根据 IFRS 对长期资产进行重估的情况。

The next two examples illustrate revaluation of long-lived assets under IFRS.

例11

一次重估导致账面价值增加,随后另一次重估导致账面价值减少。

Revaluation Resulting in an Increase in Carrying Amount Followed by Subsequent Revaluation Resulting in a Decrease in Carrying Amount

假设UPFIRST是一家制造企业,该公司选择对其机器设备采用重估模型。为简化起见,假设该公司拥有一台机器,该机器是在其会计年度的第一天以10,000欧元的价格购入的,并且计量日与该公司的会计年度结束日相同。

UPFIRST, a hypothetical manufacturing company, has elected to use the revaluation model for its machinery. Assume for simplicity that the company owns a single machine, which it purchased for €10,000 on the first day of its fiscal period, and that the measurement date occurs simultaneously with the company’s fiscal period end.

  1. 假设收购后第一个会计期间结束时,该机器的公允价值被确定为 11,000 欧元。公司财务报表将如何反映该资产?

  2. At the end of the first fiscal period after acquisition, assume the fair value of the machine is determined to be €11,000. How will the company’s financial statements reflect the asset?

  3. 假设收购后第二个会计期间结束时,该机器的公允价值被确定为 7,500 欧元。公司财务报表将如何反映该资产?

  4. At the end of the second fiscal period after acquisition, assume the fair value of the machine is determined to be €7,500. How will the company’s financial statements reflect the asset?

问题1的解答:

Solution to 1:

在第一个财政年度结束时,公司的资产负债表将显示该资产的价值为 11,000 欧元。该资产价值增加的 1,000 欧元将计入其他综合收益,并在权益中以重估增值的形式累计。

At the end of the first fiscal period, the company’s balance sheet will show the asset at a value of €11,000. The €1,000 increase in the value of the asset will appear in other comprehensive income and be accumulated in equity under the heading of revaluation surplus.

答案二:

Solution to 2:

在第二个会计期间末,公司资产负债表将显示该资产价值为 7,500 欧元。该资产账面价值减少总额为 3,500 欧元(11,000 欧元 – 7,500 欧元)。在这 3,500 欧元的减少额中,前 1,000 欧元将减少之前计入权益的重估增值部分。剩余的 2,500 欧元将在损益表中列为损失。

At the end of the second fiscal period, the company’s balance sheet will show the asset at a value of €7,500. The total decrease in the carrying amount of the asset is €3,500 (€11,000 – €7,500). Of the €3,500 decrease, the first €1,000 will reduce the amount previously accumulated in equity under the heading of revaluation surplus. The other €2,500 will be shown as a loss on the income statement.

例 12

第一次重估导致资产账面价值减少,随后再次重估导致资产账面价值增加。

Revaluation Resulting in a Decrease in Asset’s Carrying Amount Followed by Subsequent Revaluation Resulting in an Increase in Asset’s Carrying Amount

假设DOWNFIRST是一家制造企业,该公司选择对其机器设备采用重估模型。为简化起见,假设该公司拥有一台机器,该机器是在其会计年度的第一天以10,000欧元的价格购入的,并且计量日与该公司的会计年度结束日相同。

DOWNFIRST, a hypothetical manufacturing company, has elected to use the revaluation model for its machinery. Assume for simplicity that the company owns a single machine, which it purchased for €10,000 on the first day of its fiscal period, and that the measurement date occurs simultaneously with the company’s fiscal period end.

  1. 假设在收购后的第一个会计期间结束时,该机器的公允价值被确定为 7,500 欧元。公司财务报表将如何反映该资产?

  2. At the end of the first fiscal period after acquisition, assume the fair value of the machine is determined to be €7,500. How will the company’s financial statements reflect the asset?

  3. 假设收购后第二个会计期间结束时,该机器的公允价值被确定为 11,000 欧元。公司财务报表将如何反映该资产?

  4. At the end of the second fiscal period after acquisition, assume the fair value of the machine is determined to be €11,000. How will the company’s financial statements reflect the asset?

问题1的解答:

Solution to 1:

在第一个财政年度结束时,公司的资产负债表将显示该资产的价值为 7,500 欧元。该资产价值减少的 2,500 欧元将在公司的损益表中作为损失出现。

At the end of the first fiscal period, the company’s balance sheet will show the asset at a value of €7,500. The €2,500 decrease in the value of the asset will appear as a loss on the company’s income statement.

答案二:

Solution to 2:

在第二个会计期间末,公司资产负债表将显示该资产价值为 11,000 欧元。该资产账面价值的总增加额为 3,500 欧元(11,000 欧元 – 7,500 欧元)。在这 3,500 欧元的增加额中,前 2,500 欧元用于冲回之前报告的损失,并将作为收益列入损益表。剩余的 1,000 欧元将不计入损益,而是作为其他综合收益列报,并在权益中计入重估增值。

At the end of the second fiscal period, the company’s balance sheet will show the asset at a value of €11,000. The total increase in the carrying amount of the asset is an increase of €3,500 (€11,000 – €7,500). Of the €3,500 increase, the first €2,500 reverses a previously reported loss and will be reported as a gain on the income statement. The other €1,000 will bypass profit or loss and be reported as other comprehensive income and be accumulated in equity under the heading of revaluation surplus.

附录6提供了两个关于重估模型披露的示例。第一个披露摘自荷兰电信和多媒体公司KPN的2006年年度报告。该报告发布之时,任何在美国证券交易所上市的采用国际财务报告准则(IFRS)的公司都必须解释其采用IFRS和美国通用会计准则(US GAAP)进行报告之间的差异。 17如前所述,其中一个差异是US GAAP不允许对持有待用的固定资产进行重估。KPN的披露表明,该公司选择以公允价值计量一类固定资产(电缆),并解释说,如果采用US GAAP的成本模型,该类资产的价值将减少3.5亿欧元。第二个披露摘自拉丁美洲航空公司Avianca Holdings SA的2017年年度报告。该公司采用IFRS进行报告,并对其固定资产的某个组成部分使用了重估模型。

Exhibit 6 provides two examples of disclosures concerning the revaluation model. The first disclosure is an excerpt from the 2006 annual report of KPN, a Dutch telecommunications and multimedia company. The report was produced at a time during which any IFRS-reporting company with a US stock exchange listing was required to explain differences between its reporting under IFRS and its reporting if it had used US GAAP.17 One of these differences, as previously noted, is that US GAAP do not allow revaluation of fixed assets held for use. KPN’s disclosure states that the company elected to report a class of fixed assets (cables) at fair value and explained that under US GAAP, using the cost model, the value of the asset class would have been €350 million lower. The second disclosure is an excerpt from the 2017 annual report of Avianca Holdings S.A., a Latin American airline that reports under IFRS and uses the revaluation model for one component of its fixed assets.

图表 6. 重估的影响
  1. 以下摘自 Koninklijke KPN NV 的年度报告,解释了 IFRS 和 US GAAP 在“视同成本固定资产”方面的一些差异:

    • KPN选择豁免在过渡到国际财务报告准则(IFRS)时,以公允价值重估其部分固定资产,并将该公允价值作为其视同成本。KPN采用折旧重置成本法确定该公允价值。重估后的资产涉及某些电缆,这些电缆构成固定资产的一部分。根据美国通用会计准则(US GAAP),不允许进行此类重估,因此会产生一个调节项目。因此,截至2006年12月31日,根据美国通用会计准则,这些资产的价值比根据国际财务报告准则计算的价值低3.5亿欧元(2005年:4.15亿欧元;2004年:4.87亿欧元)。

    • 资料来源:KPN 的 20-F 表格,第 168 页,2007 年 3 月 1 日提交。

  2. Excerpt from the annual report of Koninklijke KPN N.V. explaining certain differences between IFRS and US GAAP regarding “Deemed cost fixed assets”:

    • KPN elected the exemption to revalue certain of its fixed assets upon the transition to IFRS to fair value and to use this fair value as their deemed cost. KPN applied the depreciated replacement cost method to determine this fair value. The revalued assets pertain to certain cables, which form part of property, plant & equipment. Under US GAAP, this revaluation is not allowed and therefore results in a reconciling item. As a result, the value of these assets as of December 31, 2006 under US GAAP is EUR 350 million lower (2005: EUR 415 million; 2004: EUR 487 million) than under IFRS.

    • Source: KPN’s Form 20-F, p. 168, filed 1 March 2007.

  3. Avianca Holdings SA及其子公司的2017年度报告显示,其资产负债表权益项下包含5840万美元的“重估及其他储备金”,而本年度“行政资产重估”产生的其他综合收益为3100万美元。相关脚注披露如下:

  4. The 2017 annual report of Avianca Holdings S.A. and Subsidiaries shows $58.4 million of “Revaluation and Other Reserves” as a component of Equity on its balance sheet and $31.0 million in Other Comprehensive Income for the current year’s “Revaluation of Administrative Property”. The relevant footnote disclosure explains:

位于波哥大、麦德林、萨尔瓦多和圣何塞的行政资产按公允价值减去建筑物累计折旧和重估日确认的减值损失入账。估值频率足以确保重估后资产的公允价值与其账面价值无重大差异。重估储备计入其他综合收益,并贷记权益中的资产重估储备。但是,如果重估储备冲回了先前在损益中确认的同一资产的重估亏损,则增加额计入损益。重估亏损计入利润表,但与其抵消资产重估储备中已确认的同一资产的现有盈余的情况除外。处置时,与待售特定资产相关的任何重估储备均转入留存收益。

资料来源:AVIANCA HOLDINGS SA 2018 年 5 月 1 日提交的 20-F 表格。

“Administrative property in Bogota, Medellín, El Salvador, and San Jose is recorded at fair value less accumulated depreciation on buildings and impairment losses recognized at the date of revaluation. Valuations are performed with sufficient frequency to ensure that the fair value of a revalued asset does not differ materially from its carrying amount. A revaluation reserve is recorded in other comprehensive income and credited to the asset revaluation reserve in equity. However, to the extent that it reverses a revaluation deficit of the same asset previously recognized in profit or loss, the increase is recognized in profit and loss. A revaluation deficit is recognized in the income statement, except to the extent that it offsets an existing surplus on the same asset recognized in the asset revaluation reserve. Upon disposal, any revaluation reserve relating to the particular asset being sold is transferred to retained earnings.

Source: AVIANCA HOLDINGS S.A. Form 20-F filed 01 May 2018.

显然,与成本模型相比,重估模型的使用会对公司的财务报表产生重大影响。这可能会对使用不同模型的公司进行财务比率比较时造成影响。

Clearly, the use of the revaluation model as opposed to the cost model can have a significant impact on the financial statements of companies. This has potential consequences for comparing financial performance using financial ratios of companies that use different models.

5.资产减值

5. Impairment of Assets

与折旧和摊销费用(用于将长期资产的可折旧成本在其使用寿命内分摊)不同,减值费用反映的是资产价值的意外下降。国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)均要求公司对减值资产的账面价值进行减值。IFRS允许对可辨认的长期资产进行减值转回,而US GAAP通常不允许。

In contrast with depreciation and amortisation charges, which serve to allocate the depreciable cost of a long-lived asset over its useful life, impairment charges reflect an unanticipated decline in the value of an asset. Both IFRS and US GAAP require companies to write down the carrying amount of impaired assets. Impairment reversals for identifiable, long-lived assets are permitted under IFRS but typically not under US GAAP.

当资产的账面价值超过其可收回金额时,该资产即被视为减值。尽管国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)对可收回性的定义有所不同(如下所述),但一般来说,当资产的账面价值无法收回时,即确认减值损失。以下段落将介绍不同类别资产的减值会计处理。

An asset is considered to be impaired when its carrying amount exceeds its recoverable amount. Although IFRS and US GAAP define recoverability differently (as described below), in general, impairment losses are recognised when the asset’s carrying amount is not recoverable. The following paragraphs describe accounting for impairment for different categories of assets.

5.1固定资产减值

5.1. Impairment of Property, Plant, and Equipment

会计准则并不要求每年对固定资产进行减值测试。相反,公司在每个报告期末(通常为会计年度末)评估是否存在资产减值迹象。如果没有减值迹象,则无需对该资产进行减值测试。如果存在减值迹象,例如资产过时、产品需求下降或技术进步等,则应计量该资产的可收回金额以进行减值测试。对于固定资产,当资产账面价值无法收回时(即账面价值大于可收回金额),确认减值损失。减值损失金额将减少资产负债表上该资产的账面价值,并减少利润表中的净利润。减值损失属于非现金项目,不会影响经营活动产生的现金流量。

Accounting standards do not require that property, plant, and equipment be tested annually for impairment. Rather, at the end of each reporting period (generally, a fiscal year), a company assesses whether there are indications of asset impairment. If there is no indication of impairment, the asset is not tested for impairment. If there is an indication of impairment, such as evidence of obsolescence, decline in demand for products, or technological advancements, the recoverable amount of the asset should be measured in order to test for impairment. For property, plant, and equipment, impairment losses are recognised when the asset’s carrying amount is not recoverable; the carrying amount is more than the recoverable amount. The amount of the impairment loss will reduce the carrying amount of the asset on the balance sheet and will reduce net income on the income statement. The impairment loss is a non-cash item and will not affect cash from operations.

国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)在确定减值发生的准则和减值损失的计量方面存在一些差异。根据国际会计准则第36号(IAS 36),减值损失计量为资产账面价值超过其可收回金额的部分。资产的可收回金额定义为“其公允价值减去出售成本与使用价值两者中的较高者”。使用价值基于预期未来现金流量的现值计算。根据美国通用会计准则,评估资产的可收回性与计量减值损失是分开进行的。当资产“组的”账面价值超过该组未折现的预期未来现金流量时,该资产被视为不可收回。如果资产的账面价值被视为不可收回,则减值损失计量为资产公允价值与账面价值之间的差额。

IFRS and US GAAP differ somewhat both in the guidelines for determining that impairment has occurred and in the measurement of an impairment loss. Under IAS 36, an impairment loss is measured as the excess of carrying amount over the recoverable amount of the asset. The recoverable amount of an asset is defined as “the higher of its fair value less costs to sell and its value in use.” Value in use is based on the present value of expected future cash flows. Under US GAAP, assessing recoverability is separate from measuring the impairment loss. The carrying amount of an asset “group” is considered not recoverable when it exceeds the undiscounted expected future cash flows of the group. If the asset’s carrying amount is considered not recoverable, the impairment loss is measured as the difference between the asset’s fair value and carrying amount.

例13

固定资产减值

Impairment of Property, Plant, and Equipment

假设英国有一家名为 Sussex 的制造公司,该公司拥有一台用于生产单一产品的机器。自从竞争产品上市以来,该产品的需求大幅下降。该公司收集了以下关于该机器的信息:

Sussex, a hypothetical manufacturing company in the United Kingdom, has a machine it uses to produce a single product. The demand for the product has declined substantially since the introduction of a competing product. The company has assembled the following information with respect to the machine:

账面价值 18,000英镑
未折现的预期未来现金流 19,000英镑
预期未来现金流的现值 16,000英镑
出售时的公允价值 17,000英镑
出售成本 2000英镑
  1. 根据国际财务报告准则(IFRS),该公司应如何报告该机器的情况?

  2. Under IFRS, what would the company report for the machine?

  3. 根据美国通用会计准则,该公司应如何报告该机器的财务状况?

  4. Under US GAAP, what would the company report for the machine?

问题1的解答:

Solution to 1:

根据国际财务报告准则(IFRS),公司会将账面价值(18,000英镑)与公允价值减去销售成本(15,000英镑)和使用价值(16,000英镑)两者中的较高者进行比较。账面价值比使用价值(两者中的较高者)高出2,000英镑。该机器将减记至可收回金额16,000英镑,并在损益表中确认2,000英镑的损失。该机器的账面价值现为16,000英镑。公司将基于16,000英镑的账面价值制定新的折旧计划。

Under IFRS, the company would compare the carrying amount (£18,000) with the higher of its fair value less costs to sell (£15,000) and its value in use (£16,000). The carrying amount exceeds the value in use, the higher of the two amounts, by £2,000. The machine would be written down to the recoverable amount of £16,000, and a loss of £2,000 would be reported in the income statement. The carrying amount of the machine is now £16,000. A new depreciation schedule based on the carrying amount of £16,000 would be developed.

答案二:

Solution to 2:

根据美国通用会计准则,账面价值(18,000英镑)与未折现的预期未来现金流量(19,000英镑)进行比较。账面价值低于未折现的预期未来现金流量,因此账面价值被认为是可收回的。该机器将继续按18,000英镑的账面价值入账,且不报告损失。

Under US GAAP, the carrying amount (£18,000) is compared with the undiscounted expected future cash flows (£19,000). The carrying amount is less than the undiscounted expected future cash flows, so the carrying amount is considered recoverable. The machine would continue to be carried at £18,000, and no loss would be reported.

例13中,根据国际财务报告准则(IFRS)发生了固定资产价值减值,但根据美国通用会计准则(US GAAP)则没有发生减值。在例14中,根据国际财务报告准则和美国通用会计准则均发生了减值。

In Example 13, a write down in the value of a piece of property, plant, and equipment occurred under IFRS but not under US GAAP. In Example 14, a write down occurs under both IFRS and US GAAP.

例14

固定资产减值

Impairment of Property, Plant, and Equipment

假设埃塞克斯是一家制造公司,该公司拥有一台用于生产单一产品的机器。自从竞争产品上市以来,该产品的需求大幅下降。该公司收集了以下关于该机器的信息:

Essex, a hypothetical manufacturing company, has a machine it uses to produce a single product. The demand for the product has declined substantially since the introduction of a competing product. The company has assembled the following information with respect to the machine:

账面价值 18,000英镑
未折现的预期未来现金流 16,000英镑
预期未来现金流的现值 14,000英镑
出售时的公允价值 10,000英镑
出售成本 2000英镑
  1. 根据国际财务报告准则(IFRS),该公司应如何报告该机器的情况?

  2. Under IFRS, what would the company report for the machine?

  3. 根据美国通用会计准则,该公司应如何报告该机器的财务状况?

  4. Under US GAAP, what would the company report for the machine?

问题1的解答:

Solution to 1:

根据国际财务报告准则(IFRS),公司会将账面价值(18,000英镑)与公允价值减去销售成本(8,000英镑)和使用价值(14,000英镑)两者中的较高者进行比较。账面价值比使用价值(两者中的较高者)高出4,000英镑。该机器将减记至可收回金额14,000英镑,并在损益表中确认4,000英镑的损失。该机器的账面价值现为14,000英镑。公司将基于14,000英镑的账面价值制定新的折旧计划。

Under IFRS, the company would compare the carrying amount (£18,000) with the higher of its fair value less costs to sell (£8,000) and its value in use (£14,000). The carrying amount exceeds the value in use, the higher of the two amounts, by £4,000. The machine would be written down to the recoverable amount of £14,000, and a loss of £4,000 would be reported in the income statement. The carrying amount of the machine is now £14,000. A new depreciation schedule based on the carrying amount of £14,000 would be developed.

答案二:

Solution to 2:

根据美国通用会计准则(US GAAP),账面价值(18,000英镑)与未折现的预期未来现金流量(16,000英镑)进行比较。账面价值超过未折现的预期未来现金流量,因此账面价值被视为不可收回。该机器将减记至公允价值10,000英镑,并在损益表中确认8,000英镑的损失。该机器的账面价值现为10,000英镑。将基于10,000英镑的账面价值制定新的折旧计划。

Under US GAAP, the carrying amount (£18,000) is compared with the undiscounted expected future cash flows (£16,000). The carrying amount exceeds the undiscounted expected future cash flows, so the carrying amount is considered not recoverable. The machine would be written down to fair value of £10,000, and a loss of £8,000 would be reported in the income statement. The carrying amount of the machine is now £10,000. A new depreciation schedule based on the carrying amount of £10,000 would be developed.

例14表明,根据国际财务报告准则(IFRS)按使用价值计提的减值损失可能小于根据美国通用会计准则(US GAAP)按公允价值计提的减值损失。减值损失确认方式的差异最终会反映在权益账面价值的差异上。

Example 14 shows that the write down to value in use under IFRS can be less than the write down to fair value under US GAAP. The difference in recognition of impairment losses is ultimately reflected in difference in book value of equity.

5.2 . 有限寿命无形资产的减值

5.2. Impairment of Intangible Assets with a Finite Life

使用寿命有限的无形资产会进行摊销(账面价值随时间推移而减少),并且可能发生减值。与固定资产一样,无形资产无需每年进行减值测试。相反,只有在发生重大事件表明需要进行减值测试时才会进行测试。公司在每个报告期末评估是否发生了表明需要进行减值测试的重大事件。此类事件的例子包括市场价格大幅下跌或法律或经济因素发生重大不利变化。使用寿命有限的无形资产的减值会计处理与有形资产的减值会计处理基本相同;减值损失金额将减少资产负债表上该资产的账面价值,并减少利润表中的净利润。

Intangible assets with a finite life are amortised (carrying amount decreases over time) and may become impaired. As is the case with property, plant, and equipment, the assets are not tested annually for impairment. Instead, they are tested only when significant events suggest the need to test. The company assesses at the end of each reporting period whether a significant event suggesting the need to test for impairment has occurred. Examples of such events include a significant decrease in the market price or a significant adverse change in legal or economic factors. Impairment accounting for intangible assets with a finite life is essentially the same as for tangible assets; the amount of the impairment loss will reduce the carrying amount of the asset on the balance sheet and will reduce net income on the income statement.

5.3 . 寿命不确定的无形资产的减值

5.3. Impairment of Intangibles with Indefinite Lives

使用寿命不确定的无形资产不进行摊销。相反,它们按历史成本在资产负债表上列示,但至少每年进行一次减值测试。当账面价值超过其公允价值时,即发生减值。

Intangible assets with indefinite lives are not amortised. Instead, they are carried on the balance sheet at historical cost but are tested at least annually for impairment. Impairment exists when the carrying amount exceeds its fair value.

5.4持有待售的长期资产减值

5.4. Impairment of Long-Lived Assets Held for Sale

当管理层意图出售某项长期(非流动)资产且出售可能性极高时,该资产将被重新分类为持有待售资产,而非持有待用资产。(此外,会计准则要求该资产必须能够以现有状态立即出售。)例如,假设某公司不再需要一栋建筑物,且管理层意图出售该建筑物,如果该交易符合会计准则,则该建筑物将从固定资产重新分类为持有待售的非流动资产。在重新分类时,先前持有待用的资产将接受减值测试。如果重新分类时的账面价值超过公允价值减去出售成本,则确认减值损失,并将资产减记至公允价值减去出售成本。持有待售的长期资产不再计提折旧或摊销。

A long-lived (non-current) asset is reclassified as held for sale rather than held for use when management’s intent is to sell it and its sale is highly probable. (Additionally, accounting standards require that the asset must be available for immediate sale in its present condition.)18 For instance, assume a building is no longer needed by a company and management’s intent is to sell it, if the transaction meets the accounting criteria, the building is reclassified from property, plant, and equipment to non-current assets held for sale. At the time of reclassification, assets previously held for use are tested for impairment. If the carrying amount at the time of reclassification exceeds the fair value less costs to sell, an impairment loss is recognised and the asset is written down to fair value less costs to sell. Long-lived assets held for sale cease to be depreciated or amortised.

5.5长期资产减值拨回

5.5. Reversals of Impairments of Long-Lived Assets

资产被认定减值并确认减值损失后,其可收回金额可能增加。例如,一项诉讼上诉可能成功挑战另一家公司侵犯专利权的行为,导致之前已减记的专利的可收回金额增加。国际财务报告准则(IFRS)允许在资产可收回金额增加时转回减值损失,无论该资产是分类为持有待用还是持有待售。需要注意的是,IFRS 仅允许转回减值损失。如果可收回金额超过之前的账面价值,IFRS 不允许将资产重估至可收回金额。根据美国通用会计准则(US GAAP),减值转回的会计处理取决于资产是分类为持有待用还是持有待售。根据US GAAP,一旦确认持有待用资产的减值损失,就不能转回。换句话说,一旦持有待用资产的价值因减值费用而减少,就不能再增加。对于持有待售资产,如果减值损失发生后公允价值增加,则可以冲回该损失。

After an asset has been deemed impaired and an impairment loss has been reported, the asset’s recoverable amount could potentially increase. For instance, a lawsuit appeal may successfully challenge a patent infringement by another company, with the result that a patent previously written down has a higher recoverable amount. IFRS permit impairment losses to be reversed if the recoverable amount of an asset increases regardless of whether the asset is classified as held for use or held for sale. Note that IFRS permit the reversal of impairment losses only. IFRS do not permit the revaluation to the recoverable amount if the recoverable amount exceeds the previous carrying amount. Under US GAAP, the accounting for reversals of impairments depends on whether the asset is classified as held for use or held for sale.19 Under US GAAP, once an impairment loss has been recognised for assets held for use, it cannot be reversed. In other words, once the value of an asset held for use has been decreased by an impairment charge, it cannot be increased. For assets held for sale, if the fair value increases after an impairment loss, the loss can be reversed.

6.取消认可

6. Derecognition

当公司处置某项资产,或预期该资产无论使用还是处置均不再产生任何未来收益时,公司即终止确认该项资产(即从财务报表中移除)。公司可以通过出售、交换、放弃或分配给现有股东的方式处置长期经营性资产。如前所述,管理层拟出售或分配给现有股东且符合会计准则(即目前状况下可立即出售且出售可能性极高)的非流动资产,将被重新分类为持有待售的非流动资产。

A company derecognises an asset (i.e., removes it from the financial statements) when the asset is disposed of or is expected to provide no future benefits from either use or disposal. A company may dispose of a long-lived operating asset by selling it, exchanging it, abandoning it, or distributing it to existing shareholders. As previously described, non-current assets that management intends to sell or to distribute to existing shareholders and which meet the accounting criteria (immediately available for sale in current condition and the sale is highly probable) are reclassified as non-current assets held for sale.

6.1长期资产的出售

6.1. Sale of Long-Lived Assets

出售长期资产的损益计算方法为:销售所得减去出售时该资产的账面价值。资产的账面价值通常为净账面价值(即历史成本减去累计折旧),除非如前所述,该资产的账面价值已因减值和/或重估而发生变更。

The gain or loss on the sale of long-lived assets is computed as the sales proceeds minus the carrying amount of the asset at the time of sale. An asset’s carrying amount is typically the net book value (i.e., the historical cost minus accumulated depreciation), unless the asset’s carrying amount has been changed to reflect impairment and/or revaluation, as previously discussed.

例15

长期资产出售损益的计算

Calculation of Gain or Loss on the Sale of Long-Lived Assets

假设一家名为 Moussilauke Diners Inc. 的公司,由于其菜单进行了调整,更加注重健康食品,出售了 450 台二手披萨烤炉,并报告销售收益为 120 万美元。这些烤炉的账面价值为 190 万美元(原价 510 万美元减去累计折旧 320 万美元)。Moussilauke 以多少价格出售了这些烤炉?

Moussilauke Diners Inc., a hypothetical company, as a result of revamping its menus to focus on healthier food items, sells 450 used pizza ovens and reports a gain on the sale of $1.2 million. The ovens had a carrying amount of $1.9 million (original cost of $5.1 million less $3.2 million of accumulated depreciation). At what price did Moussilauke sell the ovens?

  1. 70万美元

  2. $0.7 million

  3. 310万美元

  4. $3.1 million

  5. 630万美元

  6. $6.3 million

解决方案:

Solution:

B选项正确。这些烤箱的账面价值为190万美元,Moussilauke确认了120万美元的收益。因此,Moussilauke以310万美元的价格售出了这些烤箱。120万美元的销售收益等于售价310万美元减去账面价值190万美元。不考虑税收,此次销售的现金流量为310万美元,这笔现金流入应计入投资收益。

B is correct. The ovens had a carrying amount of $1.9 million, and Moussilauke recognised a gain of $1.2 million. Therefore, Moussilauke sold the ovens at a price of $3.1 million. The gain on the sale of $1.2 million is the selling price of $3.1 million minus the carrying amount of $1.9 million. Ignoring taxes, the cash flow from the sale is $3.1 million, which would appear as a cash inflow from investing.

出售资产的损益会在利润表中披露,可以作为其他损益的一部分,也可以在金额较大时单独列示。公司通常会在管理层讨论与分析和/或财务报表附注中披露有关出售的更多细节。此外,采用间接法编制的现金流量表会调整净利润,从经营活动现金流量中剔除出售损益,并将出售所得款项计入投资活动现金流量。需要注意的是,间接法现金流量表以净利润为起点,进行所有必要的调整以得出经营活动现金流量,包括剔除非经营活动损益。

A gain or loss on the sale of an asset is disclosed on the income statement, either as a component of other gains and losses or in a separate line item when the amount is material. A company typically discloses further detail about the sale in the management discussion and analysis and/or financial statement footnotes. In addition, a statement of cash flows prepared using the indirect method adjusts net income to remove any gain or loss on the sale from operating cash flow and to include the amount of proceeds from the sale in cash from investing activities. Recall that the indirect method of the statement of cash flows begins with net income and makes all adjustments to arrive at cash from operations, including removal of gains or losses from non-operating activities.

6.2 . 非通过出售方式处置的长期资产

6.2. Long-Lived Assets Disposed of Other Than by a Sale

除出售方式外,拟处置的长期资产(例如,放弃、交换其他资产或在分拆中分配给所有者)应归类为持有待用,直至处置或符合持有待售或持有待分配的标准为止。 20因此,除非账面价值为零(如同公司拥有的其他长期资产一样),否则这些长期资产仍需继续计提折旧并进行减值测试。

Long-lived assets to be disposed of other than by a sale (e.g., abandoned, exchanged for another asset, or distributed to owners in a spin-off) are classified as held for use until disposal or until they meet the criteria to be classified as held for sale or held for distribution.20 Thus, the long-lived assets continue to be depreciated and tested for impairment, unless their carrying amount is zero, as required for other long-lived assets owned by the company.

当一项资产报废或弃置时,其会计处理与出售类似,但公司不记录现金收入。资产会减少报废或弃置时的账面价值,并记录一笔等于该资产账面价值的损失。

When an asset is retired or abandoned, the accounting is similar to a sale, except that the company does not record cash proceeds. Assets are reduced by the carrying amount of the asset at the time of retirement or abandonment, and a loss equal to the asset’s carrying amount is recorded.

当资产交换发生时,会计处理通常包括:减去放弃资产的账面价值,加上所取得资产的公允价值,并将账面价值与公允价值之间的差额作为损益确认。除非所取得资产的公允价值更为明确,否则通常采用放弃资产的公允价值。如果不存在可靠的公允价值计量方法,则所取得资产按放弃资产的账面价值计量。当新取得资产的公允价值超过放弃资产的账面价值时,确认收益;当新取得资产的公允价值低于放弃资产的账面价值时,确认损失。如果由于不存在可靠的公允价值计量方法而导致所取得资产按放弃资产的账面价值计量,则不确认损益。

When an asset is exchanged, accounting for the exchange typically involves removing the carrying amount of the asset given up, adding a fair value for the asset acquired, and reporting any difference between the carrying amount and the fair value as a gain or loss. The fair value used is the fair value of the asset given up unless the fair value of the asset acquired is more clearly evident. If no reliable measure of fair value exists, the acquired asset is measured at the carrying amount of the asset given up. A gain is reported when the fair value used for the newly acquired asset exceeds the carrying amount of the asset given up. A loss is reported when the fair value used for the newly acquired asset is less than the carrying amount of the asset given up. If the acquired asset is valued at the carrying amount of the asset given up because no reliable measure of fair value exists, no gain or loss is reported.

分拆通常是指将公司中一个完整的现金流产生单元及其所有资产剥离出去。例如,菲亚特克莱斯勒汽车公司(FCA)于2016年分拆了其持有的法拉利股份。在分拆之前,FCA通过首次公开募股(IPO)出售了其持有的法拉利10%的股份,并确认股东权益增加了8.73亿欧元(即IPO所得对价8.66亿欧元与所售股权账面价值700万欧元之间的差额)。相比之下,此次分拆,即FCA将其持有的法拉利股份分配给FCA现有股东,并未产生任何损益。

When a spin-off occurs, typically, an entire cash generating unit of a company with all its assets is spun off. As an illustration of a spin-off, Fiat Chrysler Automobiles (FCA) spun off its ownership of Ferrari in 2016. Prior to the spinoff, FCA had sold 10 percent of its ownership of Ferrari in an IPO and recognized an increase in Shareholders’ equity of € 873 million (the difference between the consideration it received in the IPO of € 866 million and the carrying amount of the equity interest sold of € 7 million.) In contrast, the spin-off, in which FCA distributed its ownership in Ferrari to the existing FCA shareholders, did not result in any gain or loss.

FCA的分拆于2016年1月3日完成,每位FCA股东每持有10股FCA普通股,即可获得1股法拉利NV普通股。在上一财年的财务报表中,FCA将法拉利的资产和负债列为待分配资产。具体而言,其资产负债表包含36.5亿欧元的待分配资产(作为流动资产的一部分)和35.84亿欧元的待分配负债。附录7摘录了该公司2015年12月31日发布的年度报告。

FCA’s spinoff was completed on 3 January 2016, with each FCA shareholder receiving one common share of Ferrari N.V. for every ten common shares of FCA. In its financial statements for the prior fiscal year, FCA shows the assets and liabilities of Ferrari as held for distribution. Specifically, its balance sheet includes € 3,650 million Assets Held for Distribution as a component of current assets and € 3,584 million Liabilities Held for Distribution. Exhibit 7 includes excerpts from the company’s 31 December 2015 annual report.

附件7.菲亚特克莱斯勒汽车公司(FCA)合并财务报表附注摘录 - 2015年度报告

法拉利分拆及终止运营

Ferrari Spin-off and Discontinued Operations

“由于上述股东批准法拉利 NV 分拆的可能性极大,且该分拆资产可立即进行分配,因此法拉利业务板块符合国际财务报告准则第 5 号——持有 待售的非流动资产和终止经营——中关于分配给所有者的处置组和终止经营的分类标准。” 

“As the spin-off of Ferrari N.V. became highly probable with the aforementioned shareholders’ approval and since it was available for immediate distribution at that date, the Ferrari segment met the criteria to be classified as a disposal group held for distribution to owners and a discontinued operation pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations.” 

截至2015年12月31日,法拉利业务部门的以下资产和负债被归类为持有待分配:

The following assets and liabilities of the Ferrari segment were classified as held for distribution at December 31, 2015:

  截至2015年12月31日
归类为持有待分配的资产 (百万欧元)
善意 786
其他无形资产 297
固定资产、厂房和设备 627
其他非流动资产 134
融资活动的应收款项 1,176
现金及现金等价物 182
其他流动资产 448
持有待分配资产总额 3,650
 
分类为持有待分配的负债
条款 224
债务 2,256
其他流动负债 624
应付账款 480
持有待分配负债总额 3,584

资料来源:菲亚特克莱斯勒汽车公司(FCA)截至 2015 年 12 月 31 日的 20-F 表格。

Source: Fiat Chrysler Automobiles (FCA)’s Form 20-F for the year ending 31 December 2015.

7.报告和披露

7. Presentation and Disclosures

根据国际财务报告准则(IFRS),对于每类固定资产,公司必须披露计量基础、折旧方法、预计使用寿命(或折旧率)、期初和期末的账面总值和累计折旧,以及期初和期末账面价值的调节表。 21此外,还需披露对固定资产所有权的限制和作为担保的质押,以及取得固定资产的合同协议。如果采用重估模式,则必须披露重估日期、公允价值的确定方法、成本模式下的账面价值以及重估盈余。

Under IFRS, for each class of property, plant, and equipment, a company must disclose the measurement bases, the depreciation method, the useful lives (or, equivalently, the depreciation rate) used, the gross carrying amount and the accumulated depreciation at the beginning and end of the period, and a reconciliation of the carrying amount at the beginning and end of the period.21 In addition, disclosures of restrictions on title and pledges as security of property, plant, and equipment and contractual agreements to acquire property, plant, and equipment are required. If the revaluation model is used, the date of revaluation, details of how the fair value was obtained, the carrying amount under the cost model, and the revaluation surplus must be disclosed.

美国通用会计准则(US GAAP)下的披露要求较为宽松。22公司必须披露当期折旧费用、主要类别可折旧资产的余额、按主要类别或总计划分的累计折旧,以及用于计算主要类别可折旧资产折旧费用的折旧方法的总体说明。

The disclosure requirements under US GAAP are less exhaustive.22 A company must disclose the depreciation expense for the period, the balances of major classes of depreciable assets, accumulated depreciation by major classes or in total, and a general description of the depreciation method(s) used in computing depreciation expense with respect to the major classes of depreciable assets.

根据国际财务报告准则(IFRS),对于每类无形资产,公司必须披露其使用寿命是无限期还是有限期。如果使用寿命有限,公司必须披露每类无形资产的使用寿命(或等效的摊销率)、摊销方法、期初和期末的账面总值和累计摊销额(如果摊销计入损益表),以及期初和期末账面值的调节表。 23如果某项资产的使用寿命无限期,公司必须披露该资产的账面价值以及其被视为使用寿命无限期的原因。与固定资产类似,无形资产的所有权限制、作为担保的质押以及取得无形资产的合同协议也需要披露。如果采用重估模型,则必须披露重估日期、公允价值的取得方式、成本模型下的账面价值以及重估盈余。

Under IFRS, for each class of intangible assets, a company must disclose whether the useful lives are indefinite or finite. If finite, for each class of intangible asset, a company must disclose the useful lives (or, equivalently, the amortisation rate) used, the amortisation methods used, the gross carrying amount and the accumulated amortisation at the beginning and end of the period, where amortisation is included on the income statement, and a reconciliation of the carrying amount at the beginning and end of the period.23 If an asset has an indefinite life, the company must disclose the carrying amount of the asset and why it is considered to have an indefinite life. Similar to property, plant, and equipment, disclosures of restrictions on title and pledges as security of intangible assets and contractual agreements to acquire intangible assets are required. If the revaluation model is used, the date of revaluation, details of how the fair value was obtained, the carrying amount under the cost model, and the revaluation surplus must be disclosed.

根据美国通用会计准则,公司须披露无形资产的账面总值和累计摊销额(包括总额和主要类别),以及当期摊销费用总额和未来五个财政年度的预计摊销费用。24

Under US GAAP, companies are required to disclose the gross carrying amounts and accumulated amortisation in total and by major class of intangible assets, the aggregate amortisation expense for the period, and the estimated amortisation expense for the next five fiscal years.24

国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)对减值损失的披露要求也存在差异。根据IFRS,公司必须披露每类资产在当期确认的减值损失金额和减值损失转回金额,以及这些损失在财务报表中的确认位置。25公司还必须汇总披露受减值损失和减值损失转回影响的主要资产类别,以及导致确认这些减值损失和减值损失转回的主要事件和情况。根据US GAAP,对于持有待用资产,减值损失无需转回。公司必须披露减值资产的描述、导致减值的原因、确定公允价值的方法、减值损失金额以及损失在财务报表中的确认位置。 26

The disclosures related to impairment losses also differ under IFRS and US GAAP. Under IFRS, a company must disclose for each class of assets the amounts of impairment losses and reversals of impairment losses recognised in the period and where those are recognised on the financial statements.25 The company must also disclose in aggregate the main classes of assets affected by impairment losses and reversals of impairment losses and the main events and circumstances leading to recognition of these impairment losses and reversals of impairment losses. Under US GAAP, there is no reversal of impairment losses for assets held for use. The company must disclose a description of the impaired asset, what led to the impairment, the method of determining fair value, the amount of the impairment loss, and where the loss is recognised on the financial statements.26

关于长期资产的披露贯穿于整套财务报表:资产负债表、利润表、现金流量表以及附注中。资产负债表列示资产的账面价值。在利润表中,折旧费用可能单独列示,也可能不单独列示。根据国际财务报告准则(IFRS),利润表是否单独披露折旧费用取决于公司采用的是“费用性质法”还是“费用功能法”。根据费用性质法,公司“按费用性质(例如,折旧、材料采购、运输成本、员工福利和广告费用)汇总费用,而不将其在公司内部各职能部门之间重新分配”。 27根据费用功能法,公司根据费用的功能对其进行分类,例如将其计入销售成本或销售、一般及行政费用(SG&A)。采用费用功能法的公司至少必须披露销售成本,但其他列示项目则因公司而异。

Disclosures about long-lived assets appear throughout the financial statements: in the balance sheet, the income statement, the statement of cash flows, and the notes. The balance sheet reports the carrying value of the asset. For the income statement, depreciation expense may or may not appear as a separate line item. Under IFRS, whether the income statement discloses depreciation expense separately depends on whether the company is using a ‘nature of expense’ method or a ‘function of expense’ method. Under the nature of expense method, a company aggregates expenses “according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and does not reallocate them among functions within the entity.”27 Under the function of expense method, a company classifies expenses according to the function, for example as part of cost of sales or of SG&A (selling, general, and administrative expenses). At a minimum, a company using the function of expense method must disclose cost of sales, but the other line items vary.

现金流量表反映了投资活动部分固定资产的购置和处置。此外,采用间接法编制的现金流量表通常会在净利润调整为经营活动现金流量时,单独列示折旧费用(或折旧加摊销)。财务报表附注描述了公司的会计方法、预计使用寿命范围、按主要类别划分的固定资产历史成本、累计折旧和年度折旧费用。

The statement of cash flows reflects acquisitions and disposals of fixed assets in the investing section. In addition, when prepared using the indirect method, the statement of cash flows typically shows depreciation expense (or depreciation plus amortisation) as a line item in the adjustments of net income to cash flow from operations. The notes to the financial statements describe the company’s accounting method(s), the range of estimated useful lives, historical cost by main category of fixed asset, accumulated depreciation, and annual depreciation expense.

为了说明财务报表列报和披露,以下示例摘录了 Orange SA 截至 2017 年 12 月 31 日止年度的年度报告中有关无形资产和固定资产的内容。

To illustrate financial statement presentation and disclosures, the following example provides excerpts relating to intangible assets and property, plant, and equipment from the annual report of Orange SA for the year ended 31 December 2017.

例16

长期资产的财务报表列报和披露

Financial Statement Presentation and Disclosures for Long-Lived Assets

以下附件摘自法国国际电信公司 Orange SA 截至 2017 年 12 月 31 日的年度报告。

The following exhibits include excerpts from the annual report for the year ended 31 December 2017 of Orange SA, an international telecommunications company based in France.

附件 8.  Orange SA

2017 年合并财务报表摘录

(请注意,图中仅显示部分数据/项目,仅供参考)

(Note that only selected line items/data are shown for illustrative purposes)

合并损益表摘录

(欧元,单位:百万欧元)
截至12个月
2017年12月31日 2016年12月31日 2015年12月31日
收入 41,096 欧元 40,918 欧元 40,236 欧元
折旧和摊销 (6,846) (6,728) (6,465)
商誉减值 (20) (772)
固定资产减值 (190) (207) (38)
营业收入 4,917 4,077 4,742
持续经营合并净利润 2,114 1,010 2,510
已终止经营业务的合并净收入(EE) 29 2,253 448
合并净收入 2,143 3,263 2,958
归属于母公司所有者的净利润 1,906 2,935 2,652
非控股权益 237欧元 328欧元 306欧元
合并财务状况表摘录

(欧元,单位:百万欧元)
资产 2017年12月31日 2016年12月31日 2015年12月31日
善意 27,095 欧元 27,156 欧元 27,071 欧元
其他无形资产 14,339 14,602 14,327
固定资产、厂房和设备 26,665 25,912 25,123
非流动资产总额 74,035 74,819 71,330
流动资产总额 20,679 19,849 14,312
待售资产 5,788
总资产 94,714 94,668 91,430
权益和负债
总权益 32,942 33,174 33,267
非流动负债总额 32,736 35,590 36,537
流动负债总额 29,036 25,904 21,626
总权益和负债 94,714 94,668 91,430
附件9. 橙色

摘录自2017年合并财务报表附注
摘自注释 7.2 商誉
[节选] 商誉变动核算(单位:百万欧元)
截至12个月
2017年12月31日 2016年12月31日 2015年12月31日
期初余额中的总价值 32,689 欧元 32,606 欧元 30,271 欧元
收购 38 904 2,333
处置 0 (6) (69)
翻译调整 (40) (815) 73
重新分类和其他项目 0 0 (2)
重新分类为待售资产 0 0 0
期末余额中的总价值 32,687 32,689 32,606
期初余额中的累计减值损失 (5,533) (5,535) (5,487)
损害 (20) (772) 0
处置 0 0 0
翻译调整 (39) 774 (48)
重新分类和其他项目 0 0 0
重新分类为待售资产 0 0 0
期末余额中的累计减值损失 (5,592)欧元 (5,533)欧元 (5,535)欧元
商誉净账面价值 27,095 27,156 27,071

摘自附注7.3:截至2017年12月31日用于确定可收回金额的关键假设

Excerpt* from Note 7.3 Key assumptions used to determine recoverable amounts as of 31 December 2017

以下列出了用于确定主要合并业务可回收金额的参数:

The parameters used for the determination of recoverable amount of the main consolidated operations are set forth below:

法国 西班牙 波兰 比利时 罗马尼亚
永续增长率 0.8% 1.5% 1.0% 0.5% 2.3%
税后贴现率 5.5% 8.6% 8.3% 6.8% 8.8%

摘自附注7.4:截至2017年12月31日可收回金额的敏感性分析

Excerpt* from Note 7.4 Sensitivity of recoverable amounts as of 31 December 2017

所呈现的敏感度水平允许财务报表读者在自己的评估中估计其影响。

The level of sensitivity presented allows readers of the financial statements to estimate the impact in their own assessment.

(单位:十亿欧元) 法国 西班牙 波兰 比利时 罗马尼亚
永续增长率每年下降 1% 10.4 1.6 0.6 0.3 0.3
税后贴现率提高 1% 11.4 2.0 0.6 0.3 0.3

* 表格仅展示了选定的假设和选定的国家。

* Table extracted presents only selected assumptions and selected countries.

公司年度报告提供了更多细节。

The company’s annual report provides more detail.

商誉不进行摊销。商誉至少每年进行一次减值测试,如有减值迹象,则增加测试频率……这些测试在每个现金产生单元(CGU)(或现金产生单元组)层面进行……为确定是否应确认减值损失,需将现金产生单元或现金产生单元组的资产和负债账面价值与可收回金额进行比较,Orange 主要采用使用价值来计算可收回金额……使用价值是指未来预期现金流量的现值。现金流量预测基于经济和监管假设、许可证续期假设以及集团管理层制定的交易和投资活动预测……

Goodwill is not amortized. It is tested for impairment at least annually and more frequently when there is an indication that it may be impaired .... These tests are performed at the level of each Cash Generating Unit (CGU) (or group of CGUs)... To determine whether an impairment loss should be recognized, the carrying value of the assets and liabilities of the CGUs or groups of CGUs is compared to recoverable amount, for which Orange uses mostly the value in use…. Value in use is the present value of the future expected cash flows. Cash flow projections are based on economic and regulatory assumptions, license renewal assumptions and forecast trading and investment activity drawn up by the Group’s management…

摘自附注 8.3 其他无形资产——账面净值
12月31日
(单位:百万欧元) 2017 2016 2015
电信牌照 6,233 6,440 5,842
橙牌 3,133 3,133 3,133
其他品牌 88 102 137
客户群 555 703 729
软件 3,946 3,781 3,815
其他无形资产 384 443 671
全部的 14,339 欧元 14,602 欧元 14,327 欧元
摘自附注 8.4 固定资产——账面净值
12月31日
(单位:百万欧元 2017 2016 2015
土地和建筑物 2,535 2,661 2,733
网络和终端 22,880 21,984 21,194
信息技术设备 802 784 787
其他固定资产、厂房和设备 448 483 409
全部的 26,665 欧元 25,912 欧元 25,123 欧元
附件10. 橙色

摘录,摘自2017年集团财务状况和盈利分析报告。

“2016年,Orange集团的营业收入为40.77亿欧元,而2015年为47.42亿欧元,同比下降14.0%,即6.65亿欧元。这一降幅主要归因于:

“Orange group operating income stood at 4,077 million euros in 2016, compared with 4,742 million euros in 2015 on a historical basis, a drop of 14.0% or 665 million euros. This drop on a historical basis was largely attributable to:

  • 2016年确认的商誉减值损失7.72亿欧元……以及固定资产减值损失2.07亿欧元……主要涉及:

    • 波兰的减值损失为5.07亿欧元。这一减值损失主要反映了ADSL市场竞争力的下降、移动市场收入预期的恶化以及由于评级机构下调该国主权信用评级而导致的税后折现率上升。

    • 埃及损失2.32亿欧元。这笔减值损失反映了2016年颁发的4G牌照的财务条款、埃及镑的大幅贬值以及日益加剧的政治和经济不确定性。

    • 在刚果(金)损失 1.09 亿欧元。这一减值损失反映了政治和经济的不确定性、购买力下降对电信产品和服务消费的连锁反应,以及监管负担的加重(特别是与客户身份识别的实施有关)。

    • 喀麦隆损失9000万欧元。这笔减值损失反映了由于即时通讯服务和OTT(Over-The-Top)提供商的VoIP服务激增以及移动市场竞争加剧,导致语音收入下降。

    • 以 2600 万欧元的价格从尼日尔购得;

  • the recognition, in 2016, of 772 million euros in impairment loss of goodwill … and 207 million euros in impairment loss of fixed assets … primarily relating to:

    • Poland for 507 million euros. This impairment loss mainly reflects a decline in competitiveness in the ADSL market, a deterioration in revenue assumptions in the mobile market and an increase in the post-tax discount rate due to the downgrading of the country’s sovereign rating by the rating agencies,

    • Egypt for 232 million euros. This impairment loss reflects the financial terms of the 4G license awarded in 2016, the sharp depreciation of the Egyptian pound and increased political and economic uncertainty,

    • in the Congo (DRC), for 109 million euros. This impairment loss reflects political and economic uncertainty, a decline in purchasing power with a knock-on effect on the consumption of telecommunications products and services and an increased regulatory burden (particularly connected with the implementation of customer identification),

    • Cameroon for 90 million euros. This impairment loss reflects a decline in voice revenues following the surge in messaging services and in VoIP of Over-The-Top (OTT) providers and heightened competition in the mobile market,

    • and Niger for 26 million euros;

  • 以及折旧和摊销费用增加的2.63亿欧元……

  • and the 263 million euro increase in depreciation and amortization …

  1. 截至 2017 年 12 月 31 日,Orange 公司的总资产中,商誉和其他无形资产占多大比例?

  2. What proportion of Orange’s total assets as of December 31, 2017, is represented by goodwill and other intangible assets?

  3. 截至 2016 年 12 月,该公司减值损失的最大组成部分是什么?

  4. What is the largest component of the company’s impairment losses during the year ending December 2016?

  5. 该公司披露,其通过比较单位资产和负债的账面价值与“可收回金额”(该公司主要采用使用价值来确定该金额)来判断是否应确认减值损失。该公司如何确定使用价值?

  6. The company discloses that it determines whether an impairment loss should be recognized by comparing the carrying value of a unit’s assets and liabilities to the “recoverable amount” for which the company uses mostly the value in use. How does the company determine value in use?

  7. 如果公司将永续增长率的估计值降低 1%,那么公司在法国、西班牙、波兰、比利时和罗马尼亚的业务的估计可回收价值将发生多大变化?如果公司将税后折现率的估计值提高 1%,那么这些业务的估计可回收价值将发生多大变化?

  8. By what amount would the estimated recoverable value of the company’s operations in France, Spain, Poland, Belgium and Romania change if the company decreased its estimate of the perpetuity growth rate by 1%? By what amount would the estimated recoverable value of these operations change if the company increased its estimate of the post-tax discount rate by 1%?

  9. 截至2017年12月31日,其他无形资产中占比最大的部分是什么?截至2017年12月31日,固定资产中占比最大的部分是什么?

  10. What are the largest components of other intangible assets as of December 31, 2017? What is the largest component of property, plant and equipment as of December 31, 2017?

问题1的解答:

Solution to 1:

截至2017年12月31日,商誉占Orange公司总资产的28%(= 27,095 ÷ 97,714)。其他无形资产占15%(= 14,339 ÷ 97,714)。数据来自公司资产负债表(见附录8)。

As of 31 December 2017, goodwill represents 28% (= 27,095 ÷ 97,714) of Orange’s total assets. Other intangible assets represent 15% (= 14,339 ÷ 97,714). Data are from the company’s balance sheet in Exhibit 8.

答案二:

Solution to 2:

7.72亿欧元的商誉减值损失和2.07亿欧元的固定资产减值损失中,最大的组成部分是与波兰5.07亿欧元亏损相关的部分。该公司将亏损归因于其ADSL技术市场竞争力下降、收入预期降低以及由于波兰债务评级下调导致的折现率上升。(见附录10

The largest component of the € 772 impairment loss on goodwill and the € 207 million impairment loss of fixed assets related to a € 507 million loss in Poland. The company attributed the loss to a decline in the competitiveness of the market for its ADSL technology, a reduction in revenue assumptions, and an increase in the discount rate resulting from the downgrading of the country’s debt rating. From Exhibit 10.

[该公司财务报表将ADSL(非对称数字用户线路)定义为“传统电话网络上的宽带数据传输技术。它通过双绞铜缆(建筑物中最常见的电话线类型)实现宽带数据传输(首先是互联网接入)。”]

[The company’s financial statements define ADSL (Asymmetrical Digital Subscriber Line) as a “broadband data transmission technology on the traditional telephone network. It enables broadband data transmission (first and foremost Internet access) via twisted paired copper cable (the most common type of telephone line found in buildings).”]

问题3的解答:

Solution to 3:

公司将使用价值(在减值测试中用作单位资产和负债的“可收回金额”)确定为未来预期现金流的现值。现金流预测基于管理层的假设。参见附录9附注7.4 。

The company determines value in use – which it uses as a unit’s assets and liabilities “recoverable amount” in impairment testing – as the present value of the future expected cash flows. The cash flow projections are based on management’s assumptions. From Note 7.4 in Exhibit 9.

问题 4 的解答:

Solution to 4:

如果公司将永续增长率的估计值下调 1%,则其在法国、西班牙、波兰、比利时和罗马尼亚的业务的预计可回收价值将变化 132 亿欧元(=10.4 + 1.6 + 0.6 + 0.3 + 0.3)。预计增长率的下降会降低现金​​流的现值。如果公司将税后折现率的估计值上调 1%,则这些业务的预计可回收价值将变化 146 亿欧元(=11.4 + 2.0 + 0.6 + 0.3 + 0.3)。折现率的提高会降低现金​​流的现值。数据来自附录9 的注释7.4 。

If the company decreased its estimate of the perpetuity growth rate by 1%, the estimated recoverable value of the company’s operations in France, Spain, Poland, Belgium and Romania would change by €13.2 billion (=10.4 + 1.6 + 0.6 + 0.3 + 0.3). A decrease in estimated growth decreases the present value of the cash flows. If the company increased its estimate of the post-tax discount rate by 1%, the estimated recoverable value of these operations would change by €14.6 billion (=11.4 + 2.0 + 0.6 + 0.3 + 0.3). An increase in the discount rate decreases the present value of cash flows. Data are from Note 7.4 in Exhibit 9.

第五题的答案:

Solution to 5:

截至2017年12月31日,其他无形资产中最大的组成部分是电信牌照、软件和Orange品牌,分别为62.33亿欧元、39.46亿欧元和31.33亿欧元。截至2017年12月31日,固定资产中最大的组成部分是网络和终端设备(228.8亿欧元)。数据来自附录9的注释8.3和8.4 。

The largest components of other intangible assets as of December 31, 2017, are telecommunications licenses, software, and the Orange brand, reported at €6,233 million, €3,946 million, and €3,133 million, respectively. The largest component of property, plant and equipment as of December 31, 2017, is network and terminals (€22,880 million.) Data are from Note 8.3 and 8.4 in Exhibit 9.

请注意,前例中的附录仅包含公司披露信息的相对简短摘录。有关公司非流动资产的完整披露内容分布在众多脚注中,其中一些长达数页。总而言之,分析师可以利用这些披露信息来了解公司在有形和无形资产方面的投资情况、这些投资在报告期内的变化情况、这些变化对当前业绩的影响,以及这些变化可能预示着哪些未来业绩。

Note that the exhibits in the previous example contain relatively brief excerpts from the company’s disclosures. The complete text of the disclosures concerning the company’s non-current assets spans numerous different footnotes, some of which are several pages long. Overall, an analyst can use the disclosures to understand a company’s investments in tangible and intangible assets, how those investments changed during a reporting period, how those changes affected current performance, and what those changes might indicate about future performance.

用于分析固定资产的比率包括固定资产周转率和多种资产龄比率。固定资产周转率(总收入除以平均净固定资产)反映了总收入与固定资产投资之间的关系。该比率越高,意味着公司在固定资产投资额既定的情况下能够创造的销售额就越高。较高的资产周转率通常被视为效率更高的指标。

Ratios used in analyzing fixed assets include the fixed asset turnover ratio and several asset age ratios. The fixed asset turnover ratio (total revenue divided by average net fixed assets) reflects the relationship between total revenues and investment in PPE. The higher this ratio, the higher the amount of sales a company is able to generate with a given amount of investment in fixed assets. A higher asset turnover ratio is often interpreted as an indicator of greater efficiency.

资产年限比率通常依赖于历史成本与折旧之间的关系。在重估模式下(国际财务报告准则允许,但美国通用会计准则不允许),当账面价值与折旧后的历史成本存在显著差异时,账面价值、累计折旧和折旧费用之间的关系也会发生变化。因此,以下关于资产年限比率的讨论主要适用于按成本模式报告的固定资产。

Asset age ratios generally rely on the relationship between historical cost and depreciation. Under the revaluation model (permitted under IFRS but not US GAAP), the relationship between carrying amount, accumulated depreciation, and depreciation expense will differ when the carrying amount differs significantly from the depreciated historical cost. Therefore, the following discussion of asset age ratios applies primarily to PPE reported under the cost model.

资产年龄和剩余使用寿命(两个资产年龄比率)是衡量公司是否需要对生产能力进行再投资的重要指标。资产越老旧,剩余使用寿命越短,公司可能需要投入更多资金来维持生产能力。公司资产基础的平均年龄可以通过累计折旧除以折旧费用来估算。公司资产基础的平均剩余使用寿命可以通过净固定资产除以折旧费用来估算。这些估算值反映了按历史成本核算的资产的以下关系:总历史成本减去累计折旧等于净固定资产;在直线折旧法下,总历史成本减去残值除以预计使用寿命等于年度折旧费用。同样地,总历史成本减去残值除以年度折旧费用等于预计使用寿命。假设采用直线折旧法且无残值(为简化起见),则有以下公式:

Asset age and remaining useful life, two asset age ratios, are important indicators of a company’s need to reinvest in productive capacity. The older the assets and the shorter the remaining life, the more a company may need to reinvest to maintain productive capacity. The average age of a company’s asset base can be estimated as accumulated depreciation divided by depreciation expense. The average remaining life of a company’s asset base can be estimated as net PPE divided by depreciation expense. These estimates simply reflect the following relationships for assets accounted for on a historical cost basis: total historical cost minus accumulated depreciation equals net PPE; and, under straight-line depreciation, total historical cost less salvage value divided by estimated useful life equals annual depreciation expense. Equivalently, total historical cost less salvage value divided by annual depreciation expense equals estimated useful life. Assuming straight-line depreciation and no salvage value (for simplicity), we have the following:

预计总使用寿命 = 自购买以来经过的时间(年龄) + 预计剩余寿命
历史成本÷年度折旧费用 = 预计总使用寿命    
历史成本 = 累计折旧 + 净个人防护装备

等价地,

Equivalently,

预计总使用寿命 = 设备的估计使用年限 + 预计剩余寿命
历史成本÷

年度折旧费用
= 累计折旧÷年度折旧费用 + 净固定资产÷

年度折旧费用

这些估算的应用可以通过一个假设的例子来说明:一家公司拥有一项可折旧资产。假设该资产初始成本为 100 美元,预计使用寿命为 10 年,预计残值为 0 美元。公司每年计提 10 美元的折旧费用,因此累计折旧等于 10 美元乘以资产购置至今的年数(当资产使用 7 年后,累计折旧为 70 美元)。同样地,资产的“使用年限”等于累计折旧除以每年的折旧费用。

The application of these estimates can be illustrated by a hypothetical example of a company with a single depreciable asset. Assume the asset initially cost $100, had an estimated useful life of 10 years, and an estimated salvage value of $0. Each year, the company records a depreciation expense of $10, so accumulated depreciation will equal $10 times the number of years since the asset was acquired (when the asset is 7 years old, accumulated depreciation will be $70). Equivalently, the age of the asset will equal accumulated depreciation divided by the annual depreciation expense.

实际上,这类估算很难做到非常精确。公司采用的折旧方法并非只有直线法,而且拥有众多资产,这些资产的使用寿命和残值各不相同,其中一些资产甚至已经完全折旧,因此这种方法只能得出估算值。此外,固定资产披露通常也比较笼统。因此,这些估算值的主要用途可能是确定需要进一步调查的领域。

In practice, such estimates are difficult to make with great precision. Companies use depreciation methods other than the straight-line method and have numerous assets with varying useful lives and salvage values, including some assets that are fully depreciated, so this approach produces an estimate only. Moreover, fixed asset disclosures are often quite general. Consequently, these estimates may be primarily useful to identify areas for further investigation.

另一项衡量指标是比较公司目前对生产能力的再投资。将年度资本支出与年度折旧费用进行比较,可以表明生产能力是否得到维持。这是一个非常概括的指标,反映了公司更换固定资产的速度相对于固定资产折旧速度的比率。

One further measure compares a company’s current reinvestment in productive capacity. Comparing annual capital expenditures to annual depreciation expense provides an indication of whether productive capacity is being maintained. It is a very general indicator of the rate at which a company is replacing its PPE relative to the rate at which PPE is being depreciated.

例17

利用固定资产披露信息比较公司固定资产周转率和折旧资产平均使用年限

Using Fixed Asset Disclosure to Compare Companies’ Fixed Asset Turnover and Average Age of Depreciable Assets

您正在分析三家国际电信公司的固定资产、厂房和设备:

You are analyzing the property, plant, and equipment of three international telecommunications companies:

  • 我们之前讨论过的 Orange SA 自 1997 年以来一直在巴黎泛欧交易所(股票代码 ORA)和纽约证券交易所(股票代码 ORAN)上市。截至 2017 年 12 月 31 日,法国政府持有 22.95% 的股本。

  • Orange SA, which we discussed previously, has been listed on Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN) since 1997. At December 31, 2017, the French government retained 22.95% of the share capital.

  • 加拿大最大的通信公司BCE Inc.在加拿大各地提供无线、有线、互联网、电视和商业通信服务。BCE的股票在多伦多证券交易所和纽约证券交易所公开交易(TSX,NYSE:BCE)。

  • BCE Inc., Canada’s largest communications company, provides wireless, wireline, Internet, TV and business communications across Canada. BCE’s shares are publicly traded on the Toronto Stock Exchange and on the New York Stock Exchange (TSX, NYSE: BCE).

  • Verizon Communications Inc.是一家总部位于美国的全球性通信、信息和娱乐产品及服务提供商,服务对象包括消费者、企业和政府机构。Verizon的股票在纽约证券交易所和纳斯达克全球精选市场上市(股票代码:VZ)。

  • Verizon Communications Inc. is a US-based global provider of communications, information and entertainment products and services to consumers, businesses and governmental agencies. Verizon’s shares are listed on the New York Stock Exchange and the NASDAQ Global Select Market (symbol VZ).

附录 11列出了公司财务报表中的部分信息。

Exhibit 11 presents selected information from the companies’ financial statements.

展品11
橙子 BCE公司 威瑞森
货币,百万: 欧元 € 加元 美元 $
历史总个人防护装备成本,年末 97,092 欧元 69,230 美元 246,498 美元
累计折旧,年末 70,427 45,197 157,930
年末净个人防护装备 26,665 24,033 88,568
年初净个人防护装备 25,912 22,346 84,751
收入 41,096 22,719 126,034
年度折旧费用 4,708 3,037 14,741
资本支出 5,677 4,149 17,247
个人防护装备中包含的土地 未分离 未分离 806
会计准则 国际财务报告准则 国际财务报告准则 美国通用会计准则
个人防护装备测量 历史成本 历史成本 历史成本
折旧法 直线 直线 直线

资料来源:各公司 2017 年年度财务报告。

Sources: Companies’ 2017 Annual Financial Reports.

  1. 根据上述各公司的数据,估算个人防护装备的总使用寿命、使用年限和剩余使用寿命。

  2. Based on the above data for each company, estimate the total useful life, age, and remaining useful life of PPE.

  3. 解读这些估算结果。哪些因素可能会影响这些公司之间的比较?

  4. Interpret the estimates. What items might affect comparisons across these companies?

  5. 各公司 2017 年的折旧费用与其当年的资本支出相比如何?

  6. How does each company’s 2017 depreciation expense compare to its capital expenditures for the year?

  7. 计算并比较各公司的固定资产周转率。

  8. Calculate and compare fixed asset turnover for each company.

问题1的解答:

Solution to 1:

下表列出了各公司个人防护装备的预计总使用寿命、预计使用年限和预计剩余使用寿命。

The following table presents the estimated total useful life, estimated age, and estimated remaining useful life of PPE for each of the companies.

估算 橙子 BCE公司 威瑞森
预计总使用寿命(年) 20.6 22.8 16.7
估计年龄(岁) 15.0 14.9 10.7
预计剩余寿命(年) 5.7 7.9 6.0

计算过程以Verizon的数据(单位:百万美元)为例进行说明。固定资产的预计总使用寿命为固定资产历史总成本246,498美元除以年折旧费用14,741美元,得出16.7年。预计使用年限和预计剩余使用寿命分别为累计折旧157,930美元和固定资产净值88,568美元除以年折旧费用14,741美元,得出10.7年和6.0年。

The computations are demonstrated using Verizon’s data ($ millions). The estimated total useful life of PPE is total historical cost of PPE of $246,498 divided by annual depreciation expense of $14,741, giving 16.7 years. Estimated age and estimated remaining life are obtained by dividing accumulated depreciation of $157,930 and net PPE of $88,568 by the annual depreciation expense of $14,741, giving 10.7 years and 6.0 years, respectively.

理想情况下,本例中所示的资产使用寿命估算应排除不可折旧的土地(如信息可用);然而,Orange 和 BCE 都将土地和建筑物合并报告。我们将以 Verizon 为例进行说明,因为 Verizon 的土地似乎在上表中单独披露,我们将使用 Verizon 的数据来说明调整土地后的估算。为了说明排除土地后的计算方法,排除 Verizon 的土地后,非土地固定资产的预计总使用寿命为 16.7 年 [(总成本 246,498 欧元 - 土地成本 806 美元)除以年度折旧费用 147.41 亿欧元]。由于土地在 Verizon 的固定资产中所占比例很小,因此该估算值与包含土地的估算值基本相同。

Ideally, the estimates of asset lives illustrated in this example should exclude land, which is not depreciable, when the information is available; however, both Orange and BCE report Land and Buildings as a combined amount. We will use Verizon, for which land appeared to be disclosed separately in the above table, to illustrate the estimates with adjusting for land. As an illustration of the calculations to exclude land, excluding Verizon’s land would give an estimated total useful life for the non-land PPE of 16.7 years [(total cost €246,498 minus land cost of $806) divided by annual depreciation expense of €14,741 million]. The estimate is essentially unchanged from the estimate including land because land represents such a small component of Verizon’s PPE.

答案二:

Solution to 2:

估计总使用寿命表明,Orange 和 BCE 对 PPE 的折旧周期比 Verizon 长得多:Orange 和 BCE 分别为 20.6 年和 22.8 年,而 Verizon 为 16.7 年。

The estimated total useful life suggests that Orange and BCE depreciate PPE over a much longer period than Verizon: 20.6 and 22.8 years for Orange and BCE, respectively, versus 16.7 years for Verizon.

根据设备预估使用年限,Verizon拥有最新的个人防护装备,预估使用年限为10.7年。此外,预估数据显示,Orange约73%的资产已过使用寿命(15.0年÷20.6年,或等价地,704.27亿欧元÷970.92亿欧元)。相比之下,BCE和Verizon的个人防护装备分别约有65%和64%的使用寿命已过。

The estimated age of the equipment suggests that Verizon has the newest PPE with an estimated age of 10.7 years. Additionally, the estimates suggest that around 73 percent of Orange’s assets’ useful lives have passed (15.0 years ÷ 20.6 years, or equivalently, €70,427 million ÷ €97,092 million). In comparison, around 65 and 64 percent of the useful lives of the PPE of BCE and Verizon, respectively, have passed.

影响公司间比较的因素包括业务差异,例如公司运营构成以及收购和剥离活动的差异。在一定程度上,可以将比较结果与公司附注中披露的资产使用寿命和资产组合进行比较;然而,披露内容的差异,例如披露的资产类别,也会影响比较结果。

Items that can affect comparisons across the companies include business differences, such as differences in composition of the companies’ operations and differences in acquisition and divestiture activity. This result can be compared, to an extent, to the useful lives and asset mix disclosed in the companies’ footnotes; however, differences in disclosures, e.g. in the categories of assets disclosed, can affect comparisons.

问题3的解答:

Solution to 3:

这三家公司的资本支出均超过折旧费用。四舍五入到最接近的10%,资本支出占折旧费用的百分比分别为:Orange 120%,BCE 140%,Verizon 120%。这三家公司更换固定资产的速度均快于固定资产的折旧速度,这与它们相对老旧的资产基础相符。

All three companies’ capital expenditure exceeds its depreciation expense. Rounding to the nearest 10%, capital expenditure as a percentage of depreciation is 120 percent for Orange, 140 percent for BCE, and 120 percent for Verizon. All three companies are replacing PPE at a faster rate than the PPE is being depreciated, consistent with the companies’ somewhat older asset base.

问题 4 的解答:

Solution to 4:

固定资产周转率的计算方法为总收入除以平均净固定资产。Orange公司的固定资产周转率为1.6(= 41,096/((26,665 + 25,912)/2))。BCE公司的固定资产周转率为1.0,Verizon公司的固定资产周转率为1.5。

Fixed asset turnover is calculated as total revenues divided by average net PPE. Orange’s fixed asset turnover is 1.6 (= 41,096/((26,665 + 25,912)/2). BCE’s fixed asset turnover is 1.0, and Verizon’s fixed asset turnover is 1.5.

Orange 和 Verizon 较高的固定资产周转率表明,与 BCE 相比,这些公司每单位固定资产投资能够产生更多的销售额。

Orange’s and Verizon’s higher levels of fixed asset turnover indicate these companies, compared to BCE, are able to generate more sales per unit of investment in fixed assets.

8.投资性房产

8. Investment Property

根据国际财务报告准则(IFRS),投资性房地产是指为赚取租金或资本增值或两者兼有而拥有(或在某些情况下,根据融资租赁租赁)的财产。 28例如,公司拥有并出租给租户的建筑物即为投资性房地产。与之相对,其他长期有形资产(即被视为固定资产的财产)是指公司自用,用于生产公司商品和服务或开展公司行政活动的财产。投资性房地产不包括在日常经营过程中持有待售的长期有形资产。例如,房屋建筑公司拥有的房屋和财产被视为其存货。

Investment property is defined under IFRS as property that is owned (or, in some cases, leased under a finance lease) for the purpose of earning rentals or capital appreciation or both.28 An example of investment property is a building owned by a company and leased out to tenants. In contrast, other long-lived tangible assets (i.e., property considered to be property, plant, and equipment) are owner-occupied properties used for producing the company’s goods and services or for housing the company’s administrative activities. Investment properties do not include long-lived tangible assets held for sale in the ordinary course of business. For example, the houses and property owned by a housing construction company are considered to be its inventory.

根据国际财务报告准则(IFRS),公司可以采用成本模式或公允价值模式对投资性房地产进行估值。成本模式与固定资产的成本模式相同。如果采用成本模式,则必须披露投资性房地产的公允价值。 29然而,公允价值模式与固定资产的重估模式不同。在重估模式下,资产重估是否影响净利润取决于重估最初是增加还是减少了资产的账面价值。相比之下,在公允价值模式下,资产公允价值的所有变动都会影响净利润。要采用公允价值模式,公司必须能够持续可靠地确定房地产的公允价值。

Under IFRS, companies are allowed to value investment properties using either a cost model or a fair value model. The cost model is identical to the cost model used for property, plant, and equipment. If the cost model is used, the fair value of investment property must be disclosed.29 The fair value model, however, differs from the revaluation model used for property, plant, and equipment. Under the revaluation model, whether an asset revaluation affects net income depends on whether the revaluation initially increases or decreases the carrying amount of the asset. In contrast, under the fair value model, all changes in the fair value of the asset affect net income. To use the fair value model, a company must be able to reliably determine the property’s fair value on a continuing basis.

例 18摘录了根据 IFRS 编制报告的房地产公司的年度报告。

Example 18 presents an excerpt from the annual report of a property company reporting under IFRS.

例18

长期资产的财务报表列报和披露

Financial Statement Presentation and Disclosures for Long-Lived Assets

以下附录提供了 intu properties plc 截至 2017 年 12 月 31 日止年度的年度报告信息和摘录。intu properties plc 是一家总部位于伦敦的房地产公司,在英国和西班牙拥有、开发和管理购物中心。其普通股在伦敦和约翰内斯堡上市。

The following exhibit presents information and excerpts from the annual report for the year ended 31 December 2017 of intu properties plc, a property company headquartered in London that owns, develops and manages shopping centres in the United Kingdom and Spain. Its common stock is listed in London and Johannesburg.

附件 12. intu properties plc 年度报告信息及摘录(单位:百万英镑)
财务信息
财务报表 商品标签 2017年金额 2016年金额
资产负债表 投资和开发物业 9,179.4 9,212.1
资产负债表 厂房和设备 12.2 7.6
资产负债表 总资产 10,794.5 10,369.2
损益表 净租金收入 423.4 406.1
损益表 投资和开发物业的重估 30.8 (78.0)

摘自附注2 会计政策

Excerpt from Note 2 Accounting policies

投资和开发物业

Investment and development property

投资和开发物业由集团拥有或租赁,并持有以获取长期租金收入和资本增值。

Investment and development property is owned or leased by the Group and held for long-term rental income and capital appreciation.

本集团选择采用公允价值模式。物业最初按成本确认,随后在资产负债表日按公允价值重估,公允价值由具有专业资质的外部估价师根据市场价值确定,但某些开发用地除外,此类用地的公允价值可由内部进行评估。对于重要的开发用地,在获得必要的规划许可后,将进行外部估价。投资和开发物业的成本包括资本化的利息以及开发过程中发生的其他直接相关支出。利息按相关未偿债务的平均利率资本化。在实际竣工日,利息停止资本化。

The Group has elected to use the fair value model. Properties are initially recognised at cost and subsequently revalued at the balance sheet date to fair value as determined by professionally qualified external valuers on the basis of market value with the exception of certain development land where an assessment of fair value may be made internally. External valuations are received for significant development land once required planning permissions are obtained. The cost of investment and development property includes capitalised interest and other directly attributable outgoings incurred during development. Interest is capitalised on the basis of the average interest rate on the relevant debt outstanding. Interest ceases to be capitalised on the date of practical completion.

投资及开发性房地产公允价值变动产生的损益计入利润表。投资及开发性房地产不计提折旧。出售投资及开发性房地产产生的损益在所有权的重大风险和报酬转移给买方时确认。确认的损益为收到的款项减去该房地产的账面价值和与出售直接相关的成本。

Gains or losses arising from changes in the fair value of investment and development property are recognised in the income statement. Depreciation is not provided in respect of investment and development property. Gains or losses arising on the sale of investment and development property are recognised when the significant risks and rewards of ownership have been transferred to the buyer. The gain or loss recognised is the proceeds received less the carrying value of the property and costs directly associated with the sale.

厂房和设备

Plant and equipment

厂房及设备包括车辆、固定装置、配件及其他设备。厂房及设备按成本减去累计折旧和累计减值损失列示。折旧按直线法计提,计提期限最长为资产的预计使用寿命,最长不超过五年。

Plant and equipment consists of vehicles, fixtures, fittings and other equipment. Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged to the income statement on a straight- line basis over an asset’s estimated useful life up to a maximum of five years.

摘自附注14《投资和开发性房地产》

Excerpt from Note 14 Investment and development property

截至2017年12月31日,投资及开发物业的市场价值包括88.319亿英镑(2016年12月31日:90.886亿英镑)的投资物业和3.765亿英镑(2016年12月31日:1.532亿英镑)的开发物业。……集团所有重要的投资及开发物业均涉及性质相似、特征和风险相近的优质购物中心。……

The market value of investment and development property at 31 December 2017 includes £8,831.9 million (31 December 2016: £9,088.6 million) in respect of investment property and £376.5 million (31 December 2016: £153.2 million) in respect of development property. …All the Group’s significant investment and development property relates to prime shopping centres which are of a similar nature and share characteristics and risks….

估值方法

Valuation methodology

截至2017年12月31日,集团投资及开发物业的公允价值由独立外部估值师确定……投资物业的公允价值采用现值收益法计算……物业估值的关键驱动因素是估值日有效的租赁条款。这些条款决定了物业未来数年的大部分现金流状况,因此构成估值的基础……

The fair value of the Group’s investment and development property at 31 December 2017 was determined by independent external valuers …Fair values for investment properties are calculated using the present value income approach. …The key driver of the property valuations is the terms of the leases in place at the valuation date. These determine the majority of the cash flow profile of the property for a number of years and therefore form the base of the valuation…

  1. 资产负债表项目“投资和开发性房地产”中所包含的资产与资产负债表项目“厂房和设备”中所包含的资产有何不同?

  2. How do the assets included in the balance sheet line item “Investment and development property” differ from the assets included in the balance sheet line item “Plant and equipment”?

  3. 公司用于投资和开发性房地产的估值模型与用于厂房和设备的估值模型有何不同?

  4. How does the valuation model used by the company for its investment and development property differ from the valuation model used for its plant and equipment?

  5. 投资性房地产和厂房设备的折旧会计处理有何不同?

  6. How does accounting for depreciation differ for investment and development property versus plant and equipment?

  7. 投资和开发性房地产的重估收益和损失是否表明这些房地产已被出售?

  8. Do the revaluation gains and losses on investment and development properties indicate that the properties have been sold?

问题1的解答:

Solution to 1:

资产负债表“投资及开发物业”项目所列资产为公司持有的购物中心,旨在获取长期租金收入和资本增值。2017年,公司报告净租金收入为4.234亿英镑。资产负债表“厂房及设备”项目包括公司运营中使用的车辆、固定装置、配件及其他设备。

The assets included in the balance sheet line item “Investment and development property” are shopping centres which the company holds for long-term rental income and capital appreciation. In 2017, the company reported net rental income of £423.4 million. The balance sheet line item “Plant and equipment” includes vehicles, fixtures, fittings, and other equipment used by the company in its operations.

答案二:

Solution to 2:

公司对其投资和开发物业采用的估值模型是公允价值模型,即物业最初按成本确认,随后进行重估并以公允价值在资产负债表上列示。资产公允价值的所有变动都会影响净利润。公司聘请外部估值专家根据预期未来租金收入现金流确定公允价值。

The valuation model used by the company for its investment and development property is the fair value model, in which properties are initially recognised at cost and subsequently revalued and shown on the balance sheet at fair value. All changes in the fair value of the asset affect net income. The company employs external valuation experts to determine the fair value, which is based on expected future cash flow from rental income.

该公司厂房和设备的估值模型采用历史成本模型,资产负债表上的资产按成本减去累计折旧和任何减值损失计算。

The valuation model used for its plant and equipment is the historical cost model in which properties are shown on the balance sheet at cost minus accumulated depreciation and any impairment losses.

问题3的解答:

Solution to 3:

会计中的折旧是指将长期资产的成本在其使用寿命内分摊。投资和开发性房地产不计提折旧。厂房和设备的折旧费用按直线法在其预计使用寿命内计算。

Depreciation in accounting refers to the allocation of the cost of a long-lived asset over its useful life. No depreciation is recorded for investment and development property. Depreciation expense for plant and equipment is calculated on a straight-line basis over the asset’s estimated useful life.

问题 4 的解答:

Solution to 4:

不。投资性房地产的重估收益和损失源于公司所拥有房地产公允价值的变动。该公司2017年报告重估收益3080万英镑,2016年报告重估损失7800万英镑。

No. The revaluation gains and losses on investment properties arise from changes in the fair value of properties that are owned by the company. The company reported a revaluation gain of £30.8 million in 2017 and a revaluation loss of £78.0 million in 2016.

出售房产会产生处置收益或损失,计算方法为:所得款项减去房产的账面价值和相关销售成本。

Sales of property would have resulted in a gain or loss on disposal, calculated as the proceeds minus the carrying value of the property and related selling costs.

一般来说,公司必须对其所有投资性房地产采用其选择的计量模式(成本或公允价值)。如果公司选择对投资性房地产采用公允价值计量模式,则必须持续采用该模式,直至处置该房地产或其用途发生改变,不再被视为投资性房地产(例如,变为自用物业或存货)。即使用于估算公允价值的可比房地产交易减少,公司也必须继续对该房地产采用公允价值计量模式。

In general, a company must apply its chosen model (cost or fair value) to all of its investment property. If a company chooses the fair value model for its investment property, it must continue to use the fair value model until it disposes of the property or changes its use such that it is no longer considered investment property (e.g., it becomes owner-occupied property or part of inventory). The company must continue to use the fair value model for that property even if transactions on comparable properties, used to estimate fair value, become less frequent.

当公司改变资产用途,使其从投资性房地产转为自用性房地产或存货时,会产生一些估值问题。如果公司选择成本模式作为投资性房地产的计量模型,则此类转移不会改变转移资产的账面价值。如果公司选择公允价值模式,则从投资性房地产转移至自用性房地产或存货时,应按公允价值计量。换言之,转移时资产的公允价值被视为其在后续会计处理中的成本。如果公司选择公允价值模式作为投资性房地产的计量模型,并将资产从自用性房地产转移至投资性房地产,则资产计量方式从折旧成本变更为公允价值,应视为重估。如果公司选择公允价值模式,并将资产从存货转移至投资性房地产,则存货账面价值与资产转移时公允价值之间的任何差额均应确认为损益。

Certain valuation issues arise when a company changes the use of property such that it moves from being an investment property to owner-occupied property or part of inventory. If a company’s chosen model for investment property is the cost model, such transfers do not change the carrying amount of the property transferred. If a company’s chosen model is the fair value model, transfers from investment property to owner-occupied property or to inventory are made at fair value. In other words, the property’s fair value at the time of transfer is considered to be its cost for ongoing accounting for the property. If a company’s chosen model for investment property is the fair value model and it transfers a property from owner-occupied to investment property, the change in measurement of the property from depreciated cost to fair value is treated like a revaluation. If a company’s chosen model is the fair value model and it transfers a property from inventory to investment property, any difference between the inventory carrying amount and the property’s fair value at the time of transfer is recognised as profit or loss.

投资性房地产在资产负债表中作为单独的项目列示。公司必须披露其对投资性房地产采用的是公允价值模式还是成本模式。如果公司采用公允价值模式,则必须额外披露其如何确定公允价值,并提供投资性房地产期初账面价值与期末账面价值的调节表。如果公司采用成本模式,则必须披露与固定资产类似的额外信息,例如,必须披露折旧方法和预计使用年限。此外,如果公司采用成本模式,还必须披露投资性房地产的公允价值。

Investment property appears as a separate line item on the balance sheet. Companies are required to disclose whether they use the fair value model or the cost model for their investment property. If the company uses the fair value model, it must make additional disclosures about how it determines fair value and must provide reconciliation between the beginning and ending carrying amounts of investment property. If the company uses the cost model, it must make additional disclosures similar to those for property, plant, and equipment—for example, the depreciation method and useful lives must be disclosed. In addition, if the company uses the cost model, it must also disclose the fair value of investment property.

根据美国通用会计准则(US GAAP),投资性房地产没有明确的定义。美国大多数持有投资性房地产的运营公司和房地产公司都采用历史成本模型。

Under US GAAP, there is no specific definition of investment property. Most operating companies and real estate companies in the United States that hold investment-type property use the historical cost model.

概括

Summary

要理解长期资产在初始确认时的报告方式,需要区分资本化支出(即作为长期资产报告的支出)和费用化支出。长期资产一旦确认,根据成本模式,其报告金额为历史成本减去累计折旧(摊销)和任何减值损失;根据重估模式,其报告金额为公允价值。国际财务报告准则(IFRS)允许使用成本模式或重估模式,而美国通用会计准则(US GAAP)则要求使用成本模式。大多数按照IFRS进行报告的公司都采用成本模式。对长期资产进行折旧(摊销)的不同方法选择,可能会给分析师在比较各公司时带来挑战。

Understanding the reporting of long-lived assets at inception requires distinguishing between expenditures that are capitalised (i.e., reported as long-lived assets) and those that are expensed. Once a long-lived asset is recognised, it is reported under the cost model at its historical cost less accumulated depreciation (amortisation) and less any impairment or under the revaluation model at its fair value. IFRS permit the use of either the cost model or the revaluation model, whereas US GAAP require the use of the cost model. Most companies reporting under IFRS use the cost model. The choice of different methods to depreciate (amortise) long-lived assets can create challenges for analysts comparing companies.

要点包括以下几点:

Key points include the following:

  • 与长期资产相关的支出,如果预期能带来未来收益(通常超过一年),则应作为资产成本的一部分进行资本化。否则,与长期资产相关的支出应在发生时计入费用。

  • Expenditures related to long-lived assets are capitalised as part of the cost of assets if they are expected to provide future benefits, typically beyond one year. Otherwise, expenditures related to long-lived assets are expensed as incurred.

  • 虽然将支出资本化而不是将其计入费用,会在第一年带来更高的报告盈利能力,但会导致随后几年的盈利能力下降;然而,如果一家公司每年继续购买类似或增加数量的资产,资本化的盈利能力提升效果就会持续下去。

  • Although capitalising expenditures, rather than expensing them, results in higher reported profitability in the initial year, it results in lower profitability in subsequent years; however, if a company continues to purchase similar or increasing amounts of assets each year, the profitability-enhancing effect of capitalisation continues.

  • 将支出资本化而不是将其计入费用,会导致经营活动现金流出金额增加,因为资本化支出被归类为投资性现金流出,而不是经营性现金流出。

  • Capitalising an expenditure rather than expensing it results in a greater amount reported as cash from operations because capitalised expenditures are classified as an investing cash outflow rather than an operating cash outflow.

  • 公司必须将与购置或建造需要较长时间才能准备用于预期用途的资产相关的利息成本资本化。

  • Companies must capitalise interest costs associated with acquiring or constructing an asset that requires a long period of time to prepare for its intended use.

  • 将资本化利息纳入利息保障倍数的计算中,可以更好地评估公司的偿付能力。

  • Including capitalised interest in the calculation of interest coverage ratios provides a better assessment of a company’s solvency.

  • 国际财务报告准则(IFRS)要求研发成本计入费用,但允许在特定条件下将所有开发成本(不仅限于软件开发成本)资本化。通常,美国会计准则要求研发成本计入费用;但是,某些与软件开发相关的成本需要资本化。

  • IFRS require research costs be expensed but allow all development costs (not only software development costs) to be capitalised under certain conditions. Generally, US accounting standards require that research and development costs be expensed; however, certain costs related to software development are required to be capitalised.

  • 当一家公司收购另一家公司时,该交易采用收购法进行会计处理。在收购法中,被认定为收购方的公司根据各项资产(以及承担的各项负债)的公允价值,将收购价格分配至各项资产(以及承担的各项负债)。根据收购法会计处理,如果收购价格超过可分配至各项可辨认资产和负债的金额之和,则超出部分计入商誉。

  • When one company acquires another company, the transaction is accounted for using the acquisition method of accounting in which the company identified as the acquirer allocates the purchase price to each asset acquired (and each liability assumed) on the basis of its fair value. Under acquisition accounting, if the purchase price of an acquisition exceeds the sum of the amounts that can be allocated to individual identifiable assets and liabilities, the excess is recorded as goodwill.

  • 长期有形资产和使用寿命有限的无形资产的资本化成本,会在其使用寿命内分摊到后续期间的费用中。对于有形资产,这一过程称为折旧;对于无形资产,这一过程称为摊销。

  • The capitalised costs of long-lived tangible assets and of intangible assets with finite useful lives are allocated to expense in subsequent periods over their useful lives. For tangible assets, this process is referred to as depreciation, and for intangible assets, it is referred to as amortisation.

  • 对于使用寿命较长的有形资产和使用寿命有限的无形资产,当事件或情况发生变化,表明资产的账面价值可能无法收回时,就需要进行减值审查。

  • Long-lived tangible assets and intangible assets with finite useful lives are reviewed for impairment whenever changes in events or circumstances indicate that the carrying amount of an asset may not be recoverable.

  • 使用寿命不确定的无形资产不进行摊销,但每年进行减值评估。

  • Intangible assets with an indefinite useful life are not amortised but are reviewed for impairment annually.

  • 减值披露可以提供有关公司预期现金流的有用信息。

  • Impairment disclosures can provide useful information about a company’s expected cash flows.

  • 计算折旧或摊销费用的方法包括直线法,即资产成本在其使用寿命内每年等额分摊到费用中;加速折旧法,即成本分摊在较早的年份较大;以及产量法,即成本分摊与特定时期内资产的实际使用量相对应。

  • Methods of calculating depreciation or amortisation expense include the straight-line method, in which the cost of an asset is allocated to expense in equal amounts each year over its useful life; accelerated methods, in which the allocation of cost is greater in earlier years; and the units-of-production method, in which the allocation of cost corresponds to the actual use of an asset in a particular period.

  • 折旧和摊销计算所需的估算数据包括设备的预计使用寿命(或其总生产能力)以及使用寿命结束时的预期残值。与使用寿命较短、预期残值较低的设备相比,使用寿命较长、预期残值较高的设备每年的折旧额较少。

  • Estimates required for depreciation and amortisation calculations include the useful life of the equipment (or its total lifetime productive capacity) and its expected residual value at the end of that useful life. A longer useful life and higher expected residual value result in a smaller amount of annual depreciation relative to a shorter useful life and lower expected residual value.

  • 国际财务报告准则允许使用成本模型或重估模型对长期资产进行估值和报告,但美国通用会计准则不允许使用重估模型。

  • IFRS permit the use of either the cost model or the revaluation model for the valuation and reporting of long-lived assets, but the revaluation model is not allowed under US GAAP.

  • 根据重估模型,账面价值为重估日的公允价值减去任何后续累计折旧或摊销。

  • Under the revaluation model, carrying amounts are the fair values at the date of revaluation less any subsequent accumulated depreciation or amortisation.

  • 与折旧和摊销费用(用于将长期资产的成本在其使用寿命内分摊)不同,减值费用反映的是资产公允价值意外下降到低于其账面价值的金额。

  • In contrast with depreciation and amortisation charges, which serve to allocate the cost of a long-lived asset over its useful life, impairment charges reflect an unexpected decline in the fair value of an asset to an amount lower than its carrying amount.

  • 国际财务报告准则(IFRS)允许转回减值损失,并将转回计入利润。美国通用会计准则(US GAAP)不允许转回减值损失。

  • IFRS permit impairment losses to be reversed, with the reversal reported in profit. US GAAP do not permit the reversal of impairment losses.

  • 出售长期资产的损益计算方法为:销售所得减去出售时该资产的账面价值。

  • The gain or loss on the sale of long-lived assets is computed as the sales proceeds minus the carrying amount of the asset at the time of sale.

  • 公司资产的平均年龄和剩余使用寿命的估计反映了按历史成本核算的资产与折旧金额之间的关系。

  • Estimates of average age and remaining useful life of a company’s assets reflect the relationship between assets accounted for on a historical cost basis and depreciation amounts.

  • 公司资产的平均剩余使用寿命可以通过固定资产净值除以折旧费用来估算,尽管会计使用寿命可能与经济使用寿命不完全一致。

  • The average remaining useful life of a company’s assets can be estimated as net PPE divided by depreciation expense, although the accounting useful life may not necessarily correspond to the economic useful life.

  • 重新分类为持有待售的长期资产停止计提折旧或摊销。拟以出售以外的方式处置的长期资产(例如,放弃、交换其他资产或在分拆中分配给所有者)分类为持有待用,直至处置为止。因此,此类资产仍继续计提折旧并接受减值测试。

  • Long-lived assets reclassified as held for sale cease to be depreciated or amortised. Long-lived assets to be disposed of other than by a sale (e.g., by abandonment, exchange for another asset, or distribution to owners in a spin-off) are classified as held for use until disposal. Thus, they continue to be depreciated and tested for impairment.

  • 投资性房地产是指为了赚取租金、资本增值或两者兼而有之而拥有(或在某些情况下,通过融资租赁租赁)的房地产。

  • Investment property is defined as property that is owned (or, in some cases, leased under a finance lease) for the purpose of earning rentals, capital appreciation, or both.

  • 根据国际财务报告准则(IFRS),公司可以采用成本模式或公允价值模式对投资性房地产进行估值。成本模式与固定资产的成本模式相同,而公允价值模式则与固定资产的重估模式不同。与重估模式不同,在公允价值模式下,投资性房地产公允价值的所有变动都会影响净利润。

  • Under IFRS, companies are allowed to value investment properties using either a cost model or a fair value model. The cost model is identical to the cost model used for property, plant, and equipment, but the fair value model differs from the revaluation model used for property, plant, and equipment. Unlike the revaluation model, under the fair value model, all changes in the fair value of investment property affect net income.

  • 根据美国通用会计准则,投资性房地产通常采用成本模型进行计量。

  • Under US GAAP, investment properties are generally measured using the cost model.

练习题

Practice Problems

  1. JOOVI公司最近为其制造工厂购置并安装了一台新机器。该公司产生了以下费用:

    购买价格 12,980 美元
    货运和保险 1200美元
    安装 700美元
    测试 100美元
    维修人员培训费用 500美元

    JOOVI资产负债表上应列示的机器总成本最接近以下哪个数值:

    1. 14,180 美元。

    2. 14,980 美元。

    3. 15480美元。

  2. JOOVI Inc. has recently purchased and installed a new machine for its manufacturing plant. The company incurred the following costs:

    Purchase price $12,980
    Freight and insurance $1,200
    Installation $700
    Testing $100
    Maintenance staff training costs $500

    The total cost of the machine to be shown on JOOVI’s balance sheet is closest to:

    1. $14,180.

    2. $14,980.

    3. $15,480.

  3. 购置固定资产和设备所产生的哪些费用可以计入当期费用?

    1. 配送费

    2. 安装和测试

    3. 使用场地和设备需要接受培训。

  4. Which costs incurred with the purchase of property and equipment are expensed?

    1. Delivery charges

    2. Installation and testing

    3. Training required to use the property and equipment

  5. 在建造待售资产时,最有可能直接相关的借贷成本包括:

    1. 发生时计入费用。

    2. 已计入存货。

    3. 作为固定资产的一部分进行资本化。

  6. When constructing an asset for sale, directly related borrowing costs are most likely:

    1. expensed as incurred.

    2. capitalized as part of inventory.

    3. capitalized as part of property, plant, and equipment.

  7. 巴西公司 BAURU, SA 向当地一家银行贷款,用于建设其制造工厂。贷款条件如下:

    借阅日期 2009年1月1日
    借款金额 5亿巴西雷亚尔(BRL)
    年利率 14%
    贷款期限 3年
    付款方式 每年仅支付利息。本金将在贷款期末偿还。

    该工厂建设历时两年,在此期间,BAURU公司通过暂时投资贷款所得款项赚取了1000万雷亚尔。下列哪项是与工厂建设相关的、可以资本化并计入BAURU公司资产负债表的利息金额(单位:百万雷亚尔)?

    1. 130.

    2. 140.

    3. 210.

  8. BAURU, S.A., a Brazilian corporation, borrows capital from a local bank to finance the construction of its manufacturing plant. The loan has the following conditions:

    Borrowing date 1 January 2009
    Amount borrowed 500 million Brazilian real (BRL)
    Annual interest rate 14 percent
    Term of the loan 3 years
    Payment method Annual payment of interest only. Principal amortization is due at the end of the loan term.

    The construction of the plant takes two years, during which time BAURU earned BRL 10 million by temporarily investing the loan proceeds. Which of the following is the amount of interest related to the plant construction (in BRL million) that can be capitalized in BAURU’s balance sheet?

    1. 130.

    2. 140.

    3. 210.

  9. 一位分析师在阅读了一家遵循国际财务报告准则(IFRS)的公司的财务报表和附注后,发现了以下无形资产:

    • 产品专利还有40年到期;

    • 版权无失效日期;

    • 两年前在企业合并中获得的商誉。

    以下哪项资产属于使用寿命有限的无形资产?

    产品专利 版权 善意
    一个 是的 是的
    B 是的
    C 是的 是的
  10. After reading the financial statements and footnotes of a company that follows IFRS, an analyst identified the following intangible assets:

    • product patent expiring in 40 years;

    • copyright with no expiration date; and

    • goodwill acquired 2 years ago in a business combination.

    Which of these assets is an intangible asset with a finite useful life?

    Product Patent Copyright Goodwill
    A Yes Yes No
    B Yes No No
    C No Yes Yes
  11. 使用寿命有限的无形资产与使用寿命无限的无形资产在会计处理方面的 主要区别在于:

    1. 重估。

    2. 损伤。

    3. 摊销。

  12. Intangible assets with finite useful lives mostly differ from intangible assets with infinite useful lives with respect to accounting treatment of:

    1. revaluation.

    2. impairment.

    3. amortization.

  13. 无形资产发生的成本通常在以下情况下计入费用:

    1. 内部研发。

    2. 单独购买。

    3. 通过企业合并获得。

  14. Costs incurred for intangible assets are generally expensed when they are:

    1. internally developed.

    2. individually acquired.

    3. acquired in a business combination.

  15. 根据美国通用会计准则,在企业合并中收购资产时,商誉最有可能源于:

    1. 合同权利或法律权利。

    2. 可以从被收购公司中分离出来的资产。

    3. 既非有形资产也非可辨认的无形资产。

  16. Under US GAAP, when assets are acquired in a business combination, goodwill most likely arises from:

    1. contractual or legal rights.

    2. assets that can be separated from the acquired company.

    3. assets that are neither tangible nor identifiable intangible assets.

  17. 在其他条件相同的情况下,在购买长寿命设备的财政年度:

    1. 折旧费用增加。

    2. 经营活动产生的现金流减少。

    3. 净收入减少购买金额。

  18. All else equal, in the fiscal year when long-lived equipment is purchased:

    1. depreciation expense increases.

    2. cash from operations decreases.

    3. net income is reduced by the amount of the purchase.

  19. X公司和Z公司年初的账面权益价值相同,税率也相同。两家公司全年的交易完全相同,除一项交易外,所有交易的报告方式也相同。两家公司均于新年1月1日购入一台价值30万英镑的打印机,该打印机的使用寿命为三年,残值为0英镑。X公司将该打印机资本化并采用直线法计提折旧,而Z公司则将该打印机作为费用支出。以下是X公司年末收集到的信息。

      X公司

    截至12月31日
    期末股东权益 1000万英镑
     
    税率 25%
    股息 0.00 英镑
    净利 75万英镑

    根据所给信息,Z公司采用年末权益资本计算的权益回报率最接近以下哪个数值:

    1. 5.4%。

    2. 6.1%。

    3. 7.5%。

  20. Companies X and Z have the same beginning-of-the-year book value of equity and the same tax rate. The companies have identical transactions throughout the year and report all transactions similarly except for one. Both companies acquire a £300,000 printer with a three-year useful life and a salvage value of £0 on 1 January of the new year. Company X capitalizes the printer and depreciates it on a straight-line basis, and Company Z expenses the printer. The following year-end information is gathered for Company X.

      Company X

    As of 31 December
    Ending shareholders’ equity £10,000,000
     
    Tax rate 25%
    Dividends £0.00
    Net income £750,000

    Based on the information given, Company Z’s return on equity using year-end equity will be closest to:

    1. 5.4%.

    2. 6.1%.

    3. 7.5%.

  21. 一位财务分析师正在研究两种不同的折旧方法对近期购置的设备损益表的影响。她收集了以下关于该设备预期使用寿命和用途的信息:

    一年级 二年级 三年级 四年级 五年级 全部的
    生产单位 2,000 2,000 2,000 2,000 2,500 10,500

    与按产量法计提折旧相比,如果公司采用直线法对设备进行折旧,则其第一年的净利润 最有可能为:

    1. 降低。

    2. 更高。

    3. 相同。

  22. A financial analyst is studying the income statement effect of two alternative depreciation methods for a recently acquired piece of equipment. She gathers the following information about the equipment’s expected production life and use:

    Year 1 Year 2 Year 3 Year 4 Year 5 Total
    Units of production 2,000 2,000 2,000 2,000 2,500 10,500

    Compared with the units-of-production method of depreciation, if the company uses the straight-line method to depreciate the equipment, its net income in Year 1 will most likely be:

    1. lower.

    2. higher.

    3. the same.

  23. 一家公司以 1500 欧元的价格购入一台设备。该设备预计使用寿命为五年,无残值。在第一年的使用中,预计产量为设备使用寿命产能的 15%,预计该设备将产生 1500 欧元的收入,并产生 500 欧元的现金支出。

    在设备使用的第一年,能够使设备营业利润最低的折旧方法是:

    1. 直线。

    2. 生产单位。

    3. 双倍递减余额。

  24. A company purchases a piece of equipment for €1,500. The equipment is expected to have a useful life of five years and no residual value. In the first year of use, the units of production are expected to be 15% of the equipment’s lifetime production capacity and the equipment is expected to generate €1,500 of revenue and incur €500 of cash expenses.

    The depreciation method yielding the lowest operating profit on the equipment in the first year of use is:

    1. straight line.

    2. units of production.

    3. double-declining balance.

  25. VIRMIN, SA 的首席财务官 Juan Martinez 正在为一台新机器选择折旧方法。该机器的预计使用寿命为六年。预计初期产量相对较低,但会随着时间的推移而增加。用于税务申报的折旧方法必须与用于财务报告的折旧方法相同。如果 Martinez 希望在机器使用的第一年最大限度地减少税款支出,那么他最有可能使用以下哪种折旧方法?

    1. 直线法。

    2. 生产单位法。

    3. 双倍余额递减法。

  26. Juan Martinez, CFO of VIRMIN, S.A., is selecting the depreciation method to use for a new machine. The machine has an expected useful life of six years. Production is expected to be relatively low initially but to increase over time. The method chosen for tax reporting must be the same as the method used for financial reporting. If Martinez wants to minimize tax payments in the first year of the machine’s life, which of the following depreciation methods is Martinez most likely to use?

    1. Straight-line method.

    2. Units-of-production method.

    3. Double-declining balance method.

以下信息与问题 14-15 相关。

The following information relates to Questions 14–15

乌拉圭公司 MARIO SA 的 Miguel Rodriguez 正在计算一台生产设备截至 2009 年 12 月 31 日财政年度的折旧费用。该设备于 2009 年 1 月 1 日购入。Rodriguez 收集了以下信息(货币单位为乌拉圭比索,UYP):

Miguel Rodriguez of MARIO S.A., an Uruguayan corporation, is computing the depreciation expense of a piece of manufacturing equipment for the fiscal year ended 31 December 2009. The equipment was acquired on 1 January 2009. Rodriguez gathers the following information (currency in Uruguayan pesos, UYP):

设备成本 1,200,000 乌干达比索
估计残值 200,000 乌干达先令
预期使用寿命 8年
总生产能力 80万个单位
2009财年产量 135,000 台
未来7年的预期产量 每年95,000台
  1. 如果 MARIO 公司采用直线法折旧,那么 MARIO 公司损益表中与生产设备相关的折旧费用金额最接近于:

    1. 125,000。

    2. 150,000。

    3. 168,750。

  2. If MARIO uses the straight-line method, the amount of depreciation expense on MARIO’s income statement related to the manufacturing equipment is closest to:

    1. 125,000.

    2. 150,000.

    3. 168,750.

  3. 如果 MARIO 采用产量法计提折旧,则 MARIO 损益表中与生产设备相关的折旧费用(以 UYP 计)最接近以下哪个数值:

    1. 118,750。

    2. 168,750。

    3. 202,500。

  4. If MARIO uses the units-of-production method, the amount of depreciation expense (in UYP) on MARIO’s income statement related to the manufacturing equipment is closest to:

    1. 118,750.

    2. 168,750.

    3. 202,500.


  1. 以下哪种摊销方法最有可能将无形资产的成本在其使用寿命内均匀分摊?

    1. 直线法。

    2. 生产单位法。

    3. 双倍余额递减法。

  2. Which of the following amortization methods is most likely to evenly distribute the cost of an intangible asset over its useful life?

    1. Straight-line method.

    2. Units-of-production method.

    3. Double-declining balance method.

  3. 以下哪项因素会导致公司在收购后的第一年计提的无形资产摊销额较低?

    1. 残差值更高。

    2. 更高的摊销率。

    3. 使用寿命较短。

  4. Which of the following will cause a company to show a lower amount of amortization of intangible assets in the first year after acquisition?

    1. A higher residual value.

    2. A higher amortization rate.

    3. A shorter useful life.

  5. 一家公司购入一台价值 20 万美元的设备,使用寿命为五年,残值为零。该公司前两年采用双倍余额递减法计提折旧,第三年初改为直线法计提折旧。与双倍余额递减法下的年度折旧费用相比,第四年的年度折旧费用为:

    1. 更小。

    2. 相同。

    3. 更大。

  6. A company purchases equipment for $200,000 with a five-year useful life and salvage value of zero. It uses the double-declining balance method of depreciation for two years, then shifts to straight-line depreciation at the beginning of Year 3. Compared with annual depreciation expense under the double-declining balance method, the resulting annual depreciation expense in Year 4 is:

    1. smaller.

    2. the same.

    3. greater.

  7. 法国公司BOOLDO SA财务部门的一名分析师正在计算截至2009年12月31日财年的客户名单(一项无形资产)的摊销额。她收集了有关该资产的以下信息:

    购置成本 230万欧元
    收购日期 2008年1月1日
    收购时的预期残值 50万欧元
    预计客户名单将在收购后的三年内带来额外销售额。这些预期额外销售额的现值超过了名单的成本。

    如果分析师采用直线法,截至2009年12月31日,与客户名单相关的累计摊销金额最接近以下哪个数值:

    1. 60万欧元。

    2. 120万欧元。

    3. 1,533,333 欧元。

  8. An analyst in the finance department of BOOLDO S.A., a French corporation, is computing the amortization of a customer list, an intangible asset, for the fiscal year ended 31 December 2009. She gathers the following information about the asset:

    Acquisition cost €2,300,000
    Acquisition date 1 January 2008
    Expected residual value at time of acquisition €500,000
    The customer list is expected to result in extra sales for three years after acquisition. The present value of these expected extra sales exceeds the cost of the list.

    If the analyst uses the straight-line method, the amount of accumulated amortization related to the customer list as of 31 December 2009 is closest to:

    1. €600,000.

    2. €1,200,000.

    3. €1,533,333.

  9. 一位财务分析师正在分析意大利公司 MAKETTI SpA 收购的一项产品专利的摊销情况。他收集了以下关于该专利的信息:

    购置成本 5,800,000 欧元
    收购日期 2009年1月1日
    专利到期日 2015年12月31日
    专利产品的总工厂产能 每年4万台
    截至2009年12月31日的财政年度内,专利产品的产量 20,000 台
    在专利有效期内,预期专利产品的产量 175,000 台

    如果分析师采用产量法,则2009财年专利摊销费用最接近以下哪个数值:

    1. 414,286 欧元。

    2. 662,857 欧元。

    3. 828,571 欧元。

  10. A financial analyst is analyzing the amortization of a product patent acquired by MAKETTI S.p.A., an Italian corporation. He gathers the following information about the patent:

    Acquisition cost €5,800,000
    Acquisition date 1 January 2009
    Patent expiration date 31 December 2015
    Total plant capacity of patented product 40,000 units per year
    Production of patented product in fiscal year ended 31 December 2009 20,000 units
    Expected production of patented product during life of the patent 175,000 units

    If the analyst uses the units-of-production method, the amortization expense on the patent for fiscal year 2009 is closest to:

    1. €414,286.

    2. €662,857.

    3. €828,571.

  11. 某公司以1亿日元的价格购得一项专利,该专利有效期为六年。该公司预计该专利产生的经济效益将随时间推移而递减,并决定采用双倍余额递减法摊销该专利。第四年的年度摊销费用最接近于:

    1. 660万日元。

    2. 990万日元。

    3. 1980万日元。

  12. A company acquires a patent with an expiration date in six years for ¥100 million. The company assumes that the patent will generate economic benefits that will decline over time and decides to amortize the patent using the double-declining balance method. The annual amortization expense in Year 4 is closest to:

    1. ¥6.6 million.

    2. ¥9.9 million.

    3. ¥19.8 million.

  13. 一家公司正在比较直线法和双倍余额递减法对一项不可续签的六年期许可证(购入价格为 60 万欧元)的摊销效果。两种方法计算出的第四年末账面净值之差最接近以下哪个数值:

    1. 81400欧元。

    2. 118,600 欧元。

    3. 20万欧元。

  14. A company is comparing straight-line and double-declining balance amortization methods for a non-renewable six-year license, acquired for €600,000. The difference between the Year 4 ending net book values using the two methods is closest to:

    1. €81,400.

    2. €118,600.

    3. €200,000.

  15. MARU SA de CV 是一家遵循国际财务报告准则 (IFRS) 的墨西哥公司,该公司选择对其固定资产采用重估模式。MARU 的一台机器于 2010 年 3 月 31 日结束的财政年度初以 2,500,000 墨西哥比索 (MXN) 的价格购入。截至 2010 年 3 月 31 日,该机器的公允价值为 3,000,000 墨西哥比索。MARU 是否应就该机器的重估确认利润?

    1. 是的。

    2. 不,因为这项重估直接计入权益。

    3. 不,因为重估带来的价值增长永远不能被确认为利润。

  16. MARU S.A. de C.V., a Mexican corporation that follows IFRS, has elected to use the revaluation model for its property, plant, and equipment. One of MARU’s machines was purchased for 2,500,000 Mexican pesos (MXN) at the beginning of the fiscal year ended 31 March 2010. As of 31 March 2010, the machine has a fair value of MXN 3,000,000. Should MARU show a profit for the revaluation of the machine?

    1. Yes.

    2. No, because this revaluation is recorded directly in equity.

    3. No, because value increases resulting from revaluation can never be recognized as a profit.

  17. 一位分析师正在研究WLP公司(一家总部位于英国、遵循国际财务报告准则的公司)的生产设备减值情况。他收集了以下有关该设备的信息:

    公允价值 1680万英镑
    出售成本 80万英镑
    使用价值 14,500,000 英镑
    账面净额 1910万英镑

    WLP公司损益表中与其生产设备相关的减值损失金额最接近以下哪个选项:

    1. 230万英镑。

    2. 310万英镑。

    3. 460万英镑。

  18. An analyst is studying the impairment of the manufacturing equipment of WLP Corp., a UK-based corporation that follows IFRS. He gathers the following information about the equipment:

    Fair value £16,800,000
    Costs to sell £800,000
    Value in use £14,500,000
    Net carrying amount £19,100,000

    The amount of the impairment loss on WLP Corp.’s income statement related to its manufacturing equipment is closest to:

    1. £2,300,000.

    2. £3,100,000.

    3. £4,600,000.

  19. 根据国际财务报告准则(IFRS),固定资产减值损失的计量方法是:资产账面价值超过其价值的差额。

    1. 公允价值。

    2. 可收回金额。

    3. 未折现的预期未来现金流。

  20. Under IFRS, an impairment loss on a property, plant, and equipment asset is measured as the excess of the carrying amount over the asset’s:

    1. fair value.

    2. recoverable amount.

    3. undiscounted expected future cash flows.

  21. BETTO SA公司的一位财务分析师正在分析2009年12月31日以85,000阿根廷比索(ARP)售出的一辆汽车的交易结果。该分析师整理了以下有关该车辆的信息:

    车辆购置成本 ARP 100,000
    收购日期 2007年1月1日
    收购日预计残值 ARP 10,000
    预期使用寿命 9年
    折旧法 直线

    车辆出售的结果最有可能为

    1. 损失 15,000 ARP。

    2. 获得 ARP 15,000。

    3. 获得 ARP 18,333。

  22. A financial analyst at BETTO S.A. is analyzing the result of the sale of a vehicle for 85,000 Argentine pesos (ARP) on 31 December 2009. The analyst compiles the following information about the vehicle:

    Acquisition cost of the vehicle ARP 100,000
    Acquisition date 1 January 2007
    Estimated residual value at acquisition date ARP 10,000
    Expected useful life 9 years
    Depreciation method Straight-line

    The result of the sale of the vehicle is most likely:

    1. a loss of ARP 15,000.

    2. a gain of ARP 15,000.

    3. a gain of ARP 18,333.

  23. CROCO SpA 出售一项无形资产,该资产的历史购置成本为 1200 万欧元,累计折旧为 200 万欧元,并报告出售亏损 320 万欧元。下列哪个金额最可能是该资产的售价?

    1. 680万欧元

    2. 880万欧元

    3. 1320万欧元

  24. CROCO S.p.A sells an intangible asset with a historical acquisition cost of €12 million and an accumulated depreciation of €2 million and reports a loss on the sale of €3.2 million. Which of the following amounts is most likely the sale price of the asset?

    1. €6.8 million

    2. €8.8 million

    3. €13.2 million

  25. 无形资产减值(无形资产使用寿命有限)会影响:

    1. 资产负债表,但不是损益表。

    2. 损益表,但不是资产负债表。

    3. 资产负债表和损益表。

  26. The impairment of intangible assets with finite lives affects:

    1. the balance sheet but not the income statement.

    2. the income statement but not the balance sheet.

    3. both the balance sheet and the income statement.

  27. 对于已应用重估模型的长期资产,其出售损益最有可能的计算方法是:用销售所得减去:

    1. 账面价值。

    2. 经减值调整后的账面价值。

    3. 历史成本(扣除累计折旧)

  28. The gain or loss on a sale of a long-lived asset to which the revaluation model has been applied is most likely calculated using sales proceeds less:

    1. carrying amount.

    2. carrying amount adjusted for impairment.

    3. historical cost net of accumulated depreciation.

  29. 根据国际财务报告准则(IFRS),除以下情况外,公司必须在财务报表和附注中披露有关固定资产、厂房和设备的所有信息 :

    1. 有意义的生命。

    2. 收购日期。

    3. 处置量。

  30. According to IFRS, all of the following pieces of information about property, plant, and equipment must be disclosed in a company’s financial statements and footnotes except for:

    1. useful lives.

    2. acquisition dates.

    3. amount of disposals.

  31. 根据国际财务报告准则(IFRS),除以下情况外,公司必须在财务报表和附注中披露有关无形资产的以下所有信息:

    1. 公允价值。

    2. 减值损失。

    3. 摊销率。

  32. According to IFRS, all of the following pieces of information about intangible assets must be disclosed in a company’s financial statements and footnotes except for:

    1. fair value.

    2. impairment loss.

    3. amortization rate.

  33. 根据美国通用会计准则,以下哪项是长期无形资产必须在财务报表中披露的内容?

    1. 资产的使用寿命

    2. 减值损失的逆转

    3. 未来五个财政年度的预计摊销费用

  34. Which of the following is a required financial statement disclosure for long-lived intangible assets under US GAAP?

    1. The useful lives of assets

    2. The reversal of impairment losses

    3. Estimated amortization expense for the next five fiscal years

  35. 以下哪项特征最有可能将投资性房地产与固定资产(包括厂房、设备和器材)区分开来?

    1. 它是实实在在的。

    2. 它能赚取租金。

    3. 它寿命很长。

  36. Which of the following characteristics is most likely to differentiate investment property from property, plant, and equipment?

    1. It is tangible.

    2. It earns rent.

    3. It is long-lived.

  37. 如果一家公司采用公允价值模式对投资性房地产进行估值,那么资产公允价值的变动最不可能影响以下方面:

    1. 净利。

    2. 净营业收入。

    3. 其他综合收益。

  38. If a company uses the fair value model to value investment property, changes in the fair value of the asset are least likely to affect:

    1. net income.

    2. net operating income.

    3. other comprehensive income.

  39. 投资性房产最有可能

    1. 赚取租金。

    2. 留作转售之用。

    3. 用于生产商品和服务。

  40. Investment property is most likely to:

    1. earn rent.

    2. be held for resale.

    3. be used in the production of goods and services.

  41. 一家公司最有可能

    1. 对部分投资性房地产采用公允价值模型,对其他投资性房地产采用成本模型。

    2. 当可比物业的交易减少时,应改变公允价值模式。

    3. 当公司将投资性房地产转移至固定资产时,其价值模式将由公允价值模式转变为固定资产模式。

  42. A company is most likely to:

    1. use a fair value model for some investment property and a cost model for other investment property.

    2. change from the fair value model when transactions on comparable properties become less frequent.

    3. change from the fair value model when the company transfers investment property to property, plant, and equipment.

  43. 根据固定资产重估模式和投资性房地产公允模式:

    1. 资产的公允价值必须能够可靠地计量。

    2. 资产公允价值的任何变动都会影响净利润。

    3. 即使资产价值较账面价值增加,净利润也不会受到影响。

  44. Under the revaluation model for property, plant, and equipment and the fair model for investment property:

    1. fair value of the asset must be able to be measured reliably.

    2. net income is affected by all changes in the fair value of the asset.

    3. net income is never affected if the asset increases in value from its carrying amount.

  45. 根据国际财务报告准则(IFRS),投资性房地产估值采用成本模式时,必须披露哪些信息?

    1. 有效寿命

    2. 确定公允价值的方法

    3. 投资性房地产期初账面价值与期末账面价值的核对

  46. Under IFRS, what must be disclosed under the cost model of valuation for investment properties?

    1. Useful lives

    2. The method for determining fair value

    3. Reconciliation between beginning and ending carrying amounts of investment property

以下信息与问题 39–42 有关。

The following information relates to Questions 39–42

梅兰妮·哈特(Melanie Hart),特许金融分析师(CFA),是一位交通运输分析师。她受邀撰写一份关于阿尔泰山铁路公司(AMRC)的研究报告。与其他铁路公司一样,AMRC的运营属于资本密集型,对诸如固定资产、厂房和设备等长期有形资产进行了大量投资。2008年11月,AMRC董事会聘请了一支新的管理团队。在审阅公司2009年年度报告时,哈特对新管理层的一些会计处理选择感到担忧。这些选择与前任管理层的做法以及行业惯例有所不同。哈特重点关注了公司年度报告中的以下陈述:

Melanie Hart, CFA, is a transportation analyst. Hart has been asked to write a research report on Altai Mountain Rail Company (AMRC). Like other companies in the railroad industry, AMRC’s operations are capital intensive, with significant investments in such long-lived tangible assets as property, plant, and equipment. In November of 2008, AMRC’s board of directors hired a new team to manage the company. In reviewing the company’s 2009 annual report, Hart is concerned about some of the accounting choices that the new management has made. These choices differ from those of the previous management and from common industry practice. Hart has highlighted the following statements from the company’s annual report:

  1. 声明 1

    “2009年,AMRC在轨道更换和类似改进方面投入了大量资金。AMRC将这些支出中的很大一部分计入费用,而不是资本化。”

  2. Statement 1

    “In 2009, AMRC spent significant amounts on track replacement and similar improvements. AMRC expensed rather than capitalised a significant proportion of these expenditures.”

  3. 声明 2

    “AMRC 在财务和税务报告中均采用直线折旧法来核算厂房和设备。”

  4. Statement 2

    “AMRC uses the straight-line method of depreciation for both financial and tax reporting purposes to account for plant and equipment.”

  5. 声明 3

    “2009年,AMRC确认其机车车队减值损失5000万欧元。该减值损失在损益表中作为‘其他收入’列示,并减少了资产负债表上相关资产的账面价值。”

  6. Statement 3

    “In 2009, AMRC recognized an impairment loss of €50 million on a fleet of locomotives. The impairment loss was reported as ‘other income’ in the income statement and reduced the carrying amount of the assets on the balance sheet.”

附件1和附件2分别列示了AMRC 2009年度合并损益表和资产负债表。AMRC按照国际财务报告准则编制财务报表。

Exhibits 1 and 2 contain AMRC’s 2009 consolidated income statement and balance sheet. AMRC prepares its financial statements in accordance with International Financial Reporting Standards.

附件1. 合并损益表
2009 2008
截至12月31日止年度 百万欧元 收入百分比 百万欧元 收入百分比
营业收入 2,600 100.0 2,300 100.0
运营费用
   折旧 (200) (7.7) (190) (8.3)
   其他运营费用 (1,590) (61.1) (1,515) (65.9)
总运营费用 (1,790) (68.8) (1,705) (74.2)
营业收入 810 31.2 595 25.8
其他收入 (50) (1.9) 0.0
利息支出 (73) (2.8) (69) (3.0)
税前收入 687 26.5 526 22.8
所得税 (272) (10.5) (198) (8.6)
净利 415 16 328 14.2
附件2. 合并资产负债表
截至12月31日 2009 2008
资产 百万欧元 资产百分比 百万欧元 资产百分比
流动资产 500 9.4 450   8.5
财产及设备:
   土地 700 13.1 700 13.2
   厂房及设备 6,000 112.1 5,800 109.4
全部财产及设备 6,700 125.2 6,500 122.6
累计折旧 (1,850) (34.6) (1,650) (31.1)
净资产及设备 4,850 90.6 4,850 91.5
总资产 5,350 100.0 5,300 100.0
负债和股东权益      
流动负债 480   9.0   430   8.1
长期债务 1,030 19.3 1,080 20.4
其他长期准备金和负债 1,240 23.1 1,440 27.2
总负债 2,750 51.4 2,950 55.7
股东权益  
   普通股和实收资本 760 14.2 760 14.3
   留存收益 1,888 35.5 1600 30.2
   其他综合损失 (48) (0.9) (10) (0.2)
股东权益总额 2,600 48.6 2,350 44.3
总负债及股东权益 5,350 100.0 5,300 100.0
 
  1. 关于声明 1,管理层决定将这些支出计入费用而不是资本化, 最可能导致以下哪项后果?

    1. 2009 年的净利润率高于将支出资本化的情况。

    2. 2009 年的总资产周转率低于支出资本化后的周转率。

    3. 如果将这些支出资本化,未来的利润增长将会更高。

  2. With respect to Statement 1, which of the following is the most likely effect of management’s decision to expense rather than capitalise these expenditures?

    1. 2009 net profit margin is higher than if the expenditures had been capitalised.

    2. 2009 total asset turnover is lower than if the expenditures had been capitalised.

    3. Future profit growth will be higher than if the expenditures had been capitalised.

  3. 关于声明 2,如果 AMRC 在 2010 年采用加速折旧法进行财务和税务报告, 最可能产生什么影响?

    1. 净利润率将会提高。

    2. 总资产周转率将会下降。

    3. 经营活动产生的现金流量将会增加。

  4. With respect to Statement 2, what would be the most likely effect in 2010 if AMRC were to switch to an accelerated depreciation method for both financial and tax reporting?

    1. Net profit margin would increase.

    2. Total asset turnover would decrease.

    3. Cash flow from operating activities would increase.

  5. 关于声明 3,减值损失 最可能产生的影响是什么?

    1. 2009 年之前的净收入可能被低估了。

    2. 2009 年以后的净利润率很可能会超过 2009 年的净利润率。

    3. 由于减值损失,2009 年经营活动产生的现金流量可能较低。

  6. With respect to Statement 3, what is the most likely effect of the impairment loss?

    1. Net income in years prior to 2009 was likely understated.

    2. Net profit margins in years after 2009 will likely exceed the 2009 net profit margin.

    3. Cash flow from operating activities in 2009 was likely lower due to the impairment loss.

  7. 根据附录 1 和附录 2,对该公司厂房和设备在 2009 年底的平均剩余使用寿命的 最佳估计为:

    1. 20.75年。

    2. 24.25年。

    3. 30.00年。

  8. Based on Exhibits 1 and 2, the best estimate of the average remaining useful life of the company’s plant and equipment at the end of 2009 is:

    1. 20.75 years.

    2. 24.25 years.

    3. 30.00 years.


以下信息与第 43 至 48 题有关。

The following information relates to Questions 43–48

布莱恩·乔丹正在面试Orion Investment Advisors的初级股票分析师职位。面试过程中,Orion的研究主管玛丽·本恩向乔丹提供了两家假设公司Alpha和Beta的相关信息,并请他对这两家公司的财务报表和财务比率进行分析。两家公司均按照国际财务报告准则(IFRS)编制财务报表,除会计准则外,其他方面完全相同。

Brian Jordan is interviewing for a junior equity analyst position at Orion Investment Advisors. As part of the interview process, Mary Benn, Orion’s Director of Research, provides Jordan with information about two hypothetical companies, Alpha and Beta, and asks him to comment on the information on their financial statements and ratios. Both companies prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) and are identical in all respects except for their accounting choices.

乔丹被告知,在本财年年初,两家公司都购买了一套大型新计算机系统,并开始为各自公司建造新的制造工厂。Alpha公司将计算机系统的成本资本化,而Beta公司则将其计入费用;Alpha公司将与制造工厂建设相关的利息成本资本化,而Beta公司则将其计入费用。

Jordan is told that at the beginning of the current fiscal year, both companies purchased a major new computer system and began building new manufacturing plants for their own use. Alpha capitalised and Beta expensed the cost of the computer system; Alpha capitalised and Beta expensed the interest costs associated with the construction of the manufacturing plants.

本恩问乔丹:“这些决定对各公司本财年的财务报表和比率产生了什么影响?”

Benn asks Jordan, “What was the impact of these decisions on each company’s current fiscal year financial statements and ratios?”

乔丹回应道:“Alpha公司决定将新计算机系统的成本资本化而不是费用化,导致本财年净利润和总资产下降,但经营活动产生的现金流增加。Alpha公司决定将利息成本资本化而不是费用化,导致固定资产周转率下降,利息保障倍数上升。”

Jordan responds, “Alpha’s decision to capitalise the cost of its new computer system instead of expensing it results in lower net income, lower total assets, and higher cash flow from operating activities in the current fiscal year. Alpha’s decision to capitalise its interest costs instead of expensing them results in a lower fixed asset turnover ratio and a higher interest coverage ratio.”

乔丹得知,Alpha公司采用直线折旧法,而Beta公司采用加速折旧法;两家公司对长期资产的预计使用寿命相同。他们所在行业的许多公司都采用产量法。

Jordan is told that Alpha uses the straight-line depreciation method and Beta uses an accelerated depreciation method; both companies estimate the same useful lives for long-lived assets. Many companies in their industry use the units-of-production method.

本恩问乔丹:“每种折旧方法对财务报表有何影响?如何确定公司是否需要对其生产能力进行再投资?”

Benn asks Jordan, “What are the financial statement implications of each depreciation method, and how do you determine a company’s need to reinvest in its productive capacity?”

乔丹回答说:“在其他条件相同的情况下,直线折旧法能使净利润率随时间推移的波动最小,而加速折旧法则会导致净利润率随时间推移呈下降趋势。产量法可能会导致净利润率趋势波动较大。我采用三步法来估算公司对其生产能力进行再投资的需求。首先,我用净固定资产除以年度折旧费用来估算资产的平均使用年限。其次,我用累计折旧除以折旧费用来估算资产的平均剩余使用寿命。最后,我将平均剩余使用寿命和平均使用年限的估算值相加,从而确定资产的总使用寿命。”

Jordan replies, “All other things being equal, the straight-line depreciation method results in the least variability of net profit margin over time, while an accelerated depreciation method results in a declining trend in net profit margin over time. The units-of-production can result in a net profit margin trend that is quite variable. I use a three-step approach to estimate a company’s need to reinvest in its productive capacity. First, I estimate the average age of the assets by dividing net property, plant, and equipment by annual depreciation expense. Second, I estimate the average remaining useful life of the assets by dividing accumulated depreciation by depreciation expense. Third, I add the estimates of the average remaining useful life and the average age of the assets in order to determine the total useful life.”

乔丹得知,在本财年末,Alpha公司对一家制造工厂进行了重估,使其账面价值增加了​​15%。此前该工厂没有进行过向下重估。Beta公司对一家制造工厂计提了减值损失,使其账面价值减少了10%。

Jordan is told that at the end of the current fiscal year, Alpha revalued a manufacturing plant; this increased its reported carrying amount by 15 percent. There was no previous downward revaluation of the plant. Beta recorded an impairment loss on a manufacturing plant; this reduced its carrying by 10 percent.

本恩问乔丹:“这些决定对各公司本财年的财务比率有何影响?”

Benn asks Jordan “What was the impact of these decisions on each company’s current fiscal year financial ratios?”

Jordan回应道:“Beta的减值损失提高了其负债总资产比率和固定资产周转率,并降低了其经营活动现金流。Alpha的重估提高了其负债资本比率和资产回报率,并降低了其净资产收益率。”

Jordan responds, “Beta’s impairment loss increases its debt to total assets and fixed asset turnover ratios, and lowers its cash flow from operating activities. Alpha’s revaluation increases its debt to capital and return on assets ratios, and reduces its return on equity.”

采访结束时,本恩感谢乔丹抽出时间接受采访,并表示很快就会做出聘用决定。

At the end of the interview, Benn thanks Jordan for his time and states that a hiring decision will be made shortly.

  1. 乔丹关于Alpha公司决定将新计算机系统的成本资本化对财务报表的影响的回应,在以下方面 很可能是正确的:

    1. 净收入降低。

    2. 总资产较低。

    3. 经营活动产生的现金流量更高。

  2. Jordan’s response about the financial statement impact of Alpha’s decision to capitalise the cost of its new computer system is most likely correct with respect to:

    1. lower net income.

    2. lower total assets.

    3. higher cash flow from operating activities.

  3. Jordan关于Alpha决定将利息成本资本化对比率影响的回应,在以下方面 很可能是正确的:

    1. 利息保障倍数。

    2. 固定资产周转率。

    3. 利息保障倍数和固定资产周转率。

  4. Jordan’s response about the ratio impact of Alpha’s decision to capitalise interest costs is most likely correct with respect to the:

    1. interest coverage ratio.

    2. fixed asset turnover ratio.

    3. interest coverage and fixed asset turnover ratios.

  5. 乔丹关于不同折旧方法对净利润率影响的回答很可能在以下方面 存在错误:

    1. 加速折旧。

    2. 直线折旧法。

    3. 生产量折旧法。

  6. Jordan’s response about the impact of the different depreciation methods on net profit margin is most likely incorrect with respect to:

    1. accelerated depreciation.

    2. straight-line depreciation.

    3. units-of-production depreciation.

  7. 乔丹关于他如何评估公司生产能力再投资需求的回答,很可能在以下方面是正确的

    1. 估算资产基础的平均年龄。

    2. 估算资产基础的总使用寿命。

    3. 估算资产基础的平均剩余使用寿命。

  8. Jordan’s response about his approach to estimating a company’s need to reinvest in its productive capacity is most likely correct regarding:

    1. estimating the average age of the asset base.

    2. estimating the total useful life of the asset base.

    3. estimating the average remaining useful life of the asset base.

  9. Jordan关于Beta减值损失影响的回应很可能是不正确的,尤其是在其对以下方面的影响方面:

    1. 负债与总资产之比。

    2. 固定资产周转率。

    3. 经营活动产生的现金流量。

  10. Jordan’s response about the effect of Beta’s impairment loss is most likely incorrect with respect to the impact on its:

    1. debt to total assets.

    2. fixed asset turnover.

    3. cash flow from operating activities.

  11. Jordan关于Alpha重估影响的回应很可能是正确的,就其对以下方面的影响而言:

    1. 净资产收益率。

    2. 资产回报率。

    3. 负债资本比率。

  12. Jordan’s response about the effect of Alpha’s revaluation is most likely correct with respect to the impact on its:

    1. return on equity.

    2. return on assets.

    3. debt to capital ratio.


解决方案

Solutions

  1. B选项正确。只有使机器准备就绪所需的成本才能资本化。因此,资本化总成本 = 12,980 + 1,200 + 700 + 100 = 14,980美元。

  2. B is correct. Only costs necessary for the machine to be ready to use can be capitalized. Therefore, Total capitalized costs = 12,980 + 1,200 + 700 + 100 = $14,980.

  3. C选项正确。购置固定资产时,资产按成本计入资产负债表。资产成本包括为使资产达到预期用途所需的所有支出。任何其他成本均计入费用。培训员工使用机器的费用不属于为使固定资产达到预期用途所需的支出,因此这些费用计入费用。

  4. C is correct. When property and equipment are purchased, the assets are recorded on the balance sheet at cost. Costs for the assets include all expenditures required to prepare the assets for their intended use. Any other costs are expensed. Costs to train staff for using the machine are not required to prepare the property and equipment for their intended use, and these costs are expensed.

  5. B选项正确。当公司建造资产时,与建造直接相关的借款成本通常会资本化。如果该资产是为了出售而建造的,则借款成本应归类为存货。

  6. B is correct. When a company constructs an asset, borrowing costs incurred directly related to the construction are generally capitalized. If the asset is constructed for sale, the borrowing costs are classified as inventory.

  7. A选项正确。根据国际财务报告准则(IFRS),借款成本可以资本化,直到有形资产投入使用。此外,根据IFRS,暂时投资借款所获得的收益会减少符合资本化条件的借款成本金额。因此,资本化利息总额 = (5亿 × 14% × 2年) – 1000万 = 1.3亿。

  8. A is correct. Borrowing costs can be capitalized under IFRS until the tangible asset is ready for use. Also, under IFRS, income earned on temporarily investing the borrowed monies decreases the amount of borrowing costs eligible for capitalization. Therefore, Total capitalized interest = (500 million × 14% × 2 years) – 10 million = 130 million.

  9. B选项正确。具有明确到期日的产品专利属于使用寿命有限的无形资产。没有到期日的版权属于使用寿命无限期的无形资产。根据国际财务报告准则(IFRS),商誉不再被视为无形资产,其使用寿命无限期。

  10. B is correct. A product patent with a defined expiration date is an intangible asset with a finite useful life. A copyright with no expiration date is an intangible asset with an indefinite useful life. Goodwill is no longer considered an intangible asset under IFRS and is considered to have an indefinite useful life.

  11. C选项正确。使用寿命有限的无形资产需要摊销,而使用寿命不确定的无形资产则不需要摊销。

  12. C is correct. An intangible asset with a finite useful life is amortized, whereas an intangible asset with an indefinite useful life is not.

  13. A选项正确。内部开发无形资产的成本通常在发生时计入费用。

  14. A is correct. The costs to internally develop intangible assets are generally expensed when incurred.

  15. C选项正确。根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),如果在企业合并中收购的项目无法确认为有形资产或可辨认的无形资产,则应确认为商誉。根据美国通用会计准则,因合同或法律权利而产生的资产以及可以从被收购公司分离的资产应与商誉分开确认。

  16. C is correct. Under both International Financial Reporting Standards (IFRS) and US GAAP, if an item is acquired in a business combination and cannot be recognized as a tangible asset or identifiable intangible asset, it is recognized as goodwill. Under US GAAP, assets arising from contractual or legal rights and assets that can be separated from the acquired company are recognized separately from goodwill.

  17. A选项正确。在购置长期使用设备的财政年度,由于新增了长期使用资产,资产负债表上的资产增加,利润表上的折旧费用也随之增加。

  18. A is correct. In the fiscal year when long-lived equipment is purchased, the assets on the balance sheet increase and depreciation expense on the income statement increases because of the new long-lived asset.

  19. B选项正确。Z公司基于年末权益价值的权益回报率为6.1%。与X公司相比,Z公司将额外支出20万英镑。Z公司将打印机费用计入当期损益,金额为30万英镑,而X公司则将打印机资本化并计提10万英镑的折旧费用。Z公司的净利润和股东权益将比X公司低15万英镑(= 20万英镑 × 0.75)。

  20. B is correct. Company Z’s return on equity based on year-end equity value will be 6.1%. Company Z will have an additional £200,000 of expenses compared with Company X. Company Z expensed the printer for £300,000 rather than capitalizing the printer and having a depreciation expense of £100,000 like Company X. Company Z’s net income and shareholders’ equity will be £150,000 lower (= £200,000 × 0.75) than that of Company X.

  21. A选项正确。如果公司采用直线法,第一年的折旧费用为可折旧成本的五分之一(20%)。如果采用产量法,第一年的折旧费用为可折旧成本的19%(2,000/10,500)。因此,如果公司采用直线法,其折旧费用会更高,净利润会更低。

  22. A is correct. If the company uses the straight-line method, the depreciation expense will be one-fifth (20 percent) of the depreciable cost in Year 1. If it uses the units-of-production method, the depreciation expense will be 19 percent (2,000/10,500) of the depreciable cost in Year 1. Therefore, if the company uses the straight-line method, its depreciation expense will be higher and its net income will be lower.

  23. C选项正确。折旧费用最高的计提方法,其营业收入或息税前利润最低。双倍余额递减法在第一年使用的折旧费用最高。

    折旧费用:

    直线 = €1,500/5 = €300。

    双倍递减余额 = 1500 欧元 × 0.40 = 600 欧元。

    生产单位 = 1500 欧元 × 0.15 = 225 欧元。

  24. C is correct. The operating income or earnings before interest and taxes will be lowest for the method that results in the highest depreciation expense. The double-declining balance method results in the highest depreciation expense in the first year of use.

    Depreciation expense:

    Straight line = €1,500/5 = €300.

    Double-declining balance = €1,500 × 0.40 = €600.

    Units of production = €1,500 × 0.15 = €225.

  25. C 选项正确。如果 Martinez 希望在机器使用的第一年最大限度地减少税款支出,他应该使用加速折旧法,例如双倍余额递减法。

  26. C is correct. If Martinez wants to minimize tax payments in the first year of the machine’s life, he should use an accelerated method, such as the double-declining balance method.

  27. A 正确。采用直线法,折旧费用为

    折旧费用 = (1,200,000 – 200,000)/8 年 = 125,000。

  28. A is correct. Using the straight-line method, depreciation expense amounts to

    Depreciation expense = (1,200,000 – 200,000)/8 years = 125,000.

  29. B选项正确。采用产量法,折旧费用为

    折旧费用 = (1,200,000 – 200,000) × (135,000/800,000) = 168,750。

  30. B is correct. Using the units-of-production method, depreciation expense amounts to

    Depreciation expense = (1,200,000 – 200,000) × (135,000/800,000) = 168,750.

  31. A选项正确。直线法是将资产成本在其使用寿命内平均分摊的方法,因为每年的摊销金额相同。

  32. A is correct. The straight-line method is the method that evenly distributes the cost of an asset over its useful life because amortization is the same amount every year.

  33. A 是正确的。较高的残值会导致总折旧成本降低,因此,购置后第一年(以及之后每年)的摊销金额也会降低。

  34. A is correct. A higher residual value results in a lower total depreciable cost and, therefore, a lower amount of amortization in the first year after acquisition (and every year after that).

  35. C选项正确。如果在第2年末从双倍余额递减法改为直线折旧法,则第3、4、5年的折旧费用相同。如果在第3年初改为直线折旧法,则第4年的折旧费用将高于使用双倍余额递减法计算得出的费用。

    第 4 年折旧费用(五年均采用双倍余额递减法)

     = 2 × 直线法年折旧率 × 第 3 年末账面价值

     = 40% × 43,200 美元

    第 4 年折旧费用,第 3 年改为直线法折旧。

     = 1 / 3 × 第3年初剩余可折旧成本

     = 1 / 3 × 72,000 美元

     = 24,000 美元

  36. C is correct. Shifting at the end of Year 2 from double-declining balance to straight-line depreciation methodology results in depreciation expense being the same in each of Years 3, 4, and 5. Shifting to the straight-line methodology at the beginning of Year 3 results in a greater depreciation expense in Year 4 than would have been calculated using the double-declining balance method.

    Depreciation expense Year 4 (Using double-declining balance method all five years)

     = 2 × Annual depreciation % using straight-line method × Carrying amount at end of Year 3

     = 40% × $43,200

    Depreciation expense Year 4 with switch to straight-line method in Year 3

     = 1/3 × Remaining depreciable cost at start of Year 3

     = 1/3 × $72,000

     = $24,000

  37. B选项正确。采用直线法,累计摊销金额为

    累计摊销额 = [(2,300,000 – 500,000)/3 年] × 2 年

     = 1,200,000

  38. B is correct. Using the straight-line method, accumulated amortization amounts to

    Accumulated amortization = [(2,300,000 – 500,000)/3 years] × 2 years

     = 1,200,000

  39. B选项正确。采用产量法,折旧费用为

    折旧费用 = 5,800,000 × (20,000/175,000) = 662,857

  40. B is correct. Using the units-of-production method, depreciation expense amounts to

    Depreciation expense = 5,800,000 × (20,000/175,000) = 662,857

  41. B选项正确。如下计算所示,采用双倍余额递减法,第4年的年度摊销费用最接近990万日元。

    年度摊销费用 = 2 × 直线摊销率 × 账面净值。

    第 4 年摊销费用 = 33.3% × 2960 万日元 = 990 万日元。

  42. B is correct. As shown in the following calculations, under the double-declining balance method, the annual amortization expense in Year 4 is closest to ¥9.9 million.

    Annual amortization expense = 2 × Straight-line amortization rate × Net book value.

    Amortization expense Year 4 = 33.3% × ¥29.6 million = ¥9.9 million.

  43. A 是正确的。如下计算所示,在第 4 年末,采用直线法和双倍余额递减法计算的净账面价值之差最接近 81,400 欧元。

    第 4 年末的账面净值(采用直线法)= €600,000 – [4 × (€600,000/6)] = €200,000。

    使用双倍余额递减法计算第 4 年末的账面净值 = €600,000 (1 – 33.33%) 4 ≈ €118,600。

  44. A is correct. As shown in the following calculations, at the end of Year 4, the difference between the net book values calculated using straight-line versus double-declining balance is closest to €81,400.

    Net book value end of Year 4 using straight-line method = €600,000 – [4 × (€600,000/6)] = €200,000.

    Net book value end of Year 4 using double-declining balance method = €600,000 (1 – 33.33%)4 ≈ €118,600.

  45. B选项正确。在这种情况下,重估带来的价值增加应直接计入权益。原因是,根据国际财务报告准则(IFRS),重估带来的价值增加只有在抵消先前在损益表中确认的同一资产的重估减值部分后,才能确认为利润。

  46. B is correct. In this case, the value increase brought about by the revaluation should be recorded directly in equity. The reason is that under IFRS, an increase in value brought about by a revaluation can only be recognized as a profit to the extent that it reverses a revaluation decrease of the same asset previously recognized in the income statement.

  47. B选项正确。减值损失为310万英镑。

    减值 = max(公允价值减去出售成本;使用价值) – 账面净值

     = max(16,800,000 – 800,000; 14,500,000) – 19,100,000

     = -3,100,000。

  48. B is correct. The impairment loss equals £3,100,000.

    Impairment = max(Fair value less costs to sell; Value in use) – Net carrying amount

     = max(16,800,000 – 800,000; 14,500,000) – 19,100,000

     = –3,100,000.

  49. B选项正确。根据国际财务报告准则(IFRS),减值损失计量为资产账面价值超过其可收回金额的部分。可收回金额为资产公允价值减去出售成本与使用价值两者中的较高者。使用价值是对预期未来现金流量的折现计量。根据美国通用会计准则(US GAAP),评估资产可收回性与计量减值损失是两回事。如果资产账面价值超过其未折现的预期未来现金流量,则该资产的账面价值被视为不可收回,减值损失计量为账面价值超过资产公允价值的部分。

  50. B is correct. Under IFRS, an impairment loss is measured as the excess of the carrying amount over the asset’s recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and its value in use. Value in use is a discounted measure of expected future cash flows. Under US GAAP, assessing recoverability is separate from measuring the impairment loss. If the asset’s carrying amount exceeds its undiscounted expected future cash flows, the asset’s carrying amount is considered unrecoverable and the impairment loss is measured as the excess of the carrying amount over the asset’s fair value.

  51. B选项正确。车辆销售结果等于

    出售损益 = 出售所得款项 – 账面价值

     = 销售所得 – (购置成本 – 累计折旧)

     = 85,000 – {100,000 – [((100,000 – 10,000)/9 年) × 3 年]}

     = 15,000。

  52. B is correct. The result on the sale of the vehicle equals

    Gain or loss on the sale = Sale proceeds – Carrying amount

     = Sale proceeds – (Acquisition cost – Accumulated depreciation)

     = 85,000 – {100,000 – [((100,000 – 10,000)/9 years) × 3 years]}

     = 15,000.

  53. A选项正确。出售损益 = 出售所得 - 账面价值。重新整理该等式,得到出售所得 = 账面价值 + 出售损益。因此,售价 = (1200万 - 200万) + (-320万) = 680万。

  54. A is correct. Gain or loss on the sale = Sale proceeds – Carrying amount. Rearranging this equation, Sale proceeds = Carrying amount + Gain or loss on sale. Thus, Sale price = (12 million – 2 million) + (–3.2 million) = 6.8 million.

  55. C选项正确。资产负债表上该资产的账面价值会减少减值损失金额,而减值损失则会在利润表中列示。

  56. C is correct. The carrying amount of the asset on the balance sheet is reduced by the amount of the impairment loss, and the impairment loss is reported on the income statement.

  57. A选项正确。长期资产出售的损益计算方法为:出售所得款项减去出售时该资产的账面价值。无论采用成本模式还是重估模式,长期资产的账面价值计算方法均适用。在成本模式下,若不计减值损失,则账面价值等于历史成本减去累计折旧。

  58. A is correct. The gain or loss on the sale of long-lived assets is computed as the sales proceeds minus the carrying amount of the asset at the time of sale. This is true under the cost and revaluation models of reporting long-lived assets. In the absence of impairment losses, under the cost model, the carrying amount will equal historical cost net of accumulated depreciation.

  59. B选项正确。国际财务报告准则(IFRS)不要求披露收购日期。

  60. B is correct. IFRS do not require acquisition dates to be disclosed.

  61. A选项正确。国际财务报告准则不要求披露无形资产的公允价值。

  62. A is correct. IFRS do not require fair value of intangible assets to be disclosed.

  63. C选项正确。根据美国通用会计准则(US GAAP),公司需要披露未来五个会计年度的预计摊销费用。根据美国通用会计准则,减值损失不可转回。国际财务报告准则(IFRS)要求披露资产的使用寿命(有限或无限)以及其他相关细节。

  64. C is correct. Under US GAAP, companies are required to disclose the estimated amortization expense for the next five fiscal years. Under US GAAP, there is no reversal of impairment losses. Disclosure of the useful lives—finite or indefinite and additional related details—is required under IFRS.

  65. B选项正确。投资性房地产可以赚取租金。投资性房地产和固定资产都是有形的、使用寿命长的资产。

  66. B is correct. Investment property earns rent. Investment property and property, plant, and equipment are tangible and long-lived.

  67. C选项正确。当公司采用公允价值模式对投资性房地产进行估值时,该房地产公允价值的变动应在利润表中列示,而不是在其他综合收益中列示。

  68. C is correct. When a company uses the fair value model to value investment property, changes in the fair value of the property are reported in the income statement—not in other comprehensive income.

  69. A选项正确。投资性房地产赚取租金。存货用于转售,而固定资产(包括厂房、设备和器材)用于生产商品和服务。

  70. A is correct. Investment property earns rent. Inventory is held for resale, and property, plant, and equipment are used in the production of goods and services.

  71. C选项正确。当公司将投资性房地产转为固定资产时,其计量模式将从公允价值模式转变为成本模式或重估模式。

  72. C is correct. A company will change from the fair value model to either the cost model or revaluation model when the company transfers investment property to property, plant, and equipment.

  73. A选项正确。无论是采用重估价模式还是采用公允价值模式,资产的公允价值都必须能够可靠计量。在公允价值模式下,资产公允价值 的任何变动都会影响净利润。在重估价模式下,资产价值的任何增加,只要能够抵消之前的重估减值,都将在利润表中确认,并增加净利润。

  74. A is correct. Under both the revaluation model for property, plant, and equipment and the fair model for investment property, the asset’s fair value must be able to be measured reliably. Under the fair value model, net income is affected by all changes in the asset’s fair value. Under the revaluation model, any increase in an asset’s value to the extent that it reverses a previous revaluation decrease will be recognized on the income statement and increase net income.

  75. A选项正确。根据国际财务报告准则(IFRS),当公司采用成本模式计量投资性房地产时,必须披露其使用寿命。而当采用公允价值模式时,则必须披露确定公允价值的方法以及投资性房地产期初账面价值与期末账面价值的调节情况。

  76. A is correct. Under IFRS, when using the cost model for its investment properties, a company must disclose useful lives. The method for determining fair value, as well as reconciliation between beginning and ending carrying amounts of investment property, is a required disclosure when the fair value model is used.

  77. C选项正确。将长期资产投资计入费用而非资本化,会导致当年费用增加,净收入和净利润率降低。未来几年的收入将不再包含与这些支出相关的折旧费用。因此,盈利能力的逐年增长会更高。如果将这些费用资本化,则资产的账面价值会更高,2009年的总资产周转率会更低。

  78. C is correct. Expensing rather than capitalising an investment in long-term assets will result in higher expenses and lower net income and net profit margin in the current year. Future years’ incomes will not include depreciation expense related to these expenditures. Consequently, year-to-year growth in profitability will be higher. If the expenses had been capitalised, the carrying amount of the assets would have been higher and the 2009 total asset turnover would have been lower.

  79. C选项正确。2010年,采用加速折旧法会增加折旧费用,并降低税前利润、应交税款和净利润。由于由此带来的税收节省,经营活动产生的现金流量将会增加。

  80. C is correct. In 2010, switching to an accelerated depreciation method would increase depreciation expense and decrease income before taxes, taxes payable, and net income. Cash flow from operating activities would increase because of the resulting tax savings.

  81. B选项正确。2009年净利润和净利润率较低是由于减值损失造成的。因此,未来几年的净利润率可能会更高。减值损失表明前几年确认的折旧费用不足,导致前几年的净利润被高估。减值损失属于非现金项目,不会影响经营现金流。

  82. B is correct. 2009 net income and net profit margin are lower because of the impairment loss. Consequently, net profit margins in subsequent years are likely to be higher. An impairment loss suggests that insufficient depreciation expense was recognized in prior years, and net income was overstated in prior years. The impairment loss is a non-cash item and will not affect operating cash flows.

  83. A选项正确。预计平均剩余使用寿命为20.75年。

    剩余使用寿命估计值 = 厂房及设备净值 ÷ 年度折旧费用

    净厂房及设备价值 = 厂房及设备总额 – 累计折旧

     = 6000欧元 – 1850欧元 = 4150欧元

    剩余使用寿命估计值 = 净固定资产 ÷ 折旧费用

     = 4150 欧元 ÷ 200 欧元 = 20.75

  84. A is correct. The estimated average remaining useful life is 20.75 years.

    Estimate of remaining useful life = Net plant and equipment ÷ Annual depreciation expense

    Net plant and equipment = Gross P & E – Accumulated depreciation

     = €6000 – €1850 = €4150

    Estimate of remaining useful life = Net P & E ÷ Depreciation expense

     = €4150 ÷ €200 = 20.75

  85. C选项正确。将新计算机系统的成本资本化,导致经营活动产生的现金流量增加;该项支出计入投资活动现金流出。公司将资本化的金额在资产的使用寿命内分摊为折旧或摊销费用,而不是在支出当年计入费用。本财年的净利润和总资产均有所增加。

  86. C is correct. The decision to capitalise the costs of the new computer system results in higher cash flow from operating activities; the expenditure is reported as an outflow of investing activities. The company allocates the capitalised amount over the asset’s useful life as depreciation or amortisation expense rather than expensing it in the year of expenditure. Net income and total assets are higher in the current fiscal year.

  87. B选项正确。Alpha公司的固定资产周转率会降低,因为资本化的利息会作为在建资产的一部分出现在资产负债表上。因此,固定资产总额会更高,固定资产周转率(总收入/平均净固定资产)会低于将这些成本计入费用的情况。资本化的利息作为在建资产的一部分出现在资产负债表上,而不是在发生期间作为利息支出列报。然而,利息保障倍数应该基于利息支出,而不是利息支出(息税前利润/利息支出),并且应该保持不变。为了真实反映公司的利息保障情况,在计算利息保障倍数时,应该使用全部利息支出,包括资本化部分和费用化部分。

  88. B is correct. Alpha’s fixed asset turnover will be lower because the capitalised interest will appear on the balance sheet as part of the asset being constructed. Therefore, fixed assets will be higher and the fixed asset turnover ratio (total revenue/average net fixed assets) will be lower than if it had expensed these costs. Capitalised interest appears on the balance sheet as part of the asset being constructed instead of being reported as interest expense in the period incurred. However, the interest coverage ratio should be based on interest payments, not interest expense (earnings before interest and taxes/interest payments), and should be unchanged. To provide a true picture of a company’s interest coverage, the entire amount of interest expenditure, both the capitalised portion and the expensed portion, should be used in calculating interest coverage ratios.

  89. A选项正确。加速折旧法会使净利润率随时间推移而提高,而不是下降,因为每年的折旧费用都会减少。直线折旧法下,每年的折旧费用保持不变。而按产量法计算,每年报告的折旧费用会随着产量而变化。

  90. A is correct. Accelerated depreciation will result in an improving, not declining, net profit margin over time, because the amount of depreciation expense declines each year. Under straight-line depreciation, the amount of depreciation expense will remain the same each year. Under the units-of-production method, the amount of depreciation expense reported each year varies with the number of units produced.

  91. B选项正确。公司资产的预计平均总使用寿命是通过将预计平均剩余使用寿命与资产平均使用年限相加计算得出的。资产平均使用年限的估算方法是用累计折旧除以折旧费用。资产基础的平均剩余使用寿命的估算方法是用净固定资产除以年度折旧费用。

  92. B is correct. The estimated average total useful life of a company’s assets is calculated by adding the estimates of the average remaining useful life and the average age of the assets. The average age of the assets is estimated by dividing accumulated depreciation by depreciation expense. The average remaining useful life of the asset base is estimated by dividing net property, plant, and equipment by annual depreciation expense.

  93. C选项正确。减值损失属于非现金支出,不会影响经营活动产生的现金流量。由于减值损失会减少固定资产的账面价值,从而降低总资产,因此资产负债率和固定资产周转率将会上升。

  94. C is correct. The impairment loss is a non-cash charge and will not affect cash flow from operating activities. The debt to total assets and fixed asset turnover ratios will increase, because the impairment loss will reduce the carrying amount of fixed assets and therefore total assets.

  95. A选项正确。在资产重估中,资产的账面价值增加。资产账面价值的增加不计入利润表,而是作为其他综合收益列示,并在权益项下以重估增值的形式出现。因此,股东权益将会增加,但净利润不会受到影响,所以权益回报率会下降。资产回报率和资产负债率也会下降。

  96. A is correct. In an asset revaluation, the carrying amount of the assets increases. The increase in the asset’s carrying amount bypasses the income statement and is reported as other comprehensive income and appears in equity under the heading of revaluation surplus. Therefore, shareholders’ equity will increase but net income will not be affected, so return on equity will decline. Return on assets and debt to capital ratios will also decrease.

笔记

Notes

阅读27 所得税

Reading 27 Income Taxes

作者:Elbie Louw,博士,特许金融分析师 (CFA),注册投资绩效经理 (CIPM) ;Michael A. Broihahn,注册会计师 (CPA),注册内部审计师 (CIA),特许金融分析师 (CFA)。

Elbie Louw,博士,特许金融分析师 (CFA),注册投资绩效经理 (CIPM)(南非)。Michael A. Broihahn,注册会计师 (CPA)、注册内部审计师 (CIA),特许金融分析师 (CFA),就职于巴里大学(美国)。

Elbie Louw, PhD, CFA, CIPM (South Africa). Michael A. Broihahn, CPA, CIA, CFA, is at Barry University (USA).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 描述会计利润与应纳税所得额之间的差异,并定义关键术语,包括递延所得税资产、递延所得税负债、估值准备、应付税款和所得税费用;

  2. describe the differences between accounting profit and taxable income and define key terms, including deferred tax assets, deferred tax liabilities, valuation allowance, taxes payable, and income tax expense;

  3. 解释递延所得税负债和资产是如何产生的,以及决定公司递延所得税负债和资产在财务分析中应如何处理的因素;

  4. explain how deferred tax liabilities and assets are created and the factors that determine how a company’s deferred tax liabilities and assets should be treated for the purposes of financial analysis;

  5. 计算公司资产和负债的计税基础;

  6. calculate the tax base of a company’s assets and liabilities;

  7. 计算所得税费用、应付所得税、递延所得税资产和递延所得税负债,并计算和解释与所得税税率变化相关的财务报表调整;

  8. calculate income tax expense, income taxes payable, deferred tax assets, and deferred tax liabilities, and calculate and interpret the adjustment to the financial statements related to a change in the income tax rate;

  9. 评估税率变化对公司财务报表和比率的影响;

  10. evaluate the effect of tax rate changes on a company’s financial statements and ratios;

  11. 区分税前会计利润和应纳税所得额的暂时性差异和永久性差异;

  12. distinguish between temporary and permanent differences in pre-tax accounting income and taxable income;

  13. 描述递延所得税资产的估值准备——何时需要计提以及对财务报表的影响;

  14. describe the valuation allowance for deferred tax assets—when it is required and what effect it has on financial statements;

  15. 解释当期所得税项目和递延所得税项目的确认和计量;

  16. explain recognition and measurement of current and deferred tax items;

  17. 分析与递延所得税项目和实际税率调节相关的披露信息,并解释这些披露信息如何影响公司的财务报表和财务比率;

  18. analyze disclosures relating to deferred tax items and the effective tax rate reconciliation and explain how information included in these disclosures affects a company’s financial statements and financial ratios;

  19. 找出国际财务报告准则 (IFRS) 和美国通用会计准则 (GAAP) 下所得税会计的关键规定和差异。

  20. identify the key provisions of and differences between income tax accounting under International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (GAAP).

1.引言

1. Introduction

对于采用国际财务报告准则 (IFRS) 的公司,国际会计准则第 12 号《所得税》涵盖了公司所得税的会计处理和递延所得税的报告。对于采用美国通用会计准则 (US GAAP) 的公司,财务会计准则委员会 (FASB) 会计准则第 740 号《所得税》是所得税会计处理的主要信息来源。尽管 IFRS 和 US GAAP 在许多所得税问题上遵循相似的惯例,但仍存在一些关键差异,本文将对此进行探讨。

For those companies reporting under International Financial Reporting Standards (IFRS), IAS 12 [Income Taxes] covers accounting for a company's income taxes and the reporting of deferred taxes. For those companies reporting under United States generally accepted accounting principles (US GAAP), FASB ASC Topic 740 [Income Taxes] is the primary source for information on accounting for income taxes. Although IFRS and US GAAP follow similar conventions on many income tax issues, there are some key differences that will be discussed in the reading.

财务报告和税务报告中交易确认方式及时间的差异,可能导致所得税费用及相关所得税资产和负债的差异。为了调和这些差异,采用国际财务报告准则(IFRS)或美国通用会计准则(US GAAP)进行报告的公司,会根据具体情况在资产负债表中计提递延所得税资产或递延所得税负债。

Differences between how and when transactions are recognized for financial reporting purposes relative to tax reporting can give rise to differences in tax expense and related tax assets and liabilities. To reconcile these differences, companies that report under either IFRS or US GAAP create a provision on the balance sheet called deferred tax assets or deferred tax liabilities, depending on the nature of the situation.

递延所得税资产或负债通常是由于会计准则和税务机关对收入和费用确认时间的不同而产生的。由于此类时间性差异最终会随着时间的推移而逆转,因此被称为“暂时性差异”。递延所得税资产是指出于税务报告目的已确认的税款(通常是结转前期亏损),但尚未在为财务报告目的编制的损益表中确认。递延所得税负债是指出于财务报告目的已在损益表中列示的税款费用,但根据税法规定尚未到期支付。

Deferred tax assets or liabilities usually arise when accounting standards and tax authorities recognize the timing of revenues and expenses at different times. Because timing differences such as these will eventually reverse over time, they are called “temporary differences.” Deferred tax assets represent taxes that have been recognized for tax reporting purposes (or often the carrying forward of losses from previous periods) but have not yet been recognized on the income statement prepared for financial reporting purposes. Deferred tax liabilities represent tax expense that has appeared on the income statement for financial reporting purposes, but has not yet become payable under tax regulations.

本文旨在介绍所得税会计和报告的基础知识。文章结构如下:第二部分阐述了应纳税所得额和会计利润之间的区别;第三部分解释了税基的确定,即出于税务目的对资产和负债进行估值;第四部分讨论了应纳税所得额和会计利润确认时间上的几种差异;​​第五部分探讨了未使用的税项亏损和税收抵免;第六部分描述了当期所得税和递延所得税的确认和计量;第七部分讨论了公司财务报表中所得税信息的披露和列报,并阐述了其对财务分析的实际意义;第八部分概述了国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)在所得税报告方面的异同;文章最后总结了要点,并提供了CFA协会多项选择题形式的练习题。

This reading provides a primer on the basics of income tax accounting and reporting. The reading is organized as follows. Section 2 describes the differences between taxable income and accounting profit. Section 3 explains the determination of tax base, which relates to the valuation of assets and liabilities for tax purposes. Section 4 discusses several types of timing differences between the recognition of taxable and accounting profit. Section 5 examines unused tax losses and tax credits. Section 6 describes the recognition and measurement of current and deferred tax. Section 7 discusses the disclosure and presentation of income tax information on companies' financial statements and illustrates its practical implications for financial analysis. Section 8 provides an overview of the similarities and differences for income-tax reporting between IFRS and US GAAP. A summary of the key points and practice problems in the CFA Institute multiple-choice format conclude the reading.

2.会计利润与应纳税所得额的差异

2. Differences between Accounting Profit and Taxable Income

公司的会计利润根据现行会计准则在其损益表中列示。会计利润(也称为税前利润或税前收益)不包括所得税费用准备。¹公司的应纳税所得额是指根据其所在司法管辖区的税法需缴纳所得税的收入部分。由于不同公司在财务报表中列示收入的方式与所得税计量方式存在差异,会计利润和应纳税所得额可能有所不同。

A company’s accounting profit is reported on its income statement in accordance with prevailing accounting standards. Accounting profit (also referred to as income before taxes or pretax income) does not include a provision for income tax expense.1 A company’s taxable income is the portion of its income that is subject to income taxes under the tax laws of its jurisdiction. Because of different guidelines for how income is reported on a company’s financial statements and how it is measured for income tax purposes, accounting profit and taxable income may differ.

公司的应纳税所得额是其应付所得税(负债)或可收回所得税(资产)的基础,该金额根据公司的税率计算,并列于其资产负债表上。公司的所得税费用(或在税收抵免的情况下为税收优惠)列于其利润表中,是其应付所得税(或在税收优惠的情况下为可收回所得税)与递延所得税资产和负债变动额的总和。

A company’s taxable income is the basis for its income tax payable (a liability) or recoverable (an asset), which is calculated on the basis of the company’s tax rate and appears on its balance sheet. A company’s tax expense, or tax benefit in the case of a recovery, appears on its income statement and is an aggregate of its income tax payable (or recoverable in the case of a tax benefit) and any changes in deferred tax assets and liabilities.

当公司的应纳税所得额大于会计利润时,其应缴所得税额将高于按会计利润计算所得税额时的应缴所得税额。递延所得税资产列于资产负债表上,其产生于公司支付的所得税额超过应纳税所得额(应纳税所得额高于会计利润)且公司预期在未来经营过程中收回差额的情况。因此,实际应缴所得税额将超过财务会计下的所得税费用(该费用列于损益表,并按会计利润计算)。与递延所得税资产相关的是估值准备,它是为递延所得税资产计提的准备金。估值准备的计提基于递延所得税资产在未来会计期间实现的可能性。递延所得税负债也列于资产负债表上,其产生于公司支付的所得税额不足且公司预期在未来经营过程中弥补该不足的情况。在这种情况下,财务会计下的所得税费用将超过应缴所得税额。

When a company’s taxable income is greater than its accounting profit, then its income taxes payable will be higher than what would have otherwise been the case had the income taxes been determined based on accounting profit. Deferred tax assets, which appear on the balance sheet, arise when an excess amount is paid for income taxes (taxable income higher than accounting profit) and the company expects to recover the difference during the course of future operations. Actual income taxes payable will thus exceed the financial accounting income tax expense (which is reported on the income statement and is determined based on accounting profit). Related to deferred tax assets is a valuation allowance, which is a reserve created against deferred tax assets. The valuation allowance is based on the likelihood of realizing the deferred tax assets in future accounting periods. Deferred tax liabilities, which also appear on the balance sheet, arise when a deficit amount is paid for income taxes and the company expects to eliminate the deficit over the course of future operations. In this case, financial accounting income tax expense exceeds income taxes payable.

本期实际缴纳的所得税额是指实际支付的所得税金额(并非所得税准备,而是实际现金流出)。由于前期已缴纳的所得税或本期收到的退税,实际缴纳的所得税额可能低于所得税费用。实际缴纳的所得税额会减少应付所得税,应付所得税在资产负债表中作为负债列示。

Income tax paid in a period is the actual amount paid for income taxes (not a provision, but the actual cash outflow). The income tax paid may be less than the income tax expense because of payments in prior periods or refunds received in the current period. Income tax paid reduces the income tax payable, which is carried on the balance sheet as a liability.

资产或负债的计税基础是指出于税务目的而对该资产或负债进行估值的金额,而账面价值是指根据会计原则对该资产或负债进行估值的金额。计税基础与账面价值之间的差异也会导致会计利润与应纳税所得额之间的差异。这些差异可以结转到未来期间。例如,当公司在当期发生亏损,而该亏损可用于减少未来的应纳税所得额时,就会发生税务亏损结转。公司在损益表中列示的所得税费用不仅要反映基于应纳税所得额的应缴税款,还要反映这些差异的影响。

The tax base of an asset or liability is the amount at which the asset or liability is valued for tax purposes, whereas the carrying amount is the amount at which the asset or liability is valued according to accounting principles.2 Differences between the tax base and the carrying amount also result in differences between accounting profit and taxable income. These differences can carry through to future periods. For example, a tax loss carry forward occurs when a company experiences a loss in the current period that may be used to reduce future taxable income. The company’s tax expense on its income statement must not only reflect the taxes payable based on taxable income, but also the effect of these differences.

2.1当前税务资产和负债

2.1. Current Tax Assets and Liabilities

公司的当期纳税义务是指应缴纳的税款金额,其计算依据是当期应纳税所得额。如果公司预期会收到部分已缴税款的退税,则该部分可收回的税款被称为当期税务资产。然而,当期纳税义务或资产可能与基于会计利润而非当期应纳税所得额计算的纳税义务有所不同。会计利润和应纳税所得额之间的差异是由于适用不同的规则造成的。会计利润和应纳税所得额之间的差异可能由多种原因造成,包括:

A company’s current tax liability is the amount payable in taxes and is based on current taxable income. If the company expects to receive a refund for some portion previously paid in taxes, the amount recoverable is referred to as a current tax asset. The current tax liability or asset may, however, differ from what the liability would have been if it was based on accounting profit rather than taxable income for the period. Differences in accounting profit and taxable income are the result of the application of different rules. Such differences between accounting profit and taxable income can occur in several ways, including:

  • 出于会计目的,收入和支出可能在一个期间确认;而出于税务目的,收入和支出可能在另一个期间确认;

  • Revenues and expenses may be recognized in one period for accounting purposes and a different period for tax purposes;

  • 特定收入和支出可能出于会计目的而确认,但不出于税务目的而确认;或者出于会计目的而不确认,但出于税务目的而确认;

  • Specific revenues and expenses may be either recognized for accounting purposes and not for tax purposes; or not recognized for accounting purposes but recognized for tax purposes;

  • 资产和/或负债的账面价值和计税基础可能不同;

  • The carrying amount and tax base of assets and/or liabilities may differ;

  • 出于会计和所得税目的,资产和负债的收益和损失的扣除可能有所不同;

  • The deductibility of gains and losses of assets and liabilities may vary for accounting and income tax purposes;

  • 根据税法规定,以前年度的税务亏损可用于减少以后年度的应纳税所得额,从而导致会计利润和应纳税所得额之间的差异(税务亏损结转);

  • Subject to tax rules, tax losses of prior years might be used to reduce taxable income in later years, resulting in differences in accounting and taxable income (tax loss carryforward); and

  • 对往年报告的财务数据的调整,在会计和税务方面可能不会得到同等确认,或者可能在不同的期间确认。

  • Adjustments of reported financial data from prior years might not be recognized equally for accounting and tax purposes or might be recognized in different periods.

2.2递延所得税资产和负债

2.2. Deferred Tax Assets and Liabilities

递延所得税资产是指已支付但尚未在损益表中确认的税款(通常是以前期间亏损的结转)。当财务会计所得税费用大于监管所得税费用时,就会产生递延所得税负债。递延所得税资产和负债通常是由于会计准则和税务机关对税款到期时间的认定不同而产生的;例如,公司在向税务机关报告时采用加速折旧法(以增加费用并降低早期税款),但在财务报表中采用直线法。尽管在年度处理上有所不同(例如,会计上允许直线法折旧5%,而税务上允许10%),但在资产的使用寿命内,两种方法都允许对资产的总成本进行折旧(或摊销)。由于这些时间性差异最终会在资产的折旧年限内自行消除或纠正,因此被称为“暂时性差异”。

Deferred tax assets represent taxes that have been paid (or often the carrying forward of losses from previous periods) but have not yet been recognized on the income statement. Deferred tax liabilities occur when financial accounting income tax expense is greater than regulatory income tax expense. Deferred tax assets and liabilities usually arise when accounting standards and tax authorities recognize the timing of taxes due at different times; for example, when a company uses accelerated depreciation when reporting to the tax authority (to increase expense and lower tax payments in the early years) but uses the straight-line method on the financial statements. Although not similar in treatment on a year-to-year basis (e.g., depreciation of 5 percent on a straight-line basis may be permitted for accounting purposes whereas 10 percent is allowed for tax purposes) over the life of the asset, both approaches allow for the total cost of the asset to be depreciated (or amortized). Because these timing differences will eventually reverse or self-correct over the course of the asset’s depreciable life, they are called “temporary differences.”

任何递延所得税资产或负债均基于暂时性差异,这些差异导致公司支付的税款出现超额或不足,公司预期这些税款将在未来经营活动中收回。由于税款将在未来某个日期收回或支付,因此这只是暂时性差异,并由此产生递延所得税资产或负债。资产负债表上递延所得税资产或负债的变动反映了上期和本期确认金额之间的差异。递延所得税资产和负债的变动与应付所得税相加,以确定公司在利润表中列示的所得税费用(或贷项)。

Any deferred tax asset or liability is based on temporary differences that result in an excess or a deficit amount paid for taxes, which the company expects to recover from future operations. Because taxes will be recoverable or payable at a future date, it is only a temporary difference and a deferred tax asset or liability is created. Changes in the deferred tax asset or liability on the balance sheet reflect the difference between the amounts recognized in the previous period and the current period. The changes in deferred tax assets and liabilities are added to income tax payable to determine the company’s income tax expense (or credit) as it is reported on the income statement.

在每个财政年度末,递延所得税资产和负债会通过比较资产负债表项目的计税基础和账面价值进行重新计算。已识别的暂时性差异应根据该差异是否会带来未来的经济利益进行评估。例如,假设公司 Pinto Construction 采用直线法对设备计提折旧,折旧率为每年 10%。税务机关允许的折旧率为每年 15%。在财政年度末,出于会计目的,该设备的账面价值将大于其计税基础,从而产生暂时性差异。只有在公司未来肯定能够获得经济利益的情况下,才能确认存在递延所得税项目。在我们的例子中,该设备用于 Pinto Construction 的核心业务。如果公司持续经营且运营稳定,则该设备未来肯定会带来经济利益,因此确认该递延所得税项目是合理的。

At the end of each fiscal year, deferred tax assets and liabilities are recalculated by comparing the tax bases and carrying amounts of the balance sheet items. Identified temporary differences should be assessed on whether the difference will result in future economic benefits. For example, Pinto Construction (a hypothetical company) depreciates equipment on a straight-line basis of 10 percent per year. The tax authorities allow depreciation of 15 percent per year. At the end of the fiscal year, the carrying amount of the equipment for accounting purposes would be greater than the tax base of the equipment thus resulting in a temporary difference. A deferred tax item may only be created if it is not doubtful that the company will realize economic benefits in the future. In our example, the equipment is used in the core business of Pinto Construction. If the company is a going concern and stable, there should be no doubt that future economic benefits will result from the equipment and it would be appropriate to create the deferred tax item.

如果对未来能否从暂时性差异中实现经济利益存有疑问(例如,Pinto Construction公司正在清算),则该暂时性差异不会导致递延所得税资产或负债的产生。如果过去已产生递延所得税资产或负债,但本资产负债表日未达到实现经济利益的标准,则根据国际财务报告准则(IFRS),与该项目相关的现有递延所得税资产或负债将被冲回。根据美国通用会计准则(US GAAP),则会计提估值准备。在评估未来经济利益时,审计师在评估暂时性差异和未来经济利益问题方面拥有很大的自由裁量权。

Should it be doubtful that future economic benefits will be realized from a temporary difference (such as Pinto Construction being under liquidation), the temporary difference will not lead to the creation of a deferred tax asset or liability. If a deferred tax asset or liability resulted in the past, but the criteria of economic benefits is not met on the current balance sheet date, then, under IFRS, an existing deferred tax asset or liability related to the item will be reversed. Under US GAAP, a valuation allowance is established. In assessing future economic benefits, much is left to the discretion of the auditor in assessing the temporary differences and the issue of future economic benefits.

例 1

以下信息与一家假想公司 Reston Partners 有关:

The following information pertains to a hypothetical company, Reston Partners:

雷斯顿合伙公司合并损益表
截至3月31日止期间(百万英镑) 三年级 二年级 一年级
收入 40,000英镑 30,000英镑 25,000英镑
其他净收益 2,000 0 0
成品和在制品库存的变化 400 180 200
所用原材料和消耗品 (5,700) (4,000) (8,000)
折旧费用 (2,000) (2,000) (2,000)
其他费用 (6,000) (5,900) (4,500)
利息支出 (2,000) (3,000) (6,000)
税前利润 26,700英镑 15,280 英镑 4700英镑

本损益表中Reston Partners的财务业绩和会计利润均基于Reston Partners运营所在司法管辖区的会计准则。用于计算会计利润(上例中为税前利润)的原则可能与用于税务目的(计算应纳税所得额)的原则有所不同。但为便于说明,假设损益表中的所有收入和支出,折旧外,在税务和会计处理上均相同。

The financial performance and accounting profit of Reston Partners on this income statement is based on accounting principles appropriate for the jurisdiction in which Reston Partners operates. The principles used to calculate accounting profit (profit before tax in the example above) may differ from the principles applied for tax purposes (the calculation of taxable income). For illustrative purposes, however, assume that all income and expenses on the income statement are treated identically for tax and accounting purposes except depreciation.

该折旧与Reston Partners公司拥有的设备有关。为简化起见,假设该设备购于第一年初。因此,应按全年计算并计提折旧。假设会计准则允许设备按直线法折旧,折旧年限为10年,而该司法管辖区的税法规定设备应按直线法折旧,折旧年限为7年。为简化起见,假设设备在其使用寿命结束时的残值为0英镑。两种方法均会在各自的税务或会计折旧年限内计提全部折旧。

The depreciation is related to equipment owned by Reston Partners. For simplicity, assume that the equipment was purchased at the beginning of the Year 1. Depreciation should thus be calculated and expensed for the full year. Assume that accounting standards permit equipment to be depreciated on a straight-line basis over a 10-year period, whereas the tax standards in the jurisdiction specify that equipment should be depreciated on a straight-line basis over a 7-year period. For simplicity, assume a salvage value of £0 at the end of the equipment’s useful life. Both methods will result in the full depreciation of the asset over the respective tax or accounting life.

该设备最初购置价格为 20,000 英镑。根据会计准则,公司将在未来 10 年内每年确认 2,000 英镑(20,000 英镑 ÷ 10)的折旧费用,并将其计入损益表和会计利润的计算中。然而,出于税务目的,公司每年将确认 2,857 英镑(20,000 英镑 ÷ 7)的折旧费用。因此,每个会计年度,与该设备使用相关的折旧费用在税务和会计处理上会有所不同(税基与账面价值),从而导致会计利润与应纳税所得额之间的差异。

The equipment was originally purchased for £20,000. In accordance with accounting standards, over the next 10 years the company will recognize annual depreciation of £2,000 (£20,000 ÷ 10) as an expense on its income statement and for the determination of accounting profit. For tax purposes, however, the company will recognize £2,857 (£20,000 ÷ 7) in depreciation each year. Each fiscal year the depreciation expense related to the use of the equipment will, therefore, differ for tax and accounting purposes (tax base vs. carrying amount), resulting in a difference between accounting profit and taxable income.

上一份损益表反映的是会计利润(每年折旧2,000英镑)。下表列出了各财政年度的应纳税所得额。

The previous income statement reflects accounting profit (depreciation at £2,000 per year). The following table shows the taxable income for each fiscal year.

应税收入(百万英镑) 三年级 二年级 一年级
收入 40,000英镑 30,000英镑 25,000英镑
其他净收益 2,000 0 0
成品和在制品库存的变化 400 180 200
所用原材料和消耗品 (5,700) (4,000) (8,000)
折旧费用 (2,857) (2,857) (2,857)
其他费用 (6,000) (5,900) (4,500)
利息支出 (2,000) (3,000) (6,000)
应税收入 25,843 英镑 14,423 英镑 3,843 英镑

该设备的账面价值和计税基础如下:

The carrying amount and tax base for the equipment is as follows:

(百万英镑) 三年级 二年级 一年级
会计处理中的设备价值(账面价值)(每年折旧 2,000 英镑) 14,000英镑 16,000英镑 18,000英镑
用于税务目的的设备价值(税基)(每年折旧 2,857 英镑) 11,429 英镑 14,286 英镑 17,143 英镑
不同之处 2,571英镑 1,714 英镑 857英镑

在每个资产负债表日,必须确定所有资产和负债的计税基础和账面价值。Reston Partners 应缴纳的所得税将基于每个财政年度的应纳税所得额。假设税率为 30%,则第 1 年、第 2 年和第 3 年应缴纳的所得税分别为 1,153 英镑(30% × 3,843)、4,327 英镑(30% × 14,423)和 7,753 英镑(30% × 25,843)。

At each balance sheet date, the tax base and carrying amount of all assets and liabilities must be determined. The income tax payable by Reston Partners will be based on the taxable income of each fiscal year. If a tax rate of 30 percent is assumed, then the income taxes payable for Year 1, Year 2, and Year 3 are £1,153 (30% × 3,843), £4,327 (30% × 14,423), and £7,753 (30% × 25,843).

但请记住,如果根据会计利润计算纳税义务,由于计税基础与设备账面价值之间的差异,最终结果会有所不同。上表反映了每个会计年度的差异。在每个会计年度,设备的账面价值均超过其计税基础。因此,就税务而言,该资产的计税基础小于其在财务会计原则下的账面价值。这种差异导致了递延所得税负债。

Remember, though, that if the tax obligation is calculated based on accounting profits, it will differ because of the differences between the tax base and the carrying amount of equipment. The difference in each fiscal year is reflected in the table above. In each fiscal year the carrying amount of the equipment exceeds its tax base. For tax purposes, therefore, the asset tax base is less than its carrying value under financial accounting principles. The difference results in a deferred tax liability.

(百万英镑) 三年级 二年级 一年级
递延所得税负债 771英镑 514英镑 257英镑
   (税基与账面价值之差)× 税率
   第一年:£(18,000 − 17,143) × 30% = 257
   第二年:£(16,000 − 14,286) × 30% = 514
   第三年:£(14,000 − 11,429) × 30% = 771

通过比较设备的计税基础和账面价值,可以确定特定资产负债表日应计提的递延所得税负债。在每个会计年度,只有递延所得税负债的变动才应计入为会计目的编制的损益表中所列示的所得税费用。

The comparison of the tax base and carrying amount of equipment shows what the deferred tax liability should be on a particular balance sheet date. In each fiscal year, only the change in the deferred tax liability should be included in the calculation of the income tax expense reported on the income statement prepared for accounting purposes.

在损益表中,公司的所得税费用将是递延所得税负债变动额与应付所得税额之和。

On the income statement, the company’s income tax expense will be the sum of change in the deferred tax liability and the income tax payable.

(百万英镑) 三年级 二年级 一年级
应缴所得税(基于税务会计) 7,753 英镑 4,327 英镑 1153英镑
递延所得税负债的变化 257 257 257
所得税(基于财务会计) 8,010 英镑 4,584 英镑 1410英镑

请注意,由于折旧处理方式不同属于暂时性差异,因此损益表中的所得税为会计利润的 30%,尽管其中只有一部分是应缴所得税,其余部分是递延所得税负债。

Note that because the different treatment of depreciation is a temporary difference, the income tax on the income statement is 30 percent of the accounting profit, although only a part is income tax payable and the rest is a deferred tax liability.

Reston Partners的合并损益表(含所得税)如下所示:

The consolidated income statement of Reston Partners including income tax is presented as follows:

雷斯顿合伙公司合并损益表
截至3月31日止期间(百万英镑) 三年级 二年级 一年级
收入 40,000英镑 30,000英镑 25,000英镑
其他净收益 2,000 0 0
成品和在制品库存的变化 400 180 200
所用原材料和消耗品 (5,700) (4,000) (8,000)
折旧费用 (2,000) (2,000) (2,000)
其他费用 (6,000) (5,900) (4,500)
利息支出 (2,000) (3,000) (6,000)
税前利润 26,700英镑 15,280 英镑 4700英镑
所得税 (8,010) (4,584) (1,410)
税后利润 18,690 英镑 10,696 英镑 3,290 英镑

向税务机关缴纳的任何款项都将减少应缴纳的所得税,并反映在公司的现金流量表中。

Any amount paid to the tax authorities will reduce the liability for income tax payable and be reflected on the statement of cash flows of the company.

3.确定资产和负债的计税基础

3. Determining the Tax Base of Assets and Liabilities

如第二节所述,暂时性差异源于资产和负债的计税基础与账面价值之间的差异。资产或负债的计税基础是指出于税务目的而归属于该资产或负债的金额,而账面价值则基于会计原则。如果预期税款将在未来某个日期收回或支付,则该差异被视为暂时性差异。

As mentioned in Section 2, temporary differences arise from a difference in the tax base and carrying amount of assets and liabilities. The tax base of an asset or liability is the amount attributed to the asset or liability for tax purposes, whereas the carrying amount is based on accounting principles. Such a difference is considered temporary if it is expected that the taxes will be recovered or payable at a future date.

3.1确定资产的计税基础

3.1. Determining the Tax Base of an Asset

资产的计税基础是指在未来期间,随着经济利益的实现和公司收回资产账面价值,可以用于抵扣税款的金额。

The tax base of an asset is the amount that will be deductible for tax purposes in future periods as the economic benefits become realized and the company recovers the carrying amount of the asset.

例如,我们前面提到的Reston Partners公司(见例1)采用直线法对设备计提折旧,年折旧率为10%。税务机关允许的折旧率约为每年15%。在会计年度末,出于会计目的的设备账面价值大于资产税基,从而导致暂时性差异。

For example, our previously mentioned Reston Partners (from Example 1) depreciates equipment on a straight-line basis at a rate of 10 percent per year. The tax authorities allow depreciation of approximately 15 percent per year. At the end of the fiscal year, the carrying amount of equipment for accounting purposes is greater than the asset tax base thus resulting in a temporary difference.

例 2

确定资产的税基

Determining the Tax Base of an Asset

以下信息与 Entiguan Sports 有关,该公司是一家假设的运动损伤治疗产品开发商。(出于会计和税务目的,各项处理均基于假设的会计和税务准则,并非针对特定司法管辖区。)请计算每项的计税基础和账面价值。

The following information pertains to Entiguan Sports, a hypothetical developer of products used to treat sports-related injuries. (The treatment of items for accounting and tax purposes is based on hypothetical accounting and tax standards and is not specific to a particular jurisdiction.) Calculate the tax base and carrying amount for each item.

  1. 应收股息:Entiguan Sports在其资产负债表中报告称,其应从子公司收到100万欧元的股息。假设股息无需缴税。

  2. Dividends receivable: On its balance sheet, Entiguan Sports reports dividends of €1 million receivable from a subsidiary. Assume that dividends are not taxable.

  3. 开发成本:Entiguan Sports公司本年度将300万欧元的开发成本资本化。Entiguan公司本年度摊销了其中的50万欧元。出于税务目的,允许每年摊销25%。

  4. Development costs: Entiguan Sports capitalized development costs of €3 million during the year. Entiguan amortized €500,000 of this amount during the year. For tax purposes amortization of 25 percent per year is allowed.

  5. 研发费用:Entiguan公司产生了50万欧元的研发费用,出于财务报告的目的,这些费用已全部计入本财年的费用中。假设适用的税法规定研发费用应在四年内分摊,而不是一次性计入。

  6. Research costs: Entiguan incurred €500,000 in research costs, which were all expensed in the current fiscal year for financial reporting purposes. Assume that applicable tax legislation requires research costs to be expensed over a four-year period rather than all in one year.

  7. 应收账款:Entiguan Sports 的损益表中计提了 125,000 欧元的坏账准备。计提该准备后,资产负债表上反映的应收账款金额为 1,500,000 欧元。税务机关允许扣除坏账总额的 25%。

  8. Accounts receivable: Included on the income statement of Entiguan Sports is a provision for doubtful debt of €125,000. The accounts receivable amount reflected on the balance sheet, after taking the provision into account, amounts to €1,500,000. The tax authorities allow a deduction of 25 percent of the gross amount for doubtful debt.

解决方案:

Solutions:

账面

价值(欧元)
税基(欧元) 暂时性

差异(欧元)
1. 应收股利 1,000,000 1,000,000 0
2. 开发成本 2,500,000 2,250,000 250,000
3. 研究成本 0 375,000 (375,000)
4. 应收账款 1,500,000 1,218,750 281,250

评论:

Comments:

  1. 应收股利:虽然收到的股利是子公司给予的经济利益,但我们假设股利无需纳税。因此,账面价值等于应收股利的计税基础。

  2. Dividends receivable: Although the dividends received are economic benefits from the subsidiary, we are assuming that dividends are not taxable. Therefore, the carrying amount equals the tax base for dividends receivable.

  3. 开发成本:首先,我们假设开发成本将为恩蒂瓜体育公司带来经济效益。因此,在本例中,它可以作为一项资产列入资产负债表。其次,税务机关允许的摊销额高于根据会计准则计算的摊销额。因此,该资产的账面价值超过了其计税基础。账面价值为(3,000,000欧元 - 500,000欧元)= 2,500,000欧元,而计税基础为[3,000,000欧元 - (25% × 3,000,000欧元)] = 2,250,000欧元。

  4. Development costs: First, we assume that development costs will generate economic benefits for Entiguan Sports. Therefore, it may be included as an asset on the balance sheet for the purposes of this example. Second, the amortization allowed by the tax authorities exceeds the amortization accounted for based on accounting rules. Therefore, the carrying amount of the asset exceeds its tax base. The carrying amount is (€3,000,000 − €500,000) = €2,500,000 whereas the tax base is [€3,000,000 − (25% × €3,000,000)] = €2,250,000.

  5. 研发成本:我们假设研发成本将为公司带来未来的经济利益。如果并非如此,则不允许创建递延所得税资产或负债。研发成本的计税基础超过其账面价值。账面价值为 0 欧元,因为该金额已在发生年度的财务报告中全部计入费用。因此,出于税务目的,资产负债表上不会出现“研发成本”项目,并且只能在本会计年度扣除一部分。该资产的计税基础为(500,000 欧元 - 500,000 欧元/4)= 375,000 欧元。

  6. Research costs: We assume that research costs will result in future economic benefits for the company. If this were not the case, creation of a deferred tax asset or liability would not be allowed. The tax base of research costs exceeds their carrying amount. The carrying amount is €0 because the full amount has been expensed for financial reporting purposes in the year in which it was incurred. Therefore, there would not have been a balance sheet item “Research costs” for tax purposes, and only a proportion may be deducted in the current fiscal year. The tax base of the asset is (€500,000 − €500,000/4) = €375,000.

  7. 应收账款:应收账款本应带来的经济利益已计入销售发生时计算应纳税所得额的收入中。由于部分应收账款的收款存在不确定性,因此计提了准备金。根据税法规定,该准备金使得本财政年度允许计提的金额高于根据会计原则计算的金额。这导致应收账款的计税基础低于其账面价值。请注意,示例中明确指出,计提会计准备金后,资产负债表上的应收账款金额为 1,500,000 欧元。因此,计提任何准备金前的应收账款为 1,500,000 欧元 + 125,000 欧元 = 1,625,000 欧元。税基计算如下:(€1,500,000 + €125,000)− [25% ×(€1,500,000 + €125,000)] = €1,218,750。

  8. Accounts receivable: The economic benefits that should have been received from accounts receivable have already been included in revenues included in the calculation of the taxable income when the sales occurred. Because the receipt of a portion of the accounts receivable is doubtful, the provision is allowed. The provision, based on tax legislation, results in a greater amount allowed in the current fiscal year than would be the case under accounting principles. This results in the tax base of accounts receivable being lower than its carrying amount. Note that the example specifically states that the balance sheet amount for accounts receivable after the provision for accounting purposes amounts to €1,500,000. Therefore, accounts receivable before any provision was €1,500,000 + €125,000 = €1,625,000. The tax base is calculated as (€1,500,000 + €125,000) − [25% × (€1,500,000 + €125,000)] = €1,218,750.

3.2确定负债的税基

3.2. Determining the Tax Base of a Liability

负债的计税基础是负债的账面价值减去未来可用于税务抵扣的任何金额。对于预先收取的客户款项,此类负债的计税基础是账面价值减去未来无需纳税的收入金额。请记住以下基本原则:一般来说,当账面价值的收回/结算会影响未来应纳税所得额(增加或减少应纳税所得额)时,公司会确认递延所得税资产或负债。请记住,分析师不仅要评估账面价值与计税基础之间的差异,还要评估该差异对未来损益以及未来税负的影响。

The tax base of a liability is the carrying amount of the liability less any amounts that will be deductible for tax purposes in the future. With respect to payments from customers received in advance of providing the goods and services, the tax base of such a liability is the carrying amount less any amount of the revenue that will not be taxable in future. Keep in mind the following fundamental principle: In general, a company will recognize a deferred tax asset or liability when recovery/settlement of the carrying amount will affect future tax payments by either increasing or reducing the taxable profit. Remember, an analyst is not only evaluating the difference between the carrying amount and the tax base, but the relevance of that difference on future profits and losses and thus by implication future taxes.

国际财务报告准则(IFRS)对预收收入提供了具体指导:国际会计准则第12号(IAS 12)规定,税基为账面价值减去未来无需纳税的收入金额。根据美国通用会计准则(US GAAP),对税基的分析也会得出类似的结果。具体金额将根据所在司法管辖区的税法确定,并决定该负债(预收收入)的税基是否大于零。这取决于税法如何确认预收收入。

IFRS offers specific guidelines with regard to revenue received in advance: IAS 12 states that the tax base is the carrying amount less any amount of the revenue that will not be taxed at a future date. Under US GAAP, an analysis of the tax base would result in a similar outcome. The tax legislation within the jurisdiction will determine the amount recognized on the income statement and whether the liability (revenue received in advance) will have a tax base greater than zero. This will depend on how tax legislation recognizes revenue received in advance.

例 3

确定负债的税基

Determining the Tax Base of a Liability

以下信息与假设公司 Entiguan Sports 的财政年度末财务状况有关。会计和税务处理均基于虚构的会计和税务准则,并非针对特定司法管辖区。请计算每个项目的计税基础和账面价值。

The following information pertains to the hypothetical company Entiguan Sports for the fiscal year -end. The treatment of items for accounting and tax purposes is based on fictitious accounting and tax standards and is not specific to a particular jurisdiction. Calculate the tax base and carrying amount for each item.

  1. 捐款:恩蒂瓜体育在本财政年度捐赠了10万欧元。这些捐款已计入财务报告费用,但根据适用的税法规定,不能享受税收减免。

  2. Donations: Entiguan Sports made donations of €100,000 in the current fiscal year. The donations were expensed for financial reporting purposes, but are not tax deductible based on applicable tax legislation.

  3. 预收利息:Entiguan Sports 预收利息 300,000 欧元。由于税务机关认定该利息在收到之日即计入公司应纳税所得额(属于应税收入的一部分),因此该利息需缴纳税款。

  4. Interest received in advance: Entiguan Sports received in advance interest of €300,000. The interest is taxed because tax authorities recognize the interest to accrue to the company (part of taxable income) on the date of receipt.

  5. 预收租金:恩蒂瓜公司确认收到承租人预收的1000万欧元未使用仓库的租金。预收租金在会计上属于递延收入,但按现金制纳税。

  6. Rent received in advance: Entiguan recognized €10 million for rent received in advance from a lessee for an unused warehouse building. Rent received in advance is deferred for accounting purposes but taxed on a cash basis.

  7. 贷款:恩蒂瓜体育公司在本财政年度获得了一笔55万欧元的长期贷款。年利率为13.5%,利息在每个财政年度末支付。

  8. Loan: Entiguan Sports secured a long-term loan for €550,000 in the current fiscal year. Interest is charged at 13.5 percent per annum and is payable at the end of each fiscal year.

解决方案:

Solutions:

账面

价值(欧元)
税基

(欧元)
暂时性

差异(欧元)
1. 捐款 0 0 0
2. 预收利息 30万 0 (300,000)
3. 预收租金 10,000,000 0 (10,000,000)
4. 贷款(资本) 550,000 550,000 0
已付利息 0 0 0

评论:

Comments:

  1. 捐赠:100,000 欧元的捐赠款项已立即计入 Entiguan 的损益表费用,因此账面价值为 0 欧元。税法不允许将捐赠款项用于抵扣税款,因此捐赠款项的计税基础等于账面价值。请注意,虽然账面价值和计税基础相同,但捐赠款项在会计处理和税务处理上的差异(会计上计入费用,但税务上不可抵扣)构成永久性差异(未来无法转回的差异)。永久性差异和暂时性差异将在第 4 节中详细阐述,并将针对此案例进行更详细的解释。

  2. Donations: The amount of €100,000 was immediately expensed on Entiguan’s income statement; therefore, the carrying amount is €0. Tax legislation does not allow donations to be deducted for tax purposes, so the tax base of the donations equals the carrying amount. Note that while the carrying amount and tax base are the same, the difference in the treatment of donations for accounting and tax purposes (expensed for accounting purposes, but not deductible for tax purposes) represents a permanent difference (a difference that will not be reversed in future). Permanent and temporary differences are elaborated on in Section 4 and it will refer to this particular case with an expanded explanation.

  3. 预收利息:根据所提供的信息,出于税务目的,利息被视为在收到之日计入公司应税收入。因此,就税务而言,利息是属于当前会计期间还是未来会计期间并不重要;它必须计入收到利息的财政年度的应税收入。然而,就会计而言,预收利息计入其被视为已赚取的会计期间。因此,预收利息收入属于资产负债表负债。由于该收入与未来财政年度相关,因此未计入损益表。由于全部 300,000 欧元已计入当前财政年度的应税收入,因此税基为 300,000 欧元 - 300,000 欧元 = 0 欧元。请注意,虽然预收利息和预收租金均需纳税,但纳税时间取决于税法中对具体项目的处理方式。

  4. Interest received in advance: Based on the information provided, for tax purposes, interest is deemed to accrue to the company on the date of receipt. For tax purposes, it is thus irrelevant whether it is for the current or a future accounting period; it must be included in taxable income in the financial year received. Interest received in advance is, for accounting purposes though, included in the financial period in which it is deemed to have been earned. For this reason, the interest income received in advance is a balance sheet liability. It was not included on the income statement because the income relates to a future financial year. Because the full €300,000 is included in taxable income in the current fiscal year, the tax base is €300,000 − 300,000 = €0. Note that although interest received in advance and rent received in advance are both taxed, the timing depends on how the particular item is treated in tax legislation.

  5. 预收租金:结果与预收利息类似。预收租金的账面价值为 10,000,000 欧元,而税基为 0 欧元。

  6. Rent received in advance: The result is similar to interest received in advance. The carrying amount of rent received in advance would be €10,000,000 while the tax base is €0.

  7. 贷款:偿还贷款不涉及税务问题。偿还本金不构成收入或支出。支付的利息计入应纳税所得额和会计利润的计算中。因此,税基和​​账面价值均为 0 欧元。为便于理解,如果贷款是在本财政年度初取得的,则本年度损益表中应计入的利息为 13.5% × 550,000 欧元 = 74,250 欧元。

  8. Loan: Repayment of the loan has no tax implications. The repayment of the capital amount does not constitute an income or expense. The interest paid is included as an expense in the calculation of taxable income as well as accounting income. Therefore, the tax base and carrying amount is €0. For clarity, the interest paid that would be included on the income statement for the year amounts to 13.5% × €550,000 = €74,250 if the loan was acquired at the beginning of the current fiscal year.

3.3所得税税率的变化

3.3. Changes in Income Tax Rates

递延所得税资产和负债的计量依据现行税法。但如果税法或所得税税率发生后续变更,则必须对现有的递延所得税资产和负债进行调整,以反映这些变更的影响。这些变更的影响也应计入变更期间的会计利润。

The measurement of deferred tax assets and liabilities is based on current tax law. But if there are subsequent changes in tax laws or new income tax rates, existing deferred tax assets and liabilities must be adjusted for the effects of these changes. The resulting effects of the changes are also included in determining accounting profit in the period of change.

当所得税税率发生变化时,递延所得税资产和负债会根据新的税率进行调整。如果所得税税率提高,递延所得税(即递延所得税资产和负债)也会增加。同样,如果所得税税率降低,递延所得税也会减少。税率降低会减少递延所得税负债,从而减少未来向税务机关缴纳的税款。税率降低还会减少递延所得税资产,从而降低其用于抵消未来向税务机关缴纳税款的价值。

When income tax rates change, the deferred tax assets and liabilities are adjusted to the new tax rate. If income tax rates increase, deferred taxes (that is, the deferred tax assets and liabilities) will also increase. Likewise, if income tax rates decrease, deferred taxes will decrease. A decrease in tax rates decreases deferred tax liabilities, which reduces future tax payments to the taxing authorities. A decrease in tax rates will also decrease deferred tax assets, which reduces their value toward the offset of future tax payments to the taxing authorities.

为了说明税率变化的影响,请再次考虑例1。在该例中,导致Reston Partners确认递延所得税负债的时间性差异,是由于折旧方法不同以及由此对会计账面价值和资产计税基础产生的影响所致。相关信息重述如下。

To illustrate the effect of a change in tax rate, consider Example 1 again. In that illustration, the timing difference that led to the recognition of a deferred tax liability for Reston Partners was attributable to differences in the method of depreciation and the related effects on the accounting carrying value and the asset tax base. The relevant information is restated below.

该设备的账面价值和计税基础为:

The carrying amount and tax base for the equipment is:

(百万英镑) 三年级 二年级 一年级
会计处理中的设备价值(账面价值)(每年折旧 2,000 英镑) 14,000英镑 16,000英镑 18,000英镑
用于税务目的的设备价值(税基)(每年折旧 2,857 英镑) 11,429 英镑 14,286 英镑 17,143 英镑
不同之处 2,571英镑 1,714 英镑 857英镑

按照 30% 的所得税率计算,递延所得税负债如下:

At a 30 percent income tax rate, the deferred tax liability was then determined as follows:

(百万英镑) 三年级 二年级 一年级
递延所得税负债 771英镑 514英镑 257英镑
   (税基与账面价值之差)
   第一年:£(18,000 − 17,143) × 30% = £257
   第二年:£(16,000 − 14,286) × 30% = £514
   第三年:£(14,000 − 11,429) × 30% = £771

在本例中,假设税务机关将第三年的所得税税率调整为 25%。尽管折旧资产的账面价值与计税基础之间的差额相同,但 2017 年的递延所得税负债将为 643 英镑(而不是 771 英镑,即负债减少了 128 英镑)。2017 年:(14,000 - 11,429) 英镑 × 25% = 643 英镑。

For this illustration, assume that the taxing authority has changed the income tax rate to 25 percent for Year 3. Although the difference between the carrying amount and the tax base of the depreciable asset are the same, the deferred tax liability for 2017 will be £643 (instead of £771 or a reduction of £128 in the liability). 2017: £(14,000 − 11,429) × 25% = £643.

Reston Partners的所得税费用准备金也受到税率变化的影响。第三年的应纳税所得额将按25%的税率征税。第三年加速折旧税盾的优惠额现为214英镑(857英镑×25%),而非之前的257英镑(减少了43英镑)。此外,第三年(税率变化年度)递延所得税负债期​​初账面价值的减少进一步降低了第三年的所得税费用。税率变化导致的所得税费用减少额为86英镑。第三年:(30% − 25%)× 1,714英镑 = 86英镑。请注意,这两个部分合计减少了递延所得税负债(43英镑 + 86英镑 = 129英镑)。

Reston Partners’ provision for income tax expense is also affected by the change in tax rates. Taxable income for Year 3 will now be taxed at a rate of 25 percent. The benefit of the Year 3 accelerated depreciation tax shield is now only £214 (£857 × 25%) instead of the previous £257 (a reduction of £43). In addition, the reduction in the beginning carrying value of the deferred tax liability for Year 3 (the year of change) further reduces the income tax expense for Year 3. The reduction in income tax expense attributable to the change in tax rate is £86. Year 3: (30% − 25%) × £1,714 = £86. Note that these two components together account for the reduction in the deferred tax liability (£43 + £86 = £129).

从以上讨论可以看出,所得税税率的变动会影响公司递延所得税资产和负债的账面价值,也会影响变动当年所得税费用的计量。因此,分析师必须注意,如果拟议的税法变更最终成为法律,则可能对这些账户(以及由此衍生的任何相关财务比率)产生可量化的影响。

As may be seen from this discussion, changes in the income tax rate have an effect on a company’s deferred tax asset and liability carrying values as well as an effect on the measurement of income tax expense in the year of change. The analyst must thus note that proposed changes in tax law can have a quantifiable effect on these accounts (and any related financial ratios that are derived from them) if the proposed changes are subsequently enacted into law.

4.应税利润与会计利润之间的暂时性差异和永久性差异

4. Temporary and Permanent Differences Between Taxable and Accounting Profit

暂时性差异源于资产和负债的计税基础与账面价值之间的差异。只有当暂时性差异在未来某个日期能够逆转,且逆转的程度足以使该资产负债表项目预期为公司带来未来的经济利益时,才能由此产生递延所得税资产或负债。国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)均规定采用资产负债表负债法确认递延所得税。该资产负债表法侧重于在资产负债表项目的账面价值与计税基础之间存在暂时性差异时,确认递延所得税资产或负债

Temporary differences arise from a difference between the tax base and the carrying amount of assets and liabilities. The creation of a deferred tax asset or liability from a temporary difference is only possible if the difference reverses itself at some future date and to such an extent that the balance sheet item is expected to create future economic benefits for the company. IFRS and US GAAP both prescribe the balance sheet liability method for recognition of deferred tax. This balance sheet method focuses on the recognition of a deferred tax asset or liability should there be a temporary difference between the carrying amount and tax base of balance sheet items.3

永久性差异是指税务报告和财务报告中收入(支出)的差异,这些差异在未来某个日期不会被冲回。由于这些差异在未来不会被冲回,因此不会产生递延所得税。这些项目通常包括:

Permanent differences are differences between tax and financial reporting of revenue (expenses) that will not be reversed at some future date. Because they will not be reversed at a future date, these differences do not give rise to deferred tax. These items typically include

  • 税法不允许的收入或支出项目,以及

  • Income or expense items not allowed by tax legislation, and

  • 某些支出可享受税收抵免,从而直接减少税负。

  • Tax credits for some expenditures that directly reduce taxes.

由于永久性差异不产生递延所得税项目,因此所有永久性差异都会导致公司实际税率与法定税率之间的差异。如果企业在多个税务管辖区开展业务,则实际税率还会受到不同法定税种的影响。因此,报告的实际税率的计算公式为:

Because no deferred tax item is created for permanent differences, all permanent differences result in a difference between the company’s effective tax rate and statutory tax rate. The effective tax rate is also influenced by different statutory taxes should an entity conduct business in more than one tax jurisdiction. The formula for the reported effective tax rate is thus equal to:

实际税率 = 所得税费用 ÷ 税前利润(会计利润)

Reported effective tax rate = Income tax expense ÷ Pretax income (accounting profit)

报告期内递延所得税的净变动额是指当期递延所得税资产或负债余额与上期余额之间的差额。

The net change in deferred tax during a reporting period is the difference between the balance of the deferred tax asset or liability for the current period and the balance of the previous period.

4.1应税暂时性差异

4.1. Taxable Temporary Differences

暂时性差异进一步分为两类:应纳税暂时性差异和可抵扣暂时性差异。应纳税暂时性差异是指在未来确定应纳税所得额时,由于资产负债表项目需要收回或结算,而导致应纳税金额的暂时性差异。当资产的账面价值超过其计税基础时,应纳税暂时性差异会产生递延所得税负债;当负债的计税基础超过其账面价值时,也会产生递延所得税负债。

Temporary differences are further divided into two categories, namely taxable temporary differences and deductible temporary differences. Taxable temporary differences are temporary differences that result in a taxable amount in a future period when determining the taxable profit as the balance sheet item is recovered or settled. Taxable temporary differences result in a deferred tax liability when the carrying amount of an asset exceeds its tax base and, in the case of a liability, when the tax base of the liability exceeds its carrying amount.

根据美国通用会计准则(US GAAP),不可摊销商誉不确认递延所得税资产或负债。根据国际财务报告准则(IFRS),企业合并产生的商誉也不确认递延所得税账户。由于商誉属于剩余资产,确认递延所得税负债会增加商誉的账面价值。与其它暂时性差异不同,企业合并相关的暂时性差异通常不允许对递延所得税资产或负债进行折现。

Under US GAAP, a deferred tax asset or liability is not recognized for unamortizable goodwill. Under IFRS, a deferred tax account is not recognized for goodwill arising in a business combination. Since goodwill is a residual, the recognition of a deferred tax liability would increase the carrying amount of goodwill. Discounting deferred tax assets or liabilities is generally not allowed for temporary differences related to business combinations as it is for other temporary differences.

国际财务报告准则(IFRS)规定,对于符合以下条件的交易中资产或负债的初始确认,可享受豁免(即,暂不就暂时性差异计提递延所得税):a) 该交易并非企业合并(例如,合营企业、分支机构和非并表投资);且 b) 该交易在发生时既不影响会计利润也不影响应纳税所得额。美国通用会计准则(US GAAP)并未针对这些情况提供豁免。

IFRS provides an exemption (that is, deferred tax is not provided on the temporary difference) for the initial recognition of an asset or liability in a transaction that: a) is not a business combination (e.g., joint ventures, branches and unconsolidated investments); and b) affects neither accounting profit nor taxable profit at the time of the transaction. US GAAP does not provide an exemption for these circumstances.

举个简单的例子来说明不确认递延所得税负债的暂时性差异:假设一家拥有多家休闲娱乐企业和度假村的控股公司在本财政年度收购了一家酒店的股份。与该交易相关的商誉将在财务报表中确认,但相关的所得税负债不会确认,因为它与商誉的初始确认有关。

As a simple example of a temporary difference with no recognition of deferred tax liability, assume that a holding company of various leisure related businesses and holiday resorts buys an interest in a hotel in the current financial year. The goodwill related to the transaction will be recognized on the financial statements, but the related tax liability will not, as it relates to the initial recognition of goodwill.

4.2 . 可扣除的暂时性差异

4.2. Deductible Temporary Differences

可抵扣暂时性差异是指在未来期间,当资产负债表项目收回或结算后,导致应纳税所得额减少或扣除的暂时性差异。当资产的计税基础超过其账面价值时,可抵扣暂时性差异会产生递延所得税资产;当负债的账面价值超过其计税基础时,可抵扣暂时性差异会产生递延所得税资产。只有在有合理预期未来利润可用于收回或结算产生该递延所得税资产的资产或负债的情况下,才允许确认递延所得税资产。

Deductible temporary differences are temporary differences that result in a reduction or deduction of taxable income in a future period when the balance sheet item is recovered or settled. Deductible temporary differences result in a deferred tax asset when the tax base of an asset exceeds its carrying amount and, in the case of a liability, when the carrying amount of the liability exceeds its tax base. The recognition of a deferred tax asset is only allowed to the extent there is a reasonable expectation of future profits against which the asset or liability (that gave rise to the deferred tax asset) can be recovered or settled.

为了确定未来利润足以用于利用的可能性,必须考虑以下因素:1)必须存在足够的应税暂时性差异,这些差异与同一税务机关和同一纳税实体相关;以及2)应税暂时性差异预计将在与可抵扣暂时性差异预期转回的相同期间内转回。

To determine the probability of sufficient future profits for utilization, one must consider the following: 1) Sufficient taxable temporary differences must exist that are related to the same tax authority and the same taxable entity; and 2) The taxable temporary differences that are expected to reverse in the same periods as expected for the reversal of the deductible temporary differences.

与递延所得税负债类似,国际财务报告准则(IFRS)规定,在非企业合并交易中,如果初始确认资产或负债时产生的递延所得税资产对会计利润或应纳税所得额均无影响,则不应确认递延所得税资产。根据IFRS和美国通用会计准则(US GAAP),在初始确认后,因投资于子公司、分支机构、联营公司以及在合营企业中的权益而产生的任何递延所得税资产均应确认为递延所得税资产。

As with deferred tax liabilities, IFRS states that deferred tax assets should not be recognized in cases that would arise from the initial recognition of an asset or liability in transactions that are not a business combination and when, at the time of the transaction, there is no impact on either accounting or taxable profit. Subsequent to initial recognition under IFRS and US GAAP, any deferred tax assets that arise from investments in subsidiaries, branches, associates, and interests in joint ventures are recognized as a deferred tax asset.

国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)允许在税务亏损和税务抵免的情况下确认递延所得税资产。这两种特殊情况将在第6节中详细阐述。国际会计准则第12号(IAS 12)不允许确认因负商誉而产生的递延所得税资产。负商誉是指企业为收购一家企业的权益而支付的金额低于被收购公司资产和负债中与该企业权益相关的部分净公允价值。

IFRS and US GAAP allow the creation of a deferred tax asset in the case of tax losses and tax credits. These two unique situations will be further elaborated on in Section 6. IAS 12 does not allow the creation of a deferred tax asset arising from negative goodwill. Negative goodwill arises when the amount that an entity pays for an interest in a business is less than the net fair market value of the portion of assets and liabilities of the acquired company, based on the interest of the entity.

4.3应税和可抵扣的暂时性差异示例

4.3. Examples of Taxable and Deductible Temporary Differences

图表 1总结了资产和负债的计税基础与账面价值之间的差异如何产生递延所得税资产或递延所得税负债。

Exhibit 1 summarizes how differences between the tax bases and carrying amounts of assets and liabilities give rise to deferred tax assets or deferred tax liabilities.

附件1. 暂时性差异的处理
资产负债表项目 账面价值与税基 结果体现在递延所得税资产/负债中
资产 账面价值 > 税基 递延所得税负债
资产 账面价值 < 税基 递延所得税资产
责任 账面价值 > 税基 递延所得税资产
责任 账面价值 < 税基 递延所得税负债
例 4

应税和可抵扣的暂时性差异

Taxable and Deductible Temporary Differences

例2和例3分别说明了如何计算资产和负债的计税基础。根据例2和例3提供的信息,指出资产和负债的计税基础与账面价值之间的差异是暂时性差异还是永久性差异,并说明是否应根据该差异确认递延所得税资产或负债。

Examples 2 and 3 illustrated how to calculate the tax base of assets and liabilities, respectively. Based on the information provided in Examples 2 and 3, indicate whether the difference in the tax base and carrying amount of the assets and liabilities are temporary or permanent differences and whether a deferred tax asset or liability will be recognized based on the difference identified.

例题2的解答:

Solution to Example 2:

账面

价值(欧元)
税基

(欧元)
暂时性

差异(欧元)
将导致递延

所得税资产/负债
1. 应收股利 1,000,000 1,000,000 0 不适用
2. 开发成本 2,500,000 2,250,000 250,000 递延所得税负债
3. 研究成本 0 375,000 (375,000) 递延所得税资产
4. 应收账款 1,500,000 1,218,750 281,250 递延所得税负债

例 2包括对资产账面价值和计税基础的计算的评论。

Example 2 included comments on the calculation of the carrying amount and tax base of the assets.

  1. 应收股利:由于免税,其账面价值等于应收股利的计税基础。这构成永久性差异,不会导致确认任何递延所得税资产或负债。暂时性差异是指在未来某个日期可以转回的差异。尽管出于税务和会计目的,确认时间有所不同,但最终全部账面价值将被计入费用/确认为收入。永久性差异永远不会转回。根据税法规定,来自子公司的股利不确认为收入。因此,在计算应纳税所得额时,不会将任何金额反映为股利收入,应收股利的计税基础必须是收到的总额,即 1,000,000 欧元。应纳税所得额和会计利润将因应收股利的金额而产生永久性差异,即使在未来的财务报表中,由于对资产负债表上反映的留存收益的影响,这种差异仍然存在。

  2. Dividends receivable: As a result of non-taxability, the carrying amount equals the tax base of dividends receivable. This constitutes a permanent difference and will not result in the recognition of any deferred tax asset or liability. A temporary difference constitutes a difference that will, at some future date, be reversed. Although the timing of recognition is different for tax and accounting purposes, in the end the full carrying amount will be expensed/recognized as income. A permanent difference will never be reversed. Based on tax legislation, dividends from a subsidiary are not recognized as income. Therefore, no amount will be reflected as dividend income when calculating the taxable income, and the tax base of dividends receivable must be the total amount received, namely €1,000,000. The taxable income and accounting profit will permanently differ with the amount of dividends receivable, even on future financial statements as an effect on the retained earnings reflected on the balance sheet.

  3. 开发成本:账面价值与计税基础之间的差异属于暂时性差异,未来将会转回。在本财政年度,这将导致递延所得税负债。

  4. Development costs: The difference between the carrying amount and tax base is a temporary difference that, in the future, will reverse. In this fiscal year, it will result in a deferred tax liability.

  5. 研发成本:账面价值与计税基础之间的差异属于暂时性差异,会导致递延所得税资产的产生。请记住第二部分对递延所得税资产的解释——递延所得税资产的产生是由于支付的税款超过应纳税所得额(当应纳税所得额大于会计利润时),而这部分税款预计将在未来的经营活动中收回。根据会计原则,这笔税款被全额扣除,导致会计利润减少,而由于扣除的税款较少,应纳税所得额理应增加。

  6. Research costs: The difference between the carrying amount and tax base is a temporary difference that results in a deferred tax asset. Remember the explanation in Section 2 for deferred tax assets—a deferred tax asset arises because of an excess amount paid for taxes (when taxable income is greater than accounting profit), which is expected to be recovered from future operations. Based on accounting principles, the full amount was deducted resulting in a lower accounting profit, while the taxable income by implication, should be greater because of the lower amount expensed.

  7. 应收账款:资产账面价值与计税基础之间的差异属于暂时性差异,将导致递延所得税负债。

  8. Accounts receivable: The difference between the carrying amount and tax base of the asset is a temporary difference that will result in a deferred tax liability.

例3的解答:

Solution to Example 3:

账面

价值(欧元)
税基

(欧元)
暂时性

差异(欧元)
将导致递延

所得税资产/负债
1. 捐款 0 0 0 不适用
2. 预收利息 30万 0 (300,000) 递延所得税资产
3. 预收租金 10,000,000 0 (10,000,000) 递延所得税资产
4. 贷款(资本) 550,000 550,000 0 不适用
 已付利息 0 0 0 不适用

例 3包含了对负债账面价值和计税基础计算的详细评论。

Example 3 included extensive comments on the calculation of the carrying amount and tax base of the liabilities.

  1. 捐赠:假设税法不允许将捐赠用于抵扣税款。捐赠不会产生暂时性差异,因此不会确认递延所得税资产或负债。这构成永久性差异。

  2. Donations: It was assumed that tax legislation does not allow donations to be deducted for tax purposes. No temporary difference results from donations, and thus a deferred tax asset or liability will not be recognized. This constitutes a permanent difference.

  3. 预收利息:预收利息会导致暂时性差异,从而产生递延所得税资产。递延所得税资产的产生是由于预付税款超过应纳税所得额(即应纳税所得额大于会计利润),而这部分税款预计将在未来的经营活动中收回。

  4. Interest received in advance: Interest received in advance results in a temporary difference that gives rise to a deferred tax asset. A deferred tax asset arises because of an excess amount paid for taxes (when taxable income is greater than accounting profit), which is expected to be recovered from future operations.

  5. 预收租金:账面价值与计税基础之间的差异是暂时性差异,导致确认递延所得税资产。

  6. Rent received in advance: The difference between the carrying amount and tax base is a temporary difference that leads to the recognition of a deferred tax asset.

  7. 贷款:由于贷款或支付利息,不会产生暂时性差异,因此不会确认递延所得税项目。

  8. Loan: There are no temporary differences as a result of the loan or interest paid, and thus no deferred tax item is recognized.

4.4资产和负债初始确认时的暂时性差异

4.4. Temporary Differences at Initial Recognition of Assets and Liabilities

在某些情况下,资产负债表项目的账面价值和计税基础在初始确认时可能存在差异。例如,公司可以从资产负债表上列示的资产或负债的初始账面价值中扣除政府补助。但出于税务目的,在确定该资产负债表项目的计税基础时,此类补助不得扣除。在这种情况下,资产或负债的账面价值将低于其计税基础。由于上述情况导致的资产或负债计税基础差异,不得确认为递延所得税资产或负债。

In some situations the carrying amount and tax base of a balance sheet item may vary at initial recognition. For example, a company may deduct a government grant from the initial carrying amount of an asset or liability that appears on the balance sheet. For tax purposes, such grants may not be deducted when determining the tax base of the balance sheet item. In such circumstances, the carrying amount of the asset or liability will be lower than its tax base. Differences in the tax base of an asset or liability as a result of the circumstances described above may not be recognized as deferred tax assets or liabilities.

例如,政府可能会向中小微企业提供补助金,以帮助这些企业家开展有助于国家GDP增长和创造就业机会的业务。假设某项补助金用于基础设施建设(例如办公家具、房产、厂房和设备等)。在这种情况下,尽管资产的账面价值低于其计税基础,但相关的递延所得税可能不会被确认。如前所述,在非企业合并的交易中,如果初始确认资产或负债时,对会计利润或应纳税所得额均无影响,则不应确认递延所得税资产和负债。

For example, a government may offer grants to Small, Medium, and Micro Enterprises (SMME) in an attempt to assist these entrepreneurs in their endeavors that contribute to the country’s GDP and job creation. Assume that a particular grant is offered for infrastructure needs (office furniture, property, plant, and equipment, etc.). In these circumstances, although the carrying amount will be lower than the tax base of the asset, the related deferred tax may not be recognized. As mentioned earlier, deferred tax assets and liabilities should not be recognized in cases that would arise from the initial recognition of an asset or liability in transactions that are not a business combination and when, at the time of the transaction, there is no impact on either accounting or taxable profit.

在商誉的初始确认时,递延所得税负债也不会被确认。尽管不同税务管辖区对商誉的处理方式可能有所不同,这可能导致商誉的账面价值和计税基础存在差异,但国际会计准则第12号(IAS 12)不允许确认此类递延所得税负债。任何企业出于会计目的而对商誉计提的减值准备,同样会导致其账面价值和计税基础之间的暂时性差异。任何企业出于会计目的而对商誉计提的减值准备,如果其中一部分商誉与初始确认有关,则该部分计税基础与账面价值之间的差异不应导致任何递延所得税,因为初始递延所得税负债并未被确认。未来因摊销和部分商誉可抵扣而导致的账面价值与计税基础之间的任何差异均构成暂时性差异,应为此计提准备。

A deferred tax liability will also not be recognized at the initial recognition of goodwill. Although goodwill may be treated differently across tax jurisdictions, which may lead to differences in the carrying amount and tax base of goodwill, IAS 12 does not allow the recognition of such a deferred tax liability. Any impairment that an entity should, for accounting purposes, impose on goodwill will again result in a temporary difference between its carrying amount and tax base. Any impairment that an entity should, for accounting purposes, impose on goodwill and if part of the goodwill is related to the initial recognition, that part of the difference in tax base and carrying amount should not result in any deferred taxation because the initial deferred tax liability was not recognized. Any future differences between the carrying amount and tax base as a result of amortization and the deductibility of a portion of goodwill constitute a temporary difference for which provision should be made.

4.5企业合并与递延所得税

4.5. Business Combinations and Deferred Taxes

企业合并中收购的资产和负债的公允价值在收购日确定,可能与之前的账面价值不同。收购的无形资产(包括商誉)的价值很可能与其账面价值存在差异。这种暂时性差异会影响递延所得税以及因收购而确认的商誉金额。

The fair value of assets and liabilities acquired in a business combination is determined on the acquisition date and may differ from the previous carrying amount. It is highly probable that the values of acquired intangible assets, including goodwill, would differ from their carrying amounts. This temporary difference will affect deferred taxes as well as the amount of goodwill recognized as a result of the acquisition.

4.6对子公司、分公司、联营公司及合资企业权益的投资

4.6. Investments in Subsidiaries, Branches, Associates and Interests in Joint Ventures

对子公司、分支机构、联营公司和合营企业的投资可能会导致合并财务报表与母公司财务报表出现暂时性差异。除非满足以下两个条件,否则由暂时性差异产生的相关递延所得税负债将被确认:

Investments in subsidiaries, branches, associates and interests in joint ventures may lead to temporary differences on the consolidated versus the parent’s financial statements. The related deferred tax liabilities as a result of temporary differences will be recognized unless both of the following criterion are satisfied:

  • 父母有能力控制未来暂时性差异逆转的时间,并且

  • The parent is in a position to control the timing of the future reversal of the temporary difference, and

  • 这种暂时的差异在未来可能不会逆转。

  • It is probable that the temporary difference will not reverse in the future.

对于与子公司、分支机构、联营公司及权益相关的递延所得税资产,只有在满足下列条件时才能确认递延所得税资产:

With respect to deferred tax assets related to subsidiaries, branches, and associates and interests, deferred tax assets will only be recognized if the following criteria are satisfied:

  • 这种暂时的差异将来会逆转,而且

  • The temporary difference will reverse in the future, and

  • 存在足够的应税利润,可用于抵扣暂时性差异。

  • Sufficient taxable profits exist against which the temporary difference can be used.

5.未使用的税收亏损和税收抵免

5. Unused Tax Losses and Tax Credits

国际会计准则第12号(IAS 12)仅允许在未来很可能产生可抵扣未使用税项亏损和税收抵免的应纳税所得额的情况下确认这些亏损和税收抵免。根据美国通用会计准则(US GAAP),递延所得税资产应全额确认,但如果部分或全部递延所得税资产很可能无法实现,则应扣除估值准备。因可抵扣暂时性差异而产生递延所得税资产的相同要求也适用于未使用税项亏损和税收抵免。税项亏损的存在可能表明,企业无法合理预期产生足够的未来应纳税所得额。在其他条件不变的情况下,税项亏损历史越长,就越令人担忧公司未来产生应纳税利润的能力。

IAS 12 allows the recognition of unused tax losses and tax credits only to the extent that it is probable that in the future there will be taxable income against which the unused tax losses and credits can be applied. Under US GAAP, a deferred tax asset is recognized in full but is then reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax asset will not be realized. The same requirements for creation of a deferred tax asset as a result of deductible temporary differences also apply to unused tax losses and tax credits. The existence of tax losses may indicate that the entity cannot reasonably be expected to generate sufficient future taxable income. All other things held constant, the greater the history of tax losses, the greater the concern regarding the company’s ability to generate future taxable profits.

如果对公司未来的盈利能力存在担忧,则递延所得税资产可能要等到实际发生时才会确认。在评估未来产生足够应纳税利润的可能性时,以下标准可作为参考:

Should there be concerns about the company’s future profitability, then the deferred tax asset may not be recognized until it is realized. When assessing the probability that sufficient taxable profit will be generated in the future, the following criteria can serve as a guide:

  • 如果未来应纳税利润的概率存在不确定性,则因未使用的税收损失或税收抵免而产生的递延所得税资产,仅在可获得的应纳税暂时性差异范围内予以确认;

  • If there is uncertainty as to the probability of future taxable profits, a deferred tax asset as a result of unused tax losses or tax credits is only recognized to the extent of the available taxable temporary differences;

  • 根据有关未使用税收亏损结转的税收规则,评估该实体在未使用的税收亏损和/或税收抵免到期之前,实际产生未来应税利润的可能性;

  • Assess the probability that the entity will in fact generate future taxable profits before the unused tax losses and/or credits expire pursuant to tax rules regarding the carry forward of the unused tax losses;

  • 核实上述信息是否来自同一税务机关,以及是否基于同一纳税主体;

  • Verify that the above is with the same tax authority and based on the same taxable entity;

  • 确定过去的税务亏损是否是由不太可能再次发生的特定情况造成的;

  • Determine whether the past tax losses were a result of specific circumstances that are unlikely to be repeated; and

  • 了解企业是否存在可用于未来盈利的税务筹划机会。这些机会可能包括分阶段实施的税法变更,这些变更将在多个财务期间内对企业有利。

  • Discover if tax planning opportunities are available to the entity that will result in future profits. These may include changes in tax legislation that is phased in over more than one financial period to the benefit of the entity.

在基于未使用的税收抵免创建递延所得税资产之前,必须考虑应税和可抵扣暂时性差异的时间安排。

It is imperative that the timing of taxable and deductible temporary differences also be considered before creating a deferred tax asset based on unused tax credits.

6.当期及递延所得税的确认与计量

6. Recognition and Measurement of Current and Deferred Tax

当期应付或可向税务机关收回的税款,应按资产负债表日适用的税率计量。递延税款应按预期在资产实现或负债清偿时适用的税率计量。对于尚未缴纳的当期或前期所得税,在缴纳之前应确认为所得税负债。任何已缴纳的税款超过应纳税额的部分,均应确认为资产。已缴纳或应向税务机关缴纳的所得税与递延税款在公司资产负债表上是分开列示的。

Current taxes payable or recoverable from tax authorities are based on the applicable tax rates at the balance sheet date. Deferred taxes should be measured at the tax rate that is expected to apply when the asset is realized or the liability settled. With respect to the income tax for a current or prior period not yet paid, it is recognized as a tax liability until paid. Any amount paid in excess of any tax obligation is recognized as an asset. The income tax paid in excess or owed to tax authorities is separate from deferred taxes on the company’s balance sheet.

在计量某一司法管辖区的递延税项时,存在多种税收形式,例如所得税、资本利得税(指已实现的资本收益)或公司二级税(指公司宣告的股息应缴纳的税款),而且资产负债表项目的税基也可能不同(例如,政府补助会影响资产(如房产)的税基)。在评估应适用哪些税法时,取决于相关资产或负债的结算方式。谨慎的做法是采用与预期税基回收或结算方式相一致的税率和税基。

When measuring deferred taxes in a jurisdiction, there are different forms of taxation such as income tax, capital gains tax (any capital gains made), or secondary tax on companies (tax payable on the dividends that a company declares) and possibly different tax bases for a balance sheet item (as in the case of government grants influencing the tax base of an asset such as property). In assessing which tax laws should apply, it is dependent on how the related asset or liability will be settled. It would be prudent to use the tax rate and tax base that is consistent with how it is expected the tax base will be recovered or settled.

尽管递延所得税资产和负债与预期在未来某个日期收回或结算的暂时性差异相关,但在确定应入账金额时,两者均不按现值折现。两者都必须根据税率的变化进行调整。

Although deferred tax assets and liabilities are related to temporary differences expected to be recovered or settled at some future date, neither are discounted to present value in determining the amounts to be booked. Both must be adjusted for changes in tax rates.

除非涉及以下情况,否则递延所得税和所得税均应在企业的损益表中确认:

Deferred taxes as well as income taxes should always be recognized on the income statement of an entity unless it pertains to:

  • 直接计入股权的税款或递延税款,或

  • Taxes or deferred taxes charged directly to equity, or

  • 可能需要计提的递延税款准备金与企业合并有关。

  • A possible provision for deferred taxes relates to a business combination.

还应评估递延所得税资产和负债的账面价值。即使在评估期间内暂时性差异没有发生变化,账面价值也可能发生变化。这可能是由于以下原因造成的:

The carrying amount of the deferred tax assets and liabilities should also be assessed. The carrying amounts may change even though there may have been no change in temporary differences during the period evaluated. This can result from:

  • 税率变化;

  • Changes in tax rates;

  • 对递延所得税资产可收回性的重新评估;或

  • Reassessments of the recoverability of deferred tax assets; or

  • 对资产回收方式的预期发生变化,以及影响递延所得税资产或负债的因素。

  • Changes in the expectations for how an asset will be recovered and what influences the deferred tax asset or liability.

所有未确认的递延所得税资产和负债均须在资产负债表日重新评估,并根据未来可能产生的经济利益进行计量。如果该递延资产可能收回,则确认相关的递延所得税资产可能是合适的。

All unrecognized deferred tax assets and liabilities must be reassessed at the balance sheet date and measured against the criteria of probable future economic benefits. If such a deferred asset is likely to be recovered, it may be appropriate to recognize the related deferred tax asset.

不同司法管辖区对确定纳税义务的要求各不相同,包括不同的税收形式和基于应税收入的不同税率。在比较在不同司法管辖区开展业务且受不同税法约束的实体的财务报表时,分析师应谨慎得出结论,因为适用的税收规则可能非常复杂。

Different jurisdictions have different requirements for determining tax obligations that can range from different forms of taxation to different tax rates based on taxable income. When comparing financial statements of entities that conduct business in different jurisdictions subject to different tax legislation, the analyst should be cautious in reaching conclusions because of the potentially complex tax rules that may apply.

6.1估值准备的确认

6.1. Recognition of a Valuation Allowance

递延所得税资产必须在每个资产负债表日进行评估。如果对递延所得税能否收回存在任何疑问,则应将账面价值减少至预期可收回金额。如果情况随后发生变化,表明未来将能够收回递延所得税,则可以撤销该减少。

Deferred tax assets must be assessed at each balance sheet date. If there is any doubt whether the deferral will be recovered, then the carrying amount should be reduced to the expected recoverable amount. Should circumstances subsequently change and suggest the future will lead to recovery of the deferral, the reduction may be reversed.

根据美国通用会计准则(US GAAP),递延所得税资产可通过计提估值准备来减少。计提估值准备会减少计提当期的递延所得税资产和营业利润。如果情况发生变化,导致递延所得税资产估值准备减少,则该准备的转回将增加递延所得税资产和营业利润。由于涉及主观判断,分析师应仔细审查任何此类变化。

Under US GAAP, deferred tax assets are reduced by creating a valuation allowance. Establishing a valuation allowance reduces the deferred tax asset and income in the period in which the allowance is established. Should circumstances change to such an extent that a deferred tax asset valuation allowance may be reduced, the reversal will increase the deferred tax asset and operating income. Because of the subjective judgment involved, an analyst should carefully scrutinize any such changes.

6.2 . 直接计入权益的当期和递延所得税的确认

6.2. Recognition of Current and Deferred Tax Charged Directly to Equity

一般来说,国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)要求,递延所得税负债和当期所得税的确认,应根据会计处理方法,与产生该递延所得税负债或所得税的资产或负债的处理方式相同。如果产生递延所得税负债的项目直接计入权益,则由此产生的递延所得税也应如此处理。

In general, IFRS and US GAAP require that the recognition of deferred tax liabilities and current income tax should be treated similarly to the asset or liability that gave rise to the deferred tax liability or income tax based on accounting treatment. Should an item that gives rise to a deferred tax liability be taken directly to equity, the same should hold true for the resulting deferred tax.

以下是一些此类物品的示例:

The following are examples of such items:

  • 对固定资产、厂房和设备进行重估(根据美国通用会计准则,重估是不允许的);

  • Revaluation of property, plant, and equipment (revaluations are not permissible under US GAAP);

  • 以公允价值进行长期投资;

  • Long-term investments at fair value;

  • 会计政策变更;

  • Changes in accounting policies;

  • 已对期初留存收益余额进行更正的错误;

  • Errors corrected against the opening balance of retained earnings;

  • 对复杂金融工具相关权益成分的初步确认;以及

  • Initial recognition of an equity component related to complex financial instruments; and

  • 外汇交易中因货币换算程序而产生的汇率差异。

  • Exchange rate differences arising from the currency translation procedures for foreign operations.

如果确定递延所得税负债无法转回,则应对其进行调整。递延所得税负债应予减少,减少的金额应直接计入权益。与企业合并相关的任何递延所得税也必须在权益中确认。

Whenever it is determined that a deferred tax liability will not be reversed, an adjustment should be made to the liability. The deferred tax liability will be reduced and the amount by which it is reduced should be taken directly to equity. Any deferred taxes related to a business combination must also be recognized in equity.

根据产生递延所得税负债的具体项目,分析师应判断这些税项是否应计入递延所得税负债,还是应直接计入权益。有时,忽略递延所得税可能更为合适。

Depending on the items that gave rise to the deferred tax liabilities, an analyst should exercise judgment regarding whether the taxes should be included with deferred tax liabilities or whether it should be taken directly to equity. It may be more appropriate simply to ignore deferred taxes.

例5

直接向股权征收的税款

Taxes Charged Directly to Equity

以下信息与 Khaleej 公司(一家假设公司)有关。Khaleej 公司拥有一栋建筑物,该建筑物最初于 20x1 年 1 月 1 日以 1,000,000 欧元的价格购入。出于会计目的,建筑物按直线法每年折旧 5%;出于税务目的,建筑物按直线法每年折旧 10%。20x3 年 1 月 1 日,该建筑物的重估价值为 1,200,000 欧元。预计该建筑物自重估之日起的剩余使用寿命为 20 年。重要提示:出于税务目的,该建筑物的重估不予确认。

The following information pertains to Khaleej Company (a hypothetical company). A building owned by Khaleej Company was originally purchased for €1,000,000 on 1 January 20x1. For accounting purposes, buildings are depreciated at 5 percent a year on a straight-line basis, and depreciation for tax purposes is 10 percent a year on a straight-line basis. On the first day of 20x3, the building is revalued at €1,200,000. It is estimated that the remaining useful life of the building from the date of revaluation is 20 years. Important: For tax purposes the revaluation of the building is not recognized.

根据所提供的信息,以下内容说明了出于会计和税务目的对建筑物的不同处理方式。

Based on the information provided, the following illustrates the difference in treatment of the building for accounting and tax purposes.

建筑物账面价值

建筑物税基

20x1年1月1日余额 1,000,000 欧元 1,000,000 欧元
20x1年折旧 (50,000) (100,000)
   20x1年12月31日余额 95万欧元 90万欧元
20x2 年折旧 (50,000) (100,000)
   20x2年12月31日余额 90万欧元 80万欧元
20x3年1月1日重估 30万 不适用
20x3年1月1日余额 120万欧元 80万欧元
20x3 年折旧 (60,000) (100,000)
   20x3年12月31日余额 1,140,​​000 欧元 70万欧元
累计折旧
20x1年1月1日余额 0欧元 0欧元
20x1年折旧 50,000 100,000
   20x1年12月31日余额 50,000欧元 10万欧元
20x2 年折旧 50,000 100,000
   20x2年12月31日余额 10万欧元 20万欧元
20x3年1月1日重估 (100,000) 不适用
20x3年1月1日余额 0欧元 20万欧元
20x3 年折旧 60,000 100,000
   20x3年11月30日余额 60,000欧元 30万欧元
账面价值 税基
20x1年12月31日 95万欧元 90万欧元
20x2年12月31日 90万欧元 80万欧元
20x3年12月31日 1,140,​​000 欧元 70万欧元

20x1年12月31日:20x1年12月31日,由于对折旧费用的处理方式不同,产生了暂时性差异,进而产生了递延所得税负债。该建筑物计税基础与账面价值的差异是由于税务和会计处理中折旧金额的不同造成的。折旧费用计入利润表,因此递延所得税负债也将反映在利润表中。假设20x1年的适用税率为40%,则由此产生的递延所得税负债为40% × (950,000欧元 − 900,000欧元) = 20,000欧元。

31 December 20x1: On 31 December 20x1, different treatments for depreciation expense result in a temporary difference that gives rise to a deferred tax liability. The difference in the tax base and carrying amount of the building was a result of different depreciation amounts for tax and accounting purposes. Depreciation appears on the income statement. For this reason the deferred tax liability will also be reflected on the income statement. If we assume that the applicable tax rate in 20x1 was 40 percent, then the resulting deferred tax liability will be 40% × (€950,000 − €900,000) = €20,000.

20x2年12月31日:截至20x2年12月31日,该建筑物的账面价值仍大于计税基础。暂时性差异再次导致递延所得税负债。同样假设适用税率为40%,则该建筑物的递延所得税负债为40% × (900,000欧元 − 800,000欧元) = 40,000欧元。

31 December 20x2: As of 31 December 20x2, the carrying amount of the building remains greater than the tax base. The temporary difference again gives rise to a deferred tax liability. Again, assuming the applicable tax rate to be 40 percent, the deferred tax liability from the building is 40% × (€900,000 − €800,000) = €40,000.

20x3年12月31日:截至20x3年12月31日,该建筑物的账面价值再次超过计税基础。这并非由于处置或新增资产所致,而是由于20x3财年初的重估以及不同的折旧率所致。递延所得税负债看似为40% × (1,140,​​000欧元 − 700,000欧元) = 176,000欧元,其处理方式与20x1年和20x2年不同。20x3年,该建筑物的重估在资产负债表权益账户中产生了一个300,000欧元的“重估盈余”项目,该项目在税务上不予确认。

31 December 20x3: On 31 December 20x3, the carrying amount of the building again exceeds the tax base. This is not the result of disposals or additions, but is a result of the revaluation at the beginning of the 20x3 fiscal year and the different rates of depreciation. The deferred tax liability would seem to be 40% × (€1,140,000 − €700,000) = €176,000, but the treatment is different than it was for the 20x1 and 20x2. In 20x3, revaluation of the building gave rise to a balance sheet equity account, namely “Revaluation Surplus” in the amount of €300,000, which is not recognized for tax purposes.

递延所得税负债通常按以下方式计算:

The deferred tax liability would usually have been calculated as follows:

20x3 20x2 20x1
递延所得税负债(财政年度末的期末余额) 176,000 欧元 40,000欧元 20,000欧元
(税基与账面价值之差)
20x1:€(950,000 − 900,000) × 40% = 20,000
20x2:€(900,000 − 800,000) × 40% = 40,000
20x3: €(1,140,​​000 − 700,000) × 40% = 176,000

20x1 年递延所得税负债的变动为 20,000 欧元,20x2 年为 20,000 欧元(40,000 欧元 - 20,000 欧元),而 20x3 年似乎为 136,000 欧元(176,000 欧元 - 40,000 欧元)。20x3 年,尽管递延所得税负债的余额似乎应为 176,000 欧元,但出于税务目的,重估并未被确认。只有计税基础与账面价值之间的差额中并非由重估造成的部分才会被确认为产生递延所得税负债。

The change in the deferred tax liability in 20x1 is €20,000, in 20x2: €20,000 (€40,000 − €20,000) and, it would seem, in 20x3: €136,000 (€176,000 − €40,000). In 20x3, although it would seem that the balance for deferred tax liability should be €176,000, the revaluation is not recognized for tax purposes. Only the portion of the difference between the tax base and carrying amount that is not a result of the revaluation is recognized as giving rise to a deferred tax liability.

重估盈余及其相关税项的影响通过对权益的直接调整来体现。重估盈余扣除与公允价值超过账面价值相关的税项准备,并影响留存收益(300,000 欧元 × 40% = 120,000 欧元)。

The effect of the revaluation surplus and the associated tax effects are accounted for in a direct adjustment to equity. The revaluation surplus is reduced by the tax provision associated with the excess of the fair value over the carry value and it affects retained earnings (€300,000 × 40% = €120,000).

因此,资产负债表上应反映的递延所得税负债并非176,000欧元,而仅为56,000欧元(176,000欧元 - 120,000欧元)。鉴于20x3财年初的递延所得税负债余额为40,000欧元,递延所得税负债的变动仅为56,000欧元 - 40,000欧元 = 16,000欧元。

The deferred tax liability that should be reflected on the balance sheet is thus not €176,000 but only €56,000 (€176,000 − €120,000). Given the balance of deferred tax liability at the beginning of the 20x3 fiscal year in the amount of €40,000, the change in the deferred tax liability is only €56,000 − €40,000 = €16,000.

未来,每年年末,重估产生的折旧额减去递延所得税影响后,将从重估储备金转入留存收益。20x3 年,该金额为重估产生的折旧额 15,000 欧元(300,000 欧元 ÷ 20),减去递延所得税影响 6,000 欧元(15,000 欧元 × 40%),即 9,000 欧元。

In the future, at the end of each year, an amount equal to the depreciation as a result of the revaluation minus the deferred tax effect will be transferred from the revaluation reserve to retained earnings. In 20x3 this will amount to a portion of depreciation resulting from the revaluation, €15,000 (€300,000 ÷ 20), minus the deferred tax effect of €6,000 (€15,000 × 40%), thus €9,000.

7.展示与披露

7. Presentation and Disclosure

我们将以实例探讨所得税相关信息的列报和披露。总部位于美国的全球科技公司美光科技(Micron Technology,简称MU)的合并经营报表(损益表)和合并资产负债表分别见附录2和附录3。附录4提供了MU 2015、2016和2017财年的所得税附注披露信息。

We will discuss the presentation and disclosure of income tax related information by way of example. The Consolidated Statements of Operations (Income Statements) and Consolidated Balance Sheets for Micron Technology (MU), a global technology company based in the US, are provided in Exhibits 2 and 3, respectively. Exhibit 4 provides the income tax note disclosures for MU for the 2015, 2016, and 2017 fiscal years.

MU公司2017财年的所得税准备金(即所得税费用)为1.14亿美元(见附录2 )。附录4中的所得税附注披露了所得税准备金的计算方法,首先从MU公司报告的税前利润(附录4显示2017财年为51.96亿美元)入手。附注披露显示,2017年当期所得税准备金为1.53亿美元,扣除递延外国税收优惠(3900万美元)后,净所得税准备金为1.14亿美元。附录4还进一步列示了所得税准备金如何根据美国联邦法定税率计算得出。许多上市公司通过以百分比形式披露信息来满足此项披露要求,但MU公司选择以绝对金额形式披露。根据这些信息,我们可以看出,2017 年美国联邦所得税准备金(按法定税率计算)的美元金额(18.19 亿美元)是通过将 MU 的税前收入乘以 35% 的美国联邦法定税率(5196 美元 × 0.35 = 18.19 美元)计算得出的。

MU’s income tax provision (i.e., income tax expense) for fiscal year 2017 is $114 million (see Exhibit 2). The income tax note disclosure in Exhibit 4 reconciles how the income tax provision was determined beginning with MU’s reported income before taxes (shown in Exhibit 4 as $5,196 million for fiscal year 2017). The note disclosure then denotes the income tax provision for 2017 that is current ($153 million), which is then offset by the deferred tax benefit for foreign taxes ($39 million), for a net income tax provision of $114 million. Exhibit 4 further shows a reconciliation of how the income tax provision was derived from the US federal statutory rate. Many public companies comply with this required disclosure by displaying the information in percentage terms, but MU has elected to provide the disclosure in absolute dollar amounts. From this knowledge, for 2017 we can see that the dollar amount shown for US federal income tax provision at the statutory rate ($1,819 million) was determined by multiplying MU’s income before taxes by the 35 percent US federal statutory rate ($5,196 × 0.35 = $1,819).

此外,附录4中的附注披露提供了有关递延所得税资产(2017年为7.66亿美元)和递延所得税负债(2017年为1700万美元)的详细来源信息。这些递延所得税资产在MU公司2017财年的合并资产负债表中作为非流动资产单独列示(见附录3),而递延所得税负债则计入其他非流动负债(另见附录3)。

In addition, the note disclosure in Exhibit 4 provides detailed information about the derivation of the deferred tax assets ($766 million for 2017) and deferred tax liabilities ($17 million for 2017). These deferred tax assets are shown separately on MU’s consolidated balance sheet for fiscal year 2017 with noncurrent assets (see Exhibit 3), while the deferred tax liabilities are included in other noncurrent liabilities (also see Exhibit 3).

附件2. 美光科技公司合并经营报表(除每股收益外,金额单位均为百万美元)
截至本年度 2017年8月31日 2016年9月1日 2015年9月3日
净销售额 20,322 12,399 美元 16,192 美元
销售成本 11,886 9,894 10,977
   毛利率 8,436 2,505 5,215
销售、一般及行政 743 659 719
研究与开发 1,824 1,617 1,540
重组和资产减值 18 67 3
其他营业(收入)支出净额 (17) (6) (45)
   营业收入 5,868 168 2,998
净利息收入(支出) (560) (395) (336)
其他非经营性收入(支出)净额 (112) (54) (53)
所得税(准备金)优惠 (114) (19) (157)
权益法投资对象净利润(亏损)中的权益 8 25 447
归属于少数股东权益的净利润(亏损) (1) (1)
归属于美光公司的净收入(亏损) 5,089 美元 (276) 2,899 美元
每股收益(亏损):
   基本的 4.67美元 (0.27) 2.71美元
   稀 4.41美元 (0.27) 2.47美元
用于每股收益计算的股份数量:
   基本的 1,089 1,036 1,070
   稀 1,154 1,036 1,170
附录3. 美光科技公司合并资产负债表(金额单位:百万美元)
截至 2017年8月31日 2016年9月1日
资产
现金及等价物 5,109 美元 4,140 美元
短期投资 319 258
应收账款 3,759 2,068
库存 3,123 2,889
其他流动资产 147 140
   流动资产总额 12,457 9,495
长期可交易投资 617 414
固定资产净值 19,431 14,686
权益法投资 16 1,364
无形资产净值 387 464
递延所得税资产 766 657
其他非流动资产 1,662 460
   总资产 35,336 美元 27,540 美元
负债和股东权益
应付账款和应计费用 3,664 美元 3,879 美元
递延收入 408 200
当前债务 1,262 756
   流动负债总额 5,334 4,835
长期债务 9,872 9,154
其他非流动负债 639 623
   总负债 15,845 14,612
可赎回可转换票据 21
美光股东权益
普通股,每股面值 0.10 美元,授权股数 3,000 股,已发行股数 1,116 股,流通股数 1,112 股(截至 2016 年 9 月 1 日,已发行股数 1,094 股,流通股数 1,040 股)。 112 109
额外资本 8,287 7,736
留存收益 10,260 5,299
库存股,持有4股(截至2016年9月1日为54股) (67) (1,029)
   其他综合收益(损失)累计 29 (35)
   美光公司股东权益总额 18,621 12,080
子公司中的非控股权益 849 848
总权益 19,470 12,928
   总负债和股东权益 35,336 27,540 美元
附件 4. 美光科技公司合并财务报表所得税附注

税前收入(亏损)和所得税(准备金)收益包括以下几项:

Income (loss) before taxes and the income tax (provision) benefit consisted of the following:

(单位:百万美元) 2017 2016 2015
所得税前利润(亏损)、归属于少数股东权益的净利润(亏损)以及权益法投资企业的净利润(亏损)权益
   外国的 5,252 美元 (353) 2,431 美元
   我们 (56) 72 178
5,196 美元 $(281) 2,609 美元
所得税(准备金)优惠:
   当前的:
      外国的 (152) $(27) (93)
      状态 (1) (1) (1)
      美国联邦政府 6
(153) (28) (88)
   已延期:
      美国联邦政府 39 15
      状态 2 1
      外国的 39 (32) (85)
39 9 (69)
所得税(准备金) (114) (19) (157)

公司所得税(准备金)按美国联邦法定税率计算,与公司所得税(准备金)优惠进行核对如下:

The company’s income tax (provision) computed using the US federal statutory rate and the company’s income tax (provision) benefit is reconciled as follows:

(百万美元) 2017 2016 2015
按法定税率享受美国联邦所得税(准备金)优惠 (1,819) 98美元 $(913)
外国税率差异 1,571 (300) 515
估值准备金变动 64 63 260
未确认税收优惠的变化 12 52 (118)
税收抵免 66 48 53
非控股投资交易 57
其他 (8) 20 (11)
所得税(准备金)优惠 (114) (19) (157)

截至2017年8月31日,州税反映了2.33亿美元的投资税收抵免。递延所得税反映了财务报告和所得税目的下资产和负债基础之间暂时性差异的净税务影响。截至以下列示的各期末,公司递延所得税资产和负债构成如下:

State taxes reflect investment tax credits of $233 million as at 31 August 2017. Deferred income taxes reflect the net tax effects of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes. The company’s deferred tax assets and liabilities consist of the following as of the end of the periods shown below:

(百万美元) 2017 2016
递延所得税资产:
   净经营亏损和税收抵免结转 3,426 美元 3,014 美元
   应计薪金、工资和福利 211 142
   其他应计负债 59 76
   其他 86 65
      总递延资产 3,782 3,297
   减估值准备 (2,321) (2,107)
      递延所得税资产(扣除估值准备后) 1,461 1,190
递延所得税负债:
   债务折扣 (145) (170)
   固定资产、厂房和设备 (300) (135)
   某些子公司的未汇缴收益 (123) (121)
   产品和工艺技术 (85) (81)
   其他 (59) (28)
      递延所得税负债 (712) (535)
净递延所得税资产 749美元 655美元
报告内容如下:
   当前递延所得税资产(包含在其他流动资产中) $— $—
   递延所得税资产 766 657
当前递延所得税负债(包含在应付账款和应计费用中)
   递延所得税负债(包含在其他非流动负债中) (17) (2)
      净递延所得税资产 749美元 655美元

 

 

该公司已对其几乎所有美国净递延所得税资产计提了估值准备。截至2017年8月31日,该公司累计拥有38.8亿美元的美国税项净经营亏损结转额和4.16亿美元的未使用美国税收抵免结转额。此外,该公司还拥有19.5亿美元的未使用州税项净经营亏损结转额和2.33亿美元的未使用州税项税收抵免额。这些净经营亏损结转额和税收抵免结转额将于2018年至2037年间到期。

The company has a valuation allowance against substantially all of its US net deferred tax assets. As of 31 August 2017, the company had aggregate US tax net operating loss carryforwards of $3.88 billion and unused US tax credit carryforwards of $416 million. The company also has unused state tax net operating loss carryforwards of $1.95 billion and unused state tax credits of $233 million. The net operating loss carryforwards and the tax credit carryforwards expire between 2018 to 2037.

2017 年和 2016 年估值准备金的变化分别为 6400 万美元和 6300 万美元,主要是由于某些美国和外国净经营亏损的实现存在不确定性以及某些税收抵免结转所致。

The changes in valuation allowance of $64 million and $63 million in 2017 and 2016, respectively, are primarily a result of uncertainties of realizing certain US and foreign net operating losses and certain tax credit carryforwards.

已就非美国子公司的未分配收益计提递延所得税准备,前提是这些公司支付的股息预计会导致额外的纳税义务。截至2017年8月31日,剩余的129.1亿美元未分配收益已无限期地进行再投资。确定这些未汇缴收益的未确认递延所得税负债金额不切实际。

Provision has been made for deferred taxes on undistributed earnings of non-US subsidiaries to the extent that dividend payments from such companies are expected to result in additional tax liability. Remaining undistributed earnings of $12.91 billion as of 31 August 2017 have been indefinitely reinvested. Determination of the amount of unrecognized deferred tax liability on these unremitted earnings is not practicable.

例 6

财务分析示例

Financial Analysis Example

请使用MU在附录2附录3和附录4中提供的财务报表信息和披露内容来回答以下问题:

Use the financial statement information and disclosures provided by MU in Exhibits 2, 3, and 4 to answer the following questions:

  1. MU公司披露,2017年其递延资产总额为37.82亿美元,计提了23.21亿美元的估值准备金(见附录4)。这项估值准备金的存在是否会对MU公司未来的盈利前景产生任何影响?

  2. MU discloses a valuation allowance of $2,321 million (see Exhibit 4) against gross deferred assets of $3,782 million in 2017. Does the existence of this valuation allowance have any implications concerning MU’s future earnings prospects?

  3. 如果联邦法定税率变为 21%,MU 的递延所得税资产和递延所得税负债会受到怎样的影响?

  4. How would MU’s deferred tax assets and deferred tax liabilities be affected if the federal statutory tax rate was changed to 21 percent?

  5. 如果MU不使用估值准备,其报告收益会受到怎样的影响?

  6. How would reported earnings have been affected if MU were not using a valuation allowance?

  7. MU 2017 年 38.8 亿美元的净经营亏损结转(见附录 4)会对收购公司愿意提供的估值产生怎样的影响?

  8. How would MU’s $3.88 billion in net operating loss carryforwards in 2017 (see Exhibit 4) affect the valuation that an acquiring company would be willing to offer?

  9. 在什么情况下分析师应将MU的递延所得税负债视为债务或权益?在什么情况下分析师在计算资产负债率时应将MU的递延所得税负债从债务和权益中均剔除?

  10. Under what circumstances should the analyst consider MU’s deferred tax liability as debt or as equity? Under what circumstances should the analyst exclude MU’s deferred tax liability from both debt and equity when calculating the debt-to-equity ratio?

问题1的解答:

Solution to 1:

根据附录 4,MU 的递延所得税资产将逐步到期,直至 2037 年(净经营亏损结转和税收抵免结转的到期时间为 2018 年至 2037 年)。

According to Exhibit 4, MU’s deferred tax assets expire gradually until 2037 (2018 to 2037 for the net operating loss carryforwards and the tax credit carryforwards).

由于该公司成立时间尚短,这些到期日很可能大多发生在该期间的末期。鉴于累计美国税项净经营亏损结转总额为38.8亿美元,估值准备金可能意味着MU公司在未来20年内不太可能实现38.8亿美元的盈利。然而,正如我们在附录2中看到的,MU公司在2017年和2015年均实现了盈利,这表明如果该公司未来持续盈利,则该准备金可以向下调整,并且递延所得税资产更有可能被确认。

Because the company is still relatively young, it is likely that most of these expirations occur toward the end of that period. Because cumulative US tax net operating loss carryforwards total $3.88 billion, the valuation allowance could imply that MU is not reasonably expected to earn $3.88 billion over the next 20 years. However, as we can see in Exhibit 2, MU earned a profit for 2017 and 2015, thereby showing that the allowance could be adjusted downward if the company continues to generate profits in the future, and making it more likely than not that the deferred tax asset would be recognized.

答案二:

Solution to 2:

MU的递延所得税资产总额比递延所得税负债总额高出7.49亿美元。如果联邦法定税率从目前的35%降至21%,这些净递延资产的价值将会降低。此外,由于递延所得税资产估值准备金未来有可能向下调整(参见方案1的讨论),其影响幅度可能会更大。

MU’s total deferred tax assets exceed total deferred tax liabilities by $749 million. A change in the federal statutory tax rate to 21 percent from the current rate of 35 percent would make these net deferred assets less valuable. Also, because it is possible that the deferred tax asset valuation allowance could be adjusted downward in the future (see discussion to solution 1), the impact could be far greater in magnitude.

问题3的解答:

Solution to 3:

附录 4的披露显示,估值准备金的增加导致 2017 年损益表中报告的所得税准备金增加了 6400 万美元。未来几年,估值准备金的潜在进一步减少也可能类似地减少报告的所得税(实际所得税不会受到为财务报告而设立的估值准备金的影响)(参见对解决方案 1 的讨论)。

The disclosure in Exhibit 4 shows that the increase in the valuation allowance increased the income tax provision as reported on the income statement by $64 million in 2017. Additional potential reductions in the valuation allowance could similarly reduce reported income taxes (actual income taxes would not be affected by a valuation allowance established for financial reporting) in future years (see discussion to solution 1).

问题 4 的解答:

Solution to 4:

如果收购公司盈利,它或许可以利用MU的税项亏损结转来抵消自身的税负。对收购方而言,其价值取决于亏损结转的现值,该现值基于收购方的税率和预期实现时间。收购方的税率越高,盈利能力越强,就越能尽早获益。因此,理论上,当前税率较高的收购方比税率较低的收购方更愿意支付更高的收购价格。

If an acquiring company is profitable, it may be able to use MU’s tax loss carryforwards to offset its own tax liabilities. The value to an acquirer would be the present value of the carryforwards, based on the acquirer’s tax rate and expected timing of realization. The higher the acquiring company’s tax rate, and the more profitable the acquirer, the sooner it would be able to benefit. Therefore, an acquirer with a high current tax rate would theoretically be willing to pay more than an acquirer with a lower tax rate.

第五题的答案:

Solution to 5:

如果预期递延所得税负债会随着后续税款的支付而转回,分析师应将其归类为债务。如果预期该负债不会转回,则不存在现金流出预期,应将其视为权益。例如,公司未来的亏损可能导致无需缴纳任何所得税,或者税法的变更可能导致某些税款最终无需缴纳。当因暂时性差异转回而产生的税款金额和支付时间均不确定时,递延所得税负债应同时从债务和权益中排除。

The analyst should classify the deferred tax liability as debt if the liability is expected to reverse with subsequent tax payment. If the liability is not expected to reverse, there is no expectation of a cash outflow and the liability should be treated as equity. By way of example, future company losses may preclude the payment of any income taxes, or changes in tax laws could result in taxes that are never paid. The deferred tax liability should be excluded from both debt and equity when both the amounts and timing of tax payments resulting from the reversals of temporary differences are uncertain.

8.国际财务报告准则与美国通用会计准则的比较

8. Comparison of IFRS and US GAAP

如前所述,尽管国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)在许多税务问题上遵循相似的惯例,但仍存在一些显著差异。附录5总结了IFRS和US GAAP之间的许多主要异同点。虽然两种准则都要求计提递延所得税准备,但在方法上却有所不同。

As mentioned earlier, though IFRS and US GAAP follow similar conventions on many tax issues, there are some notable differences. Exhibit 5 summarizes many of the key similarities and differences between IFRS and US GAAP. Though both frameworks require a provision for deferred taxes, there are differences in the methodologies.

附录5. 递延所得税问题:国际财务报告准则与美国通用会计准则方法论的异同
国际财务报告准则 美国通用会计准则
介绍
所得税会计处理的目标是确认当期应付或可退还的税款以及递延税款。所得税费用等于当期税款费用(或收回金额)加上递延税款的期间变动(扣除因企业合并产生的税款或已在损益表外确认的税款)。 与国际财务报告准则(IFRS)类似。
当期和前期未缴税款均确认为负债;如果已缴税款超过应缴税款,则确认为资产。用于抵扣前期税款的前期税务亏损也属于资产。 计算当前税款的方法与 IFRS 类似,但也有一些例外,例如对抵消公司间利润的税款的处理。
一般而言,递延所得税采用资产负债法确认,该方法侧重于资产或负债的计税基础与其在财务状况表中的账面价值之间产生的暂时性差异。递延所得税是对已在企业财务报表或纳税申报表中确认的事项的未来税务影响的确认。 美国通用会计准则 (US GAAP) 也采用资产负债法来计算递延所得税,尽管在应用上与国际财务报告准则 (IFRS) 有一些不同。
以下情况不确认递延税项:
  • 对善意的初步认可

  • The initial recognition of goodwill

  • 在非企业合并交易中,资产或负债的初始确认,且不影响会计利润或应纳税利润(税务亏损)。

  • The initial recognition of an asset or liability in a non-business combination transaction and where accounting profit or taxable profit (tax loss) is not affected

  • 因投资于子公司/分支机构/联营公司以及在合营企业中的权益而产生的应税暂时性差异,如果母公司等能够控制暂时性差异转回的时间,且该暂时性差异在可预见的未来不太可能转回,则应纳税。

  • Taxable temporary differences from investments in subsidiaries/branches/ associates, and interests in joint ventures in which the parent etc. is able to control the timing of the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future

以下情况不确认递延税项:
  • 商誉,其摊销费用不能用于税收抵扣

  • Goodwill for which amortization is not deductible for tax purposes

  • 与国际财务报告准则(IFRS)不同,美国通用会计准则(US GAAP)没有类似的例外规定。

  • Unlike IFRS, US GAAP does not have a similar exception

  • 对于投资于境外子公司或境外合资企业的款项,如果其财务报告金额超过其税务基础金额,且该部分金额实质上是永久性的,则除非可以预见这些暂时性差异将在可预见的未来逆转,否则该部分金额属于财务报告金额。与国际财务报告准则(IFRS)不同,此项例外不适用于境内子公司、境外合资企业以及对股权投资对象的投资。

  • An excess of the amount for the financial reporting over the tax basis of an investment in a foreign subsidiary or a foreign corporate joint venture that is essentially permanent in duration, unless it becomes apparent that those temporary differences will reverse in the foreseeable future. Unlike IFRS, this exception does not apply to domestic subsidiaries and corporate joint venture and investments in equity investees.

与 IFRS 不同,对于使用历史汇率将本币重新计量为功能货币的差异,以及因汇率变化或税务指数调整而产生的差异,禁止确认递延税款。
应确认递延所得税,金额为按历史汇率确定的账面价值与相关税基之间的差额,该税基可能受到汇率变动或税收指数的影响。
识别与测量
当期及以前期间的当期所得税负债和资产按预期根据截至报告期末已颁布或实质上已颁布的税率(及税法)向税务机关支付(收回)的金额计量。



递延所得税资产按预期在资产实现或负债结算时适用的税率计量,该税率基于截至报告期末已颁布或实质上已颁布的税率(及税法)。
与国际财务报告准则(IFRS)类似,

当期和递延所得税资产及负债的计量均基于已颁布的税法。递延所得税资产及负债的计量采用预期适用于递延所得税预计结算或实现期间应纳税所得额的已颁布税率。与IFRS不同的是,不允许使用已实质性颁布的税率。
递延所得税资产的确认取决于以下情况:预计(可能性大于50%)应纳税所得额可用于抵扣暂时性差异或结转未使用的税务亏损或税收抵免。期末审核时,如果预计不再有足够的应纳税所得额来抵扣全部或部分递延所得税资产,则可减少账面价值;如果之后预计再次有足够应纳税所得额,则应撤销该减少的账面价值。 与 IFRS 不同,递延所得税资产应全额确认,如果递延所得税资产的一部分或全部很可能无法实现,则应计提估值准备金。
如果税项与在同一期间或不同期间在其他综合收益 (OCI) 中确认的项目有关,或者直接与权益有关,则当期税项和递延税项应在损益之外确认。 与 IFRS 类似,年度内发生的某些项目的税务影响直接计入或贷记其他综合收益或股东权益的相关组成部分。
递延所得税资产和负债不进行折现。 与国际财务报告准则(IFRS)类似。
演示和披露
如果实体依法有权将当期所得税资产抵销当期所得税负债,且递延所得税资产和递延所得税负债与同一税务机关对同一纳税实体或不同纳税实体征收的所得税有关,并且这些纳税实体打算以净额结算当期所得税资产和负债,或者同时实现/结算该资产/负债,则递延所得税资产和负债可以相互抵销。 所有递延税款均相互抵消,并以单一金额列示。
递延所得税资产和负债在资产负债表中作为单独的项目列示。如果采用分类资产负债表,则递延所得税应归类为非流动项目。 递延所得税资产和递延所得税负债在分类财务状况表中列为非流动项目,这与国际财务报告准则 (IFRS) 一致。
所有实体必须使用以下一种或两种格式披露税项费用与会计利润之间的关系说明:
  • 对税项费用(收入)与会计利润乘以适用税率的乘积进行数值调节,并披露适用税率的计算依据。

  • A numerical reconciliation between tax expense (income) and the product of accounting profit multiplied by the applicable tax rate(s) including disclosure of the basis on which the applicable rate is computed.

  • 平均有效税率与适用税率之间的数值调节,包括披露适用税率的计算依据。

  • A numerical reconciliation between the average effective tax rate and the applicable tax rate, including disclosure of the basis on which the applicable tax rate is computed.

上市公司必须披露一份调节表,以百分比或金额形式,将当年报告的归属于持续经营的所得税费用与按美国联邦法定税率对持续经营税前利润计算的所得税费用进行调整。非上市公司必须披露

重大调节项目的性质,但可以省略数值调节表。

资料来源:国际财务报告准则:IAS 12 和 32。美国通用会计准则:ASC 740。“美国通用会计准则与国际财务报告准则的比较”,第 5.3 节税务,Grant Thornton,2017 年 4 月。“国际财务报告准则与美国通用会计准则:异同”,普华永道会计师事务所,2018 年。

Sources: IFRS: IAS 12 and 32. US GAAP: ASC 740. “Comparison between US GAAP and IFRS Standards,” Section 5.3 Taxation, Grant Thornton, April 2017. "IFRS and US GAAP: similarities and differences", PricewaterhouseCoopers LLC, 2018.

概括

Summary

对于盈利公司而言,所得税是一项重要的支出项目。由于所得税申报所采用的会计方法与公司财务报表所采用的会计方法在时间上存在诸多永久性和暂时性差异,因此分析所得税支出对分析师来说往往十分困难。公司的财务报表及其附注提供了分析师评估财务业绩以及将公司财务业绩与其他公司进行比较所需的重要信息。本文的关键概念如下:

Income taxes are a significant category of expense for profitable companies. Analyzing income tax expenses is often difficult for the analyst because there are many permanent and temporary timing differences between the accounting that is used for income tax reporting and the accounting that is used for financial reporting on company financial statements. The financial statements and notes to the financial statements of a company provide important information that the analyst needs to assess financial performance and to compare a company’s financial performance with other companies. Key concepts in this reading are as follows:

  • 税务和会计上对收入和支出的确认方式不同,可能导致应纳税所得额与会计利润存在差异。这种差异是由于对某些收入和支出项目的处理方式不同造成的。

  • Differences between the recognition of revenue and expenses for tax and accounting purposes may result in taxable income differing from accounting profit. The discrepancy is a result of different treatments of certain income and expenditure items.

  • 资产的计税基础是指在计算应纳税所得额时,公司将该资产的计税基础作为费用扣除的金额。如果该资产的经济利益无需纳税,则其计税基础等于其账面价值。

  • The tax base of an asset is the amount that will be deductible for tax purposes as an expense in the calculation of taxable income as the company expenses the tax basis of the asset. If the economic benefit will not be taxable, the tax base of the asset will be equal to the carrying amount of the asset.

  • 负债的计税基础是负债的账面价值减去将来可用于税收抵扣的任何金额。对于预收收入,该负债的计税基础是账面价值减去将来无需纳税的收入金额。

  • The tax base of a liability is the carrying amount of the liability less any amounts that will be deductible for tax purposes in the future. With respect to revenue received in advance, the tax base of such a liability is the carrying amount less any amount of the revenue that will not be taxable in the future.

  • 暂时性差异源于资产和负债的计税基础与账面价值确认上的差异。只有当暂时性差异在未来某个日期能够转回,且预期该资产负债表项目将为公司带来未来经济利益时,才允许因暂时性差异而产生递延所得税资产或负债。

  • Temporary differences arise from recognition of differences in the tax base and carrying amount of assets and liabilities. The creation of a deferred tax asset or liability as a result of a temporary difference will only be allowed if the difference reverses itself at some future date and to the extent that it is expected that the balance sheet item will create future economic benefits for the company.

  • 永久性差异是指在税务和财务报告中,收入(支出)的确认存在差异,且该差异在未来某个日期无法转回。由于该差异在未来无法转回,因此不构成暂时性差异,也不会产生递延所得税资产或负债。

  • Permanent differences result in a difference in tax and financial reporting of revenue (expenses) that will not be reversed at some future date. Because it will not be reversed at a future date, these differences do not constitute temporary differences and do not give rise to a deferred tax asset or liability.

  • 当期应付或可收回的税款是根据实体资产负债表日适用的税率计量的;相反,递延税款应按资产实现或负债结算时预期适用的税率计量。

  • Current taxes payable or recoverable are based on the applicable tax rates on the balance sheet date of an entity; in contrast, deferred taxes should be measured at the tax rate that is expected to apply when the asset is realized or the liability settled.

  • 所有未确认的递延所得税资产和负债必须在适当的资产负债表日重新评估,并根据其可能的未来经济利益进行计量。

  • All unrecognized deferred tax assets and liabilities must be reassessed on the appropriate balance sheet date and measured against their probable future economic benefit.

  • 递延所得税资产必须评估其预期可收回性。如果预计这些资产无法全部或部分收回,则应减少其账面价值。根据美国通用会计准则,这可以通过计提估值准备来实现。

  • Deferred tax assets must be assessed for their prospective recoverability. If it is probable that they will not be recovered at all or partly, the carrying amount should be reduced. Under US GAAP, this is done through the use of a valuation allowance.

练习题

Practice Problems

  1. 如果出于财务报告目的采用直线折旧法,而出于税务目的采用加速折旧法,则很可能导致以下结果:

    1. 估值准备金。

    2. 递延所得税资产。

    3. 暂时性差异。

  2. Using the straight-line method of depreciation for reporting purposes and accelerated depreciation for tax purposes would most likely result in a:

    1. valuation allowance.

    2. deferred tax asset.

    3. temporary difference.

  3. 2018年初,桑伯恩公司须向税务机关缴纳2017年所获收入的37,000欧元税款。该金额已在公司2017年12月31日的财务报表中记录为:

    1. 应缴税款。

    2. 所得税费用。

    3. 递延所得税负债。

  4. In early 2018 Sanborn Company must pay the tax authority €37,000 on the income it earned in 2017. This amount was recorded on the company’s 31 December 2017 financial statements as:

    1. taxes payable.

    2. income tax expense.

    3. a deferred tax liability.

  5. 公司损益表中列示的所得税费用等于应付税款加上以下净增加额:

    1. 递延所得税资产和递延所得税负债。

    2. 递延所得税资产减去递延所得税负债的净增加额。

    3. 递延所得税负债减去递延所得税资产净增加额。

  6. Income tax expense reported on a company’s income statement equals taxes payable, plus the net increase in:

    1. deferred tax assets and deferred tax liabilities.

    2. deferred tax assets, less the net increase in deferred tax liabilities.

    3. deferred tax liabilities, less the net increase in deferred tax assets.

  7. 分析师应将预期会冲回的递延所得税负债视为:

    1. 公平。

    2. 负债。

    3. 既无负债也无权益。

  8. Analysts should treat deferred tax liabilities that are expected to reverse as:

    1. equity.

    2. liabilities.

    3. neither liabilities nor equity.

  9. 递延所得税负债在以下情况下应视为权益:

    1. 预计他们不会改变主意。

    2. 税款缴纳时间不确定。

    3. 税款数额不确定。

  10. Deferred tax liabilities should be treated as equity when:

    1. they are not expected to reverse.

    2. the timing of tax payments is uncertain.

    3. the amount of tax payments is uncertain.

  11. 当税款支付的时间和金额均不确定时,分析师应将递延所得税负债视为:

    1. 公平。

    2. 负债。

    3. 既无负债也无权益。

  12. When both the timing and amount of tax payments are uncertain, analysts should treat deferred tax liabilities as:

    1. equity.

    2. liabilities.

    3. neither liabilities nor equity.

  13. 当会计准则要求确认一项税法不允许的费用时,结果将是:

    1. 递延所得税负债。

    2. 暂时性差异。

    3. 永久性差异。

  14. When accounting standards require recognition of an expense that is not permitted under tax laws, the result is a:

    1. deferred tax liability.

    2. temporary difference.

    3. permanent difference.

  15. 当某些支出产生可直接减少税款的税收抵免时,公司很可能会记录:

    1. 递延所得税资产。

    2. 递延所得税负债。

    3. 无递延所得税资产或负债。

  16. When certain expenditures result in tax credits that directly reduce taxes, the company will most likely record:

    1. a deferred tax asset.

    2. a deferred tax liability.

    3. no deferred tax asset or liability.

  17. 当会计准则要求将某项资产立即计入费用,而税法要求将其资本化并摊销时,公司最有可能的记录方式是:

    1. 递延所得税资产。

    2. 递延所得税负债。

    3. 无递延所得税资产或负债。

  18. When accounting standards require an asset to be expensed immediately but tax rules require the item to be capitalized and amortized, the company will most likely record:

    1. a deferred tax asset.

    2. a deferred tax liability.

    3. no deferred tax asset or liability.

  19. 一家公司发生一笔资本支出,出于会计目的可能在五年内摊销,但出于税务目的可能在四年内摊销。该公司最有可能记录如下:

    1. 递延所得税资产。

    2. 递延所得税负债。

    3. 无递延所得税资产或负债。

  20. A company incurs a capital expenditure that may be amortized over five years for accounting purposes, but over four years for tax purposes. The company will most likely record:

    1. a deferred tax asset.

    2. a deferred tax liability.

    3. no deferred tax asset or liability.

  21. 一家公司收到客户预付款,这些款项虽然立即需要纳税,但在公司履行其义务之前,会计上不会确认。该公司最有可能记录如下:

    1. 递延所得税资产。

    2. 递延所得税负债。

    3. 无递延所得税资产或负债。

  22. A company receives advance payments from customers that are immediately taxable but will not be recognized for accounting purposes until the company fulfills its obligation. The company will most likely record:

    1. a deferred tax asset.

    2. a deferred tax liability.

    3. no deferred tax asset or liability.

以下信息与问题 12-14 相关。

The following information relates to Questions 12–14

注一:

所得税

Note I

Income Taxes

税前利润构成如下(单位:千美元):

The components of earnings before income taxes are as follows ($ thousands):

三年级 二年级 一年级
税前利润:
美国 88,157 美元 75,658 美元 59,973 美元
外国的 116,704 113,509 94,760
全部的 204,861 美元 189,167 美元 154,733 美元

所得税准备金的组成部分如下(单位:千美元):

The components of the provision for income taxes are as follows ($ thousands):

三年级 二年级 一年级
所得税
当前的:
联邦 30,632 美元 22,031 美元 18,959 美元
外国的 28,140 27,961 22,263
58,772 美元 49,992 美元 41,222 美元
已延期:
联邦 (4,752 美元) 5,138 美元 2,336 美元
外国的 124 1,730 621
(4,628) 6,868 2,957
全部的 54,144 美元 56,860 美元 44,179 美元
  1. 在第三年,该公司按照美国通用会计准则编制的损益表中,所得税准备金最接近以下数值:

    1. 30,632 美元。

    2. 54,144 美元。

    3. 58,772 美元。

  2. In Year 3, the company’s US GAAP income statement recorded a provision for income taxes closest to:

    1. $30,632.

    2. $54,144.

    3. $58,772.

  3. 该公司实际税率最高的时期是:

    1. 一年级。

    2. 二年级。

    3. 三年级。

  4. The company’s effective tax rate was highest in:

    1. Year 1.

    2. Year 2.

    3. Year 3.

  5. 与该公司在美国境内收入的实际税率相比,其在境外收入的实际税率为:

    1. 每年呈现的数值都较低。

    2. 每年呈现的数值都更高。

    3. 有些时期较高,有些时期较低。

  6. Compared to the company’s effective tax rate on US income, its effective tax rate on foreign income was:

    1. lower in each year presented.

    2. higher in each year presented.

    3. higher in some periods and lower in others.


  1. Zimt AG 根据美国通用会计准则 (US GAAP) 编制财务报表。在第 3 年,Zimt 披露了 1,101 美元的估值准备金,而其递延所得税资产总额为 19,201 美元。在第 2 年,Zimt 披露了 1,325 美元的估值准备金,而其递延所得税资产总额为 17,325 美元。估值准备金的变化最有可能表明 Zimt 的:

    1. 第三年递延所得税负债减少。

    2. 对未来收入能力的预期有所提高。

    3. 对未来收入能力的预期有所下降。

  2. Zimt AG presents its financial statements in accordance with US GAAP. In Year 3, Zimt discloses a valuation allowance of $1,101 against total deferred tax assets of $19,201. In Year 2, Zimt disclosed a valuation allowance of $1,325 against total deferred tax assets of $17,325. The change in the valuation allowance most likely indicates that Zimt’s:

    1. deferred tax liabilities were reduced in Year 3.

    2. expectations of future earning power has increased.

    3. expectations of future earning power has decreased.

  3. Cinnamon公司在第3年确认了12,301美元的递延所得税资产,并计提了12,301美元的估值准备。Cinnamon最有可能

    1. 第三年充分利用了递延所得税资产。

    2. 拥有等额的递延所得税资产和递延所得税负债。

    3. 预计在递延所得税资产到期前不会产生任何应税收入。

  4. Cinnamon, Inc. recorded a total deferred tax asset in Year 3 of $12,301, offset by a $12,301 valuation allowance. Cinnamon most likely:

    1. fully utilized the deferred tax asset in Year 3.

    2. has an equal amount of deferred tax assets and deferred tax liabilities.

    3. expects not to earn any taxable income before the deferred tax asset expires.

以下信息与问题 17-19 相关。

The following information relates to Questions 17–19

暂时性差异产生的递延所得税资产和负债的税务影响如下(单位:千美元):

The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows ($ thousands):

三年级 二年级
递延所得税资产:
应计费用 8,613 美元 7,927 美元
税收抵免和净经营亏损结转 2,288 2,554
后进先出法和存货储备 5,286 4,327
其他 2,664 2,109
递延所得税资产 18,851 16,917
估值准备金 (1,245) (1,360)
净递延所得税资产 17,606 美元 15,557 美元
递延所得税负债:
折旧和摊销 (27,338) (29,313)
薪酬和退休计划 (3,831) (8,963)
其他 (1,470) (764)
递延所得税负债 (32,639) (39,040)
净递延所得税负债 (15,033 美元) (23,483 美元)
  1. 降低法定税率最有可能使该公司受益的方面是:

    1. 损益表和资产负债表。

    2. 损益表,但不是资产负债表。

    3. 资产负债表,但不是损益表。

  2. A reduction in the statutory tax rate would most likely benefit the company’s:

    1. income statement and balance sheet.

    2. income statement but not the balance sheet.

    3. balance sheet but not the income statement.

  3. 如果第三年的估值准备金与第二年相同,公司将报告 115 美元:

    1. 净利。

    2. 递延所得税资产。

    3. 所得税费用。

  4. If the valuation allowance had been the same in Year 3 as it was in Year 2, the company would have reported $115 higher:

    1. net income.

    2. deferred tax assets.

    3. income tax expense.

  5. 与第三年的所得税准备金相比,该公司实际支付的现金税款为:

    1. 降低。

    2. 更高。

    3. 相同。

  6. Compared to the provision for income taxes in Year 3, the company’s cash tax payments were:

    1. lower.

    2. higher.

    3. the same.


以下信息与第 20 至 22 题有关。

The following information relates to Questions 20–22

一家公司计提的所得税准备导致其持续经营亏损的实际税率(未计入会计原则变更的累计影响)与法定联邦所得税税率 34% 存在差异,如下表所示。

A company’s provision for income taxes resulted in effective tax rates attributable to loss from continuing operations before cumulative effect of change in accounting principles that varied from the statutory federal income tax rate of 34 percent, as summarized in the table below.

截至6月30日止年度 三年级 二年级 一年级
预计持续经营产生的联邦所得税支出(收益)为 34% (112,000 美元) 768,000美元 685,000 美元
不可用于所得税扣除的费用 357,000 32,000 51,000
扣除联邦税收优惠后的州所得税 132,000 22,000 100,000
递延所得税资产估值准备金的变动 (150,000) (766,000) (754,000)
所得税费用 227,000 美元 56,000 美元 82,000 美元
  1. 第三年,该公司的净收入(亏损)最接近以下哪个数值:

    1. (217,000 美元)。

    2. (329,000 美元)。

    3. (556,000 美元)。

  2. In Year 3, the company’s net income (loss) was closest to:

    1. ($217,000).

    2. ($329,000).

    3. ($556,000).

  3. 第三年的 35.7 万美元调整最有可能导致:

    1. 递延所得税资产增加。

    2. 递延所得税负债增加。

    3. 递延所得税资产和负债无变化。

  4. The $357,000 adjustment in Year 3 most likely resulted in:

    1. an increase in deferred tax assets.

    2. an increase in deferred tax liabilities.

    3. no change to deferred tax assets and liabilities.

  5. 在所列三年期间,递延所得税资产估值准备的变化最有可能表明:

    1. 未来盈利前景下降。

    2. 未来盈利前景更加光明。

    3. 资产账面价值高于其计税基础。

  6. Over the three years presented, changes in the valuation allowance for deferred tax assets were most likely indicative of:

    1. decreased prospect for future profitability.

    2. increased prospects for future profitability.

    3. assets being carried at a higher value than their tax base.


解决方案

Solutions

  1. C选项正确。由于税务会计和财务会计之间的差异会随着时间的推移而逐渐消除,由此产生的递延所得税负债(该费用已计入损益表,但尚未支付给税务机关)属于暂时性差异。只有当对公司未来能否获得足够收入以缴纳税款存在疑问时,才会产生估值准备。

  2. C is correct. Because the differences between tax and financial accounting will correct over time, the resulting deferred tax liability, for which the expense was charged to the income statement but the tax authority has not yet been paid, will be a temporary difference. A valuation allowance would only arise if there was doubt over the company’s ability to earn sufficient income in the future to require paying the tax.

  3. A选项正确。公司在近期内必须缴纳的税款属于应缴税款。

  4. A is correct. The taxes a company must pay in the immediate future are taxes payable.

  5. C选项正确。报告的所得税费用高于已付所得税费用将增加递延所得税负债,而报告的所得税费用低于已付所得税费用将增加递延所得税资产。

  6. C is correct. Higher reported tax expense relative to taxes paid will increase the deferred tax liability, whereas lower reported tax expense relative to taxes paid increases the deferred tax asset.

  7. B选项正确。如果预期负债会冲回(因此需要以现金方式缴纳税款),则递延税款代表未来负债。

  8. B is correct. If the liability is expected to reverse (and thus require a cash tax payment) the deferred tax represents a future liability.

  9. A选项正确。如果负债不会逆转,则未来无需缴纳税款,该“负债”应视为权益。

  10. A is correct. If the liability will not reverse, there will be no required tax payment in the future and the “liability” should be treated as equity.

  11. C选项正确。当暂时性差异转回导致的税款支付金额和时间均不确定时,递延所得税负债应从债务和权益中排除。

  12. C is correct. The deferred tax liability should be excluded from both debt and equity when both the amounts and timing of tax payments resulting from the reversals of temporary differences are uncertain.

  13. C选项正确。出于税务目的不可扣除的会计项目不会被冲回,因此不会产生永久性差异。

  14. C is correct. Accounting items that are not deductible for tax purposes will not be reversed and thus result in permanent differences.

  15. C选项正确。直接减少税款的税收抵免属于永久性差异,而永久性差异不会导致递延税款。

  16. C is correct. Tax credits that directly reduce taxes are a permanent difference, and permanent differences do not give rise to deferred tax.

  17. A选项正确。资本化将产生一项税基为正、账面价值为零的资产。摊销意味着这种差异是暂时的。由于资产存在暂时性差异,导致税基高于账面价值,因此会产生递延所得税资产。

  18. A is correct. The capitalization will result in an asset with a positive tax base and zero carrying value. The amortization means the difference is temporary. Because there is a temporary difference on an asset resulting in a higher tax base than carrying value, a deferred tax asset is created.

  19. B选项正确。这种差异是暂时的,而且由于摊销速度加快,计税基础会低于资产的账面价值。最终将产生递延所得税负债。

  20. B is correct. The difference is temporary, and the tax base will be lower (because of more rapid amortization) than the carrying value of the asset. The result will be a deferred tax liability.

  21. A选项正确。预付款项对公司而言构成负债。该负债的账面价值超过了计税基础(目前为零)。当负债的账面价值超过其计税基础时,就会产生递延所得税资产。

  22. A is correct. The advances represent a liability for the company. The carrying value of the liability exceeds the tax base (which is now zero). A deferred tax asset arises when the carrying value of a liability exceeds its tax base.

  23. B选项正确。第三年的所得税准备金为54,144美元,其中当期所得税为58,772美元,递延所得税为4,628美元。

  24. B is correct. The income tax provision in Year 3 was $54,144, consisting of $58,772 in current income taxes, of which $4,628 were deferred.

  25. B选项正确。实际税率为30.1%(56,860美元/189,167美元),高于第二年和第三年的实际税率。

  26. B is correct. The effective tax rate of 30.1 percent ($56,860/$189,167) was higher than the effective rates in Year 2 and Year 3.

  27. A选项正确。第三年,海外业务的实际税率为24.2% [($28,140 + $124)/$116,704],美国实际税率为[($30,632 − $4,752)/$88,157] = 29.4%。第二年,海外业务的实际税率为26.2%,美国实际税率为35.9%。第一年,海外实际税率为24.1%,美国实际税率为35.5%。

  28. A is correct. In Year 3 the effective tax rate on foreign operations was 24.2 percent [($28,140 + $124)/$116,704] and the effective US tax rate was [($30,632 − $4,752)/$88,157] = 29.4 percent. In Year 2 the effective tax rate on foreign operations was 26.2 percent and the US rate was 35.9 percent. In Year 1 the foreign rate was 24.1 percent and the US rate was 35.5 percent.

  29. B选项正确。估值准备金用于抵扣递延所得税资产,以反映未来应纳税所得额是否足以充分利用这些资产的不确定性。Zimt通过减少该准备金,表明未来收益更有可能被递延所得税资产抵消。

  30. B is correct. The valuation allowance is taken against deferred tax assets to represent uncertainty that future taxable income will be sufficient to fully utilize the assets. By decreasing the allowance, Zimt is signaling greater likelihood that future earnings will be offset by the deferred tax asset.

  31. C选项正确。当公司“极有可能”无法获得足够的收入来抵消递延所得税资产时,就会计提估值准备。由于估值准备等于递延所得税资产,因此公司预计在递延所得税资产到期前 不会产生应纳税所得额。

  32. C is correct. The valuation allowance is taken when the company will “more likely than not” fail to earn sufficient income to offset the deferred tax asset. Because the valuation allowance equals the asset, by extension the company expects no taxable income prior to the expiration of the deferred tax assets.

  33. A选项正确。较低的税率会增加利润表中的净利润,并且由于公司存在净递延所得税负债,资产负债表上的净负债状况也会改善(变小)。

  34. A is correct. A lower tax rate would increase net income on the income statement, and because the company has a net deferred tax liability, the net liability position on the balance sheet would also improve (be smaller).

  35. C选项正确。估值准备金的减少导致所得税准备金相应减少。

  36. C is correct. The reduction in the valuation allowance resulted in a corresponding reduction in the income tax provision.

  37. B选项正确。第三年的净递延所得税负债小于第二年,这表明该公司除了支付第三年预定的税款外,还支付了之前递延的税款。

  38. B is correct. The net deferred tax liability was smaller in Year 3 than it was in Year 2, indicating that in addition to meeting the tax payments provided for in Year 3 the company also paid taxes that had been deferred in prior periods.

  39. C选项正确。按34%的法定税率计算,所得税准备金为112,000美元,这意味着税前收入亏损112,000美元/0.34 = (329,412美元)。所得税准备金为227,000美元。(329,412美元) − 227,000美元 = (556,412美元)。

  40. C is correct. The income tax provision at the statutory rate of 34 percent is a benefit of $112,000, suggesting that the pre-tax income was a loss of $112,000/0.34 = ($329,412). The income tax provision was $227,000. ($329,412) − $227,000 = ($556,412).

  41. C选项正确。不能在税法中扣除的会计费用会造成永久性差异,因此不会产生递延税款。

  42. C is correct. Accounting expenses that are not deductible for tax purposes result in a permanent difference, and thus do not give rise to deferred taxes.

  43. B选项正确。在三年期间,估值准备金的变动使累计所得税减少了167万美元。估值准备金的减少是由于公司“极有可能”获得足够的应税收入来抵消递延所得税资产。

  44. B is correct. Over the three-year period, changes in the valuation allowance reduced cumulative income taxes by $1,670,000. The reductions to the valuation allowance were a result of the company being “more likely than not” to earn sufficient taxable income to offset the deferred tax assets.

笔记

Notes

阅读28 非流动(长期)负债

Reading 28 Non-Current (Long-Term) Liabilities

作者:伊丽莎白·A·戈登(Elizabeth A. Gordon,博士、工商管理硕士、注册会计师)和伊莱恩·亨利(Elaine Henry,博士、特许金融分析师)

Elizabeth A. Gordon,博士、工商管理硕士、注册会计师,任职于美国天普大学。Elaine Henry,博士、特许金融分析师,任职于美国史蒂文斯理工学院。

Elizabeth A. Gordon, PhD, MBA, CPA, is at Temple University (USA). Elaine Henry, PhD, CFA, is at Stevens Institute of Technology (USA).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 确定债券的初始确认、初始计量和后续计量;

  2. determine the initial recognition, initial measurement and subsequent measurement of bonds;

  3. 描述实际利率法,并计算利息费用、债券折价/溢价摊销和利息支付;

  4. describe the effective interest method and calculate interest expense, amortisation of bond discounts/premiums, and interest payments;

  5. 解释债务终止确认的原因;

  6. explain the derecognition of debt;

  7. 描述债务契约在保护债权人方面的作用;

  8. describe the role of debt covenants in protecting creditors;

  9. 描述债务的财务报表列报和相关信息披露;

  10. describe the financial statement presentation of and disclosures relating to debt;

  11. 解释租赁资产而不是购买资产的动机;

  12. explain motivations for leasing assets instead of purchasing them;

  13. 从承租人的角度解释租赁的财务报告;

  14. explain the financial reporting of leases from a lessee’s perspective;

  15. 从出租人的角度解释租赁的财务报告;

  16. explain the financial reporting of leases from a lessor’s perspective;

  17. 比较固定缴款养老金计划和固定收益养老金计划的列报和披露方式;

  18. compare the presentation and disclosure of defined contribution and defined benefit pension plans;

  19. 计算并解读杠杆率和偿付能力比率。

  20. calculate and interpret leverage and coverage ratios.

1.引言

1. Introduction

非流动负债(长期负债)大致是指未来一年以上期间可能损失的经济利益。公司财务报表中常见的非流动负债包括长期债务(例如,应付债券、长期应付票据)、租赁、养老金负债和递延所得税负债。本文重点讨论应付债券、租赁和养老金负债。

A non-current liability (long-term liability) broadly represents a probable sacrifice of economic benefits in periods generally greater than one year in the future. Common types of non-current liabilities reported in a company’s financial statements include long-term debt (e.g., bonds payable, long-term notes payable), leases, pension liabilities, and deferred tax liabilities. This reading focuses on bonds payable, leases, and pension liabilities.

本文结构如下:第二部分描述并举例说明长期债券的会计处理,包括债券发行、利息费用和利息支付的记录、折价或溢价的摊销、债务终止确认以及债务融资信息的披露。在讨论这些问题对财务报表的影响和分析时,我们将重点关注偿付能力和偿付能力比率。第三部分讨论租赁,包括租赁的益处以及承租人和出租人对租赁的会计处理。第四部分介绍养老金会计处理及其产生的非流动负债。第五部分讨论杠杆率和偿付能力比率在评估偿付能力中的应用。第六部分总结全文。

This reading is organised as follows. Section 2 describes and illustrates the accounting for long-term bonds, including the issuance of bonds, the recording of interest expense and interest payments, the amortisation of any discount or premium, the derecognition of debt, and the disclosure of information about debt financings. In discussing the financial statement effects and analyses of these issues, we focus on solvency and coverage ratios. Section 3 discusses leases, including benefits of leasing and accounting for leases by both lessees and lessors. Section 4 provides an introduction to pension accounting and the resulting non-current liabilities. Section 5 discusses the use of leverage and coverage ratios in evaluating solvency. Section 6 concludes and summarises the reading.

2.应付债券

2. Bonds Payable

本节讨论应付债券(一种常见的长期债务)的会计处理。在某些情况下(例如,某些政府债务),“债券”一词仅用于指期限为10年或更长的债务证券;“票据”指期限在2至10年之间的债务证券;“汇票”指期限不足2年的债务证券。本文中,我们将“债券”和“票据”互换使用,因为应付债券和长期应付票据的会计处理方法类似。在接下来的章节中,我们将讨论债券发行(初始确认和计量);债券摊销、利息费用和利息支付;市场利率和公允价值(后续计量);债券偿还,包括赎回和注销(终止确认);以及其他与债务相关的披露问题。我们还将讨论债务契约。

This section discusses accounting for bonds payable—a common form of long-term debt. In some contexts (e.g., some government debt obligations), the word “bond” is used only for a debt security with a maturity of 10 years or longer; “note” refers to a debt security with a maturity between 2 and 10 years; and “bill” refers to a debt security with a maturity of less than 2 years. In this reading, we use the terms bond and note interchangeably because the accounting treatments of bonds payable and long-term notes payable are similar. In the following sections, we discuss bond issuance (initial recognition and measurement); bond amortisation, interest expense, and interest payments; market rates and fair value (subsequent measurement); repayment of bonds, including retirements and redemptions (derecognition); and other issues concerning disclosures related to debt. We also discuss debt covenants.

2.1债券发行会计处理

2.1. Accounting for Bond Issuance

债券是公司(或其他借款实体)向其贷款人(即债券持有人)作出的合同承诺,承诺在未来支付现金,以换取当前收到的现金。债券合同的条款载于一份称为债券契约的文件中。公司发行债券时收到的现金或销售收入取决于债券发行时的价值(价格);发行时的价格由公司在债券协议中承诺的未来现金支付的现值确定。

Bonds are contractual promises made by a company (or other borrowing entity) to pay cash in the future to its lenders (i.e., bondholders) in exchange for receiving cash in the present. The terms of a bond contract are contained in a document called an indenture. The cash or sales proceeds received by a company when it issues bonds is based on the value (price) of the bonds at the time of issue; the price at the time of issue is determined as the present value of the future cash payments promised by the company in the bond agreement.

通常,债券包含两种类型的未来现金支付承诺:1)债券面值,以及 2)定期利息支付。债券面值是指公司在债券到期时向债券持有人支付的现金金额。面值也称为本金、票面价值、规定价值或到期价值。债券的到期日(即向债券持有人支付面值的日期)在债券合同中明确规定,通常为未来若干年。定期利息支付是根据债券合同中承诺的利率,并结合债券面值计算得出的。合同中承诺的利率,即用于计算定期利息支付的利率,被称为票面利率、名义利率或规定利率。同样,定期利息支付被称为票息支付或简称票息。对于固定利率债券(本文主要讨论此类债券),票面利率在债券存续期内保持不变。利息支付的频率也在债券合同中明确规定。例如,半年付息一次的债券每年将支付两次利息

Ordinarily, bonds contain promises of two types of future cash payments: 1) the face value of the bonds, and 2) periodic interest payments. The face value of the bonds is the amount of cash payable by the company to the bondholders when the bonds mature. The face value is also referred to as the principal, par value, stated value, or maturity value. The date of maturity of the bonds (the date on which the face value is paid to bondholders) is stated in the bond contract and typically is a number of years in the future. Periodic interest payments are made based on the interest rate promised in the bond contract applied to the bonds’ face value. The interest rate promised in the contract, which is the rate used to calculate the periodic interest payments, is referred to as the coupon rate, nominal rate, or stated rate. Similarly, the periodic interest payment is referred to as the coupon payment or simply the coupon. For fixed rate bonds (the primary focus of our discussion here), the coupon rate remains unchanged throughout the life of the bonds. The frequency with which interest payments are made is also stated in the bond contract. For example, bonds paying interest semi-annually will make two interest payments per year.1

债券的市场价值是通过对未来现金支付进行折现计算得出的。市场利率是指债券购买者在考虑特定债券发行未来现金支付义务相关风险后所要求的利率。由于发行人确定票面利率到债券实际可供投资者购买期间利率会波动,因此发行时的市场利率通常与票面利率不同。如果债券发行时的市场利率等于票面利率,则债券的市场价值(价格)将等于债券的面值。因此,忽略发行成本,发行公司将收到等于债券面值的销售收入(现金)。当债券以等于其面值的价格发行时,该债券被称为按面值发行。

The future cash payments are discounted to the present to arrive at the market value of the bonds. The market rate of interest is the rate demanded by purchasers of the bonds given the risks associated with future cash payment obligations of the particular bond issue. The market rate of interest at the time of issue often differs from the coupon rate because of interest rate fluctuations that occur between the time the issuer establishes the coupon rate and the day the bonds are actually available to investors. If the market rate of interest when the bonds are issued equals the coupon rate, the market value (price) of the bonds will equal the face value of the bonds. Thus, ignoring issuance costs, the issuing company will receive sales proceeds (cash) equal to the face value of the bonds. When a bond is issued at a price equal to its face value, the bond is said to have been issued at par.

如果债券发行时的票面利率高于市场利率,则债券的市场价值(以及公司收到的现金金额)将高于债券面值。换句话说,由于债券提供的票面利率相对于当前市场利率而言更具吸引力,因此债券将以溢价出售。如果票面利率低于市场利率,则债券的市场价值(以及出售所得)将低于债券面值;债券将以折价出售。发行时的市场利率是公司实际承担的债务利率或借款利率。实际利率是指使两种未来承诺现金支付的现值与其售价相等的折现率。对于发行公司而言,财务报表中报告的债券利息费用是基于实际利率计算的。

If the coupon rate when the bonds are issued is higher than the market rate, the market value of the bonds—and thus the amount of cash the company receives—will be higher than the face value of the bonds. In other words, the bonds will sell at a premium to face value because they are offering an attractive coupon rate compared to current market rates. If the coupon rate is lower than the market rate, the market value and thus the sale proceeds from the bonds will be less than the face value of the bonds; the bond will sell at a discount to face value. The market rate at the time of issuance is the effective interest rate or borrowing rate that the company incurs on the debt. The effective interest rate is the discount rate that equates the present value of the two types of promised future cash payments to their selling price. For the issuing company, interest expense reported for the bonds in the financial statements is based on the effective interest rate.

在发行公司的现金流量表中,发行债券收到的现金(销售收入)列为筹资现金流入。在发行时,发行公司资产负债表上的应付债券通常按销售收入计量和列报。换言之,应付债券最初按债券面值减去任何折价或加上任何溢价列报。

On the issuing company’s statement of cash flows, the cash received (sales proceeds) from issuing bonds is reported as a financing cash inflow. On the issuing company’s balance sheet at the time of issue, bonds payable normally are measured and reported at the sales proceeds. In other words, the bonds payable are initially reported at the face value of the bonds minus any discount, or plus any premium.

以下两个示例采用三步法,分别说明按面值发行债券和折价发行债券的会计处理方法。溢价发行债券的会计处理步骤与以下示例类似。为简化起见,这些示例假设利率收益率曲线平坦(即,每个时期的市场利率相同)。更精确的债券估值方法会使用每次支付利息或本金时适用的利率。

Using a three-step approach, the following two examples illustrate accounting for bonds issued at face value and then accounting for bonds issued at a discount to face value. Accounting for bonds issued at a premium involves steps similar to the steps followed in the examples below. For simplicity, these examples assume a flat interest rate yield curve (i.e., that the market rate of interest is the same for each period). More-precise bond valuations use the interest rate applicable to each time period in which a payment of interest or principal occurs.

例 1

按面值发行的债券

Bonds Issued at Face Value

假设一家公司Debond Corp.于2018年1月1日发行了100万英镑的五年期债券,当时市场对风险和期限相当的债券的年利率为5%。该债券每年12月31日支付5%的利息。债券发行时的销售收入是多少?此次发行如何在财务报表中反映?

Debond Corp. (a hypothetical company) issues £1,000,000 worth of five-year bonds, dated 1 January 2018, when the market interest rate on bonds of comparable risk and terms is 5 percent per annum. The bonds pay 5 percent interest annually on 31 December. What are the sales proceeds of the bonds when issued, and how is the issuance reflected in the financial statements?

解决方案:

Solution:

计算债券发行时的价值以及由此计算出的销售收入涉及三个步骤:1)确定债券的关键特征和市场利率;2)确定未来的现金流出;3)将未来的现金流折现到现在。

Calculating the value of the bonds at issuance and thus the sales proceeds involves three steps: 1) identifying key features of the bonds and the market interest rate, 2) determining future cash outflows, and 3) discounting the future cash flows to the present.

首先,确定债券的关键特征和市场利率,以便确定销售收入:

First, identify key features of the bonds and the market interest rate necessary to determine sales proceeds:

面值(本金): 100万英镑
成熟时间: 5年
票面利率: 5%
发行时的市场利率: 5%
利息支付频率: 年度的
利息支付: 50,000英镑 每年的利息支付额为面值乘以票面利率(1,000,000 英镑 × 5%)。如果利息不是按年支付,则调整利率以匹配利息支付周期(例如,对于半年付息,将年票面利率除以 2)。

其次,确定未来的现金流出。Debond公司将在债券五年后到期时向债券持有人支付100万英镑。在债券到期前的每年12月31日,Debond公司将支付5万英镑的利息。

Second, determine future cash outflows. Debond will pay bondholders £1,000,000 when the bonds mature in five years. On 31 December of each year until the bonds mature, Debond will make an interest payment of £50,000.

第三,将未来利息和本金支付的现值2相加,即可得出债券的价值,从而得出发行债券的销售收入。在本例中,总和为1,000,000英镑 = (216,474英镑 + 783,526英镑)。

Third, sum the present value2 of the future payments of interest and principal to obtain the value of the bonds and thus the sales proceeds from issuing the bonds. In this example, the sum is £1,000,000 = (£216,474 + £783,526).

日期 利息支付 按市场利率

(5%) 计算的现值
面值支付 按市场利率

(5%) 计算的现值


现值
2018年12月31日 50,000英镑 47,619 英镑
2019年12月31日 50,000 45,352
2020年12月31日 50,000 43,192
2021年12月31日 50,000 41,135
2022年12月31日 50,000 39,176 100万英镑 783,526 英镑
全部的 216,474 英镑 783,526 英镑 100万英镑
销售所得

债券发行所得款项为100万英镑。由于债券按面值发行,因此不存在折价或溢价。此次发行在资产负债表中反映为现金增加和长期负债(应付债券)增加100万英镑。此次发行在现金流量表中反映为筹资活动现金流入100万英镑。

The sales proceeds of the bonds when issued are £1,000,000. There is no discount or premium because these bonds are issued at face value. The issuance is reflected on the balance sheet as an increase of cash and an increase in a long-term liability, bonds payable, of £1,000,000. The issuance is reflected in the statement of cash flows as a financing cash inflow of £1,000,000.

债券价格通常以面值的百分比表示。例如,如例1所示,按面值发行的债券价格为100(即面值的100%)。在例2中,债券以折价发行,价格为95.79(即面值的95.79%)。

The price of bonds is often expressed as a percentage of face value. For example, the price of bonds issued at par, as in Example 1, is 100 (i.e., 100 percent of face value). In Example 2, in which bonds are issued at a discount, the price is 95.79 (i.e., 95.79 percent of face value).

例 2

折价发行债券

Bonds Issued at a Discount

Debond公司于2018年1月1日发行了100万英镑的五年期债券,当时风险和期限相当的债券市场利率为6%。该债券每年12月31日支付5%的利息。债券发行时的销售收入是多少?此次发行如何在财务报表中反映?

Debond Corp. issues £1,000,000 worth of five-year bonds, dated 1 January 2018, when the market interest rate on bonds of comparable risk and terms is 6 percent. The bonds pay 5 percent interest annually on 31 December. What are the sales proceeds of the bonds when issued, and how is the issuance reflected in the financial statements?

解决方案:

Solution:

债券和市场利率的主要特征如下:

The key features of the bonds and the market interest rate are:

面值(本金): 100万英镑
成熟时间: 5年
票面利率: 5%
发行时的市场利率: 6%
利息支付频率: 年度的
利息支付: 50,000英镑 每年的利息支付额为面值乘以票面利率(1,000,000 英镑 × 5%)。

未来现金流出(利息支付和本金支付)、未来现金流出的现值以及总现值分别为:

The future cash outflows (interest payments and face value payment), the present value of the future cash outflows, and the total present value are:

日期 利息支付 按市场利率

(6%) 计算的现值
面值支付 按市场利率

(6%) 计算的现值


现值
2018年12月31日 50,000英镑 47,170 英镑
2019年12月31日 50,000 44,500
2020年12月31日 50,000 41,981
2021年12月31日 50,000 39,605
2022年12月31日 50,000 37,363 100万英镑 747,258 英镑
全部的 210,618 英镑 747,258 英镑 957,876 英镑
    销售所得

债券发行所得款项为957,876英镑。由于债券发行时的市场利率(6%)高于债券票面利率(5%),因此债券以折价42,124英镑(1,000,000英镑 - 957,876英镑)发行。此次发行在资产负债表中反映为现金增加和长期负债(应付债券)增加957,876英镑。应付债券由面值1,000,000英镑减去折价42,124英镑构成。此次发行在现金流量表中反映为筹资活动现金流入957,876英镑。

The sales proceeds of the bonds when issued are £957,876. The bonds sell at a discount of £42,124 = (£1,000,000 – £957,876) because the market rate when the bonds are issued (6 percent) is greater than the bonds’ coupon rate (5 percent). The issuance is reflected on the balance sheet as an increase of cash and an increase in a long-term liability, bonds payable, of £957,876. The bonds payable is composed of the face value of £1,000,000 minus a discount of £42,124. The issuance is reflected in the statement of cash flows as a financing cash inflow of £957,876.

例2中,债券以低于面值的价格发行,因为其5%的票面利率低于市场利率。当债券的票面利率高于市场利率时,债券则以高于面值的价格发行。

In Example 2, the bonds were issued at a discount to face value because the bonds’ coupon rate of 5 percent was less than the market rate. Bonds are issued at a premium to face value when the bonds’ coupon rate exceeds the market rate.

票面利率为零的债券(零息债券)总是以低于面值的价格发行。由于没有定期利息支付,零息债券的价值仅基于本金支付的现值。

Bonds issued with a coupon rate of zero (zero-coupon bonds) are always issued at a discount to face value. The value of zero-coupon bonds is based on the present value of the principal payment only because there are no periodic interest payments.

发行债券时产生的成本包括印刷费、律师费、佣金和其他费用。根据国际财务报告准则(IFRS),所有债务发行成本均计入应付债券负债的计量。根据美国通用会计准则(US GAAP),公司通常将这些债务发行成本列为一项资产(递延费用),并在债券存续期内按直线法摊销至相关费用(例如律师费)。根据US GAAP,债务发行成本从相关的债务负债中扣除。采用US GAAP进行报告的公司仍可将信贷额度的债务发行成本列为一项资产,因为美国证券交易委员会(SEC)表示不会对此处理方式提出异议。根据IFRS和US GAAP,与债券发行成本相关的现金流出均计入现金流量表的筹资活动部分,通常与债券发行所得款项进行净额抵销。

Such issuance costs as printing, legal fees, commissions, and other types of charges are costs incurred when bonds are issued. Under International Financial Reporting Standards (IFRS), all debt issuance costs are included in the measurement of the liability, bonds payable. Under US generally accepted accounting principles (US GAAP), companies generally used to show these debt issuance costs as an asset (a deferred charge), which was amortised on a straight-line basis to the relevant expense (e.g., legal fees) over the life of the bonds. Under US GAAP, debt issuance costs are deducted from the related debt liability. Companies reporting under US GAAP may still report debt issuance costs for lines of credit as an asset because the SEC indicated that it would not object to this treatment. Under IFRS and US GAAP, cash outflows related to bond issuance costs are included in the financing section of the statement of cash flows, usually netted against bond proceeds.

2.2债券摊销、利息费用和利息支付的会计处理

2.2. Accounting for Bond Amortisation, Interest Expense, and Interest Payments

本节讨论债券发行后的会计处理和报告。大多数公司在债券发行后会保留其历史成本(销售收入),并在债券存续期内摊销任何折价或溢价。因此,资产负债表上报告的债券金额为历史成本加上或减去累计摊销额,即摊余成本。公司也可以选择按债券的当前公允价值进行报告。

In this section, we discuss accounting and reporting for bonds after they are issued. Most companies maintain the historical cost (sales proceeds) of the bonds after issuance, and they amortise any discount or premium over the life of the bond. The amount reported on the balance sheet for bonds is thus the historical cost plus or minus the cumulative amortisation, which is referred to as amortised cost. Companies also have the option to report the bonds at their current fair values.

以摊余历史成本计量债券的理由是公司打算持有该债务直至到期。因此,从发行公司的角度来看,债务潜在经济价值的变化无关紧要。然而,从投资者的角度来看,当债务以摊余历史成本计量时,分析公司的潜在经济负债和偿付能力会更加困难。本节余下部分将阐述以摊余历史成本计量债券的会计处理和报告。第2.3节讨论了以公允价值计量债券的替代方案。

The rationale for reporting the bonds at amortised historical cost is the company’s intention to retain the debt until it matures. Therefore, changes in the underlying economic value of the debt are not relevant from the issuing company’s perspective. From an investor’s perspective, however, analysis of a company’s underlying economic liabilities and solvency is more difficult when debt is reported at amortised historical cost. The rest of this section illustrates accounting and reporting of bonds at amortised historical cost. Section 2.3 discusses the alternative of reporting bonds at fair value.

公司最初在资产负债表上将债券列为负债,金额为根据国际财务报告准则 (IFRS) 和美国通用会计准则 (US GAAP) 计算的销售收入扣除发行成本后的净额,忽略任何债券发行成本。公司资产负债表上债券的列示金额被称为账面价值、账面金额或净账面价值。如果债券按面值发行,则初始账面价值与面值相同,并且通常在债券存续期内账面价值不会发生变化。对于按面值发行的债券,定期利息费用金额与支付给债券持有人的定期利息金额相同。

Companies initially report bonds as a liability on their balance sheet at the amount of the sales proceeds net of issuance costs under both IFRS and US GAAP, ignoring any bond issuance costs. The amount at which bonds are reported on the company’s balance sheet is referred to as the carrying amount, carrying value, book value, or net book value. If the bonds are issued at par, the initial carrying amount will be identical to the face value, and usually the carrying amount will not change over the life of the bonds.3 For bonds issued at face value, the amount of periodic interest expense will be the same as the amount of periodic interest payment to bondholders.

然而,如果债券发行时的市场利率与债券票面利率存在差异,导致债券溢价或折价发行,则该溢价或折价应在债券存续期内作为利息费用的一部分进行摊销。对于溢价发行的债券,其账面价值最初高于面值。随着溢价摊销,债券的账面价值(摊销后的成本)将减少至面值。此时,报告的利息费用将低于票息支付。对于折价发行的债券,其账面价值最初低于面值。随着折价摊销,债券的账面价值(摊销后的成本)将增加至面值。此时,报告的利息费用将高于票息支付。

If, however, the market rate differs from the bonds’ coupon rate at issuance such that the bonds are issued at a premium or discount, the premium or discount is amortised systematically over the life of the bonds as a component of interest expense. For bonds issued at a premium to face value, the carrying amount of the bonds is initially greater than the face value. As the premium is amortised, the carrying amount (amortised cost) of the bonds will decrease to the face value. The reported interest expense will be less than the coupon payment. For bonds issued at a discount to face value, the carrying amount of the bonds is initially less than the face value. As the discount is amortised, the carrying amount (amortised cost) of the bonds will increase to the face value. The reported interest expense will be higher than the coupon payment.

折价发行债券的会计处理反映了公司在发行时通过折价出售债券来支付部分借款成本的事实。这种“支付”并非未来实际发生的现金转移,而是在发行日以低于面值的价格出售债券的形式完成的。剩余的借款成本则以每期支付给投资者的现金利息的形式体现。利息总支出反映了借款成本的两部分:定期支付的利息加上折价摊销。溢价发行债券的会计处理反映了公司在发行时通过溢价出售债券来减少借款成本的事实。这种“减少”并非未来实际发生的现金转移,而是在发行日以高于面值的价格出售债券的形式完成的。利息总支出反映了借款成本的两部分:定期支付的利息减去溢价摊销。债券到期时,无论债券是按面值、折价还是溢价发行,其账面价值都将等于面值。

The accounting treatment for bonds issued at a discount reflects the fact that the company essentially paid some of its borrowing costs at issuance by selling its bonds at a discount. Rather than there being an actual cash transfer in the future, this “payment” was made in the form of accepting less than the face value for the bonds at the date of issuance. The remaining borrowing cost occurs as a cash interest payment to investors each period. The total interest expense reflects both components of the borrowing cost: the periodic interest payments plus the amortisation of the discount. The accounting treatment for bonds issued at a premium reflects the fact that the company essentially received a reduction on its borrowing costs at issuance by selling its bonds at a premium. Rather than there being an actual reduced cash transfer in the future, this “reduction” was made in the form of receiving more than face value for the bonds at the date of issuance. The total interest expense reflects both components of the borrowing cost: the periodic interest payments less the amortisation of the premium. When the bonds mature, the carrying amount will be equal to the face value regardless of whether the bonds were issued at face value, a discount, or a premium.

对于以非面值价格发行的债券,摊销溢价或折价有两种方法:实际利率法和直线法。国际财务报告准则(IFRS)要求采用实际利率法,而美国通用会计准则(US GAAP)则更倾向于采用实际利率法,因为它能更好地反映交易的经济实质。实际利率法将债券发行时的市场利率(历史市场利率或实际利率)应用于债券的当前摊余成本(账面价值),从而得出当期利息费用。利息费用(基于实际利率和摊余成本)与利息支付(基于票面利率和面值)之间的差额即为折价或溢价的摊销额。直线法摊销则是在债券存续期内平均摊销溢价或折价,类似于长期资产的直线折旧法。无论采用哪种方法,随着债券接近到期日,摊余成本都会趋近于面值。

Two methods for amortising the premium or discount of bonds that were issued at a price other than par are the effective interest rate method and the straight-line method. The effective interest rate method is required under IFRS and preferred under US GAAP because it better reflects the economic substance of the transaction. The effective interest rate method applies the market rate in effect when the bonds were issued (historical market rate or effective interest rate) to the current amortised cost (carrying amount) of the bonds to obtain interest expense for the period. The difference between the interest expense (based on the effective interest rate and amortised cost) and the interest payment (based on the coupon rate and face value) is the amortisation of the discount or premium. The straight-line method of amortisation evenly amortises the premium or discount over the life of the bond, similar to straight-line depreciation on long-lived assets. Under either method, as the bond approaches maturity, the amortised cost approaches face value.

例 3说明了折价发行债券的两种摊销方法。例 4显示了溢价发行债券的摊销方法。

Example 3 illustrates both methods of amortisation for bonds issued at a discount. Example 4 shows amortisation for bonds issued at a premium.

例 3

债券折价摊销

Amortising a Bond Discount

Debond公司于2017年1月1日发行面值100万英镑的五年期债券,当时市场利率为6%。发行所得款项为957,876英镑。该债券每年12月31日支付5%的利息。

Debond Corp. issues £1,000,000 face value of five-year bonds, dated 1 January 2017, when the market interest rate is 6 percent. The sales proceeds are £957,876. The bonds pay 5 percent interest annually on 31 December.

  1. 这些债券每年的 利息支付额是多少?

  2. What is the interest payment on the bonds each year?

  3. 使用实际利率法,2017 年和 2018 年应报告的债券 利息费用是多少?

  4. What amount of interest expense on the bonds would be reported in 2017 and 2018 using the effective interest rate method?

  5. 假设采用实际利率法摊销折价,确定债券在 2017 年 12 月 31 日和 2018 年 12 月 31 日的报告价值(即账面价值)。

  6. Determine the reported value of the bonds (i.e., the carrying amount) at 31 December 2017 and 2018, assuming the effective interest rate method is used to amortise the discount.

  7. 如果采用直线法摊销折价,债券的利息费用应报告多少?

  8. What amount of interest expense on the bonds would be reported under the straight-line method of amortising the discount?

问题1的解答:

Solution to 1:

每年利息支付额为 50,000 英镑(1,000,000 英镑 × 5%)。

The interest payment equals £50,000 annually (£1,000,000 × 5%).

答案二:

Solution to 2:

此次债券发行所得款项为957,876英镑,低于面值1,000,000英镑;债券发行时折价42,124英镑。债券最初被列为长期负债——应付债券,金额为957,876英镑,其中包括面值1,000,000英镑减去折价42,124英镑。该折价将随时间推移进行摊销,最终使账面价值(摊销后的成本)增加至面值。

The sales proceeds of £957,876 are less than the face value of £1,000,000; the bonds were issued at a discount of £42,124. The bonds are initially reported as a long-term liability, bonds payable, of £957,876, which comprises the face value of £1,000,000 minus a discount of £42,124. The discount is amortised over time, ultimately, increasing the carrying amount (amortised cost) to face value.

根据实际利率法,债券的利息费用按债券账面价值乘以债券发行时的市场利率(实际利率)计算。2017年的利息费用为57,473英镑 = (957,876英镑 × 6%)。2017年摊销的折价金额为利息费用57,473英镑与利息支付50,000英镑之间的差额(即7,473英镑)。债券的账面价值因折价摊销而增加;截至2017年12月31日,债券的账面价值为965,349英镑(期初余额957,876英镑加上7,473英镑的折价摊销)。此时,账面价值反映了剩余未摊销折价34,651英镑(发行折价42,124英镑减去已摊销的7,473英镑)。

Under the effective interest rate method, interest expense on the bonds is calculated as the bonds’ carrying amount times the market rate in effect when the bonds are issued (effective interest rate). For 2017, interest expense is £57,473 = (£957,876 × 6%). The amount of the discount amortised in 2017 is the difference between the interest expense of £57,473 and the interest payment of £50,000 (i.e., £7,473). The bonds’ carrying amount increases by the discount amortisation; at 31 December 2017, the bonds’ carrying amount is £965,349 (beginning balance of £957,876 plus £7,473 discount amortisation). At this point, the carrying amount reflects a remaining unamortised discount of £34,651 (£42,124 discount at issuance minus £7,473 amortised).

2018年的利息费用为57,921英镑,等于(965,349英镑×6%),即2018年1月1日债券的账面价值乘以实际利率。2018年摊销的折价金额为利息费用57,921英镑与利息支付50,000英镑之间的差额(即7,921英镑)。截至2018年12月31日,债券的账面价值为973,270英镑(期初余额965,349英镑加上7,921英镑的折价摊销)。

For 2018, interest expense is £57,921 = (£965,349 × 6%), the carrying amount of the bonds on 1 January 2018 times the effective interest rate. The amount of the discount amortised in 2018 is the difference between the interest expense of £57,921 and the interest payment of £50,000 (i.e., £7,921). At 31 December 2018, the bonds’ carrying amount is £973,270 (beginning balance of £965,349 plus £7,921 discount amortisation).

下表列出了债券存续期内的利息费用、折价摊销和账面价值(摊销成本)。

The following table illustrates interest expense, discount amortisation, and carrying amount (amortised cost) over the life of the bonds.

账面价值(年初) 利息支出(按实际利率 6% 计算) 利息支付(票面利率为 5%) 折价摊销 账面价值(年末)
(一个) (b) (c) (d) (e)
2017 957,876 英镑 57,473 英镑 50,000英镑 7,473 英镑 965,349 英镑
2018 965,349 57,921 50,000 7,921 973,270
2019 973,270 58,396 50,000 8,396 981,666
2020 981,666 58,900 50,000 8,900 990,566
2021 990,566 59,434 50,000 9,434 1,000,000
全部的 292,124 英镑 25万英镑 42,124 英镑

问题3的解答:

Solution to 3:

截至2017年12月31日和2018年12月31日,债券的账面价值分别为965,349英镑和973,270英镑。请注意,以折价发行的债券的账面价值在其存续期内不断增加。到期日(2021年12月31日),债券的账面价值等于其面值。偿还本金时,债券的账面价值将降至零。

The carrying amounts of the bonds at 31 December 2017 and 2018 are £965,349 and £973,270, respectively. Observe that the carrying amount of the bonds issued at a discount increases over the life of the bonds. At maturity, 31 December 2021, the carrying amount of the bonds equals the face value of the bonds. The carrying amount of the bonds will be reduced to zero when the principal payment is made.

问题 4 的解答:

Solution to 4:

采用直线法,折价(或溢价)将在债券存续期内平均摊销。在本例中,42,124 英镑的折价将按直线法每年摊销 8,424.80 英镑(42,124 英镑除以 5 年)。因此,采用直线法计算的年度利息支出为 58,424.80 英镑(50,000 英镑加上 8,424.80 英镑)。

Under the straight-line method, the discount (or premium) is evenly amortised over the life of the bonds. In this example, the £42,124 discount would be amortised by £8,424.80 (£42,124 divided by 5 years) each year under the straight-line method. So, the annual interest expense under the straight-line method would be £58,424.80 (£50,000 plus £8,424.80).

零息债券的会计处理和报告与上述示例类似,只是不支付利息;因此,每年的利息支出金额与当年的折价摊销金额相同。

The accounting and reporting for zero-coupon bonds is similar to the example above except that no interest payments are made; thus, the amount of interest expense each year is the same as the amount of the discount amortisation for the year.

例 4

债券溢价摊销

Amortising a Bond Premium

Prembond公司于2017年1月1日发行面值100万英镑的五年期债券,当时市场利率为4%。发行所得款项为1044518英镑。该债券每年12月31日支付5%的利息。

Prembond Corp. issues £1,000,000 face value of five-year bonds, dated 1 January 2017, when the market interest rate is 4 percent. The sales proceeds are £1,044,518. The bonds pay 5 percent interest annually on 31 December.

  1. 这些债券每年的 利息支付额是多少?

  2. What is the interest payment on the bonds each year?

  3. 使用实际利率法,2017 年和 2018 年应报告的债券 利息费用是多少?

  4. What amount of interest expense on the bonds would be reported in 2017 and 2018 using the effective interest rate method?

  5. 假设采用实际利率法摊销溢价,确定债券在 2017 年 12 月 31 日和 2018 年 12 月 31 日的报告价值(即账面价值)。

  6. Determine the reported value of the bonds (i.e., the carrying amount) at 31 December 2017 and 2018, assuming the effective interest rate method is used to amortise the premium.

  7. 如果采用直线法摊销溢价,债券利息费用应报告多少?

  8. What amount of interest expense on the bonds would be reported under the straight-line method of amortising the premium?

问题1的解答:

Solution to 1:

每年利息支付额为 50,000 英镑(1,000,000 英镑 × 5%)。

The interest payment equals £50,000 annually (£1,000,000 × 5%).

答案二:

Solution to 2:

此次债券发行所得款项为1,044,518英镑,超过了1,000,000英镑的面值;债券发行溢价为44,518英镑。债券最初被列为长期负债——应付债券,金额为1,044,518英镑,其中包括1,000,000英镑的面值加上44,518英镑的溢价。溢价将随时间推移进行摊销,最终使账面价值(摊销后的成本)降至面值。

The sales proceeds of £1,044,518 are more than the face value of £1,000,000; the bonds were issued at a premium of £44,518. The bonds are initially reported as a long-term liability, bonds payable, of £1,044,518, which comprises the face value of £1,000,000 plus a premium of £44,518. The premium is amortised over time, ultimately decreasing the carrying amount (amortised cost) to face value.

根据实际利率法,债券的利息费用按债券账面价值乘以债券发行时的市场利率(实际利率)计算。2017年的利息费用为41,781英镑 = (1,044,518英镑 × 4%)。2017年摊销的溢价金额为利息费用41,781英镑与利息支付50,000英镑之间的差额(即8,219英镑)。债券的账面价值因溢价摊销而减少;截至2017年12月31日,债券的账面价值为1,036,299英镑(期初余额1,044,518英镑减去8,219英镑的溢价摊销)。此时,账面价值反映了剩余未摊销的溢价36,299英镑(发行时溢价44,518英镑减去已摊销的8,219英镑)。

Under the effective interest rate method, interest expense on the bonds is calculated as the bonds’ carrying amount times the market rate in effect when the bonds are issued (effective interest rate). For 2017, interest expense is £41,781 = (£1,044,518 × 4%). The amount of the premium amortised in 2017 is the difference between the interest expense of £41,781 and the interest payment of £50,000 (i.e., £8,219). The bonds’ carrying amount decreases by the premium amortisation; at 31 December 2017, the bonds’ carrying amount is £1,036,299 (beginning balance of £1,044,518 less £8,219 premium amortisation). At this point, the carrying amount reflects a remaining unamortised premium of £36,299 (£44,518 premium at issuance minus £8,219 amortised).

2018年的利息费用为41,452英镑 = (1,036,299英镑 × 4%)。2011年摊销的溢价金额为利息费用41,452英镑与利息支付50,000英镑之间的差额(即8,548英镑)。截至2018年12月31日,债券的账面价值为1,027,751英镑(期初余额1,036,299英镑减去8,548英镑的溢价摊销)。

For 2018, interest expense is £41,452 = (£1,036,299 × 4%). The amount of the premium amortised in 2011 is the difference between the interest expense of £41,452 and the interest payment of £50,000 (i.e., £8,548). At 31 December 2018, the bonds’ carrying amount is £1,027,751 (beginning balance of £1,036,299 less £8,548 premium amortisation).

下表列出了债券存续期内的利息支出、溢价摊销和账面价值(摊销成本)。

The following table illustrates interest expense, premium amortisation, and carrying amount (amortised cost) over the life of the bonds.

账面价值(年初) 利息支出(按实际利率 4% 计算) 利息支付(票面利率为 5%) 保费摊销 账面价值(年末)
(一个) (b) (c) (d) (e)
2017 1,044,518 英镑 41,781英镑 50,000英镑 8,219 英镑 1,036,299 英镑
2018 1,036,299 41,452 50,000 8,548 1,027,751
2019 1,027,751 41,110 50,000 8,890 1,018,861
2020 1,018,861 40,754 50,000 9,246 1,009,615
2021 1,009,615 40,385 50,000 9,615 1,000,000
全部的 44,518 英镑

问题3的解答:

Solution to 3:

截至2017年12月31日和2018年12月31日,债券的账面价值分别为1,036,299英镑和1,027,751英镑。请注意,溢价发行的债券的账面价值在其存续期内递减。到期日(2021年12月31日),债券的账面价值等于其面值。本金支付时,债券的账面价值将降至零。

The carrying amounts of the bonds at 31 December 2017 and 2018 are £1,036,299 and £1,027,751, respectively. Observe that the carrying amount of the bonds issued at a premium decreases over the life of the bonds. At maturity, 31 December 2021, the carrying amount of the bonds equals the face value of the bonds. The carrying amount of the bonds will be reduced to zero when the principal payment is made.

问题 4 的解答:

Solution to 4:

采用直线法,溢价将在债券存续期内平均摊销。在本例中,44,518 英镑的溢价,按直线法每年摊销 8,903.64 英镑(44,518 英镑除以 5 年)。因此,直线法下的年度利息支出为 41,096.36 英镑(50,000 英镑减去 8,903.64 英镑)。

Under the straight-line method, the premium is evenly amortised over the life of the bonds. In this example, the £44,518 premium would be amortised by £8,903.64 (£44,518 divided by 5 years) each year under the straight-line method. So, the annual interest expense under the straight-line method would be £41,096.36 (£50,000 less £8,903.64).

在国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)下,现金流量表中利息支出的列报方式可能有所不同。根据IFRS,债券利息支出可以作为现金流量表经营活动或筹资活动部分的现金流出。而US GAAP则要求债券利息支出作为经营活动现金流出。(一些财务报表使用者认为,将利息支出列于经营活动部分与将债券发行所得款项列于筹资活动部分的做法不一致。)通常情况下,现金利息支出不会直接在现金流量表中列示,但公司需要单独披露已付利息。

The reporting of interest payments on the statement of cash flows can differ under IFRS and US GAAP. Under IFRS, interest payments on bonds can be included as an outflow in either the operating section or the financing section of the statement of cash flows. US GAAP requires interest payments on bonds to be included as an operating cash outflow. (Some financial statement users consider the placement of interest payments in the operating section to be inconsistent with the placement of bond issue proceeds in the financing section of the statement of cash flows.) Typically, cash interest paid is not shown directly on the statement of cash flows, but companies are required to disclose interest paid separately.

折价(溢价)摊销属于非现金项目,因此,除对税前利润的影响外,对现金流量没有影响。在现金流量表中将净利润与经营现金流量进行调节的部分,折价(溢价)摊销会加回(从)净利润中扣除。

Amortisation of a discount (premium) is a non-cash item and thus, apart from its effect on pretax income, has no effect on cash flow. In the section of the statement of cash flows that reconciles net income to operating cash flow, amortisation of a discount (premium) is added back to (subtracted from) net income.

2.3 . 当前市场利率和公允价值报告选项

2.3. Current Market Rates and Fair Value Reporting Option

以摊余历史成本(历史成本加上或减去累计摊销额)列报债券反映了债券发行时的市场利率即历史市场利率或实际利率)。随着市场利率的变化,债券的账面价值会与其公允市场价值产生偏差。当市场利率下降时,固定票面利率债券的公允价值会上升。因此,公司基于摊余历史成本计算的经济负债可能高于其报告的债务。相​​反,当市场利率上升时,固定票面利率债券的公允价值会下降,公司的经济负债可能低于其报告的债务。使用基于摊余成本的财务报表金额可能会低估(或高估)公司的债务资本比率和类似的杠杆比率。

Reporting bonds at amortised historical costs (historical cost plus or minus the cumulative amortisation) reflects the market rate at the time the bonds were issued (i.e., historical market rate or effective interest rate). As market interest rates change, the bonds’ carrying amount diverges from the bonds’ fair market value. When market interest rates decline, the fair value of a bond with a fixed coupon rate increases. As a result, a company’s economic liabilities may be higher than its reported debt based on amortised historical cost. Conversely, when market interest rates increase, the fair value of a bond with a fixed coupon rate decreases and the company’s economic liability may be lower than its reported debt. Using financial statement amounts based on amortised cost may underestimate (or overestimate) a company’s debt-to-total-capital ratio and similar leverage ratios.

公司可以选择以公允价值计量财务负债。根据国际财务报告准则(IFRS),以公允价值计量且其变动计入当期损益的财务负债被指定为“以公允价值计量且其变动计入当期损益的财务负债”;或者,根据美国通用会计准则(US GAAP),则被指定为“公允价值计量选择权下的负债” 。即使公司不选择以公允价值计量财务负债,财务报表中公允价值信息的披露也已有所增加。除非账面价值接近公允价值或公允价值无法可靠计量,否则国际财务报告准则和美国通用会计准则均要求在财务报表中披露公允价值。

Companies have the option to report financial liabilities at fair value. Financial liabilities reported at fair value are designated as financial liabilities at fair value through profit or loss under IFRS, or, equivalently under US GAAP, as liabilities under the fair value option. Even if a company does not opt to report financial liabilities at fair value, the availability of fair value information in the financial statements has increased. IFRS and US GAAP require fair value disclosures in the financial statements unless the carrying amount approximates fair value or the fair value cannot be reliably measured.4

选择以公允价值计量负债的公司,会将负债公允价值的减少确认为收入,将负债公允价值的增加确认为损失。由于负债公允价值的变动可能源于市场利率的变化和/或发行公司信用质量的变化,会计准则要求公司单独列示由自身信用风险变化引起的变动部分。具体而言,公司会将归因于自身信用风险变化的价值变动部分计入其他综合收益。只有不归因于自身信用风险变化的价值变动部分才会计入损益

A company electing to measure a liability at fair value will report decreases in the liability’s fair value as income and increases in the liability’s fair value as losses. Because changes in a liability’s fair value can result from changes in market rates and/or changes in the credit quality of the issuing company, accounting standards require companies to present separately the portion of the change resulting from changes in their own credit risk. Specifically, the company will report the portion of the change in value attributable to changes in their credit risk in other comprehensive income. Only the portion of the change in value not attributable to changes in their credit risk will be recognised in profit or loss.5

截至2018年底,选择以公允价值计量金融负债的公司寥寥无几。选择这一选项的公司主要集中在金融行业。金融投资和衍生品报告准则已要求这些公司以公允价值计量其相当一部分资产。当金融资产以公允价值计量时,若金融负债采用非公允价值计量,则会导致盈利波动。这种波动源于金融资产和金融负债采用不同的计量基础。此外,当负债与特定资产相关时,采用不同的计量基础会造成会计错配。高盛选择以公允价值计量部分金融负债。在其2017财年10-K报告(第136页)中,高盛解释了这一选择:

As of the end of 2018, few companies have selected the option to report financial liabilities at fair value. Those that have are primarily companies in the financial sector. Reporting standards for financial investments and derivatives already required these companies to report a significant portion of their assets at fair values. Measuring financial liabilities at other than fair value, when financial assets are measured at fair value, results in earnings volatility. This volatility is the result of using different bases of measurement for financial assets and financial liabilities. Furthermore, when a liability is related to a specific asset, using different measurement bases creates an accounting mismatch. Goldman Sachs elected to account for some financial liabilities at fair value under the fair value option. In its fiscal year 2017 10-K filing (page 136), Goldman explains this choice:

选择公允价值期权的主要原因是:

• 及时将经济事件反映在收益中;

• 降低因采用不同计量属性而导致的收益波动(例如,作为融资活动核算的金融工具转让按公允价值计量,而相关的担保融资若不选择公允价值计量,则按权责发生制计量);

• 考虑简化和成本效益问题(例如,对混合金融工具整体按公允价值计量,还是将嵌入式衍生品拆分,以及对债务主体进行套期会计处理)。

“The primary reasons for electing the fair value option are to:

• Reflect economic events in earnings on a timely basis;

• Mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial instruments owned accounted for as financings are recorded at fair value, whereas the related secured financing would be recorded on an accrual basis absent electing the fair value option); and

• Address simplification and cost-benefit considerations (e.g., accounting for hybrid financial instruments at fair value in their entirety versus bifurcation of embedded derivatives and hedge accounting for debt hosts).”

根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)的要求,大多数公司都会披露金融负债的公允价值。主要的例外情况是,当公允价值无法可靠计量时,公司无需披露。示例5展示了荷兰国际集团(ING Group)的公允价值披露情况,其中包括长期债务的公允价值。

Most companies, as required under IFRS and US GAAP, disclose the fair values of financial liabilities. The primary exception to the disclosure occurs when fair value cannot be reliably measured. Example 5 illustrates ING Group’s fair value disclosures, including the fair values of long-term debt.

例5

债务和金融工具的公允价值披露

Fair Value Disclosures of Debt and Financial Instruments

ING集团2017年20-F表格

ING Group 2017 Form 20-F

ING集团[简明]资产负债表(截至2017年12月31日和2016年12月31日)[仅负债]
金额单位为十亿欧元 2017 2016
银行存款 36.8 32.0
客户存款 539.8 522.9
以公允价值计量且其变动计入当期损益的金融负债 87.2 99.0
其他负债 18.9 20.1
已发行债务证券/次级贷款 112.1 120.4
总负债 794.8 794.4

以下摘自 ING 集团财务报表的脚注。

The following are excerpts from the footnotes to ING Group’s financial statements.

摘自附注1会计政策

Excerpt from Note 1 Accounting Policies

以公允价值计量且其变动计入损益的金融资产和负债

以公允价值计量且其变动计入当期损益的金融负债包括以下子类别:交易性负债、非交易性衍生工具以及管理层指定以公允价值计量且其变动计入当期损益的其他金融负债。交易性负债包括权益证券、债务证券、存款和衍生工具。

如果金融资产或金融负债的主要目的是短期出售,或者管理层指定采用公允价值计量且其变动计入当期损益,则该金融资产或金融负债应按公允价值计量。管理层仅在以下情况下才会将金融资产或金融负债指定为公允价值计量:消除计量不一致;或者相关资产和负债均按公允价值计量。

Financial assets and liabilities at fair value through profit or loss

… Financial liabilities at fair value through profit or loss comprise the following sub-categories: trading liabilities, non-trading derivatives, and other financial liabilities designated at fair value through profit or loss by management. Trading liabilities include equity securities, debt securities, funds on deposit, and derivatives.

A financial asset or financial liability is classified at fair value through profit or loss if acquired principally for the purpose of selling in the short term or if designated by management as such. Management will designate a financial asset or a financial liability as such only if this eliminates a measurement inconsistency or if the related assets and liabilities are managed on a fair value basis….

按摊余成本计算的金融负债

按摊余成本计算的金融负债包括以下子类别:归类为债务的优先股、已发行债务证券、次级贷款、银行存款和客户存款。

以摊余成本法确认的金融负债,最初按发行所得款项(已收对价的公允价值)扣除已发生的交易成本后确认。此类负债随后按摊余成本列示;所得款项(扣除交易成本后)与赎回价值之间的任何差额,均采用实际利率法在负债存续期间的损益表中确认……

Financial liabilities at amortised cost

Financial liabilities at amortised cost include the following sub-categories: preference shares classified as debt, debt securities in issue, subordinated loans, and deposits from banks and customer deposits.

Financial liabilities at amortised cost are recognised initially at their issue proceeds (fair value of consideration received) net of transaction costs incurred. Liabilities in this category are subsequently stated at amortised cost; any difference between proceeds, net of transaction costs, and the redemption value is recognised in the statement of profit or loss over the period of the liability using the effective interest method….

摘自附注16:已发行债务证券

Excerpt from Note 16 Debt securities in issue

已发行债务证券指荷兰国际集团发行的债券及其他已发行债务证券,其利率分为固定利率和浮动利率两种,例如定期存款和承兑汇票,但不包括次级债务。已发行债务证券不包括以公允价值计量且其变动计入当期损益的金融负债中的债务证券。

Debt securities in issue relate to debentures and other issued debt securities with either fixed interest rates or interest rates based on floating interest rate levels, such as certificates of deposit and accepted bills issued by ING Group, except for subordinated items. Debt securities in issue do not include debt securities presented as Financial liabilities at fair value through profit or loss.

摘自附注37:资产和负债的公允价值

Excerpt from Note 37 Fair value of assets and liabilities

截至2017年12月31日和2016年12月31日的金融负债公允价值
估计公允价值 财务状况表价值
金额单位为百万欧元  2017 2016 2017 2016
财务负债
银行存款 36,868 32,352 36,821 31,964
客户存款 540,547 523,850 539,828 522,908
以公允价值计量且其变动计入当期损益的金融负债
   • 交易负债 73,596 83,167 73,596 83,167
   • 非交易衍生品 2,331 3,541 2,331 3,541
   • 指定为按公允价值计量且其变动计入损益 11,215 12,266 11,215 12,266
其他负债 14,488 15,247 14,488 15,247
已发行债务证券 96,736 103,559 96,086 103,234
次级贷款 16,457 17,253 15,968 17,223
792,238 791,235 790,333 789,550

请使用上文所示的 ING 集团简明资产负债表和财务报表附注摘录来回答以下问题:

Use the condensed balance sheet and excerpts from the notes to ING Group’s financial statements shown above to address the following questions:

  1. 截至 2017 年 12 月 31 日,ING 集团资产负债表上的负债金额中,有多少比例以公允价值计量且其变动计入损益?

  2. As of 31 December 2017, what proportion of the amount of liabilities on ING Group’s balance sheet is reported at fair value through profit or loss?

  3. 截至 2017 年 12 月 31 日和 2016 年 12 月 31 日,ING 集团资产负债表上按摊余成本列示的债务证券的账面价值与公允价值之间的百分比差异是多少?

  4. As of 31 December 2017 and 2016, what is the percent difference between the carrying amount and fair value of the debt securities that are shown on ING Group’s balance sheet at amortised cost?

问题1的解答:

Solution to 1:

ING 集团 7948 亿欧元的总负债中,11%(=872 亿欧元/7948 亿欧元)按公允价值计量且其变动计入损益。

Of ING Group’s total €794.8 billion liabilities, 11 percent (=€87.2 billion/€794.8 billion) are reported at fair value through profit or loss.

答案二:

Solution to 2:

ING在资产负债表上以摊余成本列示的债务证券出现在“已发行债务证券”这一行。注释1指出,“已发行债务证券”以摊余成本列示。注释16指出,该行项目涉及债券和其他已发行债务证券,因此,我们在此不计入次级贷款、银行存款和客户存款(注释37摘录中未列出任何归类为债务的优先股)。

ING’s debt securities that are shown on the balance sheet at amortised cost appear in the line labeled “Debt securities in issue”. Note 1 states that “Debt securities in issue” are reported at amortised cost. Note 16 indicates that this line item relates to debentures and other issued debt securities, and thus we exclude subordinated loans and deposits from banks and customer deposits in this case (there are no preference shares classified as debt listed in the Note 37 excerpt).

根据上述摘自附注37的内容,ING债务证券的公允价值每年都略高于其账面价值。2017年12月31日的差额为0.7% [= (96,736/96,086) – 1],2016年12月31日的差额为0.3% [= (103,559/103,234) – 1]。

According to the above excerpt from Note 37, in each year the fair value of ING’s debt securities is slightly higher than its carrying amount. The difference is 0.7% [= (96,736/96,086) – 1] on 31 December 2017 and 0.3% [= (103,559/103,234) – 1] on 31 December 2016.

2.4 . 债务终止确认

2.4. Derecognition of Debt

债券发行后,公司可以选择让债券存续至到期,也可以提前赎回债券,赎回方式包括提前赎回(如果债券发行包含赎回条款)或在公开市场上购买债券。如果债券存续至到期日,公司将在到期日向债券持有人支付债券面值。债券的折价或溢价将在到期日完全摊销;账面价值将等于面值。偿还债券时,应付债券账户将减少债券到期时的账面价值(面值),现金账户也将减少等额金额。债券偿还在现金流量表中列为筹资活动现金流出。

Once bonds are issued, a company may leave the bonds outstanding until maturity or redeem the bonds before maturity either by calling the bonds (if the bond issue includes a call provision) or by purchasing the bonds in the open market. If the bonds remain outstanding until the maturity date, the company pays bondholders the face value of the bonds at maturity. The discount or premium on the bonds would be fully amortised at maturity; the carrying amount would equal face value. Upon repayment, the bonds payable account is reduced by the carrying amount at maturity (face value) of the bonds, and cash is reduced by an equal amount. Repayment of the bonds appears in the statement of cash flows as a financing cash outflow.

如果公司决定在债券到期前赎回债券,从而提前清偿债务,则应付债券账户将减少已赎回债券的账面价值。赎回债券所需现金与债券账面价值之间的差额即为债务清偿损益。根据国际财务报告准则(IFRS),债务发行成本计入负债的计量,因此是其账面价值的一部分。根据美国通用会计准则(US GAAP),债务发行成本与应付债券分开核算,并在债券存续期内摊销。任何未摊销的债务发行成本必须在赎回时予以冲销,并计入债务清偿损益。

If a company decides to redeem bonds before maturity and thus extinguish the liability early, the bonds payable account is reduced by the carrying amount of the redeemed bonds. The difference between the cash required to redeem the bonds and the carrying amount of the bonds is a gain or loss on the extinguishment of debt. Under IFRS, debt issuance costs are included in the measurement of the liability and are thus part of its carrying amount. Under US GAAP, debt issuance costs are accounted for separately from bonds payable and are amortised over the life of the bonds. Any unamortised debt issuance costs must be written off at the time of redemption and included in the gain or loss on debt extinguishment.

例如,一家按照国际财务报告准则(IFRS)编制报告的公司发行了面值1000万英镑的债券,账面价值等于其面值,剩余期限为五年。该公司以103%的赎回价格赎回了这些债券。赎回成本为1030万英镑(= 1000万英镑 × 103%)。该公司此次赎回的损失为30万英镑(1000万英镑账面价值减去赎回可赎回债券支付的1030万英镑现金)。

For example, a company reporting under IFRS has a £10 million bond issuance with a carrying amount equal to its face value and five years remaining until maturity. The company redeems the bonds at a call price of 103. The redemption cost is £10.3 million (= £10 million × 103%). The company’s loss on redemption would be £300 thousand (£10 million carrying amount minus £10.3 million cash paid to redeem the callable bonds).

当债务清偿损益金额重大时,公司会在利润表中单独列示。公司通常会在管理层讨论与分析(MD&A)和/或财务报表附注中披露有关债务清偿的更多细节。此外,在采用间接法编制的现金流量表中,净利润会进行调整,以从经营活动现金流量中剔除债务清偿损益,而用于赎回债券的现金则被归类为筹资活动所现金。(需要注意的是,间接法编制的现金流量表以净利润为基础,并进行必要的调整以得出经营活动产生的现金流量,包括剔除非经营活动产生的损益。)

A gain or loss on the extinguishment of debt is reported on the income statement, in a separate line item, when the amount is material. A company typically discloses further detail about the extinguishment in the management discussion and analysis (MD&A) and/or notes to the financial statements.6 In addition, in a statement of cash flows prepared using the indirect method, net income is adjusted to remove any gain or loss on the extinguishment of debt from operating cash flows and the cash paid to redeem the bonds is classified as cash used for financing activities. (Recall that the indirect method of the statement of cash flows begins with net income and makes necessary adjustments to arrive at cash from operations, including removal of gains or losses from non-operating activities.)

为了说明债务清偿对财务报表的影响,请考虑以下例 6中的应付票据回购。

To illustrate the financial statement impact of the extinguishment of debt, consider the notes payable repurchase in Example 6 below.

例 6

债务清偿披露

Debt Extinguishment Disclosure

以下摘录自蒙特罗克公司(一家假设公司)2018 年年度报告。该公司在其现金流量表中采用间接法来核算净利润与经营活动产生的现金流量净额。

The following excerpts are from the 2018 annual report of Monte Rock Inc. (a hypothetical company). In its statement of cash flows, the company uses the indirect method to reconcile net income with net cash (used in) provided by operations.

摘自截至

2018年12月31日、2017年12月31日和2016年12月31日止年度 的合并损益表
2018 2017 2016
收入:
总收入 104,908,900 112,416,800 96,879,000
总运营费用 100,279,900 96,140,​​600 71,018,900
营业收入 4,629,000 16,276,200 25,860,100
其他收入(支出):
债务清偿收益 2,345,000
其他收入(支出)总额净额 11,236,100 (14,257,000) (7,085,800)
净利 15,865,100 美元 2,019,200 美元 18,774,300 美元
摘自截至

2018年12月31日、2017年12月31日和2016年12月31日止年度 的合并现金流量表
2018 2017 2016
经营活动产生的现金流量:
净利 15,865,100 美元 2,019,200 美元 18,774,300 美元
调整净利润与经营活动产生的现金流量净额:
债务清偿收益 (2,345,000)
总调整 (16,636,000) 38,842,400 19,815,800
经营活动产生的现金流量净额 (770,900) 40,861,600 38,590,100
融资活动产生的现金流量:
支付债务融资成本 (294,000) (1,526,500) (1,481,500)
购买债务证券 (2,155,000) (5,000,000)
偿还无担保债务 (31,402,960) (1,356,000)

摘自附注8:应付债券

2014年12月12日,公司发行了2500万美元的无担保债券……债券利息为伦敦银行间同业拆借利率(Libor)加4%,按季度支付,利息在季度末支付。……2018年第四季度,公司回购了面值为450万美元的无担保债券,并实现了230万美元的收益。

Excerpt from NOTE 8: BONDS PAYABLE

On December 12, 2014, the Company issued $25 million of unsecured bonds… Interest on the bonds is equal to Libor plus 4%, payable quarterly in arrears. … During the 4th quarter of 2018, the Company repurchased the unsecured bonds with a face value of $4.5 million and realized a $2.3 million gain.

  1. 债券赎回时,应付债券余额减少了:

    1. 2,155,000 美元。

    2. 2,345,000 美元。

    3. 4,500,000 美元。

  2. The balance in bonds payable was reduced at redemption by:

    1. $2,155,000.

    2. $2,345,000.

    3. $4,500,000.

  3. 公司支付了多少现金来赎回这些债券?

    1. 2,155,000 美元

    2. 2,345,000 美元

    3. 4,500,000 美元

  4. How much cash did the Company pay to redeem the bonds?

    1. $2,155,000

    2. $2,345,000

    3. $4,500,000

问题1的解答:

Solution to 1:

C选项正确。应付债券在赎回时会减少已赎回债券的账面价值。用于偿还债券的现金加上赎回收益等于债券的账面价值。这些债券的账面价值为4,500,000美元。在这种情况下,账面价值等于面值。公司仅支付2,155,000美元就偿还了4,500,000美元的债务,确认了2,345,000美元的收益。

C is correct. The bonds payable is reduced at redemption by the carrying amount of the bonds redeemed. The cash paid to extinguish the bonds plus the gain on redemption equals the carrying amount of the bonds. The carrying amount of the bonds was $4,500,000. In this case, the carrying amount equals the face value. The company recognised a gain of $2,345,000 when it extinguished the debt of $4,500,000 by paying only $2,155,000.

答案二:

Solution to 2:

A选项正确。如现金流量表所示,该公司支付了2,155,000美元赎回债券。该公司仅支付2,155,000美元就清偿了4,500,000美元的债务,确认了2,345,000美元的收益。

A is correct. As shown in the Statement of Cash flow, the company paid $2,155,000 to redeem the bonds. The company recognised a gain of $2,345,000 when it extinguished the debt of $4,500,000 by paying only $2,155,000.

2.5债务契约

2.5. Debt Covenants

借款协议(即债券契约)通常包含称为“契约条款”的限制性条款,这些条款通过限制借款人的活动来保护债权人的利益。债务契约条款对借款人有利,因为它们降低了债权人的风险,从而降低了借款成本。肯定性契约通过要求借款人采取某些行动来限制其活动。例如,契约条款可能要求借款人将某些比率维持在特定水平以上,或对用作抵押品的实物资产进行定期维护。否定性契约则要求借款人不得采取某些行动。这些契约条款可能限制借款人进行投资、支付股息或做出其他可能对公司支付利息和本金的能力产生不利影响的经营和战略决策。

Borrowing agreements (the bond indenture) often include restrictions called covenants that protect creditors by restricting activities of the borrower. Debt covenants benefit borrowers to the extent that they lower the risk to the creditors and thus reduce the cost of borrowing. Affirmative covenants restrict the borrower’s activities by requiring certain actions. For instance, covenants may require that the borrower maintain certain ratios above a specified amount or perform regular maintenance on real assets used as collateral. Negative covenants require that the borrower not take certain actions. These covenants may restrict the borrower’s ability to invest, pay dividends, or make other operating and strategic decisions that might adversely affect the company’s ability to pay interest and principal.

常见的贷款契约包括对借款用途的限制、对抵押品(如有)的维护、对未来借款的限制以及对股息的限制。贷款契约还可能规定最低可接受的财务比率水平,例如负债权益比率、流动比率或利息保障倍数。

Common covenants include limitations on how borrowed monies can be used, maintenance of collateral pledged as security (if any), restrictions on future borrowings, and requirements that limit dividends. Covenants may also specify minimum acceptable levels of financial ratios, such as debt-to-equity ratio, current ratio, or interest coverage.

公司违反债务契约即构成违约。根据违约的严重程度和合同条款,贷款人可以选择放弃该契约、收取罚款或提高利率、重新协商,或要求偿还债务。债券合同通常规定,要求立即偿还债务的决定必须由持有一定比例债券本金的持有人代表所有债券持有人做出。

When a company violates a debt covenant, it is a breach of contract. Depending on the severity of the breach and the terms of the contract, lenders may choose to waive the covenant, be entitled to a penalty payment or higher interest rate, renegotiate, or call for payment of the debt. Bond contracts typically require that the decision to call for immediate repayment be made, on behalf of all the bondholders, by holders of some minimum percentage of the principal amount of the bond issue.

例 7说明了财务报表披露(财务报表附注)中包含的与债务契约相关的常见披露。

Example 7 illustrates common disclosures related to debt covenants included in financial statement disclosures (notes to the financial statements).

例 7

以下摘录自TORM plc于2017年提交的20-F表格,该公司是一家油轮运输公司,自称是全球最大的成品油运输商之一。TORM plc成立于2016年,由TORM A/S重组而成。

The following excerpts are from the 2017 Form 20-F filing of TORM plc, a tanker company which describes itself as one of the world’s largest carriers of refined oil products. TORM plc was established in 2016 following the restructuring of TORM A/S.

债务契约披露示例

Illustration of Debt Covenant Disclosures

以下摘自 TORM 2017 财年 20-F 表格的“风险因素”部分。

The following excerpt is from the Risk Factors section of TORM’s fiscal year 2017 Form 20-F.

“我们目前的债务融资安排对我们的财务和运营灵活性构成了限制。我们的债务融资安排,以及任何未来的债务融资安排,都对我们支付股息、租船、新增债务、出售船舶或及时释放被扣押船舶等能力施加了契约和其他运营及财务限制。我们的债务融资安排要求我们维持各项财务比率,包括规定的最低流动性要求、最低权益要求和抵押品维持要求。我们遵守这些限制和契约的能力取决于我们未来的业绩和船队的运营能力,并可能受到我们无法控制的事件的影响,包括船舶价值的波动。因此,我们可能需要获得贷款方的许可才能开展某些公司行为。”

截至 2017 年 12 月 31 日,我们遵守了债务融资协议中的财务契约。

“Our current debt facilities impose restrictions on our financial and operational flexibility. Our debt facilities impose, and any future debt facility may impose, covenants and other operating and financial restrictions on our ability to, among other things, pay dividends, charter-in vessels, incur additional debt, sell vessels or refrain from procuring the timely release of arrested vessels. Our debt facilities require us to maintain various financial ratios, including a specified minimum liquidity requirement, a minimum equity requirement and a collateral maintenance requirement. Our ability to comply with these restrictions and covenants is dependent on our future performance and our ability to operate our fleet and may be affected by events beyond our control, including fluctuating vessel values. We may therefore need to seek permission from our lenders in order to engage in certain corporate actions.

… As of December 31, 2017, we were in compliance with the financial covenants contained in our debt facilities.

以下摘自 TORM 2017 财年 20-F 表格中的“流动性和资本资源”部分。

The following excerpt is from the Liquidity and Capital Resources section in TORM’s fiscal year 2017 Form 20-F.

丹麦船舶融资(DSF)机制包含以下财务和其他契约:

• 贷款价值比。如果船舶的总市场价值和任何额外担保的价值在任何时候低于贷款金额减去存款账户和储备账户中的信贷额和任何额外担保的价值后的 133%,则借款人和担保人应在收到书面请求后 30 天内提供额外担保或提前偿还贷款,以将差额减少至零。

• 自由流动资金。最低未受限制的现金及现金等价物……为 7500 万美元或我们总债务的 5%(以较高者为准),其中 4000 万美元必须是未受限制的现金及现金等价物。

• 权益比率。经市值调整后的股东权益与经市值调整后的总资产之比应至少为 25%。

• 股息。除以下情况外,我们不得进行任何分配,包括支付股息和偿还股东贷款……

The DSF [Danish Ship Finance] Facility contains, among others, the following financial and other covenants:

• Loan-to-value. If at any time the aggregate market value of the vessels and the value of any additional security is less than 133% of the loan amount less amounts on credit in the deposit accounts and reserve account and the value of any additional security, the borrower and guarantors shall, within 30 days of a written request, post additional security or prepay the loan to reduce the excess to zero.

• Free Liquidity. Minimum unencumbered cash and cash equivalents … of the higher of $75 million and 5% of our total debt, of which $40 million is required to be unencumbered cash and cash equivalents.

• Equity Ratio. The ratio of market value adjusted shareholders' equity to total market value adjusted assets shall be at least 25%.

• Dividends. We are restricted from making any distributions, including payment of dividends and repayments of shareholders loans, except ....

  1. 以上摘录中描述的哪些契约属于肯定性契约?

  2. Which of the covenants described in the above excerpts are affirmative covenants?

  3. 根据以上摘录,违反贷款契约可能造成的后果是什么?

  4. Based on the excerpt above, what are the potential consequences of breaching the loan covenants?

问题1的解答:

Solution to 1:

以上摘录中的肯定性契约示例均来自TORM关于DSF融资的披露,包括:TORM必须维持贷款价值比,即担保贷款的资产(船舶)价值达到贷款金额的133%;TORM必须维持“自由流动性”(即最低现金及现金等价物水平);以及权益比率必须至少达到25%。这些契约要求发行人履行某些义务。股息契约则是一项否定性契约,该契约要求TORM不得采取某些行动(即,除非满足特定条件,否则不得支付股息)。此外,《风险因素》摘录还描述了TORM债务融资中的其他否定性契约,包括对船舶租赁、新增债务或出售船舶的限制。

Examples of affirmative covenants in the above excerpts are from TORM’s disclosure about the DSF Facility and include: the requirement for TORM to maintain a loan-to-value relationship such that the assets securing the loan (the vessels) are 133% of the loan amount; the requirement for TORM to maintain “free liquidity” (i.e., a minimum level of cash and cash equivalents); and the requirement that the equity ratio be at least 25%. These covenants require the issuer to do something. The dividend covenant requiring that TORM not take certain actions (i.e., not pay dividends unless certain conditions are met) is a negative covenant. In addition, the excerpt from Risk Factors describes other negative covenants in TORM’s debt facilities including restrictions on chartering-in vessels, incurring additional debt, or selling vessels.

答案二:

Solution to 2:

TORM 违反贷款契约(即违约事件)可能导致其全部债务到期。

A breach of a loan covenant by TORM—an event of default—may result in the entire amount of its debt becoming due.

2.6长期债务的列报和披露

2.6. Presentation and Disclosure of Long-Term Debt

资产负债表中的非流动(长期)负债部分通常包含一个项目,列示公司一年后到期的长期债务总额,而未来十二个月内到期的长期债务则作为流动负债列示。财务报表附注提供有关公司债务类型和性质的更多信息。这些附注披露可用于确定未来现金流出的金额和时间。附注通常包括账面利率和实际利率、到期日、债权人施加的限制(契约)以及抵押物(如有)。未来五年的预定债务偿还金额也会在附注中列示。

The non-current (long-term) liabilities section of the balance sheet usually includes a single line item of the total amount of a company’s long-term debt due after one year, with the portion of long-term debt due in the next twelve months shown as a current liability. Notes to the financial statements provide more information on the types and nature of a company’s debt. These note disclosures can be used to determine the amount and timing of future cash outflows. The notes generally include stated and effective interest rates, maturity dates, restrictions imposed by creditors (covenants), and collateral pledged (if any). The amount of scheduled debt repayments for the next five years also is shown in the notes.

示例 8包含美国医疗保健产品制造商强生公司 (J&J) 2017 年 10-K 表格的摘录。

Example 8 contains an excerpt from the 2017 Form 10-K of Johnson & Johnson (J&J), a US manufacturer of health care products.

例 8

长期债务披露示例

Illustration of Long-Term Debt Disclosures

附录1摘自强生公司2017年年度报告附注7,其中列示了长期债务的财务报表披露信息,包括长期债务的类型和性质、账面价值、实际利率以及未来五年的应付账款。强生公司采用摊余成本法列示其债务。

Exhibit 1 is an excerpt from Note 7 of Johnson & Johnson’s 2017 annual report that illustrates financial statement disclosures for long-term debt, including type and nature of long-term debt, carrying amounts, effective interest rates, and required payments over the next five years. Johnson & Johnson reports its debt at amortised cost.

附件1.强生公司借款

长期债务的组成部分如下:

The components of long-term debt are as follows:

(单位:百万美元) 2017 有效利率% 2016 有效利率%
2017年到期的5.55%债券 $— 1000美元 5.55
2017年到期的1.125%票据 699 1.15
2018年到期的5.15%债券 900 5.18 899 5.18
2018年到期的1.65%票据 597 1.70 600 1.70
2019年到期的4.75%票据(10亿欧元 1.1947)2 /(10亿欧元 1.0449)3 1,192 5.83 1,041 5.83
2019年到期的1.875%票据 496 1.93 499 1.93
2019年到期的0.89%票据 300 1.75 299 1.20
2019年到期的1.125%票据 699 1.13 699 1.13
2020年到期的3%零息可转换次级债券 60 3.00 84 3.00
2020年到期的2.95%债券 547 3.15 546 3.15
【部分内容已省略】
小计 32,174 3.19 1 24,146 3.33 1
减少当前部分 1,499 1,704
长期债务总额 30,675 美元 22,442 美元

(1)加权平均有效利率。

(1) Weighted average effective rate.

(2)截至2017年12月31日的汇率。

(2) Translation rate at December 31, 2017.

(3) 2017年1月1日的翻译汇率。

(3) Translation rate at January 1, 2017.

“长期债务的公允价值是根据市场价格估算的,并得到了经纪商报价和其他重要可观察输入的证实。

“Fair value of the long-term debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.

“公司在全球多家银行拥有充足的资金来源。2017年9月,公司获得了一项新的364天期信贷额度。公司可获得的信贷总额约为100亿美元,将于2018年9月13日到期。根据信贷额度协议,借款利息以银行报价、最优惠利率或伦敦银行间同业拆借利率(Libor)为基础,加上适用的利差。协议项下的承诺费并不高……2017年全年,公司持续通过商业票据市场获得流动性。截至2017年底,短期借款和长期债务的流动部分总额约为39亿美元,其中23亿美元为商业票据计划下的借款,15亿美元为长期债务的流动部分,其余部分主要为国际子公司在当地的借款……

“The Company has access to substantial sources of funds at numerous banks worldwide. In September 2017, the Company secured a new 364-day Credit Facility. Total credit available to the Company approximates $10 billion, which expires on September 13, 2018. Interest charged on borrowings under the credit line agreements is based on either bids provided by banks, the prime rate or London Interbank Offered Rates (Libor), plus applicable margins. Commitment fees under the agreements are not material… Throughout 2017, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $3.9 billion at the end of 2017, of which $2.3 billion was borrowed under the Commercial Paper Program, $1.5 billion is the current portion of the long term debt, and the remainder principally represents local borrowing by international subsidiaries. ...”

2018年到期的长期债务总额(单位:百万美元)如下:

Aggregate maturities of long-term obligations commencing in 2018 are (dollars in millions):

2018 2019 2020 2021 2022 2022年之后
1499美元 2,752 1,105 1,797 2,189 22,832

请使用附录1中的信息回答下列问题:

Use the information in Exhibit 1 to answer the following questions:

  1. 为什么所列大部分借款的实际利率从 2016 年到 2017 年保持不变?

  2. Why are the effective interest rates unchanged from 2016 to 2017 for most of the borrowings listed?

  3. 为什么“2019 年到期的 1.125% 票据”的账面价值在 2016 年和 2017 年保持不变?

  4. Why does the carrying amount of the “1.125% Notes due 2019” remain the same in 2016 and 2017?

  5. 为什么“2019 年到期的 4.75% 票据”的账面价值在 2017 年高于 2016 年?

  6. Why is the carrying amount of the “4.75% Notes due 2019” higher in 2017 than in 2016?

问题1的解答:

Solution to 1:

实际利率通常是指债券发行时的市场利率,通常不会逐年改变。

The effective rate typically refers to the market rate at which the bonds are issued and typically does not change from year to year.

答案二:

Solution to 2:

“2019年到期的1.125%票据”的账面价值保持不变,因为该债券的实际发行利率(1.13%)与票面利率大致相同,表明该票据基本按面值发行。因此,不会出现溢价或折价摊销影响票据账面价值的情况,并且假设没有回购,账面价值也不会发生变化。

The carrying amount of the “1.125% Notes due 2019” remains the same because the effective interest rate at which the debentures were issued (1.13%) is approximately the same as the coupon rate indicating that the notes were issued approximately at par. Thus, there would be no amortization of a premium or discount to affect the carrying amount of the notes, and assuming no repurchases, the carrying amount would not change.

问题3的解答:

Solution to 3:

这些票据以欧元计价,面值为10亿欧元。2017年底的美元兑欧元汇率高于2016年底的汇率(1.1947对比1.0449)。这一汇率上涨解释了账面价值的部分增长。此外,5.83%的实际利率高于4.75%的票面利率,这意味着这些票据是以折价发行的。因此,票据账面价值的增加也反映了发行折价的摊销。

The notes are denominated in Euros, with a face value of €1 billion. The dollar/euro translation exchange rate at the end of 2017 was higher than the exchange rate at the end of 2016 (1.1947 versus 1.0449). That increase explains part of the increase in carrying value. In addition, the effective interest rate of 5.83 % is higher than the 4.75 % coupon rate – implying that the notes were issued at a discount. Thus, the increase in the carrying amount of the notes also reflects the amortisation of the issuance discount.

本文重点讨论简单债务合同的会计处理。债务合同可以包含更多附加功能,从而增加其复杂性。例如,可转换债券和附认股权证的债券是更复杂的工具,兼具债务和权益的特征。可转换债券赋予债券持有人将债券转换为权益的选择权。附认股权证的债券赋予持有人以特定价格购买发行人普通股的权利,类似于股票期权。非美国公司发行附认股权证的债券更为常见。例9提供了一个附认股权证债券的财务报表披露示例。

In this reading, we focus on accounting for simple debt contracts. Debt contracts can take on additional features, which lead to more complexity. For instance, convertible debt and debt with warrants are more complex instruments that have both debt and equity features. Convertible debt gives the debt holder the option to exchange the debt for equity. Bonds issued with warrants give holders the right to purchase shares of the issuer’s common stock at a specific price, similar to stock options. Issuance of bonds with warrants is more common by non-US companies. Example 9 provides an example of a financial statement disclosure of bonds with warrants.

例9

附认股权证债券的财务报表披露

Financial Statement Disclosure of Bonds with Warrants

以下描述了一家公司发行附带认股权证的可转换债券的情况。

The following describes a company’s issuance of convertible bonds with warrants.

2018年2月1日,本公司发行总额为人民币300亿元的附认股权证的可转换债券(“附认股权证债券”),该债券将于2024年到期。该等附认股权证债券的固定年利率为0.8%,每年付息一次,面值为人民币100元。每份附认股权证债券包含十份,持有人有权在2020年3月3日之前的五个交易日内,以每股人民币19.68元的初始行权价格认购本公司50.5股股份。该等行权价格须根据现金股息、股份拆分或合并、红股发行、配股、资本分配、控制权变更以及其他对本公司已发行股本产生稀释影响的事件进行调整。

On 1 February 2018, the Company issued convertible bonds with stock warrants due 2024 with an aggregate principal amount of RMB 30 billion (the “Bonds with Warrants”). The Bonds with Warrants with fixed interest rate of 0.8% per annum and interest payable annually, were issued at par value of RMB 100. Each lot of the Bonds with Warrants, comprising ten Bonds with Warrants are entitled to warrants (the “Warrants”) to subscribe 50.5 shares of the Company during the 5 trading days prior to 3 March 2020 at an initial exercise price of RMB 19.68 per share, subject to adjustment for, amongst other things, cash dividends, subdivision or consolidation of shares, bonus issues, rights issues, capital distribution, change of control and other events which have a dilutive effect on the issued share capital of the Company.

如果所有认股权证都被行使,将会认购多少股股票?

If all warrants were exercised, how many shares would be subscribed for?

解决方案:

Solution:

将认购 1,515,000,000 股,认购方式为[总本金金额除以每手面值乘以每手认购股数 = (人民币 30,000,000,000/人民币 1,000) × 50.5 股]。

1,515,000,000 shares would be subscribed for [aggregate principal amount divided by par value of a lot times shares subscribed per lot = (RMB 30,000,000,000/RMB 1,000) × 50.5 shares].

除了财务报表附注中的披露信息外,管理层讨论与分析(MD&A)通常还会提供有关公司资本资源的其他信息,包括债务融资和表外融资。在MD&A中,管理层通常会对资本资源的任何重大趋势(无论有利还是不利)进行定性讨论,并指出其构成和相对成本的任何预期重大变化。此外,MD&A通常还会提供其他定量信息,包括汇总公司合同义务(例如,应付债券)和其他承诺(例如,信贷额度和担保)总额以及未来五年内各项义务的附表。

In addition to disclosures in the notes to the financial statements, an MD&A commonly provides other information about a company’s capital resources, including debt financing and off-balance-sheet financing. In the MD&A, management often provides a qualitative discussion on any material trends, favorable or unfavorable, in capital resources and indicates any expected material changes in their mix and relative cost. Additional quantitative information is typically provided, including schedules summarising a company’s contractual obligations (e.g., bond payables) and other commitments (e.g., lines of credit and guarantees) in total and over the next five years.

3.租赁

3. Leases

租赁是资产所有者(出租人与寻求使用该资产的另一方(承租人)之间签订的合同。作为租赁协议的一部分,出租人授予承租人使用该资产的权利。该使用权的期限可长可短,例如20年,例如一个月。作为使用权的交换,承租人定期向出租人支付租金。因此,租赁是一种融资方式,使承租人能够获得租赁资产的 使用权。

A lease is a contract between the owner of an asset (the lessor) and another party seeking use of the asset (the lessee). As part of the lease, the lessor grants the right to use the asset to the lessee. The right to use the asset can be for a long period, such as 20 years, or a much shorter period such as a month. In exchange for the right to use the asset, the lessee makes periodic lease payments to the lessor. A lease, then, is a form of financing that enables the lessee to purchase the use of the leased asset.

与购买资产相比,租赁资产具有诸多优势。租赁可以为承租人提供成本更低的融资方式,通常只需支付少量首付甚至无需首付,且利率往往固定。协商达成的租赁合同条款可能比其他借贷方式更为宽松。此外,由于承租人并不拥有资产所有权,租赁还可以降低其面临的资产过时、残值和处置风险。

There are several advantages to leasing an asset compared to purchasing it. Leases can provide a lessee with less costly financing, usually require little, if any, down payment, and are often at fixed interest rates. The negotiated lease contract may contain less restrictive provisions than other forms of borrowing. A lease can also reduce the lessee’s exposure to risks of obsolescence, residual value, and disposition to the lessee because the lessee does not own the asset.

3.1承租人会计

3.1. Lessee accounting

在国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)下,租赁会计处理发生了显著变化。 7在这些准则实施之前,许多承租人采用当时可接受的“表外”租赁结构。根据之前的规则,如果租赁被归类为经营租赁,公司无需报告与该租赁相关的资产和负债;相反,对于此类租赁,公司只需将定期租赁付款作为费用报告。分析师通常会调整公司报告的债务金额,方法有两种:一是计算未来租赁付款的现值;二是简化计算,将年度租赁付款乘以8。

Accounting for leases changed significantly under both IFRS and US GAAP.7 Prior to the introduction of these standards, many lessees used then-acceptable “off-balance sheet” leasing structures. Under the previous rules, if leases were classified as operating leases, companies were not required to report the asset and liability related to the lease; instead, for this type of lease, companies were only required to report the periodic lease payment as an expense. Analysts typically adjusted the amount of companies’ reported debt, either by taking the present value of future lease payments or, as a short cut, multiplying the annual lease payment by 8.

根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)修订后的报告标准,承租人必须在每项租赁开始时确认一项资产和一项租赁负债(短期租赁除外)。承租人在其资产负债表中报告一项“使用权”(ROU)资产和一项租赁负债,后者主要按固定租赁付款的现值计算。

Under the revised reporting standards under IFRS and US GAAP, a lessee must recognize an asset and a lease liability at inception of each of its leases (with an exception for short-term leases). The lessee reports a “right-of-use” (“ROU”) asset and a lease liability, calculated essentially as the present value of fixed lease payments, on its balance sheet.

租赁开始后,承租人对租赁的处理方式在国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)下有所不同。根据IFRS,租赁开始后,承租人对使用权资产计提折旧费用,对租赁负债确认利息费用,并减少租赁负债余额中用于偿还租赁负债的租赁付款部分。实际上,这种租赁处理方式类似于购买一项长期资产,并以一项长期计息负债进行融资。

After the lease inception, a lessee’s treatment of leases differs for IFRS and US GAAP. Under IFRS, after inception, the lessee records depreciation expense on the right-of-use asset, recognizes interest expense on the lease liability, and reduces the balance of the lease liability for the portion of the lease payment that represents repayment of the lease liability. In effect, the lease treatment is similar to having purchased a long-term asset, financed by a long-term interest-bearing liability.

根据美国通用会计准则(US GAAP),承租人在租赁开始后的会计处理取决于其将租赁归类为融资租赁还是经营租赁。融资租赁类似于购买资产,而经营租赁类似于租赁资产。将租赁归类为融资租赁的标准包括租赁资产所有权的利益和风险已转移给承租人的指标。 (请注意,此分类并不影响租赁开始时确认资产和租赁负债的要求。)根据美国通用会计准则,承租人对融资租赁的会计处理与上述国际财务报告准则(IFRS)下的租赁会计处理相同:租赁开始后,承租人对使用权资产计提折旧费用,对租赁负债确认利息费用,并减少租赁负债余额中用于偿还租赁负债的租赁付款部分。对于根据美国通用会计准则在租赁开始后的经营租赁,承租人确认一笔单一的租赁费用,该费用是将租赁成本按租赁期限直线分摊的结果。

Under US GAAP, lessee accounting after inception depends whether the lessee categorizes a lease as a finance lease or an operating lease. A finance lease is similar to purchasing an asset while an operating lease is similar to renting an asset. Criteria for categorizing a lease as a finance lease include indicators that the benefits and risks of owning the leased asset have been transferred to the lessee.8 (Note that this categorization does not affect the requirement for recognition of the asset and lease liability at inception.) A lessee’s accounting for a finance lease under US GAAP is the same as described above for leases under IFRS: after inception, the lessee records depreciation expense on the right-of-use asset, recognizes interest expense on the lease liability, and reduces the balance of the lease liability for the portion of the lease payment that represents repayment of the lease liability. For an operating lease after inception, under US GAAP, the lessee recognizes a single lease expense which is a straight-line allocation of the cost of the lease over its term.

短期租赁(租赁期限不足一年)以及根据国际财务报告准则(IFRS)规定,租赁标的资产价值较低的租赁存在例外情况。在这些例外情况下,承租人无需确认资产和负债,而是在收到租赁付款时将其作为费用记录。

Exceptions exist for short-term leases (those with a lease term less than one year) and, under IFRS, for leases where the leased asset is low in value. When these exceptions apply, the lessee is not required to recognize an asset and liability and instead records lease payments as an expense when paid.

在比较采用国际财务报告准则(IFRS)的公司和采用美国通用会计准则(US GAAP)的公司时,分析师应注意,即使租赁条款相同,租赁对两家公司损益表和现金流量表的影响也会有所不同。IFRS和US GAAP下承租人会计处理的最重要区别在于,IFRS对租赁只有一种分类。在损益表中,IFRS公司在租赁开始时将每项租赁记录为使用权资产和租赁负债,之后租赁付款将分别计入折旧费用和利息费用。相反,根据US GAAP,承租人仅在融资租赁的情况下才分别报告折旧费用和利息费用。对于经营租赁,承租人只需报告一项租赁费用。在现金流量表中,IFRS允许公司将支付的利息归类为经营活动、投资活动或筹资活动。与IFRS不同,US GAAP要求公司将支付的利息归类为经营活动。

When comparing an IFRS-reporting company to a US GAAP-reporting company, an analyst should be aware that the effects of a lease on the companies’ income statements and statement of cash flows—even if the terms of the leases are identical—will differ. The most important difference between lessee accounting under IFRS and US GAAP is that IFRS has a single category of leases. On the income statement, every lease that an IFRS-reporting company records as a right-of-use asset and a lease liability at inception will result in a subsequent division of lease payments between depreciation expense and interest expense. Conversely, under US GAAP, a lessee reports depreciation expense and interest expense separately only in the case of finance leases. For operating leases, the lessee reports a single lease expense. On the statement of cash flows, IFRS allows companies to classify interest paid within operating, investing, or financing activities. Unlike IFRS, US GAAP requires companies to classify interest paid as an operating activity.

例10

承租人会计

Lessee Accounting

一位分析师正在比较两家公司的财务业绩——一家公司采用国际财务报告准则(IFRS),另一家公司采用美国通用会计准则(US GAAP)。两家公司在其运营中都大量租赁建筑物和设备。假设两家公司签订了一份相同的长期租赁合同,租赁的资产也相同,那么由于两家公司会计准则的差异,以下哪项指标 有可能出现差异?(假设租赁资产不符合国际财务报告准则下的“低价值”报告例外。)

An analyst is comparing the financial performance of two companies - one of which reports under IFRS and the other under US GAAP. Both companies extensively lease buildings and equipment in their operations. Assuming the companies enter into an identical long-term contract to lease an identical asset, which of the following metrics is most likely to differ because of differences in the companies’ accounting standards? (Assume that the leased asset would not qualify for the “low value” reporting exception under IFRS.)

  1. 总资产

  2. Total assets

  3. 总负债

  4. Total liabilities

  5. 经营现金流

  6. Operating cash flows

解决方案:

Solution:

答案是C。C选项正确,因为国际财务报告准则(IFRS)要求所有租赁的利息单独列示,并允许公司在现金流量表中将已付利息归类于经营活动、投资活动或筹资活动。A和B选项错误,因为在租赁开始时,总资产和总负债不太可能存在差异,这是因为IFRS和美国通用会计准则(US GAAP)均要求承租人对期限超过一年的租赁确认一项使用权资产和一项租赁负债。

The answer is C. C is correct because IFRS requires interest to be reported separately for all leases and further permits companies to classify interest paid within operating, investing, or financing activities on the statement of cash flows. A and B are incorrect because at inception, both total assets and total liabilities are unlikely to differ because both IFRS and US GAAP require lessees to record a right-of-use asset and a lease liability for leases with a term longer than one year.

3.2出租人会计

3.2. Lessor accounting

根据国际财务报告准则(IFRS),出租人将每项租赁分类为融资租赁或经营租赁。对于融资租赁,在租赁开始时,出租人终止确认标的租赁资产,并确认一项租赁资产,该资产包括租赁应收款和相关残值。此外,如果出租人是制造商或经销商,则出租人确认的收入等于租赁资产的价值,销售成本等于租赁资产的账面价值,以及销售利润或亏损等于收入减去销售成本。随后,对于融资租赁,出租人在租赁期内确认融资收入。对于经营租赁,出租人将租赁收入确认为收入,并将相关成本(包括租赁资产的折旧)确认为费用。

Under IFRS, a lessor classifies each lease as either a finance lease or an operating lease. For a finance lease, at inception, the lessor derecognizes the underlying leased asset and recognizes a lease asset comprising the lease receivable and relevant residual value. In addition, if the lessor is a manufacturer or dealer, the lessor recognizes revenue equal to the value of the leased asset, cost of goods sold equal to the carrying value of the leased asset, and selling profit or loss equal to the revenue minus the cost of goods sold. Subsequently for a finance lease, the lessor recognizes finance income over the lease term. For an operating lease, the lessor recognizes lease receipts as income and recognizes related costs, including deprecation of the leased asset, as expenses.

根据美国通用会计准则(US GAAP),出租人将租赁分为三类:销售型租赁、经营租赁和直接融资租赁。出租人的分类标准与承租人判断租赁资产的所有权利益和风险是否已转移给承租人的标准相同。如果满足其中任何一项标准,出租人会将租赁归类为销售型租赁,并假定未来租金的收取是可能的。

Under US GAAP, a lessor classifies a lease in one of three categories: sales-type, operating, or direct financing. The lessor’s classification uses the same criteria that a lessee uses in determining whether the benefits and risks of owning the leased asset have been transferred to the lessee. If any of these criteria are met, the lessor will categorize the lease as a sales-type lease, assuming that collection of the future lease payments is probable.

如果表明租赁资产所有权的利益和风险均未转移给承租人的任何标准,或者无法合理保证未来租赁款项的收取,则出租人被视为实际上继续拥有租赁资产的所有权,因此在租赁开始时不确认任何销售利润。在这种情况下,出租人会将租赁分类为经营租赁或直接融资租赁。根据美国通用会计准则(US GAAP),出租人对经营租赁的会计处理与国际财务报告准则(IFRS)类似:在租赁期内,出租人将租赁收入确认为收入,并将相关成本(包括租赁资产的折旧)确认为费用。

If none of the criteria indicating that the benefits and risks of owning the leased asset have been transferred to the lessee or if collection of the future lease payments is not reasonably assured, the lessor is viewed as effectively continuing to own the leased asset and therefore does not recognize any selling profit at lease inception. In this case, the lessor will classify a lease as either an operating lease or a direct financing lease. Lessor accounting for an operating lease under US GAAP is similar to IFRS: over the lease term, the lessor recognizes lease receipts as income and recognizes related costs, including deprecation of the leased asset, as expenses.

当租赁不符合出售型租赁的所有权转移标准,但出租人仍依赖未来的租赁收入来收回资产成本时,即适用直接融资租赁。融资租赁是一种租赁交易,它“有效地将出租人因标的资产所有权而产生的风险(即资产风险)转化为信用风险”。9 根据美国通用会计准则 (US GAAP),如果租赁合同规定了第三方担保的残值,且该残值加上承租人未来的租赁付款将等于或超过租赁资产的公允价值,则该租赁被视为直接融资租赁

A direct financing lease applies when a lease doesn’t meet the ownership-transfer criteria to be considered a sale-type lease but yet results in the lessor relying on future lease receipts to recover the asset’s cost. A financing lease is a type of lease transaction that “effectively converts the lessor’s risk arising from ownership of the underlying asset (that is, asset risk) into credit risk.9 A lease is considered a direct financing lease under US GAAP if the lease contract provides for a third-party guaranteed residual value, which, combined with the future lease payments by the lessee will equal or exceed the fair value of the leased asset.

尽管国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)在出租人会计处理上的差异不如在承租人会计处理上的差异显著,但分析师了解这些分类差异如何影响公司的财务报表仍然十分重要。由于IFRS没有区分销售型租赁和直接融资租赁,因此采用IFRS的出租人会在所有非经营租赁的期初确认销售利润。相比之下,采用US GAAP的出租人仅在销售型租赁的期初确认销售利润。

Although the differences between IFRS and US GAAP for lessor accounting are not as significant as the differences for lessee accounting, it is nonetheless useful for an analyst to be aware of how the categorization differences can affect companies’ financial statements. Because IFRS does not include a distinction between sales-type leases and direct financing leases, an IFRS-reporting lessor will recognize selling profit at the beginning of all leases that are not classified as operating leases. In contrast, a US-GAAP reporting lessor will recognize selling profit only on sales-type leases at the beginning of the lease term.

附录2. 租赁对承租人和出租人财务报表影响概要
资产负债表 损益表 现金流量表
承租人
所有国际财务报告准则租赁和美国通用会计准则融资租赁 确认“使用权”资产和租赁负债 报告使用权资产的折旧费用;



报告租赁负债的利息费用
租赁负债的减少属于融资现金流出;



根据国际财务报告准则(IFRS),租赁付款中的利息部分属于经营性现金流出或融资性现金流出;而根据美国通用会计准则(US GAAP),则属于经营性现金流出。
美国通用会计准则下的经营租赁 确认“使用权”资产和租赁负债 报告单一租赁费用(租赁成本的直线分配) 全部现金支付均为经营性现金流出
例外情况:短期租赁,以及根据国际财务报告准则(IFRS)规定,租赁资产价值较低的租赁。 无影响 报告租金支出 租金支出是经营现金流出。
出租人
国际财务报告准则和美国通用会计准则下的经营租赁 资产负债表上的保留资产 报告租赁收入;



报告租赁资产的折旧费用
收到的租赁付款属于经营现金流入
国际财务报告准则下的融资租赁和美国通用会计准则下的销售型租赁 从资产负债表中移除租赁资产;



确认租赁资产(租赁应收款和剩余价值)。
报告租赁应收款的利息收入。

如适用,报告收入、销售成本和销售利润。
根据国际财务报告准则(IFRS),收到的租赁付款中的利息部分属于经营性现金流入或投资性现金流入;根据美国通用会计准则(US GAAP),则属于经营性现金流入。

收到租赁本金属于投资性现金流入
美国通用会计准则直接融资租赁 从资产负债表中移除租赁资产



;确认租赁应收款
报告租赁应收款的利息收入 根据美国通用会计准则,收到的租赁付款中的利息部分属于经营性现金流入;收到

租赁本金属于投资性现金流入

a如果提供租赁是公司正常业务活动的一部分,则与租赁相关的现金流归类为经营现金。

a If providing leases is part of a company’s normal business activity, the cash flows related to the leases are classified as operating cash.

4.养老金及其他退休后福利简介

4. Introduction to Pensions and Other Post-Employment Benefits

养老金和其他退休后福利会产生许多公司报告的非流动负债。公司可能会在员工退休后提供各种福利,例如养老金计划、医疗保健计划、医疗保险和人寿保险。养老金计划通常是提供给退休员工最重要的退休后福利。

Pensions and other post-employment benefits give rise to non-current liabilities reported by many companies. Companies may offer various types of benefits to their employees following retirement, such as pension plans, health care plans, medical insurance, and life insurance. Pension plans often are the most significant post-employment benefits provided to retired employees.

养老金计划的会计处理和报告取决于所提供的养老金计划类型。两种常见的养老金计划类型是缴费确定型养老金计划收益确定型养老金计划。在缴费确定型计划下,公司向计划中缴纳约定的(固定)金额。该约定金额即为养老金费用。公司向计划缴纳的金额被视为经营现金流出。对资产和负债的唯一影响是现金减少,但如果在财政年度末仍有部分约定金额未支付,则需要在资产负债表上确认一项负债。由于缴款金额是固定的,且公司在缴款后不再承担其他义务,因此缴费确定型计划的会计处理相当简单。

The accounting and reporting for pension plans depends on the type of pension plan offered. Two common types of pension plans are defined contribution pension plans and defined benefit pension plans. Under a defined-contribution plan, a company contributes an agreed-upon (defined) amount into the plan. The agreed-upon amount is the pension expense. The amount the company contributes to the plan is treated as an operating cash outflow. The only impact on assets and liabilities is a decrease in cash, although if some portion of the agreed-upon amount has not been paid by fiscal year-end, a liability would be recognised on the balance sheet. Because the amount of the contribution is defined and the company has no further obligation once the contribution has been made, accounting for a defined-contribution plan is fairly straightforward.

固定收益养老金计划的会计处理更为复杂。在固定收益养老金计划下,公司承诺在员工退休后支付其未来福利。例如,公司可以承诺向员工支付相当于其退休时最终工资70%的年度养老金,直至其去世。为了估算该承诺最终产生的义务金额,公司需要做出许多假设,例如员工退休时的预期工资以及员工退休后的预期寿命。公司估算未来应支付的金额,并使用反映高质量公司债券收益率的折现率将这些未来估算金额折现为现值,从而确定养老金义务。用于确定养老金义务的折现率会显著影响养老金义务的金额。养老金义务作为养老金费用的一部分,在员工的整个雇佣期间进行分摊。

Accounting for a defined-benefit plan is more complicated. Under a defined-benefit plan, a company makes promises of future benefits to be paid to the employee during retirement. For example, a company could promise an employee annual pension payments equal to 70 percent of his final salary at retirement until death. Estimating the eventual amount of the obligation arising from that promise requires the company to make many assumptions, such as the employee’s expected salary at retirement and the number of years the employee is expected to live beyond retirement. The company estimates the future amounts to be paid and discounts the future estimated amounts to a present value (using a rate reflective of a high-quality corporate bond yield) to determine the pension obligation. The discount rate used to determine the pension obligation significantly affects the amount of the pension obligation. The pension obligation is allocated over the employee’s employment as part of pension expense.

大多数固定收益养老金计划都通过一个独立的法律实体(通常是养老信托基金)进行资金筹措。公司向养老基金缴款,退休人员从该基金领取养老金。公司向基金缴款的资金会被投资,直到需要用于支付退休人员的养老金。如果基金资产的公允价值高于预计养老金负债的现值,则该计划有盈余,公司的资产负债表将显示净养老金资产。 10 相反,如果预计养老金负债的现值超过基金资产,则该计划有赤字,公司的资产负债表将显示净养老金负债。 11因此,公司要么报告净养老金资产,要么报告净养老金负债。每个期间,净养老金资产或净养老金负债的变动都会在损益表或其他综合收益中确认。

Most defined-benefit pension plans are funded through a separate legal entity, typically a pension trust fund. A company makes payments into the pension fund, and retirees are paid from the fund. The payments that a company makes into the fund are invested until they are needed to pay the retirees. If the fair value of the fund’s assets is higher than the present value of the estimated pension obligation, the plan has a surplus and the company’s balance sheet will reflect a net pension asset.10 Conversely, if the present value of the estimated pension obligation exceeds the fund’s assets, the plan has a deficit and the company’s balance sheet will reflect a net pension liability.11 Thus, a company reports either a net pension asset or a net pension liability. Each period, the change in the net pension asset or liability is recognised either in profit or loss or in other comprehensive income.

根据国际财务报告准则(IFRS),每个期间养老金净资产或负债的变动被视为包含三个主要组成部分。其中两个组成部分在损益表中确认为养老金费用:(1) 员工服务成本;(2) 期初养老金净资产或负债产生的净利息支出或收入。员工当期服务成本是指员工因延长一年服务而获得的养老金福利增加的现值。服务成本还包括以往服务成本,即与员工以往服务相关的养老金负债估计现值的变化,例如计划变更可能导致的变化。 净利息支出或收入代表养老金净资产或负债价值的变动,其计算方法为养老金净资产或负债乘以用于估计养老金负债现值的折现率。养老金净资产或负债变动的第三个组成部分——“重估”——在其他综合收益中确认。重估不随时间摊销至损益。

Under IFRS, the change in the net pension asset or liability each period is viewed as having three general components. Two of the components of this change are recognised as pension expense in profit and loss: (1) employees’ service costs, and (2) the net interest expense or income accrued on the beginning net pension asset or liability. The service cost during the period for an employee is the present value of the increase in the pension benefit earned by the employee as a result of providing one more year of service. The service cost also includes past service costs, which are changes in the present value of the estimated pension obligation related to employees’ service in prior periods, such as might arise from changes in the plan. The net interest expense or income represents the change in value of the net defined benefit pension asset or liability and is calculated as the net pension asset or liability multiplied by the discount rate used in estimating the present value of the pension obligation. The third component of the change in the net pension asset or liability during a period —“remeasurements”— is recognised in other comprehensive income. Remeasurements are not amortised into profit or loss over time.

重新计量包括 (a) 精算损益和 (b) 计划资产的实际收益减去净利息支出或收入中包含的任何收益。当公司用于估算养老金义务的假设发生变化时(例如,员工流动率、死亡率、退休年龄、薪酬增长),可能会产生精算损益。计划资产的实际收益包括利息、股息以及源自计划资产的其他收入,包括已实现和未实现的损益。实际收益通常与净利息支出或收入中包含的金额不同,后者是使用反映高质量公司债券收益率的利率计算的;计划资产通常配置于各种资产类别,包括股票和债券。

Remeasurements include (a) actuarial gains and losses and (b) the actual return on plan assets less any return included in the net interest expense or income. Actuarial gains and losses can occur when changes are made to the assumptions on which a company bases its estimated pension obligation (e.g., employee turnover, mortality rates, retirement ages, compensation increases). The actual return on plan assets includes interest, dividends and other income derived from the plan assets, including realized and unrealized gains or losses. The actual return typically differs from the amount included in the net interest expense or income, which is calculated using a rate reflective of a high-quality corporate bond yield; plan assets are typically allocated across various asset classes, including equity as well as bonds.

根据美国通用会计准则(US GAAP),每个期间养老金净资产或负债的变动被视为由五个部分组成,其中部分在发生期间计入损益,部分计入其他综合收益,并在后续摊销至损益。在发生期间计入损益的三个部分是:(1)当期员工服务成本;(2)期初养老金义务产生的利息支出;以及(3)计划资产的预期收益,即已确认费用的减少额。另外两个部分是过往服务成本和精算损益。过往服务成本在其发生期间计入其他综合收益,然后在计划涵盖员工的未来服务期内摊销至养老金费用。精算损益通常也在其发生期间计入其他综合收益,并在后续摊销至养老金费用。实际上,这种处理方式允许公司“平滑”后两个部分对养老金费用的长期影响。美国通用会计准则允许公司立即在损益表中确认精算收益和损失。

Under US GAAP, the change in net pension asset or liability each period is viewed as having five components, some of which are recognised in profit and loss in the period incurred and some of which are recognised in other comprehensive income and amortised into profit and loss over time. The three components recognised in profit and loss in the period incurred are (1) employees’ service costs for the period, (2) interest expense accrued on the beginning pension obligation, and (3) expected return on plan assets, which is a reduction in the amount of expense recognised. The other two components are past service costs and actuarial gains and losses. Past service costs are recognised in other comprehensive income in the period in which they arise and then subsequently amortised into pension expense over the future service period of the employees covered by the plan. Actuarial gains and losses are typically also recognised in other comprehensive income in the period in which they occur and then amortised into pension expense over time. In effect, this treatment allows companies to “smooth” the effects on pension expense over time for these latter two components. US GAAP does permit companies to immediately recognize actuarial gains and losses in profit and loss.

与制造企业的其他员工薪酬形式类似,生产员工的养老金支出计入存货,并通过销售成本(销货成本)计入费用。对于不直接参与生产过程的员工,其养老金支出计入工资和其他管理费用。因此,养老金支出不会直接在损益表中列示,而是在财务报表附注中进行详细披露。

Similar to other forms of employee compensation for a manufacturing company, the pension expense related to production employees is added to inventory and expensed through cost of sales (cost of goods sold). For employees not involved directly in the production process, the pension expense is included with salaries and other administrative expenses. Therefore, pension expense is not directly reported on the income statement. Rather, extensive disclosures are included in the notes to the financial statements.

例 11摘录了 BT 集团有限公司截至 2018 年 3 月 31 日止年度的年度报告中的资产负债表和养老金相关披露信息。

Example 11 presents excerpts from the balance sheet and pension-related disclosures in BT Group plc’s Annual Report for the year ended 31 March 2018.

例11

英国电信集团有限公司:资产负债表摘录

BT Group plc: Excerpt from Balance Sheets

以下是英国电信集团有限公司截至 2018 年 3 月 31 日止年度年度报告中的资产负债表摘录。英国电信按照国际财务报告准则 (IFRS) 进行报告

Below is an excerpt of BT Group plc’s balance sheet from the annual report for the year ended 31 March 2018. BT reports under IFRS.

非流动负债,百万英镑 2018年3月31日 2017年3月31日 2016年3月31日
贷款及其他借款 11,994 10,081 11,025
衍生金融工具 787 869 863
退休福利义务 6,371 9,088 6,382
其他应付款项 1,326 1,298 1,106
递延所得税负债 1,340 1,240 1,262
条款 452 536 565
非流动负债 22,270 23,112 21,203

养老金相关披露

Pension-Related Disclosures

以下摘自英国电信集团有限公司 2018 年年度报告中与养老金相关的披露信息。

The following are excerpts of pension-related disclosures from BT Group plc’s 2018 Annual Report.

摘自附注3“重要会计政策概要”

Extract from Note 3 “Summary of Significant Accounting Policies”

退休福利

该集团对固定收益养老金计划的净负债为固定收益负债的现值减去计划资产的公允价值。

负债的计算由合格精算师使用预计单位信用法和资产负债表日的关键精算假设进行。

损益表中的费用分为营业费用和净财务收入或支出。营业费用反映的是因在职员工本期获得的养老金福利而增加的固定收益义务、计划管理成本以及任何以往服务成本/抵免(例如因提前终止或结算而产生的成本/抵免)。净财务收入或支出反映的是集团资产负债表中确认的净退休福利义务的利息,该利息基于年初的折现率计算得出。精算损益在其发生期间全额确认,并在集团综合收益表中列示。

该集团还运营固定缴款养老金计划,损益表中的支出代表了当年应付的缴款。

Retirement benefits

The group’s net obligation in respect of defined benefit pension plans is the present value of the defined benefit obligation less the fair value of the plan assets.

The calculation of the obligation is performed by a qualified actuary using the projected unit credit method and key actuarial assumptions at the balance sheet date.

The income statement expense is allocated between an operating charge and net finance income or expense. The operating charge reflects the increase in the defined benefit obligation resulting from the pension benefit earned by active employees in the current period, the costs of administering the plans and any past service costs/credits such as those arising from curtailments or settlements. The net finance income or expense reflects the interest on the net retirement benefit obligations recognised in the group balance sheet, based on the discount rate at the start of the year. Actuarial gains and losses are recognised in full in the period in which they occur and are presented in the group statement of comprehensive income.

The group also operates defined contribution pension plans and the income statement expense represents the contributions payable for the year.

摘自附注20“退休福利计划”

:关于固定收益养老金计划的信息
百万英镑 2018 2017 2016
负债现值 57,327 60,200 50,350
计划资产的公允价值 50,956 51,112 43,968

利用摘录中的信息回答下列问题:

Use information in the excerpts to answer the following questions:

  1. 英国电信有哪些类型的养老金计划?

  2. What type(s) of pension plans does BT have?

  3. BT公司非流动负债总额中,与退休福利义务相关的部分占多大比例?

  4. What proportion of BT’s total non-current liabilities are related to its retirement benefit obligations?

  5. 请描述BT公司退休福利义务的计算方法。

  6. Describe how BT’s retirement benefit obligation is calculated.

问题1的解答:

Solution to 1:

注3“重要会计政策概要”表明,该公司既有缴费确定型养老金计划,也有收益确定型养老金计划。

Note 3 “Summary of Significant Accounting Policies” indicates that the company has both defined contribution and defined benefit pension plans.

答案二:

Solution to 2:

2018年、2017年和2016年,退休福利义务分别占英国电信非流动负债总额的29%、39%和30%。以2018年为例,6,371英镑/22,270英镑=29%。(单位:百万英镑)

Retirement benefit obligations represent 29%, 39%, and 30% of BT’s total non-current liabilities for the years 2018, 2017, and 2016. Using 2018 to illustrate, £6,371/£22,270 = 29%. (£ million)

问题3的解答:

Solution to 3:

附注 3“重要会计政策概要”表明,BT 的退休福利义务的计算方法是:固定收益义务的现值减去计划资产的公允价值。

Note 3 “Summary of Significant Accounting Policies” indicates that BT’s Retirement benefit obligation is calculated as the present value of the defined benefit obligation minus the fair value of the plan assets.

利用附注20“退休福利计划”中的数据,可以计算出每年的退休福利义务。以2018年为例,57,327英镑 - 50,956英镑 = 6,371英镑(百万英镑)。

Using data from Note 20 “Retirement Benefit Plans” the retirement benefit obligation for each year can be calculated. Using 2018 to illustrate, £57,327 - £50,956 = £6,371 (£ million).

5.评估偿付能力:杠杆率和偿付能力比率

5. Evaluating Solvency: Leverage and Coverage Ratios

偿付能力是指公司履行其长期债务义务的能力,包括本金和利息的支付。在评估公司偿付能力时,比率分析可以提供公司资本结构中债务的相对比例,以及盈利和现金流是否足以支付到期利息支出和其他固定费用(例如租赁或租金)。比率分析有助于评估公司相对于其他公司和行业标准的长期业绩表现。比率分析的优势在于,它允许对不同规模和使用不同报告货币的公司进行比较。

Solvency refers to a company’s ability to meet its long-term debt obligations, including both principal and interest payments. In evaluating a company’s solvency, ratio analyses can provide information about the relative amount of debt in the company’s capital structure and the adequacy of earnings and cash flow to cover interest expense and other fixed charges (such as lease or rental payments) as they come due. Ratios are useful to evaluate a company’s performance over time compared to the performance of other companies and industry norms. Ratio analysis has the advantage of allowing the comparison of companies regardless of their size and reporting currency.

偿债能力比率主要分为两大类:杠杆比率和偿债覆盖率。杠杆比率侧重于资产负债表,衡量公司利用负债而非权益为其资产融资的程度。偿债覆盖率则侧重于利润表和现金流量表,衡量公司偿还债务的能力。

The two primary types of solvency ratios are leverage ratios and coverage ratios. Leverage ratios focus on the balance sheet and measure the extent to which a company uses liabilities rather than equity to finance its assets. Coverage ratios focus on the income statement and cash flows and measure the ability of a company to cover its debt-related payments.

图表3描述了两种常用的偿付能力比率。前三个杠杆比率的分子均为总负债。 12资产负债率表示总资产中由债务融资的百分比。一般来说,该比率越高,财务风险越大,偿付能力越弱。资本负债 衡量公司总资本(负债加权益)中由债务融资的百分比。权益负债率衡量债务融资相对于权益融资的比例。权益负债率为1.0表示负债和权益相等,这相当于资本负债率为50%。这些比率的解释类似。较高的资本负债率或权益负债率意味着偿付能力较弱。在比较不同国家公司的负债比率时,必须注意一些事项。在某些国家,公司历来更多地通过债务融资而非股权融资获得资金,因此这些国家的公司负债率往往较高。

Exhibit 3 describes the two types of commonly used solvency ratios. The first three leverage ratios use total debt in the numerator.12 The debt-to-assets ratio expresses the percentage of total assets financed with debt. Generally, the higher the ratio, the higher the financial risk and thus the weaker the solvency. The debt-to-capital ratio measures the percentage of a company’s total capital (debt plus equity) financed through debt. The debt-to-equity ratio measures the amount of debt financing relative to equity financing. A debt-to-equity ratio of 1.0 indicates equal amounts of debt and equity, which is the same as a debt-to-capital ratio of 50 percent. Interpretations of these ratios are similar. Higher debt-to-capital or debt-to-equity ratios imply weaker solvency. A caveat must be made when comparing debt ratios of companies in different countries. Within certain countries, companies historically have obtained more capital from debt than equity financing, so debt ratios tend to be higher for companies in these countries.

图表 3. 常用溶解度比率的定义
溶解度比率 分子 分母
杠杆比率
资产负债率 债务 总资产
债务资本比率 债务 总负债+总股东权益
债务权益比率 债务 股东权益总额
财务杠杆比率 平均总资产 平均股东权益
覆盖率    
利息保障倍数 息税前利润 利息支付
固定费用覆盖率 息税前利润b + 租赁付款 利息支出 + 租赁支出

a在本文中,债务被定义为计息短期债务和长期债务的总和。

a In this reading, debt is defined as the sum of interest-bearing short-term and long-term debt.

b EBIT 是息税前利润。

b EBIT is earnings before interest and taxes.

财务杠杆比率(也称“杠杆比率”或“权益乘数”)衡量的是每单位权益所能支撑的总资产金额。例如,该比率为 4 表示每 1 欧元权益可支撑 4 欧元总资产。财务杠杆比率越高,意味着公司利用债务和其他负债融资的杠杆程度越高。该比率通常以平均总资产和平均总权益来定义,并在杜邦分析中对权益回报率进行分解时发挥着重要作用。 13

The financial leverage ratio (also called the ‘leverage ratio’ or ‘equity multiplier’) measures the amount of total assets supported by one money unit of equity. For example, a value of 4 for this ratio means that each €1 of equity supports €4 of total assets. The higher the financial leverage ratio, the more leveraged the company in the sense of using debt and other liabilities to finance assets. This ratio often is defined in terms of average total assets and average total equity and plays an important role in the DuPont decomposition of return on equity.13

利息保障倍数衡量的是公司息税前利润(EBIT)能够覆盖其利息支出的倍数。较高的利息保障倍数表明公司偿债能力更强,更有保障公司能够利用经营利润偿还债务。固定费用保障倍数则将固定融资费用或义务与公司产生的现金流联系起来。它衡量的是公司息税前利润(EBIT)能够覆盖其利息和租赁支出的倍数。

The interest coverage ratio measures the number of times a company’s EBIT could cover its interest payments. A higher interest coverage ratio indicates stronger solvency, offering greater assurance that the company can service its debt from operating earnings. The fixed charge coverage ratio relates fixed financing charges, or obligations, to the cash flow generated by the company. It measures the number of times a company’s earnings (before interest, taxes, and lease payments) can cover the company’s interest and lease payments.

例 12展示了偿付能力比率在评估公司信用度中的应用。

Example 12 demonstrates the use of solvency ratios in evaluating the creditworthiness of a company.

例 12

评估偿付能力比率

Evaluating Solvency Ratios

一位信用分析师正在评估和比较两家公司——英国电信集团(BT)和西班牙电信(Telefonica)的偿付能力。以下数据来自两家公司2017财年的年度报告(两家公司的项目名称可能有所不同):

A credit analyst is evaluating and comparing the solvency of two companies—BT Group plc (BT) and Telefonica S A (Telefonica). The following data are gathered from the companies’ fiscal 2017 annual reports (line item titles may vary between the two companies):

英国电信集团有限公司

(百万英镑)
西班牙电信公司

(百万欧元)
2018年3月31日 2017年3月31日 2017年12月31日 2016年12月31日
短期借款 2,281 2,632 9,414 14,749
长期债务 11,994 10,081 46,332 45,612
股东权益总额 10,304 8,335 26,618 28,385
总资产 42,759 42,372 115,066 123,641
息税前利润* 3,381 3,167 6,791 5,469
利息支出 776 817 3,363 4,476

* 两家公司均以营业利润(或营业收入)作为 EBIT 的替代指标。

* Operating profit (or operating income) is used as a proxy for EBIT for both companies.

请使用以上信息回答下列问题:

Use the above information to answer the following questions:

  1. 关于BT和Telefonica的杠杆率:

    1. 各公司 2017 年和 2016 年的资产负债率、资本负债率和权益负债率分别是多少?

    2. 请对各公司每年计算出的杠杆率变化情况进行评论。

    3. 请对英国电信集团(BT Group plc)与西班牙电信(Telefonica SA)的计算杠杆率进行比较并发表评论。

  2. With regard to leverage ratios of BT and Telefonica:

    1. What are each company’s debt-to-assets, debt-to-capital, and debt-to-equity ratios for 2017 and 2016?

    2. Comment on any changes in the calculated leverage ratios from year-to-year for each company.

    3. Comment on the calculated leverage ratios of BT Group plc compared to Telefonica SA.

  3. 关于 BT 和 Telefonica 的覆盖率:

    1. 各公司2017年和2016年的利息保障倍数分别是多少?

    2. 请对各公司每年的利息保障倍数变化情况进行评论。

    3. 请对英国电信集团有限公司与西班牙电信公司(Telefonica SA)的利息保障倍数进行比较评论。

  4. With regard to coverage ratios of BT and Telefonica:

    1. What is each company’s interest coverage ratio for 2017 and 2016?

    2. Comment on any changes in the interest coverage ratio from year to year for each company.

    3. Comment on the interest coverage ratio of BT Group plc compared to Telefonica SA.

问题1的解答:

Solution to 1:

  1. 各公司的资产负债率、资本负债率和权益负债率如下,下面列出了各公司最近一年的相关计算结果。

    英国电信集团有限公司 西班牙电信公司
    2018年3月31日 2017年3月31日 2017年12月31日 2016年12月31日
    资产负债率 33.4% 30.0% 48.4% 48.8%
    债务资本比率 58.1% 60.4% 67.7% 68.0%
    债务权益比 1.39 1.53 2.09 2.13

    英国电信集团有限公司 西班牙电信公司
    2018年3月31日 2017年12月31日
    资产负债率 33.4% =

    (2,281 + 11,994)/42,759
    48.4% =

    (9,414 + 46,332)/115,066
    债务资本比率 58.1% =

    (2,281 + 11,994)/(2,281 + 11,994 + 10,304)
    67.7% =

    (9,414 + 46,332)/(9,414 + 46,332 + 26,618)
    债务权益比 1.39 =

    (2,281 + 11,994)/10,304
    2.09 =

    (9,414 + 46,332)/26,618

  2. The debt-to-assets, debt-to-capital, and debt-to-equity ratios are as follows, with supporting calculations from each company’s most recent year demonstrated below.

    BT Group plc Telefonica S A
    31-Mar-18 31-Mar-17 31-Dec-17 31-Dec-16
    Debt-to-assets 33.4% 30.0% 48.4% 48.8%
    Debt-to-capital 58.1% 60.4% 67.7% 68.0%
    Debt-to-equity 1.39 1.53 2.09 2.13

    BT Group plc Telefonica S A
    31-Mar-18 31-Dec-17
    Debt-to-assets 33.4% =

    (2,281 + 11,994)/42,759
    48.4% =

    (9,414 + 46,332)/115,066
    Debt-to-capital 58.1% =

    (2,281 + 11,994)/(2,281 + 11,994 + 10,304)
    67.7% =

    (9,414 + 46,332)/(9,414 + 46,332 + 26,618)
    Debt-to-equity 1.39 =

    (2,281 + 11,994)/10,304
    2.09 =

    (9,414 + 46,332)/26,618

  3. BT的资产负债率上升,而其资本负债率和权益负债率均下降。BT资本负债率和权益负债率的下降主要源于公司总权益的增加,表明其偿付能力增强。此外,我们观察到BT减少了短期借款,增加了长期债务。

    与 2016 年相比,西班牙电信 2017 年的杠杆率似乎相当接近,尽管略有下降。与英国电信类似,西班牙电信在 2017 年似乎也从短期借款转向了长期债务。

  4. BT’s debt-to-assets ratio increased, while its debt-to-capital and debt-to-equity ratios both decreased. The decrease in BT’s debt-to-capital and debt-to-equity ratios resulted primarily from the company’s increase in total equity and indicate stronger solvency. In addition, we observe that BT decreased its short-term borrowings and increased its long-term debt.

    Telefonica’s leverage ratios appear fairly similar, albeit slightly lower, for 2017 compared to 2016. Similar to BT, it appears that Telefonica shifted away from short borrowings to long-term debt in 2017.

  5. 这两年中,BT的三项杠杆率均低于Telefonica。基于这些比率,这可能意味着BT相对于Telefonica具有更高的偿付能力。

  6. In both years, all three of BT’s leverage ratios were lower than Telefonica’s. Based on these ratios, this may imply higher solvency of BT relative to Telefonica.

答案二:

Solution to 2:

  1. 利息保障倍数如下,下面列出了各公司最近一年的相关计算结果。

    英国电信集团有限公司 西班牙电信公司
    2018年3月31日 2017年3月31日 2017年12月31日 2016年12月31日
    利息保障倍数 4.36 3.88 2.02 1.22

    英国电信集团有限公司 西班牙电信公司
    2018年3月31日 2017年12月31日
    利息保障倍数 4.36 = 3,381/776 2.02 = 6,791/3,363

  2. The interest coverage ratios are as follows, with supporting calculations from each company’s most recent year demonstrated below.

    BT Group plc Telefonica S A
    31-Mar-18 31-Mar-17 31-Dec-17 31-Dec-16
    Interest coverage ratio 4.36 3.88 2.02 1.22

    BT Group plc Telefonica S A
    31-Mar-18 31-Dec-17
    Interest coverage ratio 4.36 = 3,381/776 2.02 = 6,791/3,363

  3. 两家公司的利息保障倍数从 2017 年到 2018 年均有所提高,表明偿付能力有所改善,这与问题 1 中从公司比率得出的结论一致。两家公司都有足够的营业利润来支付利息。

  4. Both companies’ interest coverage ratios increased from 2017 to 2018, indicating an improvement in solvency, consistent with the conclusions drawn from the companies’ ratios in question 1. Both companies have sufficient operating earnings to cover interest payments.

  5. BT 的利息支付能力强于 Telefonica,尽管两家公司都有足够的营业利润来支付利息。这一比较表明 BT 的财务实力强于 Telefonica,这也与问题 1 中对两家公司财务比率的比较结论相符。

  6. BT’s ability to cover interest payments is greater than Telefonica’s, although both companies have sufficient operating earnings to service its interest payments. This comparison indicates that BT has greater financial strength than Telefonica, which is also consistent with the conclusions drawn from a comparison of the companies’ ratios in question 1.

概括

Summary

非流动负债来源于不同的融资渠道和不同类型的债权人。债券是债务市场常见的融资来源。非流动负债的会计处理和报告要点包括以下几点:

Non-current liabilities arise from different sources of financing and different types of creditors. Bonds are a common source of financing from debt markets. Key points in accounting and reporting of non-current liabilities include the following:

  • 债券发行所得款项是通过将未来现金支付按发行时的市场利率(实际利率)折现而确定的。债券的利息费用也是基于实际利率计算的。

  • The sales proceeds of a bond issue are determined by discounting future cash payments using the market rate of interest at the time of issuance (effective interest rate). The reported interest expense on bonds is based on the effective interest rate.

  • 债券未来的现金支付通常包括定期利息支付(按规定的利率或票面利率支付)和到期时的本金。

  • Future cash payments on bonds usually include periodic interest payments (made at the stated interest rate or coupon rate) and the principal amount at maturity.

  • 当市场利率等于债券票面利率时,债券将按面值出售(即价格等于面值)。当市场利率高于债券票面利率时,债券将折价出售。当市场利率低于债券票面利率时,债券将溢价出售。

  • When the market rate of interest equals the coupon rate for the bonds, the bonds will sell at par (i.e., at a price equal to the face value). When the market rate of interest is higher than the bonds’ coupon rate, the bonds will sell at a discount. When the market rate of interest is lower than the bonds’ coupon rate, the bonds will sell at a premium.

  • 发行人会在债券存续期内摊销债券的任何发行折价或溢价。

  • An issuer amortises any issuance discount or premium on bonds over the life of the bonds.

  • 如果一家公司在债券到期前赎回债券,则该公司应报告债务清偿损益,计算方法为债券的账面净值(包括根据国际财务报告准则计算的债券发行成本)减去赎回债券所需的金额。

  • If a company redeems bonds before maturity, it reports a gain or loss on debt extinguishment computed as the net carrying amount of the bonds (including bond issuance costs under IFRS) less the amount required to redeem the bonds.

  • 债务契约对借款人施加限制,例如限制未来借款或要求维持最低债务权益比率。

  • Debt covenants impose restrictions on borrowers, such as limitations on future borrowing or requirements to maintain a minimum debt-to-equity ratio.

  • 债券的账面价值通常是摊余历史成本,这可能与其公允价值不同。

  • The carrying amount of bonds is typically the amortised historical cost, which can differ from their fair value.

  • 公司有义务披露包括债务在内的金融负债的公允价值。尽管法律允许这样做,但很少有公司选择在资产负债表上按公允价值列示债务。

  • Companies are required to disclose the fair value of financial liabilities, including debt. Although permitted to do so, few companies opt to report debt at fair values on the balance sheet.

  • 自2019财年起,承租人对于所有期限超过一年的租赁,均需确认一项使用权资产和一项租赁负债。但对于标的资产价值较低的租赁,国际财务报告准则(IFRS)另有规定。

    • 租赁开始后,承租人的损益表将包括使用权资产的折旧费用和租赁负债的利息费用,对于所有租赁,根据国际财务报告准则 (IFRS) 计算;对于融资租赁,根据美国通用会计准则 (US GAAP) 计算。

    • 对于承租人会计处理而言,融资租赁和经营租赁的区别在美国通用会计准则(US GAAP)中存在,但在国际财务报告准则(IFRS)中则不存在。根据美国通用会计准则,经营租赁的承租人损益表将仅列示一项租赁费用。

    • 根据国际财务报告准则(IFRS),出租人将每项租赁分类为融资租赁或经营租赁。如果一项租赁“转移了与标的资产所有权相关的几乎所有风险和报酬”,则该租赁被分类为融资租赁;否则,则被分类为经营租赁。对于融资租赁(而非经营租赁),出租人终止确认标的租赁资产,并确认租赁应收款,并在适用时确认销售利润。对于经营租赁,出租人不终止确认标的资产,并将租赁收入确认为收入。

    • 根据美国通用会计准则(US GAAP),出租人将租赁分为三类:销售型租赁、直接融资租赁和经营租赁。出租人根据美国通用会计准则对经营租赁的分类和会计处理与根据国际财务报告准则(IFRS)的处理类似。对于销售型租赁和直接融资租赁,出租人终止确认标的资产并确认租赁应收款;但是,只有当租赁被认定为销售型租赁时,出租人才确认销售利润。

  • Beginning with fiscal year 2019, lessees report a right-of-use asset and a lease liability for all leases longer than one year. An exception under IFRS exists for leases when the underlying asset is of low value.

    • Subsequent to lease inception, the lessee’s income statement will include both a depreciation expense on the right-of-use asset and an interest expense on the lease liability for all leases under IFRS and, under US GAAP for finance leases.

    • For lessee accounting, the distinction between finance leases and operating leases exists in US GAAP but not in IFRS. For operating leases under US GAAP, the lessee’s income statement will show a single lease expense.

    • Under IFRS, a lessor classifies each lease as either a finance lease or an operating lease. A lease is classified as a finance lease if it “transfers substantially all the risks and rewards incidental to ownership of an underlying asset” and otherwise as an operating lease. For finance leases, but not for operating leases, the lessor derecognizes the underlying leased asset, and recognizes a lease receivable, and recognizes selling profit where applicable. For operating leases, the lessor does not derecognize the underlying asset and recognizes lease receipts as income.

    • Under US GAAP, a lessor classifies a lease in one of three categories: sales-type, direct financing, or operating. The lessor’s classification and accounting for operating leases under US GAAP is similar to that under IFRS. For both sales-type and direct financing leases, the lessor derecognizes the underlying asset and recognizes a lease receivable; however, the lessor recognizes selling profit only if the lease is considered a sales-type lease.

  • 养老金计划分为两种类型:缴费确定型计划和收益确定型计划。在缴费确定型计划中,缴款金额是固定的(即固定不变),最终由计划支付(退休人员领取)的养老金金额取决于计划资产的收益情况。在收益确定型计划中,最终由计划支付(退休人员领取)的养老金金额是固定的,通常根据福利计算公式确定。

  • Two types of pension plans are defined contribution plans and defined benefits plans. In a defined contribution plan, the amount of contribution into the plan is specified (i.e., defined) and the amount of pension that is ultimately paid by the plan (received by the retiree) depends on the performance of the plan’s assets. In a defined benefit plan, the amount of pension that is ultimately paid by the plan (received by the retiree) is defined, usually according to a benefit formula.

  • 在固定缴款养老金计划下,支付给计划的现金将被确认为养老金支出。

  • Under a defined contribution pension plan, the cash payment made into the plan is recognised as pension expense.

  • 根据国际财务报告准则(IFRS)和美国通用会计准则(US GAAP),公司必须将固定收益养老金义务与养老金资产之间的差额作为资产或负债列入资产负债表。资金不足的固定收益养老金计划应列为非流动负债。

  • Under both IFRS and US GAAP, companies must report the difference between the defined benefit pension obligation and the pension assets as an asset or liability on the balance sheet. An underfunded defined benefit pension plan is shown as a non-current liability.

  • 根据国际财务报告准则,固定收益计划净资产或负债的变化确认为当期成本,其中变化的两个组成部分(服务成本和净利息支出或收入)在损益中确认,变化的一个组成部分(重新计量)在其他综合收益中确认。

  • Under IFRS, the change in the defined benefit plan net asset or liability is recognised as a cost of the period, with two components of the change (service cost and net interest expense or income) recognised in profit and loss and one component (remeasurements) of the change recognised in other comprehensive income.

  • 根据美国通用会计准则,固定收益计划净资产或负债的变化也确认为当期成本,其中变化的三个组成部分(当期服务成本、期初养老金义务的利息支出和计划资产的预期收益)在损益中确认,两个组成部分(过去的服务成本和精算损益)通常在其他综合收益中确认。

  • Under US GAAP, the change in the defined benefit plan net asset or liability is also recognised as a cost of the period with three components of the change (current service costs, interest expense on the beginning pension obligation, and expected return on plan assets) recognised in profit and loss and two components (past service costs and actuarial gains and losses) typically recognised in other comprehensive income.

  • 偿付能力是指公司履行其长期债务义务的能力。

  • Solvency refers to a company’s ability to meet its long-term debt obligations.

  • 在评估偿付能力时,杠杆比率主要关注资产负债表,衡量债务融资相对于股权融资的金额。

  • In evaluating solvency, leverage ratios focus on the balance sheet and measure the amount of debt financing relative to equity financing.

  • 在评估偿付能力时,偿付能力比率侧重于损益表和现金流量,并衡量公司支付利息的能力。

  • In evaluating solvency, coverage ratios focus on the income statement and cash flows and measure the ability of a company to cover its interest payments.

练习题

Practice Problems

  1. 一家公司按面值发行了100万欧元的债券。债券发行时,该公司将记录:

    1. 投资活动产生的现金流入。

    2. 融资活动产生的现金流入。

    3. 经营活动产生的现金流入。

  2. A company issues €1 million of bonds at face value. When the bonds are issued, the company will record a:

    1. cash inflow from investing activities.

    2. cash inflow from financing activities.

    3. cash inflow from operating activities.

  3. 发行票面利率为 4.50% 的债券时,实际利率为 5.00%。这些债券最有可能的发行价格为:

    1. 部分。

    2. 折扣。

    3. 高级版。

  4. At the time of issue of 4.50% coupon bonds, the effective interest rate was 5.00%. The bonds were most likely issued at:

    1. par.

    2. a discount.

    3. a premium.

  5. Oil Exploration LLC 为近期发行的债券支付了 45,000 美元的印刷费、律师费、佣金和其他相关费用。该公司最有可能在财务报表中将这些费用记录为:

    1. 根据美国通用会计准则,这是一项资产;根据国际财务报告准则,这是一项债务账面价值的减少。

    2. 根据美国通用会计准则,这是一项负债;根据国际财务报告准则,这是一项债务账面价值的减少。

    3. 根据美国通用会计准则和国际财务报告准则,投资活动产生的现金流出。

  6. Oil Exploration LLC paid $45,000 in printing, legal fees, commissions, and other costs associated with its recent bond issue. It is most likely to record these costs on its financial statements as:

    1. an asset under US GAAP and reduction of the carrying value of the debt under IFRS.

    2. a liability under US GAAP and reduction of the carrying value of the debt under IFRS.

    3. a cash outflow from investing activities under both US GAAP and IFRS.

  7. 某公司于2015年1月1日发行面值100万美元的10年期债券,当时风险和期限相近的债券市场利率为5%。该债券每年12月31日支付6%的利息。发行时,资产负债表上反映的应付债券金额最接近

    1. 926,399 美元。

    2. 100万美元。

    3. 1,077,217 美元。

  8. A company issues $1,000,000 face value of 10-year bonds on 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 5%. The bonds pay 6% interest annually on 31 December. At the time of issue, the bonds payable reflected on the balance sheet is closest to:

    1. $926,399.

    2. $1,000,000.

    3. $1,077,217.

  9. Midland Brands公司于2015年1月1日发行面值为500万美元的三年期债券。风险和期限相近的债券市场利率为3%。如果该债券每年12月31日支付2.5%的利息,则发行时即付的债券最有可能被报告

    1. 4,929,285 美元。

    2. 500万美元。

    3. 5,071,401 美元。

  10. Midland Brands issues three-year bonds dated 1 January 2015 with a face value of $5,000,000. The market interest rate on bonds of comparable risk and term is 3%. If the bonds pay 2.5% annually on 31 December, bonds payable when issued are most likely reported as closest to:

    1. $4,929,285.

    2. $5,000,000.

    3. $5,071,401.

  11. 一家公司发行了票面利率为 5.00% 的债券,当时市场利率为 5.50%,而风险和条款与之相当的债券利率也为 5.50%。一年后,市场利率上升至 6.00%。根据这些信息,实际利率为:

    1. 5.00%。

    2. 5.50%。

    3. 6.00%。

  12. A firm issues a bond with a coupon rate of 5.00% when the market interest rate is 5.50% on bonds of comparable risk and terms. One year later, the market interest rate increases to 6.00%. Based on this information, the effective interest rate is:

    1. 5.00%.

    2. 5.50%.

    3. 6.00%.

  13. 2010年1月1日,Elegant Fragrances公司发行面值100万英镑、期限五年的债券,每年12月31日支付5.5万英镑的利息。市场利率为6.0%。采用实际利率法摊销,Elegant Fragrances公司最有可能记录如下:

    1. 2010 年损益表中的利息支出为 55,000 英镑。

    2. 截至 2010 年 12 月 31 日的资产负债表,负债为 982,674 英镑。

    3. 2010 年现金流量表中,经营活动产生的现金流出为 58,736 英镑。

  14. On 1 January 2010, Elegant Fragrances Company issues £1,000,000 face value, five-year bonds with annual interest payments of £55,000 to be paid each 31 December. The market interest rate is 6.0 percent. Using the effective interest rate method of amortisation, Elegant Fragrances is most likely to record:

    1. an interest expense of £55,000 on its 2010 income statement.

    2. a liability of £982,674 on the 31 December 2010 balance sheet.

    3. a £58,736 cash outflow from operating activity on the 2010 statement of cash flows.

  15. 联合企业发行面值 1000 万欧元、期限五年、票面利率 6.5% 的债券。发行时,市场利率为 6.0%。采用实际利率法摊销,一年后的账面价值最接近

    1. 1017万欧元。

    2. 1021万欧元。

    3. 1028万欧元。

  16. Consolidated Enterprises issues €10 million face value, five-year bonds with a coupon rate of 6.5 percent. At the time of issuance, the market interest rate is 6.0 percent. Using the effective interest rate method of amortisation, the carrying value after one year will be closest to:

    1. €10.17 million.

    2. €10.21 million.

    3. €10.28 million.

  17. 某公司于2015年1月1日发行面值为1000万欧元的10年期债券,当时风险和期限相近的债券市场利率为6%。该债券每年12月31日支付7%的利息。根据实际利率法,2015年12月31日的利息费用最接近

    1. 644,161欧元。

    2. 70万欧元。

    3. 751,521 欧元。

  18. A company issues €10,000,000 face value of 10-year bonds dated 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 6%. The bonds pay 7% interest annually on 31 December. Based on the effective interest rate method, the interest expense on 31 December 2015 is closest to:

    1. €644,161.

    2. €700,000.

    3. €751,521.

  19. 某公司于2015年1月1日发行面值为3000万美元的五年期债券,当时风险和期限相近的债券市场利率为5%。该债券每年12月31日支付4%的利息。根据实际利率法,该债券在2015年12月31日的账面价值最接近以下哪个数值?

    1. 28,466,099 美元。

    2. 28,800,000 美元。

    3. 28,936,215 美元。

  20. A company issues $30,000,000 face value of five-year bonds dated 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 5%. The bonds pay 4% interest annually on 31 December. Based on the effective interest rate method, the carrying amount of the bonds on 31 December 2015 is closest to:

    1. $28,466,099.

    2. $28,800,000.

    3. $28,936,215.

  21. Lesp Industries公司于2015年1月1日发行五年期债券,面值为2,000,000美元,票面利率为3%,每年12月31日付息。风险和期限相近的债券市场利率为4%。债券发行所得款项为1,910,964美元。根据实际利率法,2017年的利息费用最接近

    1. 77,096 美元。

    2. 77,780 美元。

    3. 77,807 美元。

  22. Lesp Industries issues five-year bonds dated 1 January 2015 with a face value of $2,000, 000 and 3% coupon rate paid annually on 31 December. The market interest rate on bonds of comparable risk and term is 4%. The sales proceeds of the bonds are $1,910,964. Under the effective interest rate method, the interest expense in 2017 is closest to:

    1. $77,096.

    2. $77,780.

    3. $77,807.

  23. 对于溢价发行的债券,采用实际利率法计算,其利率为:

    1. 账面价值逐年增加。

    2. 每年保费摊销额都会增加。

    3. 溢价在债券存续期内平均摊销。

  24. For a bond issued at a premium, using the effective interest rate method, the:

    1. carrying amount increases each year.

    2. amortization of the premium increases each year.

    3. premium is evenly amortized over the life of the bond.

  25. 康特工业公司于2015年1月1日发行了300万美元的三年期债券。该债券每年12月31日支付5.5%的利息。风险和期限相近的债券市场利率为5%。债券发行所得款项为3,040,849美元。采用直线法计算,第一年的利息费用最接近

    1. 15万美元。

    2. 151,384 美元。

    3. 152,042 美元。

  26. Comte Industries issues $3,000,000 worth of three-year bonds dated 1 January 2015. The bonds pay interest of 5.5% annually on 31 December. The market interest rate on bonds of comparable risk and term is 5%. The sales proceeds of the bonds are $3,040,849. Under the straight-line method, the interest expense in the first year is closest to:

    1. $150,000.

    2. $151,384.

    3. $152,042.

  27. 欧元区银行(Bank EZ)管理层在公开市场上回购了其自身发行的债券。他们支付了650万欧元回购了面值为1000万欧元、账面价值为980万欧元的债券。该银行很可能会公布:

    1. 其他综合收入为 330 万欧元。

    2. 其他综合收入为 350 万欧元。

    3. 损益表显示收益为 330 万欧元。

  28. The management of Bank EZ repurchases its own bonds in the open market. They pay €6.5 million for bonds with a face value of €10.0 million and a carrying value of €9.8 million. The bank will most likely report:

    1. other comprehensive income of €3.3 million.

    2. other comprehensive income of €3.5 million.

    3. a gain of €3.3 million on the income statement.

  29. 一家公司赎回面值为 1,000,000 美元、账面价值为 990,000 美元的债券。如果赎回价格为 104,该公司将:

    1. 减少应付债券100万美元。

    2. 确认债务清偿损失 50,000 美元。

    3. 确认清偿债务所得收益 10,000 美元。

  30. A company redeems $1,000,000 face value bonds with a carrying value of $990,000. If the call price is 104 the company will:

    1. reduce bonds payable by $1,000,000.

    2. recognize a loss on the extinguishment of debt of $50,000.

    3. recognize a gain on the extinguishment of debt of $10,000.

  31. 创新发明公司需要筹集 1000 万欧元。如果该公司选择发行零息债券,其负债权益比率最有可能

    1. 随着到期日临近而上涨。

    2. 随着到期日临近而下降。

    3. 在债券存续期间保持不变。

  32. Innovative Inventions, Inc. needs to raise €10 million. If the company chooses to issue zero-coupon bonds, its debt-to-equity ratio will most likely:

    1. rise as the maturity date approaches.

    2. decline as the maturity date approaches.

    3. remain constant throughout the life of the bond.

  33. 费尔蒙高尔夫在利率为 6% 时发行了固定利率债券。此后利率已升至 7%。如果仅使用资产负债表上报告的账面价值(基于历史成本)来分析公司的财务状况,分析师 很可能会:

    1. 高估了费尔蒙的经济负债。

    2. 低估了费尔蒙的经济负担。

    3. 低估费尔蒙酒店的利息保障倍数。

  34. Fairmont Golf issued fixed rate debt when interest rates were 6 percent. Rates have since risen to 7 percent. Using only the carrying amount (based on historical cost) reported on the balance sheet to analyze the company’s financial position would most likely cause an analyst to:

    1. overestimate Fairmont’s economic liabilities.

    2. underestimate Fairmont’s economic liabilities.

    3. underestimate Fairmont’s interest coverage ratio.

  35. 以下哪个是肯定性债务契约的例子?借款人是:

    1. 禁止进行合并。

    2. 防止发行过多的额外债务。

    3. 必须对作为抵押品的设备进行定期维护。

  36. Which of the following is an example of an affirmative debt covenant? The borrower is:

    1. prohibited from entering into mergers.

    2. prevented from issuing excessive additional debt.

    3. required to perform regular maintenance on equipment pledged as collateral.

  37. 债务契约最不可能限制发行人以下能力:

    1. 支付股息。

    2. 增发债务。

    3. 增发股票。

  38. Debt covenants are least likely to place restrictions on the issuer’s ability to:

    1. pay dividends.

    2. issue additional debt.

    3. issue additional equity.

  39. 关于公司的债务义务,下列哪项最有可能在资产负债表上列示?

    1. 实际利率

    2. 债务到期日

    3. 未来12个月内到期的长期债务部分

  40. Regarding a company’s debt obligations, which of the following is most likely presented on the balance sheet?

    1. Effective interest rate

    2. Maturity dates for debt obligations

    3. The portion of long-term debt due in the next 12 months

  41. 与采用融资租赁相比,采用经营租赁的承租人 很可能会报告更高的收益:

    1. 债务。

    2. 租金支出。

    3. 经营活动产生的现金流量。

  42. Compared to using a finance lease, a lessee that makes use of an operating lease will most likely report higher:

    1. debt.

    2. rent expense.

    3. cash flow from operating activity.

  43. 以下哪项最可能是承租人关于经营租赁的披露信息?

    1. 租赁负债。

    2. 按到期日计算的未来债务。

    3. 租赁资产的账面净值。

  44. Which of the following is most likely a lessee’s disclosure about operating leases?

    1. Lease liabilities.

    2. Future obligations by maturity.

    3. Net carrying amounts of leased assets.

  45. 对于出租人而言,当租赁被归类为以下类型时,租赁资产会出现在资产负债表上并继续计提折旧:

    1. 销售型租赁。

    2. 经营租赁。

    3. 融资租赁。

  46. For a lessor, the leased asset appears on the balance sheet and continues to be depreciated when the lease is classified as:

    1. a sales-type lease.

    2. an operating lease.

    3. a financing lease.

  47. 根据美国通用会计准则,如果租赁被归类为以下类型, 则出租人在租赁开始时报告的收入最高:

    1. 销售型租赁。

    2. 经营租赁。

    3. 直接融资租赁。

  48. Under US GAAP, a lessor’s reported revenues at lease inception will be highest if the lease is classified as:

    1. a sales-type lease.

    2. an operating lease.

    3. a direct financing lease.

  49. 如果租赁被归类为以下类型,出租人将确认利息收入:

    1. 融资租赁。

    2. 经营租赁。

    3. 可以是融资租赁,也可以是经营租赁。

  50. A lessor will record interest income if a lease is classified as:

    1. a capital lease.

    2. an operating lease.

    3. either a capital or an operating lease.

  51. 与融资租赁相比,经营租赁:

    1. 类似于租赁资产。

    2. 相当于购买一项资产。

    3. 期限是指资产经济寿命的大部分时间。

  52. Compared with a finance lease, an operating lease:

    1. is similar to renting an asset.

    2. is equivalent to the purchase of an asset.

    3. term is for the majority of the economic life of the asset.

  53. 根据美国通用会计准则,下列哪项会要求承租人将租赁归类为融资租赁?

    1. 期限为资产使用寿命的 60%。

    2. 该租赁协议包含以公允价值购买该资产的选择权。

    3. 租赁付款的现值为公允价值的 95%。

  54. Under US GAAP, which of the following would require the lessee to classify a lease as a capital lease?

    1. The term is 60% of the useful life of the asset.

    2. The lease contains an option to purchase the asset at fair value.

    3. The present value of the lease payments is 95% of the fair value.

  55. 签订融资租赁合同的承租人应报告:

    1. 资产负债表上的租赁应付款项。

    2. 损益表中全部计入租赁付款。

    3. 全额租赁付款作为经营现金流。

  56. A lessee that enters into a finance lease will report the:

    1. lease payable on its balance sheet.

    2. full lease payment on its income statement.

    3. full lease payment as an operating cash flow.

  57. 一家公司签订了一份融资租赁协议,以三年为期限获得一项资产的使用权,从明年开始每年支付19,000,000欧元的租金。租赁资产的公允市场价值为49,000,000欧元,租金的现值为47,250,188欧元。基于这些信息,该公司资产负债表上报告的应付租金最接近以下哪个值?

    1. 47,250,188 欧元。

    2. 4900万欧元。

    3. 5700万欧元。

  58. A company enters into a finance lease agreement to acquire the use of an asset for three years with lease payments of €19,000,000 starting next year. The leased asset has a fair market value of €49,000,000 and the present value of the lease payments is €47,250,188. Based on this information, the value of the lease payable reported on the company’s balance sheet is closest to:

    1. €47,250,188.

    2. €49,000,000.

    3. €57,000,000.

  59. 以下哪项最能描述作为承租人签订经营租赁合同的公司的报告和披露要求?经营租赁义务是:

    1. 在资产负债表上列为应收账款。

    2. 已在财务报表附注中披露。

    3. 在资产负债表中作为债务组成部分列示。

  60. Which of the following best describes reporting and disclosure requirements for a company that enters into an operating lease as the lessee? The operating lease obligation is:

    1. reported as a receivable on the balance sheet.

    2. disclosed in notes to the financial statements.

    3. reported as a component of debt on the balance sheet.

  61. Cavalier Copper Mines的总负债为8.4亿美元,股东权益为5.2亿美元。该公司披露了未来五年的经营租赁承诺,其现值为1亿美元。如果将这些租赁承诺视为债务,则其债务资本比率最接近

    1. 0.58。

    2. 0.62。

    3. 0.64。

  62. Cavalier Copper Mines has $840 million in total liabilities and $520 million in shareholders’ equity. It discloses operating lease commitments over the next five years with a present value of $100 million. If the lease commitments are treated as debt, the debt-to-total-capital ratio is closest to:

    1. 0.58.

    2. 0.62.

    3. 0.64.

  63. 以下列出该公司的部分财务信息:

    百万美元
    短期借款 4,231
    长期计息债务的当前部分 29
    长期计息债务 925
    平均股东权益 18,752
    平均总资产 45,981

    财务杠杆比率最接近于:

    1. 0.113

    2. 0.277

    3. 2.452

  64. The following presents selected financial information for a company:

    $ Millions
    Short-term borrowing 4,231
    Current portion of long-term interest-bearing debt 29
    Long-term interest-bearing debt 925
    Average shareholders’ equity 18,752
    Average total assets 45,981

    The financial leverage ratio is closest to:

    1. 0.113

    2. 0.277

    3. 2.452

  65. 一位分析师在评估三家工业公司时计算了以下比率:

    A公司 B公司 C公司
    债务权益比 23.5% 22.5% 52.5%
    利息保障倍数 15.6 49.5 45.5

    财务杠杆率最低且偿付利息能力最强的公司是:

    1. A公司

    2. B公司

    3. C公司

  66. An analyst evaluating three industrial companies calculates the following ratios:

    Company A Company B Company C
    Debt-to-Equity 23.5% 22.5% 52.5%
    Interest Coverage 15.6 49.5 45.5

    The company with both the lowest financial leverage and the greatest ability to meet interest payments is:

    1. Company A.

    2. Company B.

    3. Company C.

  67. 分析师在评估公司偿付能力时会收集以下信息:

    百万美元
    短期计息债务 1,258
    长期计息债务 321
    股东权益总额 4,285
    总资产 8,750
    息税前利润 2,504
    利息支付 52

    该公司的资产负债率最接近于:

    1. 0.18。

    2. 0.27。

    3. 0.37。

  68. An analyst evaluating a company’s solvency gathers the following information:

    $ Millions
    Short-term interest-bearing debt 1,258
    Long-term interest-bearing debt 321
    Total shareholder’s equity 4,285
    Total assets 8,750
    EBIT 2,504
    Interest payments 52

    The company’s debt-to-assets ratio is closest to:

    1. 0.18.

    2. 0.27.

    3. 0.37.

  69. Penben公司设有固定收益养老金计划。截至12月31日,其养老金负债为1000万欧元,养老金资产为900万欧元。根据国际财务报告准则(IFRS)或美国通用会计准则(US GAAP),资产负债表上的报告最接近以下哪一项?

    1. 其中1000万欧元列为负债,900万欧元列为资产。

    2. 净养老金负债为100万欧元。

    3. 养老金资产和负债无需在资产负债表上列示,只需在附注中披露即可。

  70. Penben Corporation has a defined benefit pension plan. At 31 December, its pension obligation is €10 million and pension assets are €9 million. Under either IFRS or US GAAP, the reporting on the balance sheet would be closest to which of the following?

    1. €10 million is shown as a liability, and €9 million appears as an asset.

    2. €1 million is shown as a net pension obligation.

    3. Pension assets and obligations are not required to be shown on the balance sheet but only disclosed in footnotes.

  71. 以下信息与一家为员工提供固定收益计划的公司有关:

    基金资产的公允价值 15亿美元
    预计养老金义务 26亿美元
    预计养老金义务的现值 12亿美元

    根据这些信息,公司的资产负债表将显示净养老金:

    1. 资产达3亿美元。

    2. 资产达14亿美元。

    3. 负债11亿美元。

  72. The following information is associated with a company that offers its employees a defined benefit plan:

    Fair value of fund’s assets $1,500,000,000
    Estimated pension obligations $2,600,000,000
    Present value of estimated pension obligations $1,200,000,000

    Based on this information, the company’s balance sheet will present a net pension:

    1. asset of $300,000,000.

    2. asset of $1,400,000,000.

    3. liability of $1,100,000,000.

解决方案

Solutions

  1. B选项正确。公司在发行债券时从投资者处收到100万欧元现金,这笔款项被记为融资活动。

  2. B is correct. The company receives €1 million in cash from investors at the time the bonds are issued, which is recorded as a financing activity.

  3. B选项正确。实际利率高于票面利率,因此债券将以折价发行。

  4. B is correct. The effective interest rate is greater than the coupon rate and the bonds will be issued at a discount.

  5. A选项正确。根据美国通用会计准则(US GAAP),发行债券时发生的费用通常记为资产,并在债券存续期内摊销至相关费用(例如法律费用等)。而根据国际财务报告准则(IFRS),这些费用计入负债的计量。相关的现金流量属于筹资活动。

  6. A is correct. Under US GAAP, expenses incurred when issuing bonds are generally recorded as an asset and amortised to the related expense (legal, etc.) over the life of the bonds. Under IFRS, they are included in the measurement of the liability. The related cash flows are financing activities.

  7. C选项正确。由于票面利率高于市场利率,债券将溢价发行。未来现金流出、现金流出的现值以及总现值如下:

    日期 利息支付(美元) 按市场利率 5% 计算的现值(美元)   按市场利率 5% 计算的现值(美元) 总现值(美元)
    2015年12月31日 60,000.00 57,142.86  
    2016年12月31日 60,000.00 54,421.77  
    2017年12月31日 60,000.00 51,830.26  
    2018年12月31日 60,000.00 49,362.15  
    2019年12月31日 60,000.00 47,011.57  
    2020年12月31日 60,000.00 44,772.92  
    2021年12月31日 60,000.00 42,640.88  
    2022年12月31日 60,000.00 40,610.36  
    2023年12月31日 60,000.00 38,676.53  
    2024年12月31日 60,000.00 36,834.80 1,000,000.00 613,913.25
          463,304.10   613,913.25 1,077,217.35
              销售所得

    下面展示了许多财务计算器计算 1,077,217.35 美元销售收入的按键操作:

    计算器符号 该问题的数值
    N 10
    % i或 I/Y 5
    农场 1,000,000.00 美元
    PMT 60,000.00 美元
    光伏计算 X

    因此,销售收入在资产负债表上列为长期负债增加,应付债券金额为 1,077,217 美元。

  8. C is correct. The bonds will be issued at a premium because the coupon rate is higher than the market interest rate. The future cash outflows, the present value of the cash outflows, and the total present value are as follows:

    Date Interest Payment ($) Present Value at Market Rate 5% ($)   Present Value at Market Rate 5% ($) Total Present Value ($)
    31 December 2015 60,000.00 57,142.86  
    31 December 2016 60,000.00 54,421.77  
    31 December 2017 60,000.00 51,830.26  
    31 December 2018 60,000.00 49,362.15  
    31 December 2019 60,000.00 47,011.57  
    31 December 2020 60,000.00 44,772.92  
    31 December 2021 60,000.00 42,640.88  
    31 December 2022 60,000.00 40,610.36  
    31 December 2023 60,000.00 38,676.53  
    31 December 2024 60,000.00 36,834.80 1,000,000.00 613,913.25
          463,304.10   613,913.25 1,077,217.35
              Sales Proceeds

    The following illustrates the keystrokes for many financial calculators to calculate sales proceeds of $1,077,217.35:

    Calculator Notation Numerical Value for This Problem
    N 10
    % i or I/Y 5
    FV $1,000,000.00
    PMT $60,000.00
    PV compute X

    Thus, the sales proceeds are reported on the balance sheet as an increase in long-term liability, bonds payable of $1,077,217.

  9. A选项正确。债券发行时报告的应付账款等于发行所得款项。要确定发行所得款项,必须按3%的市场利率对债券的利息支付和未来价值进行折现。

    日期 利息支付 按市场利率(3%)计算的现值 面值支付 按市场利率(3%)计算的现值 总现值
    2015年12月31日 125,000.00 美元 121,359.22 美元
    2016年12月31日 125,000.00 美元 117,824.49 美元
    2017年12月31日 125,000.00 美元 114,392.71 美元 5,000,000.00 美元 4,575,708.30 美元
    全部的 353,576.42 美元 4,575,708.30 美元 4,929,284.72 美元

    下面展示了许多财务计算器计算 4,929,284.72 美元销售收入的按键操作:

    计算器符号 该问题的数值
    N 3
    % i或 I/Y 3.0
    农场 5,000,000.00 美元
    PMT 125,000.00 美元
    光伏计算 X

  10. A is correct. The bonds payable reported at issue is equal to the sales proceeds. The interest payments and future value of the bond must be discounted at the market interest rate of 3% to determine the sales proceeds.

    Date Interest Payment Present Value at Market Rate (3%) Face Value Payment Present Value at Market Rate (3%) Total Present Value
    31 December 2015 $125,000.00 $121,359.22
    31 December 2016 $125,000.00 $117,824.49
    31 December 2017 $125,000.00 $114,392.71 $5,000,000.00 $4,575,708.30
    Total $353,576.42 $4,575,708.30 $4,929,284.72

    The following illustrates the keystrokes for many financial calculators to calculate sales proceeds of $4,929,284.72:

    Calculator Notation Numerical Value for This Problem
    N 3
    % i or I/Y 3.0
    FV $5,000,000.00
    PMT $125,000.00
    PV compute X

  11. B选项正确。发行时的市场利率即为公司实际承担的债务利率。实际利率是指使票息现值与面值之和等于其售价的折现率。因此,实际利率为5.50%。

  12. B is correct. The market interest rate at the time of issuance is the effective interest rate that the company incurs on the debt. The effective interest rate is the discount rate that equates the present value of the coupon payments and face value to their selling price. Consequently, the effective interest rate is 5.50%.

  13. B选项正确。由于市场利率高于票面利率,债券将折价发行。将未来付款折现至现值表明,发行时,公司将确认978,938英镑为负债和融资活动现金流入。2010年的利息支出为58,736英镑(978,938英镑乘以6.0%)。年内,公司将支付55,000英镑的现金用于支付利息,但损益表中的利息支出还将反映3,736英镑的摊销,用于摊销初始折价(58,736英镑利息支出减去55,000英镑利息支出)。因此,截至2010年12月31日,负债价值将反映初始价值(978,938英镑)加上摊销后的折价(3,736英镑),总计982,674英镑。根据国际财务报告准则,55,000 英镑的现金流出可以列为经营活动或筹资活动。

  14. B is correct. The bonds will be issued at a discount because the market interest rate is higher than the stated rate. Discounting the future payments to their present value indicates that at the time of issue, the company will record £978,938 as both a liability and a cash inflow from financing activities. Interest expense in 2010 is £58,736 (£978,938 times 6.0 percent). During the year, the company will pay cash of £55,000 related to the interest payment, but interest expense on the income statement will also reflect £3,736 related to amortisation of the initial discount (£58,736 interest expense less the £55,000 interest payment). Thus, the value of the liability at 31 December 2010 will reflect the initial value (£978,938) plus the amortised discount (£3,736), for a total of £982,674. The cash outflow of £55,000 may be presented as either an operating or financing activity under IFRS.

  15. A选项正确。债券的票面利率高于市场利率,这意味着债券将溢价发行。计算每次付款的现值,得出发行日价值为10,210,618欧元。利息费用通过将期初账面价值(10,210,618欧元)乘以发行时的市场利率(6.0%)得出,即612,637欧元。一年后的价值等于期初价值减去已摊销的溢价,即已付金额(650,000欧元)与已计提费用(612,637欧元)之间的差额,即37,363欧元。10,210,618欧元 - 37,363欧元 = 10,173,255欧元,即1017万欧元。

  16. A is correct. The coupon rate on the bonds is higher than the market rate, which indicates that the bonds will be issued at a premium. Taking the present value of each payment indicates an issue date value of €10,210,618. The interest expense is determined by multiplying the carrying amount at the beginning of the period (€10,210,618) by the market interest rate at the time of issue (6.0 percent) for an interest expense of €612,637. The value after one year will equal the beginning value less the amount of the premium amortised to date, which is the difference between the amount paid (€650,000) and the expense accrued (€612,637) or €37,363. €10,210,618 – €37,363 = €10,173,255 or €10.17 million.

  17. A选项正确。未来现金流出、现金流出的现值以及总现值如下:

    日期 利息支付(欧元) 按市场利率 6% 计算的现值(欧元) 按市场利率 6% 计算的现值(欧元) 总现值(欧元)
    2015年12月31日 700,000.00 660,377.36
    2016年12月31日 700,000.00 622,997.51
    2017年12月31日 700,000.00 587,733.50
    2018年12月31日 700,000.00 554,465.56
    2019年12月31日 700,000.00 523,080.72
    2020年12月31日 700,000.00 493,472.38
    2021年12月31日 700,000.00 465,539.98
    2022年12月31日 700,000.00 439,188.66
    2023年12月31日 700,000.00 414,328.92
    2024年12月31日 700,000.00 390,876.34 10,000,000.00 5,583,947.77
          5,152,060.94   5,583,947.77 10,736,008.71
                销售所得

    下面展示了许多财务计算器计算 10,736,008.71 欧元销售收入的按键操作:

    计算器符号 该问题的数值
    N 10
    % i或 I/Y 6
    农场 10,000,000.00 美元
    PMT 700,000.00 美元
    光伏计算 X

    利息费用是通过将年初账面价值乘以发行时的实际利率计算得出的。因此,截至2015年12月31日的利息费用为644,161欧元(10,736,008.71欧元×6%)。

  18. A is correct. The future cash outflows, the present value of the cash outflows, and the total present value are as follows:

    Date Interest Payment (€) Present Value at Market Rate 6% (€) Present Value at Market Rate 6% (€) Total Present Value (€)
    31 December 2015 700,000.00 660,377.36
    31 December 2016 700,000.00 622,997.51
    31 December 2017 700,000.00 587,733.50
    31 December 2018 700,000.00 554,465.56
    31 December 2019 700,000.00 523,080.72
    31 December 2020 700,000.00 493,472.38
    31 December 2021 700,000.00 465,539.98
    31 December 2022 700,000.00 439,188.66
    31 December 2023 700,000.00 414,328.92
    31 December 2024 700,000.00 390,876.34 10,000,000.00 5,583,947.77
          5,152,060.94   5,583,947.77 10,736,008.71
                Sales Proceeds

    The following illustrates the keystrokes for many financial calculators to calculate sales proceeds of €10,736,008.71:

    Calculator Notation Numerical Value for This Problem
    N 10
    % i or I/Y 6
    FV $10,000,000.00
    PMT $700,000.00
    PV compute X

    The interest expense is calculated by multiplying the carrying amount at the beginning of the year by the effective interest rate at issuance. As a result, the interest expense at 31 December 2015 is €644,161 (€10,736,008.71 × 6%).

  19. C选项正确。未来现金流出、现金流出的现值以及总现值如下:

    日期 利息支付(美元) 按市场利率 5% 计算的现值(美元)   按市场利率 5% 计算的现值(美元) 总现值(美元)
    2015年12月31日 1,200,000 1,142,857.14
    2016年12月31日 1,200,000 1,088,435.37
    2017年12月31日 1,200,000 1,036,605.12
    2018年12月31日 1,200,000 987,242.97
    2019年12月31日 1,200,000 940,231.40 30,000,000 23,505,785.00
      5,195,372.00   23,505,785.00 28,701,157.00
    销售所得

    下面展示了许多财务计算器计算 28,701,157.00 美元销售收入的按键操作:

    计算器符号 该问题的数值
    N 5
    % i或 I/Y 5
    农场 30,000,000.00 美元
    PMT 1,200,000.00 美元
    光伏计算 X

    下表列出了 2015 年的利息支出、溢价摊销和账面价值(摊销成本)。

    账面价值(年初) 利息支出(按实际利率 5% 计算) 利息支付(票面利率为 4%) 折价摊销 账面价值(年末)
    2015 28,701,157.00 美元 1,435,057.85 美元 1,200,000.00 美元 235,057.85 美元 28,936,214.85 美元

    年末账面价值的计算方法是将年初账面价值加上折价摊销额。因此,2015年12月31日的账面价值为28,936,215美元。

    或者,以下图示展示了许多财务计算器计算第一年末账面价值 28,936,215 美元的按键操作:

    计算器符号 该问题的数值
    N 4
    % i或 I/Y 5
    农场 30,000,000.00 美元
    PMT 1,200,000.00 美元
    光伏计算 X

  20. C is correct. The future cash outflows, the present value of the cash outflows, and the total present value are as follows:

    Date Interest Payment ($) Present Value at Market Rate 5% ($)   Present Value at Market Rate 5% ($) Total Present Value ($)
    31 December 2015 1,200,000 1,142,857.14
    31 December 2016 1,200,000 1,088,435.37
    31 December 2017 1,200,000 1,036,605.12
    31 December 2018 1,200,000 987,242.97
    31 December 2019 1,200,000 940,231.40 30,000,000 23,505,785.00
      5,195,372.00   23,505,785.00 28,701,157.00
    Sales Proceeds

    The following illustrates the keystrokes for many financial calculators to calculate sales proceeds of $28,701,157.00:

    Calculator Notation Numerical Value for This Problem
    N 5
    % i or I/Y 5
    FV $30,000,000.00
    PMT $1,200,000.00
    PV compute X

    The following table illustrates interest expense, premium amortization, and carrying amount (amortized cost) for 2015.

    Year Carrying Amount (beginning of year) Interest Expense (at effective interest rate of 5%) Interest Payment (at coupon rate of 4%) Amortization of Discount Carrying Amount (end of year)
    2015 $28,701,157.00 $1,435,057.85 $1,200,000.00 $235,057.85 $28,936,214.85

    The carrying amount at the end of the year is found by adding the amortization of the discount to the carrying amount at the beginning of the year. As a result, the carrying amount on 31 December 2015 is $28,936,215.

    Alternatively, the following illustrates the keystrokes for many financial calculators to calculate the carrying value at the end of first year of $28,936, 215:

    Calculator Notation Numerical Value for This Problem
    N 4
    % i or I/Y 5
    FV $30,000,000.00
    PMT $1,200,000.00
    PV compute X

  21. B选项正确。某一年的利息费用等于年初账面价值乘以4%的实际利率。根据实际利率法,利息费用与利息支付(基于票面利率和面值)之间的差额即为该期间摊销的折价,该折价每年都会增加账面价值。2017年的利息费用为年初账面价值(1,944,499美元)乘以4%的实际利率。

    期初账面价值 利息支出(按实际利率 4% 计算) 利息支付(票面利率为 3%) 折价摊销 账面价值(年末)
    2015 1,910,964 美元 76,439 美元 60,000.00 美元 16,439 美元 1,927,403 美元
    2016 1,927,403 美元 77,096 美元 60,000.00 美元 17,096 美元 1,944,499 美元
    2017 1,944,499 美元 77,780 美元 60,000.00 美元 17,780 美元 1,962,279 美元

  22. B is correct. The interest expense for a given year is equal to the carrying amount at the beginning of the year times the effective interest of 4%. Under the effective interest rate method, the difference between the interest expense and the interest payment (based on the coupon rate and face value) is the discount amortized in the period, which increases the carrying amount annually. For 2017, the interest expense is the beginning carrying amount ($1,944,499) times the effective interest of 4%.

    Year Carrying Amount (beginning) Interest Expense (at effective interest of 4%) Interest Payment (at coupon rate of 3%) Amortization of Discount Carrying Amount (end of year)
    2015 $1,910,964 $76,439 $60,000.00 $16,439 $1,927,403
    2016 $1,927,403 $77,096 $60,000.00 $17,096 $1,944,499
    2017 $1,944,499 $77,780 $60,000.00 $17,780 $1,962,279

  23. B选项正确。溢价摊销额等于利息支付额减去利息费用。利息支付额保持不变,而利息费用随着账面价值的减少而减少。因此,溢价摊销额逐年增加。

  24. B is correct. The amortization of the premium equals the interest payment minus the interest expense. The interest payment is constant and the interest expense decreases as the carrying amount decreases. As a result, the amortization of the premium increases each year.

  25. B选项正确。采用直线法摊销债券溢价时,溢价在债券存续期内平均摊销。年利息支付额为165,000美元(3,000,000美元 × 5.5%),采用直线法摊销溢价的年摊销额为13,616美元(3,040,849美元 – 3,000,000美元 / 3)。利息费用为利息支付额减去溢价摊销额(165,000美元 – 13,616美元 = 151,384美元)。

  26. B is correct. Under the straight-line method, the bond premium is amortized equally over the life of the bond. The annual interest payment is $165,000 ($3,000,000 × 5.5%) and annual amortization of the premium under the straight-line method is $13,616 [($3,040,849 – $3,000,000)/3)]. The interest expense is the interest payment less the amortization of the premium ($165,000 – $13,616 = $151,384).

  27. C选项正确。损益表中将报告330万欧元的收益(账面价值减去已付金额)。

  28. C is correct. A gain of €3.3 million (carrying amount less amount paid) will be reported on the income statement.

  29. B选项正确。如果一家公司决定在到期前赎回债券,应付债券的账面价值将减少。赎回债券所需的现金与债券账面价值之间的差额即为债务清偿损益。由于赎回价格为104,面值为1,000,000美元,因此赎回成本为1,000,000美元的104%,即1,040,000美元。公司此次赎回的损失为50,000美元(990,000美元的债务账面价值减去支付赎回可赎回债券的1,040,000美元现金)。

  30. B is correct. If a company decides to redeem a bond before maturity, bonds payable is reduced by the carrying amount of the debt. The difference between the cash required to redeem the bonds and the carrying amount of the bonds is a gain or loss on the extinguishment of debt. Because the call price is 104 and the face value is $1,000,000, the redemption cost is 104% of $1,000,000 or $1,040,000. The company’s loss on redemption would be $50,000 ($990,000 carrying amount of debt minus $1,040,000 cash paid to redeem the callable bonds).

  31. A选项正确。零息债券的负债价值会随着折价摊销而增加。此外,随着负债价值的增加,摊销利息对收益的减少速度也会逐渐加快。较高的相对负债和较低的相对权益(通过留存收益体现)会导致零息债券临近到期时,资产负债率上升。

  32. A is correct. The value of the liability for zero-coupon bonds increases as the discount is amortised over time. Furthermore, the amortised interest will reduce earnings at an increasing rate over time as the value of the liability increases. Higher relative debt and lower relative equity (through retained earnings) will cause the debt-to-equity ratio to increase as the zero-coupon bonds approach maturity.

  33. A选项正确。当利率上升时,债券价值下降。因此,资产负债表上债券的账面价值高于其市场价值。公司可以以低于账面价值的价格回购债券,因此经济负债被高估。由于债券以固定利率发行,因此不会影响利息保障倍数。

  34. A is correct. When interest rates rise, bonds decline in value. Thus, the carrying amount of the bonds being carried on the balance sheet is higher than the market value. The company could repurchase the bonds for less than the carrying amount, so the economic liabilities are overestimated. Because the bonds are issued at a fixed rate, there is no effect on interest coverage.

  35. C选项正确。肯定性契约要求借款人采取某些行动。例如,要求公司对作为抵押品的设备进行定期维护就是一项肯定性契约,因为它要求公司履行某些义务。否定性契约则要求借款人不得采取某些行动。例如,禁止借款人进行并购以及阻止借款人发行过多的额外债务都是否定性契约的例子。

  36. C is correct. Affirmative covenants require certain actions of the borrower. Requiring the company to perform regular maintenance on equipment pledged as collateral is an example of an affirmative covenant because it requires the company to do something. Negative covenants require that the borrower not take certain actions. Prohibiting the borrower from entering into mergers and preventing the borrower from issuing excessive additional debt are examples of negative covenants.

  37. C选项正确。契约条款保护债权人免受过度风险的影响,通常是通过限制发行人使用现金的能力或限制债务相对于收入和权益的总体水平来实现的。发行额外股权会增强公司履行其义务的能力,因此债权人不会限制这种能力。

  38. C is correct. Covenants protect debtholders from excessive risk taking, typically by limiting the issuer’s ability to use cash or by limiting the overall levels of debt relative to income and equity. Issuing additional equity would increase the company’s ability to meet its obligations, so debtholders would not restrict that ability.

  39. C选项正确。资产负债表中的非流动负债部分通常包含公司一年后到期的长期债务总额,而流动负债部分则显示公司未来12个月内到期的长期债务。财务报表附注通常会列示公司债务的账面利率、实际利率和到期日。

  40. C is correct. The non-current liabilities section of the balance sheet usually includes a single line item of the total amount of a company’s long-term debt due after 1 year, and the current liabilities section shows the portion of a company’s long-term debt due in the next 12 months. Notes to the financial statements generally present the stated and effective interest rates and maturity dates for a company’s debt obligations

  41. B选项正确。经营租赁不计入资产负债表(负债较低),且租赁付款全部归类为租金(利息支出较低)。由于租金支出属于经营活动现金流出,而本金偿还属于筹资活动现金流,因此经营租赁会导致经营活动现金流减少。

  42. B is correct. An operating lease is not recorded on the balance sheet (debt is lower), and lease payments are entirely categorised as rent (interest expense is lower.) Because the rent expense is an operating outflow but principal repayments are financing cash flows, the operating lease will result in lower cash flow from operating activity.

  43. B选项正确。承租人将披露其经营租赁到期时的未来义务。对于融资租赁,到期时的未来义务、租赁资产和​​租赁负债均需列示。

  44. B is correct. The lessee will disclose the future obligation by maturity of its operating leases. The future obligations by maturity, leased assets, and lease liabilities will all be shown for finance leases.

  45. B选项正确。当租赁被归类为经营租赁时,标的资产仍保留在出租人的资产负债表上。出租人会计提折旧费用,随着时间的推移,该资产的价值会降低。

  46. B is correct. When a lease is classified as an operating lease, the underlying asset remains on the lessor’s balance sheet. The lessor will record a depreciation expense that reduces the asset’s value over time.

  47. A选项正确。销售型租赁将租赁视为资产出售,并在出售时确认收入,金额等于未来租赁付款的现值。直接融资租赁仅确认利息收入。经营租赁则在收到租金时确认租金收入。

  48. A is correct. A sales-type lease treats the lease as a sale of the asset, and revenue is recorded at the time of sale equal to the present value of future lease payments. Under a direct financing lease, only interest income is reported as earned. Under an operating lease, revenue from rent is reported when collected.

  49. A选项正确。融资租赁(包括直接融资和销售融资)的部分款项计入利息收入。而经营租赁的所有收入均计入租金收入。

  50. A is correct. A portion of the payments for capital leases, either direct financing or sales-type, is reported as interest income. With an operating lease, all revenue is recorded as rental revenue.

  51. A选项正确。经营租赁是指承租人在一段时间内使用某项资产的协议。因此,经营租赁类似于租赁资产,而融资租赁则相当于承租人购买资产,但由出租人直接提供融资。

  52. A is correct. An operating lease is an agreement that allows the lessee to use an asset for a period of time. Thus, an operating lease is similar to renting an asset, whereas a finance lease is equivalent to the purchase of an asset by the lessee that is directly financed by the lessor.

  53. C选项正确。如果租赁付款的现值大于资产公允价值的90%,则该租赁被视为融资租赁。租赁期限达到或超过资产使用寿命75%的租赁也被视为融资租赁。购买该资产的选择权必须被视为价格低廉(优惠购买选择权),而不仅仅是包含购买该资产的选择权本身。

  54. C is correct. If the present value of the lease payments is greater than 90% of the fair value of the asset, the lease is considered a capital lease. A lease with a term that is 75% or more of the useful life of the asset is deemed to be a capital lease. The option to purchase the asset must be deemed to be cheap (bargain purchase option), not just include the option to purchase the asset.

  55. A选项正确。融资租赁类似于借款购买资产;作为承租方签订融资租赁合同的公司,会在其资产负债表上列示一项资产(租赁资产)和相关负债(应付租赁款)。作为承租方签订融资租赁合同的公司,会在其利润表中列示利息费用和折旧费用。而作为经营租赁合同的公司,则会在其利润表中列示租赁付款。对于融资租赁,只有与利息费用相关的租赁付款部分会减少经营现金流;用于减少租赁负债的租赁付款部分则会在融资活动部分列示为现金流出。作为承租方签订经营租赁合同的公司,会将全部租赁付款列示为经营现金流出。

  56. A is correct. A finance lease is similar to borrowing money and buying an asset; a company that enters into a finance lease as the lessee reports an asset (leased asset) and related debt (lease payable) on its balance sheet. A company that enters into a finance lease as the lessee will report interest expense and depreciation expense on its income statement. A company that enters into an operating lease will report the lease payment on its income statement. For a finance lease, only the portion of the lease payment relating to interest expense reduces operating cash flow; the portion of the lease payment that reduces the lease liability appears as a cash outflow in the financing section. A company that enters into an operating lease as the lessee will report the full lease payment as an operating cash outflow.

  57. A选项正确。一家公司签订融资租赁合同时,租赁资产和​​租赁应付账款的价值均以未来租赁付款额的现值与租赁资产公允价值两者中的较低者为准。未来租赁付款额的现值为47,250,188欧元,低于租赁资产的公允价值49,000,000欧元。因此,该公司将在资产负债表上确认一笔47,250,188欧元的租赁应付账款。

  58. A is correct. A company that enters into a finance lease reports the value of both the leased asset and lease payable as the lower of the present value of future lease payments and the fair value of the leased asset. The present value of the future lease payments, €47,250,188, is lower than the fair market value of the leased asset, €49,000,000. The company will record a lease payable on the balance sheet of €47,250,188.

  59. B选项正确。经营租赁在经济上类似于租赁资产。作为承租人签订经营租赁合同的公司,在其使用该资产期间,会在损益表中确认租赁费用,而不会在资产负债表中确认任何资产或负债。经营租赁信息会在财务报表附注中披露。

  60. B is correct. An operating lease is economically similar to renting an asset. A company that enters into an operating lease as a lessee reports a lease expense on its income statement during the period it uses the asset and reports no asset or liability on its balance sheet. The operating lease is disclosed in notes to the financial statements.

  61. C 选项正确。目前的债务资本比率为 840 美元/(840 美元 + 520 美元) = 0.62。为了调整租赁承诺,分析师应在分子和分母中都加上 100 美元:940 美元/(940 美元 + 520 美元) = 0.64。

  62. C is correct. The current debt-to-total-capital ratio is $840/($840 + $520) = 0.62. To adjust for the lease commitments, an analyst should add $100 to both the numerator and denominator: $940/($940 + $520) = 0.64.

  63. C选项正确。财务杠杆比率的计算方法如下:

  64. C is correct. The financial leverage ratio is calculated as follows:

  65. B选项正确。B公司的负债权益比率最低,表明其财务杠杆率最低;同时,B公司的利息保障倍数最高,表明其息税前利润足以覆盖利息支出。

  66. B is correct. Company B has the lowest debt-to-equity ratio, indicating the lowest financial leverage, and the highest interest coverage ratio, indicating the greatest number of times that EBIT covers interest payments.

  67. A选项正确,因为负债资产比(总负债)/(总资产)为(1,258 + 321)/(8,750)= 1,579/8,750 = 0.18

  68. A is correct because the debt-to-assets (total debt)/(total assets) ratio is (1,258 + 321)/(8,750) = 1,579/8,750 = 0.18

  69. B选项正确。该公司将报告净养老金负债100万欧元,等于养老金负债(1000万欧元)减去计划资产(900万欧元)。

  70. B is correct. The company will report a net pension obligation of €1 million equal to the pension obligation (€10 million) less the plan assets (€9 million).

  71. A选项正确。一家提供固定收益养老金计划的公司会向养老基金缴款,退休人员则从该基金领取养老金。公司向养老基金缴纳的款项会进行投资,直到需要用于支付退休人员的养老金为止。如果养老基金资产的公允价值高于预计养老金负债的现值,则该计划会有盈余,公司资产负债表上会反映出净养老金资产。由于养老基金资产的公允价值为15亿美元,预计养老金负债的现值为12亿美元,因此公司将在资产负债表上列示3亿美元的净养老金资产。

  72. A is correct. A company that offers a defined benefit plan makes payments into a pension fund and the retirees are paid from the fund. The payments that a company makes into the fund are invested until they are needed to pay retirees. If the fair value of the fund’s assets is higher than the present value of the estimated pension obligation, the plan has a surplus and the company’s balance sheet will reflect a net pension asset. Because the fair value of the fund’s assets is $1,500,000,000 and the present value of estimated pension obligations is $1,200,000,000, the company will present a net pension asset of $300,000,000 on its balance sheet.

笔记

Notes

第九次学习会 财务报告与分析(4)

Study Session 9 Financial Reporting and Analysis (4)

本次学习课程介绍财务报告质量的概念。课程将探讨不同公司之间可能存在的财务报告质量差异以及识别这些差异的方法,并涵盖低质量或劣质报告的预警信号。随后,课程将介绍如何运用财务分析技术来评估公司过去和未来的业绩、评估信用风险以及筛选潜在的股权投资。最后,课程还将介绍为便于公司间比较而对已报告财务数据进行的常见调整。

This study session introduces the concept of financial reporting quality. The session examines the financial reporting quality differences that may exist between companies and the means for identifying them. Warning signs of poor or low quality reporting are covered. The application of financial analysis techniques to evaluate a company’s past and projected performance, assess credit risk, and screen for potential equity investments follows. Common adjustments to reported financials to facilitate cross-company comparisons conclude the session.

阅读作业

Reading Assignments

阅读29 《财务报告质量》,

作者:杰克·T·切谢尔斯基(注册会计师、特许金融分析师)、伊莱恩·亨利(博士、特许金融分析师)和托马斯·I·塞林(博士、注册会计师)。
阅读30 财务报表分析:应用篇,

作者:Thomas R. Robinson,博士,特许金融分析师 (CFA);Jan Hendrik van Greuning,商业博士,特许金融分析师 (CFA);Elaine Henry,博士,特许金融分析师 (CFA);Michael A. Broihahn,注册会计师 (CPA)、注册内部审计师 (CIA)、特许金融分析师 (CFA)。

阅读29 财务报告质量

Reading 29 Financial Reporting Quality

作者:杰克·T·切谢尔斯基(注册会计师、特许金融分析师)、伊莱恩·亨利(博士、特许金融分析师)和托马斯·I·塞林(博士、注册会计师)

杰克·T·切谢尔斯基(Jack T. Ciesielski),注册会计师(CPA)、特许金融分析师(CFA),就职于RG Associates, Inc.,该公司曾是《分析师会计观察》(美国)的出版商。伊莱恩·亨利(Elaine Henry),博士、特许金融分析师(CFA),就职于史蒂文斯理工学院(美国)。托马斯·I·塞林(Thomas I. Selling),博士、注册会计师(CPA),就职于南方卫理公会大学考克斯商学院(美国)。

Jack T. Ciesielski, CPA, CFA, is at R.G. Associates, Inc., former publisher of The Analyst’s Accounting Observer (USA). Elaine Henry, PhD, CFA, is at Stevens Institute of Technology (USA). Thomas I. Selling, PhD, CPA, is at the Cox School of Business, Southern Methodist University (USA).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 区分财务报告质量和报告结果的质量(包括盈利质量、现金流量和资产负债表项目);

  2. distinguish between financial reporting quality and quality of reported results (including quality of earnings, cash flow, and balance sheet items);

  3. 描述评估财务报告质量的范畴;

  4. describe a spectrum for assessing financial reporting quality;

  5. 区分保守会计和激进会计;

  6. distinguish between conservative and aggressive accounting;

  7. 描述可能导致管理层发布质量不高财务报告的动机;

  8. describe motivations that might cause management to issue financial reports that are not high quality;

  9. 描述导致发布低质量甚至欺诈性财务报告的条件;

  10. describe conditions that are conducive to issuing low-quality, or even fraudulent, financial reports;

  11. 描述规范财务报告质量的机制以及这些机制的潜在局限性;

  12. describe mechanisms that discipline financial reporting quality and the potential limitations of those mechanisms;

  13. 描述可能影响分析师意见的列报选择,包括非GAAP指标;

  14. describe presentation choices, including non-GAAP measures, that could be used to influence an analyst’s opinion;

  15. 描述可用于管理收益、现金流和资产负债表项目的会计方法(选择和估计);

  16. describe accounting methods (choices and estimates) that could be used to manage earnings, cash flow, and balance sheet items;

  17. 描述会计预警信号以及检测财务报告中信息操纵的方法。

  18. describe accounting warning signs and methods for detecting manipulation of information in financial reports.

1.引言

1. Introduction

理想情况下,分析师应始终能够获取基于健全财务报告准则(例如国际会计准则理事会 (IASB) 和财务会计准则委员会 (FASB) 的准则)且不受人为操纵的财务报告。但实际上,财务报告的质量可能参差不齐。高质量的财务报告能够为分析师评估公司的业绩和前景提供有用的信息。而低质量的财务报告则包含不准确、误导性或不完整的信息。

Ideally, analysts would always have access to financial reports that are based on sound financial reporting standards, such as those from the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), and are free from manipulation. But, in practice, the quality of financial reports can vary greatly. High-quality financial reporting provides information that is useful to analysts in assessing a company’s performance and prospects. Low-quality financial reporting contains inaccurate, misleading, or incomplete information.

财务报告质量的严重缺陷引发了备受瞩目的丑闻,不仅造成投资者损失,也降低了公众对金融体系的信心。能够准确评估财务报告质量的财务报表使用者更有能力避免损失。这些缺陷凸显了分析师面临的挑战,以及未能识别导致误导性或不准确财务报告的做法可能造成的代价。 1 错报案例可以帮助分析师洞察可能表明财务报告质量低下的各种信号。

Extreme lapses in financial reporting quality have given rise to high-profile scandals that resulted not only in investor losses but also in reduced confidence in the financial system. Financial statement users who were able to accurately assess financial reporting quality were better positioned to avoid losses. These lapses illustrate the challenges analysts face as well as the potential costs of failing to recognize practices that result in misleading or inaccurate financial reports.1 Examples of misreporting can provide an analyst with insight into various signals that may indicate poor-quality financial reports.

本文探讨财务 报告质量,即财务报告中信息的质量,包括附注中的披露信息。高质量的财务报告能够提供对决策有用的信息,这些信息具有相关性,能够真实反映公司在报告期内的经济活动以及期末的财务状况。财务报告质量的另一个重要属性是报告结果质量盈利质量,它指的是公司实际经济活动产生的收益和现金流以及由此产生的财务状况。“盈利质量”一词在实践中被广泛使用,本文将广泛使用该术语来涵盖收益、现金流和/或资产负债表项目的质量。高质量的盈利源于公司未来能够持续开展的活动,这些活动能够为公司投资带来足够的回报。盈利质量和财务报告质量的概念是相互关联的,因为只有在具备一定水平的财务报告质量之后,才能对盈利质量进行正确的评估。除了这一基本水平之外,随着报告质量的提高,财务报表使用者正确评估盈利质量和对未来业绩形成预期能力也必然会提高。

This reading addresses financial reporting quality, which pertains to the quality of information in financial reports, including disclosures in notes. High-quality reporting provides decision-useful information, which is relevant and faithfully represents the economic reality of the company’s activities during the reporting period as well as the company’s financial condition at the end of the period. A separate but interrelated attribute of quality is quality of reported results or earnings quality, which pertains to the earnings and cash generated by the company’s actual economic activities and the resulting financial condition. The term “earnings quality” is commonly used in practice and will be used broadly to encompass the quality of earnings, cash flow, and/or balance sheet items. High-quality earnings result from activities that a company will likely be able to sustain in the future and provide a sufficient return on the company’s investment. The concepts of earnings quality and financial reporting quality are interrelated because a correct assessment of earnings quality is possible only when there is some basic level of financial reporting quality. Beyond this basic level, as the quality of reporting increases, the ability of financial statement users to correctly assess earnings quality and to develop expectations for future performance arguably also increases.

第二部分概述了财务报告质量的概念。第三部分探讨了可能导致管理层发布低质量财务报告的动机和条件,以及旨在规范财务报告质量的机制。第四部分描述了管理层可能影响财务报告质量的选择——包括列报方式、会计方法和估计——以及低质量财务报告的预警信号。

Section 2 provides a conceptual overview of reporting quality. Section 3 discusses motivations that might cause, and conditions that might enable, management to issue financial reports that are not high quality and mechanisms that aim to provide discipline to financial reporting quality. Section 4 describes choices made by management that can affect financial reporting quality—presentation choices, accounting methods, and estimates—as well as warning signs of poor-quality financial reporting.

2.概念概述

2. Conceptual Overview

如引言所述,财务报告质量与业绩或盈利质量是相互关联的质量属性。图表1阐明了这种相互关系及其影响。

As indicated in the introduction, financial reporting quality and results or earnings quality are interrelated attributes of quality. Exhibit 1 illustrates this interrelationship and its implications.

图表1. 财务报告质量与盈利质量之间的关系
  财务报告质量
  低的 高的
盈利(业绩)质量 高的 财务报告质量低下会妨碍对盈利质量的评估,并妨碍估值。 高质量的财务报告有助于评估。高质量的盈利能力能够提升公司价值。
低的 高质量的财务报告有助于评估公司价值。低盈利质量会降低公司价值。

如附录 1所示,如果财务报告质量低下,所提供的信息对于评估公司业绩几乎没有用处,因此对于做出投资和其他决策也没有用处。

As can be seen in Exhibit 1, if financial reporting quality is low, the information provided is of little use in assessing the company’s performance, and thus in making investment and other decisions.

不同公司的财务报告质量参差不齐。高质量的财务报告包含相关、完整、中立且无误的信息。而质量最差的财务报告则包含纯属捏造的信息。盈利(业绩)质量也存在差异,从高且可持续到低且不可持续不等。资源提供者更倾向于高且可持续的盈利。结合财务报告和盈利这两个质量指标,从用户角度来看,财务报告的整体质量可以被视为一个从最高到最低的连续谱。图表2展示了一个质量谱,为评估报告质量的好坏提供了依据。该谱涵盖了从财务报告质量高、盈利质量高且可持续的报告,到由于财务报告质量差而毫无用处的报告。

Financial reporting quality varies across companies. High-quality reports contain information that is relevant, complete, neutral, and free from error. The lowest-quality reports contain information that is pure fabrication. Earnings (results) quality can range from high and sustainable to low and unsustainable. Providers of resources prefer high and sustainable earnings. Combining the two measures of quality—financial reporting and earnings—the overall quality of financial reports from a user perspective can be thought of as spanning a continuum from the highest to the lowest. Exhibit 2 presents a quality spectrum that provides a basis for evaluating better versus poorer quality reports. This spectrum ranges from reports that are of high financial reporting quality and reflect high and sustainable earnings quality to reports that are not useful because of poor financial reporting quality.

图表2. 财务报告质量谱

2.1符合公认会计准则、决策有用、可持续且充足的回报

2.1. GAAP, Decision-Useful, Sustainable, and Adequate Returns

在图表 2中标记为“GAAP、决策有用、可持续和充足的回报”的光谱顶端,是高质量的报告,它们提供了有关高质量收益的有用信息。

At the top of the spectrum, labeled in Exhibit 2 as “GAAP, decision-useful, sustainable, and adequate returns,” are high-quality reports that provide useful information about high-quality earnings.

  • 高质量的财务报告应符合所在司法管辖区的公认会计原则 (GAAP),例如国际财务报告准则 (IFRS)、美国公认会计原则 (US GAAP) 或其他本国公认会计原则。本附录使用“GAAP”一词泛指公司所在司法管辖区普遍接受的会计准则。

  • High-quality financial reports conform to the generally accepted accounting principles (GAAP) of the jurisdiction, such as International Financial Reporting Standards (IFRS), US GAAP, or other home-country GAAP. The exhibit uses the term GAAP to refer generically to the accounting standards accepted in a company’s jurisdiction.

  • 除了符合公认会计原则(GAAP)外,高质量的财务报告还应体现决策有用信息的特征,例如概念框架中定义的那些特征。2回顾一下,有用信息的基本特征是相关性和如实反映。相关性是指能够影响决策的信息,并包含重要性的概念。(如果“遗漏或错误陈述某项信息可能会影响用户基于特定报告实体的财务信息所作出的决策”,则该信息被视为重要信息。3)如实反映经济事件应做到完整、中立且无误。

    概念框架还列举了有用信息的增强特性:可比性、可验证性、及时性和可理解性。当然,财务信息的理想特性需要权衡取舍。例如,财务报告必须兼顾两个目标:一是提供足够快速的信息以确保其及时性和相关性;二是速度过快导致信息出错。财务报告还必须兼顾两个目标:一是提供完整信息,二是信息过于详尽导致包含无关信息。只有以公正、巧妙的方式权衡这些以及其他方面的取舍,才能获得高质量的信息。

  • In addition to conforming to GAAP, high-quality financial reports also embody the characteristics of decision-useful information such as those defined in the Conceptual Framework.2 Recall that the fundamental characteristics of useful information are relevance and faithful representation. Relevant information is defined as information that can affect a decision and encompasses the notion of materiality. (Information is considered material if “omitting it or misstating it could influence decisions that users make on the basis of the financial information of a specific reporting entity.”3) Faithful representation of economic events is complete, neutral, and free from error.

    The Conceptual Framework also enumerates enhancing characteristics of useful information: comparability, verifiability, timeliness, and understandability. Of course, the desirable characteristics for financial information require trade-offs. For example, financial reports must balance the aim of providing information that is produced quickly enough to be timely and thus relevant, and yet not so quickly that errors occur. Financial reports must balance the aim of providing information that is complete but not so exhaustive that immaterial information is included. High-quality information results when these and other tradeoffs are made in an unbiased, skillful manner.

  • 高质量的盈利意味着充足的投资回报,并且来源于公司未来可能持续开展的业务活动。充足的投资回报不仅要超过投资成本,还要等于或超过预期回报。可持续的业务活动和可持续的盈利是指预期未来会持续发生的活动和盈利。能够带来高投资回报的可持续盈利有助于提升公司及其证券的估值。

  • High-quality earnings indicate an adequate level of return on investment and derive from activities that a company will likely be able to sustain in the future. An adequate level of return on investment exceeds the cost of the investment and also equals or exceeds the expected return. Sustainable activities and sustainable earnings are those expected to recur in the future. Sustainable earnings that provide a high return on investment contribute to higher valuation of a company and its securities.

2.2 . GAAP,决策有用,但可持续吗?

2.2. GAAP, Decision-Useful, but Sustainable?

图表 2中的下一层级“符合公认会计准则,对决策有用,但可持续吗?”指的是这样一种情况:高质量的财务报告提供了有用的信息,但这些信息反映的业绩或收益不可持续(收益质量较低)。收益不可持续的原因可能是公司无法预期未来能获得与当前水平相同的投资回报率,或者收益虽然可以复制,但无法产生足够的投资回报来维持公司运营。在这两种情况下,收益质量都较低。即使所反映的经济现实并非高质量,财务报告的质量也可以很高。例如,考虑一家亏损的公司,或者其收益无法提供足够的投资回报,或者其收益来源于非经常性活动。尽管存在这些相对不理想的经济现实,但财务报告仍然能够提供高质量、对决策有用的信息。

The next level down in Exhibit 2, “GAAP, decision-useful, but sustainable?” refers to circumstances in which high-quality reporting provides useful information, but that information reflects results or earnings that are not sustainable (lower earnings quality). The earnings may not be sustainable because the company cannot expect earnings that generate the same level of return on investment in the future or because the earnings, although replicable, will not generate sufficient return on investment to sustain the company. Earnings quality is low in both cases. Reporting can be high quality even when the economic reality being depicted is not of high quality. For example, consider a company that generates a loss, or earnings that do not provide an adequate return on investment, or earnings that resulted from non-recurring activities. The relatively undesirable economic reality could nonetheless be depicted in financial reporting that provides high-quality, decision-useful information.

图表3摘录了日本汽车公司丰田汽车2014财年第一季度的业绩报告。正如《华尔街日报》的一篇文章所指出的,该公司汽车销量有所下降,但营业利润却比上年同期增长了88%,这主要是由于汇率变动。日元贬值对丰田有利,一方面是因为该公司在日本本土生产的汽车数量更多(与竞争对手相比),另一方面是因为该公司在日本以外的市场销售了大量汽车。然而,与汽车的生产和销售相比,汇率贬值带来的利润增长并非可持续的。总之,这个例子体现了高质量的财务报告与较低的盈利质量之间的矛盾。

Exhibit 3 presents an excerpt from the fiscal year 2014 first-quarter results of Toyota Motor Corporation, a Japanese automobile company. As highlighted by a Wall Street Journal article,4 the company sold fewer cars but reported an 88% increase in operating profits compared with the prior year, primarily because of the change in exchange rates. The weaker yen benefited Toyota both because the company manufactures more cars in Japan (compared with its competitors) and because the company sells a significant number of cars outside of Japan. Exchange rate weakening is a less sustainable source of profits than manufacturing and selling cars. In summary, this example is a case of high-quality financial reporting coupled with lower earnings quality.

附录3. 丰田汽车公司2014财年第一季度(截至2013年6月30日)合并财务业绩摘录

2014财年第一季度(截至2013年6月30日的三个月),日本及海外合并汽车销量较2013财年第一季度(截至2012年6月30日的三个月)减少3.7万辆,降幅1.6%,至223.2万辆。其中,日本国内汽车销量较2013财年第一季度减少5.1万辆,降幅8.8%,至52.6万辆;海外汽车销量较2013财年第一季度增加1.4万辆,增幅0.8%,至170.6万辆。

Consolidated vehicle unit sales in Japan and overseas decreased by 37 thousand units, or 1.6%, to 2,232 thousand units in FY2014 first quarter (the three months ended June 30, 2013) compared with FY2013 first quarter (the three months ended June 30, 2012). Vehicle unit sales in Japan decreased by 51 thousand units, or 8.8%, to 526 thousand units in FY2014 first quarter compared with FY2013 first quarter. Meanwhile, overseas vehicle unit sales increased by 14 thousand units, or 0.8%, to 1,706 thousand units in FY2014 first quarter compared with FY2013 first quarter.

经营业绩方面,2014财年第一季度净收入较2013财年第一季度增长7537亿日元,增幅13.7%,达到62553亿日元;营业利润较2013财年第一季度增长3102亿日元,增幅87.9%,达到6633亿日元。营业利润增长的主要原因包括汇率变动影响2600亿日元、成本削减措施700亿日元、市场营销投入300亿日元以及其他因素102亿日元。另一方面,营业利润下降的主要原因是支出及其他因素增加600亿日元。

As for the results of operations, net revenues increased by 753.7 billion yen, or 13.7%, to 6,255.3 billion yen in FY2014 first quarter compared with FY2013 first quarter, and operating income increased by 310.2 billion yen, or 87.9%, to 663.3 billion yen in FY2014 first quarter compared with FY2013 first quarter. The factors contributing to an increase in operating income were the effects of changes in exchange rates of 260.0 billion yen, cost reduction efforts of 70.0 billion yen, marketing efforts of 30.0 billion yen and other factors of 10.2 billion yen. On the other hand, the factors contributing to a decrease in operating income were the increase in expenses and others of 60.0 billion yen.

2.3 . 有偏见的会计选择

2.3. Biased Accounting Choices

图表2中下一个较低层级是“符合公认会计准则,但存在选择偏差”。选择偏差会导致财务报告无法真实反映所报告的经济实质。财务报告中的偏差问题,与其他报告质量缺陷一样,在于它会妨碍投资者正确评估公司过去的业绩、准确预测未来的业绩,从而无法对公司进行合理的估值。

The next level down in the spectrum in Exhibit 2 is “Within GAAP, but biased choices.” Biased choices result in financial reports that do not faithfully represent the economic substance of what is being reported. The problem with bias in financial reporting, as with other deficiencies in reporting quality, is that it impedes an investor’s ability to correctly assess a company’s past performance, to accurately forecast future performance, and thus to appropriately value the company.

如果某些选择能够提升公司在报告期内的业绩和财务状况,则这些选择被视为“激进型”。这些选择可能增加报告期内的收入、盈利和/或经营现金流,也可能减少支出和/或降低资产负债表上的负债水平。激进型选择可能会导致公司在后续期间业绩和财务状况的下降。相反,如果某些选择会降低公司在报告期内的业绩和财务状况,则这些选择被视为“保守型”。保守型选择可能包括降低报告期内的收入、盈利和/或经营现金流,增加支出,或提高资产负债表上的负债水平。保守型选择可能会导致公司在后续期间业绩和财务状况的改善。

Choices are deemed to be “aggressive” if they increase a company’s reported performance and financial position in the period under review. The choice can increase the amount of revenues, earnings, and/or operating cash flow reported for the period, or decrease expenses, and/or reduce the level of debt reported on the balance sheet. Aggressive choices may lead to a reduction in the company’s reported performance and in its financial position in later periods. In contrast, choices are deemed “conservative” if they decrease a company’s performance and financial position in the reporting period. This can include lowering the reported revenues, earnings, and/or operating cash flow reported or increasing expenses, or recording a higher level of debt on the balance sheet. Conservative choices may lead to a rise in the company’s reported performance and financial position in later periods.

另一种偏差是低估盈利波动性,即所谓的盈利“平滑”。盈利平滑可能是由于公司在经营状况良好时期采取保守策略,低估盈利,从而积累(通常是隐性的)储备,以便在经营困难时期采取激进策略。

Another type of bias is understatement of earnings volatility, so-called earnings “smoothing”. Earnings smoothing can result from conservative choices to understate earnings in periods when a company’s operations are performing well, building up (often hidden) reserves that allow aggressive choices in periods when its operations are struggling.

偏见不仅体现在报告金额上,也体现在信息的呈现方式上。例如,公司可以透明地披露信息,便于分析;也可以采取旨在掩盖不利信息和/或突出有利信息的方式进行披露。

Biased choices can be made not only in the context of reported amounts but also in the context of how information is presented. For example, companies can disclose information transparently, which facilitates analysis, or they can disclose it in a manner that aims to obscure unfavorable and/or emphasize favorable information.

例 1

财务报告质量

Quality of Financial Reports

帕卡公司(PACCAR Inc.)设计、制造和销售卡车及相关售后零部件,产品以肯沃斯(Kenworth)、彼得比尔特(Peterbilt)和达夫(DAF)品牌销往全球。2013年,美国证券交易委员会(SEC)指控帕卡公司存在多项会计缺陷,这些缺陷“在金融危机期间影响了其向投资者提供的财务报告”。SEC的指控援引了该公司2009年的分部财务报告。附录4A摘录了帕卡公司财务报表附注的部分内容,附录4B摘录了帕卡公司年度报告中管理层讨论与分析(MD&A)的部分内容。

PACCAR Inc. designs, manufactures, and distributes trucks and related aftermarket parts that are sold worldwide under the Kenworth, Peterbilt, and DAF nameplates. In 2013, the US SEC charged PACCAR for various accounting deficiencies that “clouded their financial reporting to investors in the midst of the financial crisis.” The SEC complaint cites the company’s 2009 segment reporting. Exhibit 4A presents an excerpt from the notes to PACCAR’s financial statements, and Exhibit 4B presents an excerpt from the management’s discussion and analysis (MD&A) of PACCAR’s annual report.

附件 4A. PACCAR 2009 年财务报表附注摘录

S. 细分市场及相关信息

S. SEGMENT AND RELATED INFORMATION

PACCAR 的业务主要分为两大板块:卡车运输和金融服务。

PACCAR operates in two principal segments, Truck and Financial Services.

卡车业务板块包括卡车制造和相关售后配件的分销,这两项业务均通过独立经销商网络进行销售……金融服务业务板块包括向卡车客户和经销商提供的融资和租赁产品及服务……“其他”类别包含PACCAR的工业绞车制造业务。此外,该类别还包括其他不属于任何可报告分部的销售额、收入和支出,其中包括部分公司费用。

The Truck segment includes the manufacture of trucks and the distribution of related aftermarket parts, both of which are sold through a network of independent dealers... The Financial Services segment is composed of finance and leasing products and services provided to truck customers and dealers … Included in All Other is PACCAR’s industrial winch manufacturing business. Also within this category are other sales, income and expenses not attributable to a reportable segment, including a portion of corporate expense.

业务部门数据(百万美元)
  2009 2008 2007
所得税前收入
   卡车 25.9美元 1,156.5 美元 1,352.8 美元
   所有其他 42.2 6.0 32.0
  68.1 1,162.5 1,384.8
金融服务 84.6 216.9 284.1
投资收益 22.3 84.6 95.4
175.0 美元 1464.0美元 1764.3美元
附件 4B. PACCAR 2009 年年度报告管理层讨论与分析节选

下表列出了卡车销量和售后配件的净销售额、收入和毛利率。售后配件的毛利率包括直接收入和成本,但不包括某些卡车细分市场的成本。

Net sales and revenues and gross margins for truck units and aftermarket parts are provided below. The aftermarket parts gross margin includes direct revenues and costs, but excludes certain truck segment costs.

  2009 2008 % 改变
净销售额和收入    
卡车 5,103.30 美元 11,281.30 美元 −55
售后市场零件 1,890.70 2,266.10 −17
  6,994.00 美元 13,547.40 美元 −48
毛利率     
卡车 -46.6美元 1141.70美元 −104
售后市场零件 625.7 795.20 −21
  579.1美元 1936.90美元 −70
  1. 根据财务报表附注中摘录的分部数据,PACCAR 的卡车业务在 2009 年盈利吗?

  2. Based on the segment data excerpted from the notes to the financial statements, was PACCAR’s truck segment profitable in 2009?

  3. 根据管理层讨论与分析中提供的卡车毛利率数据,PACCAR 的卡车业务在 2009 年是否盈利?

  4. Based on the data about the truck’s gross margin presented in the MD&A, was PACCAR’s truck segment profitable in 2009?

  5. 报告摘要和管理层讨论与分析(MD&A)报告的主要区别是什么?

  6. What is the main difference between the note presentation and the MD&A presentation?

  7. 美国证券交易委员会的投诉指出,“PACCAR未能按照分部报告要求,将其售后零部件业务的经营业绩与卡车销售业务的经营业绩分开报告。分部报告要求旨在确保投资者能够像公司高管一样深入了解公司情况。” PACCAR的情况是财务报告质量问题、盈利质量问题,还是两者兼而有之?

  8. The SEC complaint stated that “PACCAR failed to report the operating results of its aftermarket parts business separately from its truck sales business as required under segment reporting requirements, which are in place to ensure that investors gain the same insight into a company as its executives.” Is the PACCAR situation an example of issues with financial reporting quality, earnings quality, or both?

问题1的解答:

Solution to 1:

是的,财务报表附注中提供的分部数据显示,卡车分部在 2009 年盈利 2590 万美元。

Yes, the segment data presented in the note to the financial statements indicates that the Truck segment earned $25.9 million in 2009.

答案二:

Solution to 2:

不,管理层讨论与分析中提供的细分市场数据显示,卡车业务的毛利率为负。

No, the segment data presented in the MD&A indicates that the Truck segment had a negative gross margin.

问题3的解答:

Solution to 3:

附注和管理层讨论与分析(MD&A)的主要区别在于,附注中售后零部件业务与卡车业务合并,而MD&A中则将其分开。尽管两份披露文件中的数据并不完全可比(因为附注显示的是税前利润,而MD&A显示的是毛利润),但它们呈现的PACCAR卡车销售利润情况却有所不同。

The main difference between the note presentation and the MD&A presentation is that the aftermarket parts business is combined with the trucks business in the notes but separated in the MD&A. Although the data are not exactly comparable in the two disclosures (because the note shows income before taxes and the MD&A shows gross profit), the two disclosures present a different picture of PACCAR’s profits from truck sales.

问题 4 的解答:

Solution to 4:

PACCAR的案例似乎体现了财务报告质量和盈利质量的双重问题。卡车销量大幅下滑和负毛利率反映了其盈利质量不佳。未能披露清晰的分部信息则是财务报告质量低下的又一例证。

The PACCAR situation appears to be an example of issues with both financial reporting quality and earnings quality. The substantial decrease in truck sales and the negative gross margin reflect poor earnings quality. The failure to disclose clear segment information is an instance of poor financial reporting quality.

尽管GAAP允许企业选择合适的财务报表来呈现预期的经济状况,但非GAAP报告则为管理层提供了更大的自由裁量权。非GAAP报告的财务指标不符合美国通用会计准则(US GAAP)和国际财务报告准则(IFRS)等公认会计原则,包括财务指标和运营指标。GAAP财务指标直接与财务报表相关。一个常见的非GAAP财务指标是“非GAAP收益”,它是由企业“调整符合标准的收益,以排除会计准则要求的项目或纳入会计准则不允许的项目”( Ciesielski和Henry,2017)而编制的。相比之下,非GAAP运营指标与财务报表没有直接关系,通常包括一些受行业驱动的指标,例如用户数量、活跃用户数和入住率。

While choices exist within GAAP for the presentation of a desired economic picture, non-GAAP reporting adds yet another dimension of management discretion. Non-GAAP reporting of financial metrics not in compliance with generally accepted accounting principles such as US GAAP and IFRS includes both financial metrics and operating metrics.5 Non-GAAP financial metrics relate directly to the financial statements. A common non-GAAP financial metric is “non-GAAP earnings,” which are created by companies “that adjust standards-compliant earnings to exclude items required by accounting standards or to include items not permitted by accounting standards” (Ciesielski and Henry, 2017). In contrast, non-GAAP operating metrics do not relate directly to the financial statements and include metrics that are typically industry-driven, such as subscriber numbers, active users, and occupancy rates.

非公认会计准则(Non-GAAP)财务报告日益普遍,给分析师带来了挑战。其中一个重要挑战是,非公认会计准则财务报告降低了财务报表之间的可比性。例如,公司为编制非公认会计准则收益而进行的调整通常是临时性的,因此差异显著。在评估非公认会计准则指标时,投资者必须决定应在多大程度上将这些特定调整纳入其分析和预测中

Non-GAAP financial reporting has become increasingly common, presenting challenges to analysts. An important challenge is that non-GAAP financial reporting diminishes comparability across financial statements. The adjustments that companies make to create non-GAAP earnings, for example, are generally ad hoc and thus differ significantly. When evaluating non-GAAP metrics, investors must decide the extent to which specific adjustments should be incorporated into their analyses and forecasts.6

另一个挑战源于术语差异。非GAAP收益有时被称为基础收益、调整后收益、经常性收益、核心收益或类似名称。附录5提供了捷豹路虎汽车有限公司(JLR,塔塔汽车有限公司的子公司)的示例。该公司根据国际财务报告准则(IFRS)编制财务报告。该附录摘自捷豹路虎2016/17年度报告,并使用了“替代业绩指标”一词。附录6摘自塔塔汽车有限公司向美国证券交易委员会(SEC)提交的6-K表格,其中包含有关捷豹路虎的补充信息,并使用了“非IFRS财务指标”一词。两个附录中的信息基本相同,但术语和格式有所不同。

Another challenge arises from differences in terminology. Non-GAAP earnings are sometimes referred to as underlying earnings, adjusted earnings, recurring earnings, core earnings, or similar. Exhibit 5 provides an example from Jaguar Land Rover Automotive plc (JLR), a subsidiary of Tata Motors Ltd. The company prepares its financial reports under IFRS. The exhibit is an excerpt from JLR’s 2016/17 annual report and uses the term “alternative performance measures”. Exhibit 6 is from Tata Motors Ltd’s Form 6-K filed with the US SEC, containing supplemental information regarding JLR and using the term “non-IFRS Financial Measures”. The information in the two exhibits is essentially identical, but the terminology and formatting differ.

展品5

捷豹路虎 2016/17 年度报告:脚注 3 [摘录]

JLR’s 2016/17 Annual Report: Footnote 3 [Excerpt]

3)其他绩效衡量指标

3) ALTERNATIVE PERFORMANCE MEASURES

许多公司使用替代性业绩指标(APM)为财务报表使用者提供有用的补充信息,更清晰地展现公司在特定时期内的业绩表现……这些指标剔除了某些包含在可比法定指标中的项目……

Many companies use alternative performance measures (APMs) to provide helpful additional information for users of their financial statements, telling a clearer story of how the business has performed over the period... These measures exclude certain items that are included in comparable statutory measures….

下面列出了这些替代性绩效指标与法定报告指标之间的调节情况。

Reconciliations between these alternative performance measures and statutory reported measures are shown below.

息税前利润和息税折旧摊销前利润(百万英镑)
截至3月31日止年度 2017
息税折旧摊销前利润 2,955
折旧和摊销 -1,656
权益法核算投资的利润/(亏损)份额 159
息税前利润 1,458
外汇衍生品(损失)/收益 -11
商品未实现收益/(损失) 148
贷款外汇损失 -101
金融收入 33
财务费用(净额) -68
极品 151
税前利润 1,610
展品 6

塔塔汽车有限公司 SEC 表格 6-K [摘录]

Tata Motors Ltd. SEC Form 6-K [Excerpt]

非国际财务报告准则财务指标

Non-IFRS Financial Measures

本报告提及某些非国际财务报告准则(IFRS)指标,包括EBITDA、EBIT……[这些指标]及相关比率不应孤立地看待,它们并非根据IFRS衡量捷豹路虎(JLR)财务业绩或流动性的指标,也不应被视为该期间损益或任何其他根据IFRS计算的业绩指标的替代指标,或经营、投资或筹资活动产生的现金流量或任何其他根据IFRS计算的捷豹路虎流动性指标的替代指标。……此外,如本报告所定义,EBITDA、EBIT……可能与其他公司使用的类似名称的指标不具有可比性。

This Report includes references to certain non-IFRS measures, including EBITDA, EBIT … [These measures] and related ratios should not be considered in isolation and are not measures of JLR’s financial performance or liquidity under IFRS and should not be considered as an alternative to profit or loss for the period or any other performance measures derived in accordance with IFRS or as an alternative to cash flow from operating, investing or financing activities or any other measure of JLR’s liquidity derived in accordance with IFRS. ... In addition, EBITDA, EBIT… as defined, may not be comparable to other similarly titled measures used by other companies.

附件 1. 6-K 表格补充信息,关于塔塔汽车有限公司捷豹路虎业务 [摘录]

捷豹路虎公司当期息税前利润 (EBIT) 和息税折旧摊销前利润 (EBITDA) 与利润的调节表如下:

The reconciliation of JLR’s EBIT and EBITDA to profit for the period line item is:

财政年度截至2017年3月31日 百万英镑
本期利润 1,272
加回税款 338
加/减 退还特殊费用/(贷项) -151
加回/(减去)外汇(收益/损失)——融资 101
加回/(减去)外汇(收益/损失)——衍生品 11
加回/(减去)未实现的商品损失/(收益)——未实现的衍生品收益 -148
财务收入减少 -33
加回财务费用(净额) 68
息税前利润 1,458
加回折旧和摊销 1,656
加回/(减去)权益法核算的投资对象的亏损/(利润)份额 -159
息税折旧摊销前利润 2,955

管理层过分强调非GAAP财务指标以转移公众对不尽如人意的GAAP财务业绩的关注,是一种激进的财务报表列报方式。自2003年起,如果公司在提交给美国证券交易委员会(SEC)的文件中使用非GAAP财务指标则必须以同等显著的方式列示最直接可比的GAAP指标,并提供非GAAP指标与相应GAAP指标之间的调节表。换言之,公司不得在提交给SEC的文件中过度强调非GAAP财务指标。

Management emphasis on non-GAAP financial measures to deflect attention from less-than-desirable GAAP financial results is an example of an aggressive presentation choice. Since 2003, if a company uses a non-GAAP financial measure7 in an SEC filing, it is required to display the most directly comparable GAAP measure with equal prominence and to provide a reconciliation between the non-GAAP measure and the equivalent GAAP measure. In other words, a company is not allowed to give more prominence to a non-GAAP financial measure in an SEC filing.

同样,2010 年 12 月发布的《国际财务报告准则实务公告“管理层评论”》要求,当财务报告中包含非国际财务报告准则指标时,必须进行披露:

Similarly, the IFRS Practice Statement “Management Commentary,” issued December 2010, requires disclosures when non-IFRS measures are included in financial reports:

如果财务报表中的信息已进行调整以纳入管理层评论,则应披露该事实。如果管理层评论中包含国际财务报告准则(IFRS)未要求或未定义的财务业绩指标,则应定义并解释这些指标,包括解释该指标对使用者的相关性。当财务业绩指标源自财务报表时,应将其与按照国际财务报告准则编制的财务报表中列示的指标进行调节。(第17页)

If information from the financial statements has been adjusted for inclusion in management commentary, that fact should be disclosed. If financial performance measures that are not required or defined by IFRSs are included within management commentary, those measures should be defined and explained, including an explanation of the relevance of the measure to users. When financial performance measures are derived or drawn from the financial statements, those measures should be reconciled to measures presented in the financial statements that have been prepared in accordance with IFRSs. (Page 17)

报告指标(财务报表中列示的 GAAP 财务指标)与调整指标(财务报表以外其他地方列示的非 GAAP 财务指标)之间的调节可以提供重要信息。

The reconciliation between as-reported measures (GAAP financial measures presented in the financial statements) and as-adjusted measures (non-GAAP financial measures presented in places other than the financial statements) can provide important information.

欧洲证券及市场管理局 (ESMA) 于 2015 年 10 月发布了《替代性业绩指标指南》(ESMA Guidelines on Alternative Performance Measures),其中涵盖了替代性业绩指标的定义、与公认会计准则 (GAAP) 的协调、指标相关性的解释以及长期一致性等要点。我们将在本文后续部分更详细地讨论 ESMA。

The European Securities and Markets Authority (ESMA) published guidelines in October 2015 (ESMA Guidelines on Alternative Performance Measures) covering such points as the definition of APMs, reconciliation to GAAP, explanation of the metrics’ relevance, and consistency over time. We discuss ESMA in more detail later in this reading.

例 2

非公认会计准则财务指标的列报

Presentation of Non-GAAP Financial Measures

全球医疗产品制造商康维泰克集团(Convatec Group PLC,简称Convatec)于2016年在伦敦证券交易所通过首次公开募股(IPO)筹集了18亿美元。该公司于2008年被私募股权公司以41亿美元的价格从百时美施贵宝(Bristol-Myers Squibb)手中收购。附录7摘录了该公司向伦敦证券交易所提交的监管文件中公布的2016年全年业绩。

Convatec Group PLC (Convatec), a global medical products manufacturer, raised $1.8 billion via an initial public offering (IPO) on the London Stock Exchange in 2016. The company had been purchased by private equity firms from Bristol-Myers Squibb in 2008 for $4.1 billion. Exhibit 7 presents excerpts from the company’s regulatory filing at the London Stock Exchange announcing its full year 2016 results.

附件7. 康维特公司2016年全年业绩新闻稿摘录

标题:“业绩强劲,战略目标得以实现”

Headline: “Strong results, delivering on strategy”

CEO点评[节选]

CEO Review [Excerpt]

按固定汇率计算,营收增长4%至16.88亿美元,调整后EBITDA为5.08亿美元,按固定汇率计算增长6.5%……

At constant currency, revenue grew 4% to $1,688 million and adjusted EBITDA was $508 million, up 6.5% at constant currency...

[脚注]固定汇率增长率“CER”是通过使用 2015 年相关时期的汇率重新计算 2016 年的结果来计算的。

[Footnote] Constant currency growth ‘CER’ is calculated by restating 2016 results using 2015 foreign exchange rates for the relevant period.

截至2016年12月31日止年度合并损益表(百万美元)
2016 2015
收入 1,688.3 1,650.4
销售成本 -821.0 -799.9
毛利 867.3 850.5
销售和分销费用 -357.0 -346.7
一般及行政费用 -318.2 -233.1
研发费用 -38.1 -40.3
营业利润 154.0 230.4
财务成本 -271.4 -303.6
其他费用净额 -8.4 -37.1
所得税前亏损 -125.8 -110.3
所得税(支出)优惠 -77.0 16.9
净亏损 -202.8 -93.4

非国际财务报告准则财务信息[摘录]

Non-IFRS Financial Information [Excerpt]

本报告包含一些未在国际财务报告准则(IFRS)下定义或认可的财务指标。这些指标被称为“调整后”指标……这些指标并非根据IFRS衡量的财务业绩或流动性指标,不应取代根据IFRS计算得出的流动性或营业利润指标。

This release contains certain financial measures that are not defined or recognised under IFRS. These measures are referred to as "Adjusted" measures... These measures are not measurements of financial performance or liquidity under IFRS and should not replace measures of liquidity or operating profit that are derived in accordance with IFRS.

与调整后收益的核对 [节选]
2016 已报道 (一个) (b) (c) (d) (e) (f) (g) 调整后
收入 1,688.3 1,688.3
营业利润 154.0 155.1 30.9 11.7 0.8 90.2 29.5 472.2
所得税前(亏损)利润 -125.8 155.1 30.9 11.7 0.8 37.6 90.2 29.5 230.0
所得税费用(h) -77.0 -51.2
净(亏损)利润 -202.8 178.8

(a)表示调整,以排除(i)与收购相关的摊销费用……(ii)与关闭某些制造设施相关的加速折旧……以及(iii)与物业、厂房和设备以及无形资产相关的减值费用和资产注销……。

(a) Represents an adjustment to exclude (i) acquisition-related amortisation expense ... (ii) accelerated depreciation ...related to the closure of certain manufacturing facilities, and (iii) impairment charges and assets write offs related to property, plant and equipment and intangible assets ....

(b)代表重组成本及其他相关成本……

(b) Represents restructuring costs and other related costs ...

(c)代表补救成本,其中包括与 FDA 活动相关的监管合规成本、IT 增强成本以及与集团合规职能和加强其财务控制环境相关的活动的专业服务费。

(c) Represents remediation costs which include regulatory compliance costs related to FDA activities, IT enhancement costs, and professional service fees associated with activities that were undertaken in respect of the Group’s compliance function and to strengthen its control environment within finance.

(d)主要指与以下事项相关的费用:(i)公司发展活动;(ii)2015 年发生的多年专利相关诉讼的和解……

(d) Represents costs primarily related to (i) corporate development activities and (ii) a settlement of ordinary course multi-year patent-related litigations in 2015 ....

(e)表示调整,以排除(i)债务清偿损失和递延融资费用的注销……以及(ii)外汇相关交易。

(e) Represents adjustments to exclude (i) loss on extinguishment of debt and write off of deferred financing fees … and (ii) foreign exchange related transactions.

(f)表示调整,以排除(i)IPO前员工股权授予产生的股份支付费用……以及(ii)IPO前所有权结构相关成本,包括向Nordic Capital和Avista支付的管理费(有关更多信息,请参阅附注6关联方交易)。

(f) Represents an adjustment to exclude (i) share-based compensation expense ... arising from pre-IPO employee equity grants and (ii) pre-IPO ownership structure related costs, including management fees to Nordic Capital and Avista (refer to Note 6 Related Party Transactions for further information).

(g)代表首次公开募股相关成本、主要咨询费。

(g) Represents IPO related costs, primary advisory fees.

(h)调整后的所得税费用/收益是指扣除税收调整后的所得税(费用)收益。

(h) Adjusted income tax expense/benefit is income tax (expense) benefit net of tax adjustments.

调整后 EBITDA [节选]

Adjusted EBITDA [Excerpt]

调整后 EBITDA 定义为调整后 EBIT…进一步调整以排除 (i) 软件和研发摊销,(ii) 折旧和 (iii) IPO 后基于股份的补偿。

Adjusted EBITDA is defined as Adjusted EBIT…further adjusted to exclude (i) software and R&D amortisation, (ii) depreciation and (iii) post-IPO share-based compensation.

下表对集团的调整后 EBIT 与调整后 EBITDA 进行了调节。

The following table reconciles the Group’s Adjusted EBIT to Adjusted EBITDA.

2016年(百万美元)
调整后息税前利润 472.2
软件和研发摊销 6.7
折旧 27.9
IPO后股权激励 0.8
调整后 EBITDA 507.6
  1. 根据所提供的信息,解释康维特公司新闻稿中包含的以下两项披露之间的区别:

    1. 首席执行官对 2016 年业绩的回顾(发布会开头)指出,“收入增长 4%,达到 16.88 亿美元”。

    2. 康维特公司合并损益表显示,2016 年收入为 16.883 亿美元,2015 年收入为 16.504 亿美元。

  2. Based on the information provided, explain the differences between the following two disclosures contained in Convatec’s press release:

    1. The CEO Review of 2016 results, at the beginning of the release, states that “revenue grew 4% to $1,688 million.”

    2. Convatec’s Consolidated Statement of Profit or Loss shows 2016 revenues of $1,688.3 million and 2015 revenues of $1,650.4 million.

  3. 根据所提供的信息,解释康维泰克公司盈利报告中以下两项披露内容之间的区别:

    1. 首席执行官对 2016 年业绩的回顾指出,“调整后的 EBITDA 为 5.08 亿美元,按固定汇率计算增长 6.5%”。

    2. 康维泰克综合损益表显示,2016 年净亏损 2.028 亿美元,2015 年净亏损 9340 万美元。

  4. Based on the information provided, explain the differences between the following two disclosures contained in Convatecs’s earnings release:

    1. The CEO Review of 2016 results states that “adjusted EBITDA was $508 million, up 6.5% at constant currency.”

    2. Convatec’s Consolidated Statement of Profit or Loss shows 2016 net loss of $202.8 million and 2015 net loss of $93.4 million.

问题1的解答:

Solution to 1:

公司损益表中报告的收入金额符合国际财务报告准则(IFRS)。根据损益表中的数据,公司总收入增长了2.3%(= 1,688.3美元/1,650.4美元 – 1)。首席执行官报告中提到的4%的收入增长率并非IFRS指标,而是以“固定汇率”为基础计算得出,脚注中将其解释为使用按2015年汇率重述的2016年收入进行比较。

The amount of revenue reported on the company’s income statement conforms to International Financial Reporting Standards (IFRS). Using the amounts from the income statement, the company’s total revenue increased by 2.3 % (= $1,688.3/$1,650.4 – 1). The revenue growth rate of 4% in the CEO review is a non-IFRS measure, calculated on a “constant currency” basis, which the footnote describes as a comparison using 2016 revenues restated at 2015 foreign exchange rates.

答案二:

Solution to 2:

公司损益表中所列金额符合国际财务报告准则(IFRS)。根据损益表中的数据,公司2016年亏损2.028亿美元,是2015年亏损9340万美元的两倍多。同样参考损益表,公司2016年营业利润(在其他地方称为息税前利润,EBIT)为1.54亿美元,较2015年2.304亿美元的营业利润下降33.2%。

The amounts reported on the company’s income statement conform to IFRS. Using amounts from the income statement, the company reported a loss in 2016 of $202.8 million, which was more than twice as large a loss as the $93.4 million loss reported in 2015. Also referring to the income statement, the company reported 2016 operating profit (referred to elsewhere as EBIT) of $154.0 million, a decline of 33.2% from the $230.4 million operating profit reported in 2016.

相比之下,CEO评论中提到的“调整后EBITDA”金额既未在国际财务报告准则(IFRS)下定义,也未被认可。它是一项非IFRS指标。为了计算调整后EBITDA,公司首先以息税前利润(在摘录II和III中称为营业利润)1.54亿美元为基础,通过加回IFRS要求公司确认的8项不同费用,得出调整后EBIT(4.722亿美元)。这些调整列于第一个表格调节表的a至g项中。在得出调整后EBIT后,公司通过加回IFRS要求公司确认的另外3项不同费用,得出调整后EBITDA(5.076亿美元)。

In contrast, the “Adjusted EBITDA” amount highlighted in the CEO Review is neither defined nor recognized under IFRS. It is a non-IFRS measure. To create the Adjusted EBITDA, the company first begins with EBIT (called Operating profit in excerpts II and III) of $154.0 and creates Adjusted EBIT ($472.2 million) by adding back 8 different expenses that IFRS requires the company to recognize. These adjustments are listed beneath the first tabular reconciliation in Items a through g. After developing Adjusted EBIT, the company creates Adjusted EBITDA ($507.6 million) by adding back a further 3 different expenses that IFRS requires the company to recognize.

总体而言,披露A和披露B之间存在三个主要区别:(1) 最重要的是,披露A使用的是非国际财务报告准则(IFRS)指标,而非符合IFRS的指标;(2) 披露A指的是营业利润(为正值),而非净利润(为负值);(3) 披露A强调的是积极的经济成果——即经汇率调整后的增长。分析师应注意,盈利公告可以通过其他方式来展现公司业绩的积极态势。

Overall, there are three key differences between Disclosures A and B: (1) Most importantly, disclosure A refers to a non-IFRS metric rather than an IFRS-compliant metric; (2) Disclosure A refers to operating profit, which was positive, rather than to net income, which was negative; and (3) Disclosure A highlights a positive economic outcome—i.e., an increase, on a currency adjusted basis. An analyst should be aware of the alternative means by which earnings announcements can paint a positive picture of companies’ results.

通常情况下,财务报告质量差与盈利质量差同时出现;例如,为了掩盖业绩不佳,企业会采取激进的会计手段。当然,盈利质量高也可能出现财务报告质量差的情况。虽然业绩良好的公司无需采取激进的会计手段来掩盖业绩不佳,但仍然可能由于其他原因导致财务报告质量差。业绩良好的公司也可能由于内部系统不完善而无法编制高质量的财务报告。

Often, poor reporting quality occurs simultaneously with poor earnings quality; for example, aggressive accounting choices are made to obscure poor performance. It is also possible, of course, for poor reporting quality to occur with high-quality earnings. Although a company with good performance would not require aggressive accounting choices to obscure poor performance, it might nonetheless produce poor-quality reports for other reasons. A company with good performance might be unable to produce high-quality reports because of inadequate internal systems.

另一种可能导致高质量盈利与低劣财务报告同时出现的情形是,业绩良好的公司可能会故意采用“保守”而非激进的会计方法编制财务报告——也就是说,选择那些会使当前业绩看起来更差的会计方法。其动机之一可能是为了避免不必要的政治关注。另一个动机可能是,管理层在期末之前就已经超额完成了目标,因此采取了保守的会计方法,将利润报告推迟到下一期(即所谓的“隐性储备”)。类似的动机也可能导致一些会计方法使未来的业绩走势看起来更有吸引力。例如,公司可能会选择在收购后的第一年或新任CEO上任的第一年加速亏损,以使未来的业绩走势看起来更有吸引力。

Another scenario in which poor reporting quality might occur simultaneously with high quality earnings is that a company with good performance might deliberately produce reports based on “conservative” rather than aggressive accounting choices—that is, choices that make current performance look worse. One motivation might be to avoid unwanted political attention. Another motivation could arise in a period in which management had already exceeded targets before the end of the period and thus made conservative accounting choices that would delay reporting profits until the following period (so-called “hidden reserves”). Similar motivations might also contribute to accounting choices that create the appearance that the trajectory of future results would appear more attractive. For example, a company might make choices to accelerate losses in the first year of an acquisition or the first year of a new CEO’s tenure so that the trajectory of future results would appear more attractive.

总体而言,客观公正的财务报告是理想状态。然而,一些投资者可能更倾向于保守而非激进的策略,因为积极的意外比消极的意外更容易被接受。无论是保守还是激进的财务报告,只要存在偏见,都会对用户评估公司的能力产生不利影响。

Overall, unbiased financial reporting is the ideal. Some investors may prefer conservative choices rather than aggressive ones, however, because a positive surprise is easier to tolerate than a negative surprise. Biased reporting, whether conservative or aggressive, adversely affects a user’s ability to assess a company.

质量谱系考虑了一种更为直观的​​情况,即不尽如人意的经济状况是导致财务报告质量低下的主要原因。此外,评估盈利质量也需要一定程度的财务报告质量。因此,沿着质量谱系向下延伸,财务报告质量和盈利质量的概念之间的界限会逐渐模糊。

The quality spectrum considers the more intuitive situation in which less-than-desired underlying economics are the central motivation for poor reporting quality. In addition, it is necessary to have some degree of reporting quality in order to evaluate earnings quality. Proceeding down the spectrum, therefore, the concepts of reporting quality and earnings quality become progressively less distinguishable.

2.3.1 . 符合公认会计准则,但属于“盈余管理”范畴

2.3.1. Within GAAP, but “Earnings Management”

图表 2中下一个层级标注为“符合公认会计准则,但存在‘盈余管理’”。此处“盈余管理”的定义是指有意做出导致财务报告出现偏差的选择。8盈余管理与偏差选择之间的区别微妙,主要在于意图。盈余管理是指“为影响报告的盈余及其解读而采取的蓄意行动”(Ronen 和 Yaari,2008 )。盈余可以通过采取实际行动来“人为地”增加,例如将研发费用递延至下一个报告期。或者,盈余也可以通过会计选择来增加,例如更改会计估计。例如,可以减少预计的产品退货额、坏账费用或资产减值金额,从而人为地提高盈余。由于难以确定意图,我们将盈余管理归入偏差选择的讨论范畴。

The next level down on the spectrum in Exhibit 2 is labeled “Within GAAP, but ‘earnings management.’” The term “earnings management” is defined here as making intentional choices that create biased financial reports.8 The distinction between earnings management and biased choices is subtle and, primarily, a matter of intent. Earnings management represents “deliberate actions to influence reported earnings and their interpretation” (Ronen and Yaari, 2008). Earnings can be “managed” upward (increased) by taking real actions, such as deferring research and development (R&D) expenses into the next reporting period. Alternatively, earnings can be increased by accounting choices, such as changing accounting estimates. For example, the amount of estimated product returns, bad debt expense, or asset impairment could be decreased to create higher earnings. Because it is difficult to determine intent, we include earnings management under the biased choices discussion.

2.4 . 偏离公认会计准则

2.4. Departures from GAAP

图表2中下一个层级代表了对公认会计准则(GAAP)的偏离。偏离GAAP的财务报告通常被认为是低质量的。在这种情况下,由于无法与前期数据和/或其他实体进行比较,盈利质量可能难以评估,甚至无法评估。安然公司(2001年披露的会计问题)就是一个会计处理不当的例子。该公司不当使用表外结构和其他复杂交易,导致负债被严重低估,利润和经营现金流被高估。另一个臭名昭著的会计处理不当案例是世通公司(2002年披露的会计问题)。该公司通过不当资本化某些支出,大幅低估了其费用,从而高估了其利润。最近,新世纪金融公司(2007年披露的会计问题)发行了数十亿美元的次级抵押贷款,却只为贷款回购损失计提了极少的准备金。这些公司最终都申请了破产。

The next levels down on the spectrum in Exhibit 2 mark departures from GAAP. Financial reporting that departs from GAAP can generally be considered low quality. In such situations, earnings quality is likely difficult or impossible to assess because comparisons with earlier periods and/or other entities cannot be made. An example of improper accounting was Enron (accounting issues revealed in 2001), whose inappropriate use of off-balance-sheet structures and other complex transactions resulted in vastly understated indebtedness as well as overstated profits and operating cash flow. Another notorious example of improper accounting was WorldCom (accounting issues discovered in 2002), a company that by improperly capitalizing certain expenditures dramatically understated its expenses and thus overstated its profits. More recently, New Century Financial (accounting issues revealed in 2007) issued billions of dollars of subprime mortgages and improperly reserved only minimal amounts for loan repurchase losses. Each of these companies subsequently filed for bankruptcy.

20世纪80年代,波莉·佩克国际公司(PPI)将正常经营过程中产生的汇兑损失直接计入权益,而非计入损益表。20世纪90年代,新光公司不当申报了“先收后付”销售的收入,并操纵费用发生的时间,试图虚假地描绘其时任新任首席执行官的卓越业绩。

In the 1980s, Polly Peck International (PPI) reported currency losses, incurred in the normal course of operations, directly through equity rather than in its profit and loss statements. In the 1990s, Sunbeam improperly reported revenues from “bill-and-hold” sales and also manipulated the timing of expenses in an effort to falsely portray outstanding performance of its then-new chief executive.

在质量等级的最低点,虚假报告会虚构事件,其目的要么是通过虚报公司业绩来骗取投资,要么是为了掩盖挪用公司资产的行为。令人遗憾的是,虚假报告的例子比比皆是,尽管在当时它们未必容易被识别。20世纪70年代,Equity Funding Corp. 虚增收入,甚至虚构保单持有人。20世纪80年代,Crazy Eddie's 虚报库存,并用虚假发票佐证虚增收入。2004年,Parmalat 虚报银行存款余额。

At the bottom of the quality spectrum, fabricated reports portray fictitious events, either to fraudulently obtain investments by misrepresenting the company’s performance and/or to obscure fraudulent misappropriation of the company’s assets. Examples of fraudulent reporting are unfortunately easy to find, although they were not necessarily easy to identify at the time. In the 1970s, Equity Funding Corp. created fictitious revenues and even fictitious policyholders. In the 1980s, Crazy Eddie’s reported fictitious inventory as well as fictitious revenues supported by fake invoices. In 2004, Parmalat reported fictitious bank balances.

例 3

用于评估财务报告质量的频谱

Spectrum for Assessing Quality of Financial Reports

财务分析师杰克·莱克在几家(假设的)公司的财务报告中发现了一些问题。请结合财务报告质量体系,对这些问题逐一进行描述。

Jake Lake, a financial analyst, has identified several items in the financial reports of several (hypothetical) companies. Describe each of these items in the context of the financial reporting quality spectrum.

  1. ABC公司2018年总收益为2.33亿美元,其中包括出售旗下盈利能力较弱的部门所获得的1亿美元收益。此前三年,ABC的收益分别为1.2亿美元、1.07亿美元和1.11亿美元。该公司财务报告清晰详尽,且在盈利公告中特别强调了这1亿美元收益为一次性收益。

  2. ABC Co.’s 2018 earnings totaled $233 million, including a $100 million gain from selling one of its less profitable divisions. ABC’s earnings for the prior three years totaled $120 million, $107 million, and $111 million. The company’s financial reports are extremely clear and detailed, and the company’s earnings announcement highlights the one-time nature of the $100 million gain.

  3. DEF公司披露,其于2018年将其设备的折旧年限从3年变更为15年。设备是该公司资产的重要组成部分。该公司披露的信息表明,该变更符合其所在司法管辖区的会计准则,但仅对变更原因进行了有限的解释。

  4. DEF Co. discloses that in 2018, it changed the depreciable life of its equipment from 3 years to 15 years. Equipment represents a substantial component of the company’s assets. The company’s disclosures indicate that the change is permissible under the accounting standards of its jurisdiction but provide only limited explanation of the change.

  5. GHI公司过去五年的研发支出约占销售额的3%。2018年,该公司大幅削减了研发支出。若不削减研发支出,该公司将出现亏损。但公司并未对此做出解释。

  6. GHI Co.’s R&D expenditures for the past five years have been approximately 3% of sales. In 2018, the company significantly reduced its R&D expenditures. Without the reduction in R&D expenditures, the company would have reported a loss. No explanation is disclosed.

问题1的解答:

Solution to 1:

ABC公司2018年的整体盈利质量可能较低,因为近一半的盈利来自一项不可持续的业务活动,即出售一个部门。ABC公司2018年持续经营业务的盈利质量可能较高,因为其金额逐年较为稳定,但分析师仍需进行进一步分析以确认盈利质量。一般来说,财务报告使用者不应只关注净利润。根据现有描述,该公司报告的质量较高;报告清晰详尽,并着重强调了1亿美元收益的一次性性质。

ABC’s 2018 total earnings quality can be viewed as low because nearly half of the earnings are derived from a non-sustainable activity, namely the sale of a division. ABC’s 2018 quality of earnings from continuing operations may be high because the amounts are fairly consistent from year to year, although an analyst would undertake further analysis to confirm earnings quality. In general, a user of financial reports should look beyond the bottom-line net income. The description provided suggests that the company’s reporting quality is high; the reports are clear and detailed, and the one-time nature of the $100 million gain is highlighted.

答案二:

Solution to 2:

DEF的会计处理选择看似符合会计准则,但其结果是大幅降低了折旧费用,从而提高了当年的盈利。所报告盈利的质量值得怀疑。尽管新的盈利水平或许能够持续,但未来期间的盈利增长可能难以实现,因为仅仅通过改变会计估计来提高盈利很可能是不可持续的。此外,公司提供的说明也表明其报告质量较低,因为它对这一变化的解释非常有限。

DEF’s accounting choice appears to be within permissible accounting standards, but its effect is to substantially lower depreciation expense and thus to increase earnings for the year. The quality of reported earnings is questionable. Although the new level of earnings may be sustainable, similar increases in earnings for future periods might not be achievable, because increasing earnings solely by changing accounting estimates is likely not sustainable. In addition, the description provided suggests that the company’s reporting quality is low because it offers only a limited explanation for the change.

问题3的解答:

Solution to 3:

GHI削减研发投入的运营选择可能反映了实际的盈余管理行为,因为这一调整使公司避免了公布亏损。此外,公司提供的描述表明其财务报告质量较低,因为它没有对这一调整做出解释。

GHI’s operational choice to reduce its R&D may reflect real earnings management because the change enabled the company to avoid reporting a loss. In addition, the description provided suggests that the company’s reporting quality is low because it does not offer an explanation for the change.

2.5 . 区分保守会计和激进会计

2.5. Differentiate between Conservative and Aggressive Accounting

本节将重新探讨保守和激进的会计处理方式所带来的影响。如前所述,客观公正的财务报告是理想状态。但一些投资者可能更倾向于(或被认为更倾向于)保守而非激进的会计处理方式,因为他们可以接受业绩出现意外好转的情况。相反,管理层可能会采取(或被认为会采取)激进的会计处理方式,因为这些方式可以提升公司公布的业绩和财务状况。

This section returns to the implications of conservative and aggressive accounting choices. As mentioned earlier, unbiased financial reporting is the ideal. But some investors may prefer or be perceived to prefer conservative rather than aggressive accounting choices because a positive surprise is acceptable. In contrast, management may make, or be perceived to make, aggressive accounting choices because they increase the company’s reported performance and financial position.

在报告期内采取激进的会计处理方式可能会降低公司在后续期间的业绩和财务状况,从而引发可持续性问题。而保守的会计处理方式通常不会引发可持续性问题,因为它们虽然会降低公司在报告期内的业绩和财务状况,但未来可能会有所改善。然而,就建立未来预期而言,相关性强且真实反映实际情况的财务报告才是最有用的。

Aggressive accounting choices in the period under review may decrease the company’s reported performance and financial position in later periods, which creates a sustainability issue. Conservative choices do not typically create a sustainability issue because they decrease the company’s reported performance and financial position, and may increase them in later periods. In terms of establishing expectations for the future, however, financial reporting that is relevant and faithfully representative is the most useful.

人们普遍认为财务报告通常存在向上偏差,但事实并非总是如此。尽管会计准则理想情况下旨在促进客观公正的财务报告,但某些会计准则可能明确要求对特定交易或事项采取保守的处理方法。此外,管理层在应用准则时也可能选择采取保守的做法。因此,分析师必须考虑保守选择的可能性及其影响。

A common presumption is that financial reports are typically biased upward, but that is not always the case. Although accounting standards ideally promote unbiased financial reporting, some accounting standards may specifically require a conservative treatment of a transaction or an event. Also, managers may choose to take a conservative approach when applying standards. It is important that an analyst consider the possibility of conservative choices and their effects.

保守主义的极端表现形式是“不预期盈利,但预期所有损失”(Bliss,1924)。但一般来说,保守主义意味着一旦产生可核实且具有法律效力的应收账款,即可确认收入;而只有在实际损失“极有可能”发生时,才需要确认损失。保守主义并非绝对,而是存在程度上的差异,例如“会计师倾向于要求更高的核实程度才能将利好消息确认为收益,而不是将坏消息确认为损失”(Basu,1997)。从这个角度来看,“核实”(例如,存货的实际存在、已发生或将要发生的成本的证据,或基于法律依据的权利和义务的确立)决定了保守主义的程度。对于收入的确认,所需的核实程度高于费用的确认。

At its most extreme, conservatism follows accounting practices that “anticipate no profit, but anticipate all losses” (Bliss, 1924). But in general, conservatism means that revenues may be recognized once a verifiable and legally enforceable receivable has been generated and that losses need not be recognized until it becomes “probable” that an actual loss will be incurred. Conservatism is not an absolute but is characterized by degrees, such as “the accountant’s tendency to require a higher degree of verification to recognize good news as gains than to recognize bad news as losses” (Basu, 1997). From this perspective, “verification” (e.g., physical existence of inventories, evidence of costs incurred or to be incurred, or establishment of rights and obligations on legal grounds) drives the degree of conservatism. For recognition of revenues, a higher degree of verification would be required than for expenses.

2.5.1会计准则的保守性

2.5.1. Conservatism in Accounting Standards

概念框架支持信息的客观中立性:“客观描述是指在选择或呈现财务信息时不带任何偏见。” 9 客观中立——即不带任何向上或向下的偏见——被认为是财务报告的一项理想特征。保守主义与客观中立性直接冲突,因为保守主义的非对称性会导致在计量资产和负债(最终也包括盈利)时出现偏差。

The Conceptual Framework supports neutrality of information: “A neutral depiction is without bias in the selection or presentation of financial information.”9 Neutrality—lack of upward or downward bias—is considered a desirable characteristic of financial reporting. Conservatism directly conflicts with the characteristic of neutrality because the asymmetric nature of conservatism leads to bias in measuring assets and liabilities—and ultimately, earnings.

尽管各方努力维护财务报告的中立性,但许多保守倾向的准则仍然存在。不同司法管辖区的准则在保守程度上可能有所不同。分析师应了解会计准则对财务报告的影响。

Despite efforts to support neutrality in financial reporting, many conservatively biased standards remain. Standards across jurisdictions may differ on the extent of conservatism embedded within them. An analyst should be aware of the implications of accounting standards for the financial reports.

例如,国际财务报告准则(IFRS)和美国通用会计准则(US GAAP)对长期资产减值的处理方式不同。 10 IFRS 和 US GAAP 都规定了减值分析流程,该流程首先评估近期发生的事件是否表明单个或一组长期资产的经济利益可能低于其账面价值。然而,从这一点开始,两种准则的处理方式就出现了分歧:

An example is the different treatment by IFRS and US GAAP of the impairment of long-lived assets.10 Both IFRS and US GAAP specify an impairment analysis protocol that begins with an assessment of whether recent events indicate that the economic benefit from an individual or group of long-lived assets may be less than its carrying amount(s). From that point on, however, the two regimes diverge:

  • 根据国际财务报告准则,如果“可收回金额”(公允价值减去出售成本与使用价值两者中的较高者)小于账面价值,则将记录减值费用。

  • Under IFRS, if the “recoverable amount” (the higher of fair value less costs to sell and value in use) is less than the carrying amount, then an impairment charge will be recorded.

  • 根据美国通用会计准则,只有当预期从资产中获得的未折现未来现金流量之和小于资产账面价值时,才会确认减值费用。如果未折现未来现金流量小于账面价值,则该资产应减记至公允价值。

  • Under US GAAP, an impairment charge will be recorded only when the sum of the undiscounted future cash flows expected to be derived from the asset(s) is less than the carrying amount(s). If the undiscounted future cash flows are less than the carrying amount, the asset is written down to fair value.

为了说明应用上的差异,假设一家工厂是符合减值测试条件的会计单位。其账面价值为 10,000,000 美元;“公允价值”和“可收回金额”均为 6,000,000 美元;与该工厂相关的未折现未来净现金流量总额为 10,000,000 美元。根据国际财务报告准则 (IFRS),应确认 4,000,000 美元的减值费用;但根据美国通用会计准则 (US GAAP),则无需确认任何减值费用。

To illustrate the difference in application, assume that a factory is the unit of account eligible for impairment testing. Its carrying amount is $10,000,000; “fair value” and “recoverable amount” are both $6,000,000; and the undiscounted future net cash flows associated with the factory total $10,000,000. Under IFRS, an impairment charge of $4,000,000 would be recorded; but under US GAAP, no impairment charge would be recognized.

因此,表面上看,国际财务报告准则(IFRS)似乎比美国通用会计准则(US GAAP)更为保守,因为根据IFRS,减值损失通​​常比根据US GAAP更早确认。但是,进一步分析后,这种概括可能并不成立。例如,如果一项资产根据IFRS和US GAAP均发生减值,且该资产的使用价值超过其公允价值,则根据US GAAP确认的减值损失会更大。此外,如果证据表明可收回金额随后增加,IFRS允许在后续期间确认可收回金额的收回。相比之下,US GAAP禁止在计提减值准备后对资产进行后续增值;它只会在资产最终出售时确认其增值。

Thus, on its face, IFRS would be regarded as more conservative than US GAAP because impairment losses would normally be recognized earlier under IFRS than under US GAAP. But, taking the analysis one step further, such a broad generalization may not hold up. For example, if an asset is impaired under both IFRS and US GAAP and the asset’s value in use exceeds its fair value, the impairment loss under US GAAP will be greater. Also, IFRS permits the recognition of recoveries of the recoverable amount in subsequent periods if evidence indicates that the recoverable amount has subsequently increased. In contrast, US GAAP prohibits the subsequent write-up of an asset after an impairment charge has been taken; it would recognize the asset’s increased value only when the asset is ultimately sold.

会计准则中保守主义的常见例子包括以下几种:

Common examples of conservatism in accounting standards include the following:

  • 研发成本。由于研发成本的未来收益在发生时并不确定,因此美国通用会计准则和国际财务报告准则均要求立即计入费用,而不是资本化。

  • Research costs. Because the future benefit of research costs is uncertain at the time the costs are incurred, both US GAAP and IFRS require immediate expensing instead of capitalization.

  • 诉讼损失。当一项成本“很可能”发生时,美国通用会计准则和国际财务报告准则均要求确认费用,即使法律责任可能要到未来某个日期才会发生。

  • Litigation losses. When it becomes “probable” that a cost will be incurred, both US GAAP and IFRS require expense recognition, even though a legal liability may not be incurred until a future date.

  • 保险应收款。通常情况下,收到保险赔款的公司只有在保险公司确认索赔金额的有效性后,才会确认收到应收款。

  • Insurance recoverables. Generally, a company that receives payment on an insurance claim may not recognize a receivable until the insurance company acknowledges the validity of the claimed amount.

Watts (2003)回顾了保守主义的实证研究,并指出了保守主义的四个潜在好处:

Watts (2003) reviews empirical studies of conservatism, and identifies four potential benefits of conservatism:

  • 在信息不对称的情况下,保守主义可能保护信息较少、风险较大的缔约方。这种保护是必要的,因为缔约方可能处于不利地位。例如,进入债务市场的公司责任有限,因此贷款人追索股东损失的途径也有限。再比如,如果事后发现盈利被虚报,领取基于业绩奖金的高管可能不会被追回这些奖金。

  • Given asymmetrical information, conservatism may protect the contracting parties with less information and greater risk. This protection is necessary because the contracting party may be at a disadvantage. For example, corporations that access debt markets have limited liability, and lenders thus have limited recourse to recover their losses from shareholders. As another example, executives who receive earnings-based bonuses might not be subject to having those bonuses “clawed back” if earnings are subsequently discovered to be overstated.

  • 保守的做法降低了诉讼的可能性,进而降低了诉讼成本。公司因低估利好消息或夸大利坏消息而被起诉的情况极为罕见。

  • Conservatism reduces the possibility of litigation and, by extension, litigation costs. Rarely, if ever, is a company sued because it understated good news or overstated bad news.

  • 保守的规则可以保护监管机构和政治家的利益,降低公司夸大收益或资产时被追究责任的可能性。

  • Conservative rules may protect the interests of regulators and politicians by reducing the possibility that fault will be found with them if companies overstate earnings or assets.

  • 在许多税务管辖区,财务和税务报告规则是相互关联的。例如,在德国和日本,只有从已报告收入中扣除的项目才能从应纳税所得额中扣除。因此,公司可以通过对某些类型的事项选择保守的会计政策来降低其税款的现值。

  • In many tax jurisdictions, financial and tax reporting rules are linked. For example, in Germany and Japan, only deductions taken against reported income can be deducted against taxable income. Hence, companies can reduce the present value of their tax payments by electing conservative accounting policies for certain types of events.

分析师在审阅财务报告时,应考虑可能存在的保守和激进偏差及其后果。当期财务报告可能本身无偏差,也可能因激进的会计处理而出现向上偏差,或因保守的会计处理而出现向下偏差,或者因保守和激进会计处理相结合而出现偏差。

Analysts should consider possible conservative and aggressive biases and their consequences when examining financial reports. Current-period financial reports may be unbiased, upward biased through aggressive accounting choices, downward biased through conservative accounting choices, or biased through a combination of conservative and aggressive accounting choices.

2.5.2会计准则应用中的偏见

2.5.2. Bias in the Application of Accounting Standards

任何会计准则的应用,无论准则本身是否中立,通常都需要大量的判断。将会计准则的应用描述为保守还是激进,更多地取决于意图而非定义。

Any application of accounting standards, whether the standard itself is neutral or not, often requires significant amounts of judgment. Characterizing the application of an accounting standard as conservative or aggressive is more a matter of intent rather than definition.

对披露信息、事实和情况的仔细分析有助于准确推断意图。试图操纵盈利的管理层可能会牺牲短期盈利能力,以确保未来期间更高的利润,从而采取更长远的策略。所谓“大清洗”重组费用就是以保守主义为幌子的会计偏见的一个例子。美国通用会计准则(US GAAP)和国际财务报告准则(IFRS)均规定了与重组相关的未来成本的计提,这些成本通常与资产减值相关联并一同列示。但在某些情况下,公司会利用会计规定来估计审查期内的“巨额”损失,从而使未来期间的业绩看起来更好。鉴于20世纪90年代末美国公司存在大量操纵盈利的案例,这些公司人为制造机会,在未来期间报告更高的利润,而这些利润与当期业绩无关,美国证券交易委员会(SEC)工作人员发布了相关规则,缩小了成本可归类为“非经常性”重组事件的范围,并提高了重组费用和资产减值的透明度。 11

Careful analysis of disclosures, facts, and circumstances contributes to making an accurate inference of intent. Management seeking to manipulate earnings may take a longer view by sacrificing short-term profitability in order to ensure higher profits in later periods. One example of biased accounting in the guise of conservatism is the so-called “big bath” restructuring charges. Both US GAAP and IFRS provide for accrual of future costs associated with restructurings, and these costs are often associated with and presented along with asset impairments. But in some instances, companies use the accounting provisions to estimate “big” losses in the period under review so that performance in future periods will appear better. Having observed numerous instances of manipulative practices in the late 1990s, in which US companies set up opportunities to report higher profits in future periods that were not connected with performance in those periods, the SEC staff issued rules that narrowed the circumstances under which costs can be categorized as part of a “non-recurring” restructuring event and enhanced the transparency surrounding restructuring charges and asset impairments.11

“大洗牌”会计的类似表现形式通常被称为“饼干罐储备会计”。美国通用会计准则(US GAAP)和国际财务报告准则(IFRS)均要求计提未来贷款违约的估计值。美国证券交易委员会(SEC)主席亚瑟·莱维特在其1998年题为“数字游戏”的演讲中表达了普遍担忧,即企业为了平滑长期收益,夸大了贷款和其他形式的损失准备。 12 2003年,SEC发布了解释性指南,实质上要求公司在管理层讨论与分析(MD&A)中单独设立一个名为“关键会计估计”的章节。 13如果对高度不确定事项的主观估计和判断的影响对利益相关者(投资者、客户、供应商和其他财务报表使用者)具有重大意义,则应在MD&A中披露其性质和不确定性。此项要求是对财务报表附注中已要求披露事项的补充。

A similar manifestation of “big bath” accounting is often referred to as “cookie jar reserve accounting.” Both US GAAP and IFRS require accruals of estimates of future non-payments of loans. In his 1998 speech “The ‘Numbers Game,’” SEC chair Arthur Levitt expressed the general concern that corporations were overstating loans and other forms of loss allowances for the purpose of smoothing income over time.12 In 2003, the SEC issued interpretive guidance that essentially requires a company to provide a separate section in management’s discussion and analysis (MD&A) titled “Critical Accounting Estimates.”13 If the effects of subjective estimates and judgments of highly uncertain matters are material to stakeholders (investors, customers, suppliers, and other users of the financial statements), disclosures of their nature and exposure to uncertainty should be made in the MD&A. This requirement is in addition to required disclosures in the notes to the financial statements.

3.评估财务报告质量的背景

3. Context for Assessing Financial Reporting Quality

在评估财务报告质量时,应考虑公司管理层是否存在发布低质量财务报告的动机。如果存在这种动机,分析师应考虑报告环境是否有利于管理层进行虚假报告。此外,还应考虑报告环境中是否存在能够规范财务报告质量的机制,例如监管制度。

In assessing financial reporting quality, it is useful to consider whether a company’s managers may be motivated to issue financial reports that are not high quality. If motivation exists, an analyst should consider whether the reporting environment is conducive to managers’ misreporting. It is important to consider mechanisms within the reporting environment that discipline financial reporting quality, such as the regulatory regime.

3.1动机

3.1. Motivations

管理层可能出于掩盖业绩不佳(例如市场份额下降或盈利能力低于竞争对手)的动机,发布质量不高的财务报告。Lewis (2012)指出:“一家公司如果遇到业绩问题,尤其是它认为这些问题只是暂时的,可能会采取一种应对措施,即虚增当前的盈利数​​据,以换取未来盈利的降低。”

Managers may be motivated to issue financial reports that are not high quality to mask poor performance, such as loss of market share or lower profitability than competitors. Lewis (2012) stated, “A firm experiencing performance problems, particularly those it considers transient, may induce a response that inflates current earnings numbers in exchange for lower future earnings.”

  • 即使无需掩盖业绩不佳,管理者也常常有动机去达到或超越市场预期,这体现在分析师的预测和/或管理层自身的预测中。超出预期通常会推高股价,即使只是暂时的。此外,超出预期还可以提高与股价上涨或已公布收益挂钩的管理层薪酬。Graham 、Harvey 和 Rajgopal (2005)的研究发现,他们调查的首席财务官们认为盈利是金融市场最重要的财务指标。达到(或超过)特定基准,包括上年盈利和分析师的预测,至关重要。作者研究了管理者“运用会计自由裁量权以实现某些理想的盈利目标”的各种动机。达到盈利基准的动机包括股票市场效应(例如,建立市场参与者的信任并积极影响股价)和贸易效应(例如,提升客户和供应商的声誉)。股票市场效应是最强大的激励因素,但贸易效应也很重要,尤其对于规模较小的公司而言。

  • Even when there is no need to mask poor performance, managers frequently have incentives to meet or beat market expectations as reflected in analysts’ forecasts and/or management’s own forecasts. Exceeding forecasts typically increases the stock price, if only temporarily. Additionally, exceeding forecasts can increase management compensation that is linked to increases in stock price or to reported earnings. Graham, Harvey, and Rajgopal (2005) found that the CFOs they surveyed view earnings as the most important financial metric to financial markets. Achieving (or exceeding) particular benchmarks, including prior-year earnings and analysts’ forecasts, is very important. The authors examined a variety of motivations for why managers might “exercise accounting discretion to achieve some desirable earnings goal.” Motivations to meet earnings benchmarks include equity market effects (for example, building credibility with market participants and positively affecting stock price) and trade effects (for example, enhancing reputation with customers and suppliers). Equity market effects are the most powerful incentives, but trade effects are important, particularly for smaller companies.

  • 职业发展考量和激励性薪酬可能会影响会计决策。例如,管理者可能担心,在业绩不佳的公司工作会限制其未来的职业发展机会,或者担心无法获得基于超额完成特定盈利目标的奖金。在这两种情况下,管理层都可能出于提高盈利的目的而做出会计决策。在业绩略微下滑的时期,管理者可能会提前确认或虚增收入,和/或延迟确认或少报费用。相反,在业绩强劲的时期,管理者可能会延迟确认收入或提前确认费用,以提高超额完成下一期目标的可能性(即,为下一期“预留”部分盈利)。受访管理者表示,他们更关注业绩报告对自身职业发展的影响,而非对激励性薪酬的影响。

  • Career concerns and incentive compensation may motivate accounting choices. For example, managers might be concerned that working for a company that performs poorly will limit their future career opportunities or that they will not receive a bonus based on exceeding a particular earnings target. In both cases, management might be motivated to make accounting choices to increase earnings. In a period of marginally poor performance, a manager might accelerate or inflate revenues and/or delay or under report expenses. Conversely, in a period of strong performance, a manager might delay revenue recognition or accelerate expense recognition to increase the probability of exceeding the next period’s targets (i.e., to “bank” some earnings for the next period.) The surveyed managers indicated a greater concern with career implications of reported results than with incentive compensation implications.

避免违反债务契约可能会促使管理层虚增盈利。格雷厄姆、哈维和拉杰戈帕尔的调查显示,避免违反债券契约对于高杠杆且盈利能力差的公司至关重要,但总体而言并不那么重要。

Avoiding debt covenant violations can motivate managers to inflate earnings. Graham, Harvey, and Rajgopal’s survey indicates that avoidance of bond covenant violation is important to highly leveraged and unprofitable companies but relatively unimportant overall.

3.2导致发布低质量财务报告的条件

3.2. Conditions Conducive to Issuing Low-Quality Financial Reports

如前所述,财务业绩呈现方式的偏差可能源于管理层的选择,也可能源于特定司法管辖区的财务报告准则。归根结底,发布低质量甚至欺诈性财务报告的决定是由个人或某些人做出的。而做出此类选择的原因并非总是显而易见。例如,新上任的Sunbeam首席执行官身价已超过1亿美元,他为何会通过虚报“先开票后付款”销售收入和操纵费用时间来进行会计欺诈,而不是承认低于预期的财务业绩?

As discussed, deviations from a neutral presentation of financial results could be driven by management choices or by a jurisdiction’s financial reporting standards. Ultimately, a decision to issue low-quality, or even fraudulent, financial reports is made by an individual or individuals. Why individuals make such choices is not always immediately apparent. For example, why would the newly appointed CEO of Sunbeam, who already had a net worth of more than $100 million, commit accounting fraud by improperly reporting revenues from “bill-and-hold” sales and manipulating the timing of expenses, rather than admit to lower-than-expected financial results?

通常情况下,发布低质量财务报告存在三种情况:机会、动机和合理化。机会可能源于内部因素,例如内部控制不力或董事会效率低下;也可能源于外部因素,例如会计准则允许存在多种选择,或不当选择后果轻微。动机可能源于个人原因(例如奖金)或公司原因(例如对未来融资的担忧)而产生的达到某些指标的压力。合理化至关重要,因为如果一个人对某个选择感到担忧,他/她就需要能够向自己证明该选择是合理的。

Typically, three conditions exist when low-quality financial reports are issued: opportunity, motivation, and rationalization. Opportunity can be the result of internal conditions, such as poor internal controls or an ineffective board of directors, or external conditions, such as accounting standards that provide scope for divergent choices or minimal consequences for an inappropriate choice. Motivation can result from pressure to meet some criteria for personal reasons, such as a bonus, or corporate reasons, such as concern about financing in the future. Rationalization is important because if an individual is concerned about a choice, he or she needs to be able to justify it to him- or herself.

安然公司前首席财务官安德鲁·法斯托在2013年注册舞弊审查师协会年度反欺诈大会上表示,他当时明知自己所作所为是错误的,但他遵循了既定程序来为自己的决定辩解(Pavlo,2013)。他确保获得了管理层和董事会的批准,以及法律和会计方面的意见,并进行了适当的信息披露。当时的激励机制和企业文化是追求盈利,而非着眼于长期价值。显然,正如他的刑期所反映​​的那样,他所做的事情不仅是错误的,而且是违法的。

Former Enron CFO Andrew Fastow, speaking at the 2013 Association of Certified Fraud Examiners Annual Fraud Conference, indicated that he knew at the time he was doing something wrong but followed procedure to justify his decision (Pavlo, 2013). He made sure to get management and board approval, as well as legal and accounting opinions, and to include appropriate disclosures. The incentive and corporate culture was to create earnings rather than focus on long-term value. Clearly, as reflected in his prison sentence, he did something that was not only wrong but illegal.

3.3规范财务报告质量的机制

3.3. Mechanisms That Discipline Financial Reporting Quality

市场对财务报告质量具有潜在的约束作用。公司和国家都在争夺资本,而资本成本取决于对风险的感知——包括公司财务报表可能扭曲投资者预期的风险。因此,在没有其他相互冲突的经济激励的情况下,一家力求最大限度降低长期资本成本的公司应该致力于提供高质量的财务报告。除了市场之外,其他约束财务报告质量的机制还包括市场监管机构、审计师和私人合同。

Markets potentially discipline financial reporting quality. Companies and nations compete for capital, and the cost of capital is a function of perceived risk—including the risk that a company’s financial statements will skew investors’ expectations. Thus, in the absence of other conflicting economic incentives, a company seeking to minimize its long-term cost of capital should aim to provide high-quality financial reports. In addition to markets, other mechanisms that discipline financial reporting quality include market regulatory authorities, auditors, and private contracts.

3.3.1市场监管机构

3.3.1. Market Regulatory Authorities

力求最大限度降低资本成本的公司应尽可能提高财务报告质量,但正如前文所述,往往存在利益冲突。因此,国家法规以及制定和执行规则的监管机构在财务报告质量方面发挥着重要作用。世界上许多证券监管机构都是国际证券委员会组织(IOSCO)的成员。IOSCO 被公认为“证券行业的全球标准制定者”,尽管它并不实际制定标准,而是制定目标和原则来指导证券和资本市场监管。IOSCO 的成员包括 120 多个证券监管机构和 80 多个其他证券市场参与者,例如证券交易所。 14

Companies seeking to minimize the cost of capital should maximize reporting quality, but as discussed earlier, conflicting incentives often exist. For this reason, national regulations, and the regulators that establish and enforce rules, can play a significant role in financial reporting quality. Many of the world’s securities regulators are members of the International Organization of Securities Commissions (IOSCO). IOSCO is recognized as the “global standard setter for the securities sector” although it does not actually set standards but rather establishes objectives and principles to guide securities and capital market regulation. IOSCO’s membership includes more than 120 securities regulators and 80 other securities market participants, such as stock exchanges.14

国际证监会组织(IOSCO)的成员之一是欧洲证券及市场管理局(ESMA),它是欧盟的一个独立机构,其使命是“加强对投资者的保护,并巩固欧盟稳定且运转良好的金融市场”。 15 ESMA通过一个由欧洲经济区成员国的执法机构组成的论坛来组织财务报告执法活动。直接的监管和执法活动则在国家层面进行。例如,英国金融行为监管局(FCA)是IOSCO成员,主要负责英国的证券监管。ESMA报告称,2017年欧洲执法机构审查了1141家发行人的中期和/或年度财务报表,并因此对其中328家发行人采取了执法行动,结果如下:12家发行人被要求重新发布财务报表,71家发行人被要求发布公开更正声明,245家发行人被要求在未来的财务报表中进行更正。 16

One member of IOSCO is ESMA , an independent EU authority with a mission to “enhance the protection of investors and reinforce stable and well-functioning financial markets in the European Union.”15 ESMA organizes financial reporting enforcement activities through a forum consisting of European enforcers from European Economic Area countries. Direct supervision and enforcement activities are performed at the national level. For example, the Financial Conduct Authority (FCA) is the IOSCO member with primary responsibility for securities regulation in the United Kingdom. ESMA reported that European enforcers examined the interim and/or annual financial statements of 1,141 issuers in 2017, which in turn led to enforcement actions for 328 issuers with the following outcomes: 12 required reissuances of financial statements, 71 public corrective notes, and 245 required corrections in future financial statements.16

国际证监会组织(IOSCO)的另一个成员是美国监管机构——证券交易委员会(SEC)。SEC负责监管约9100家美国上市公司(以及投资顾问、经纪交易商、证券交易所和其他实体),并至少每三年审查一次这些公司的信息披露,旨在改善投资者可获得的信息,并可能发现违反证券法的行为。 17 2017年,SEC报告称,其共提起754起执法诉讼,其中446起为独立执法诉讼,约20%的诉讼涉及发行人报告/会计和审计。 18

Another member of IOSCO is the US regulatory authority, the Securities and Exchange Commission. The SEC is responsible for overseeing approximately 9,100 US public companies (along with investment advisers, broker/dealers, securities exchanges, and other entities) and reviews the disclosures of these companies at least once every three years with the aim of improving information available to investors and potentially uncovering possible violations of securities laws.17 In 2017, the SEC reported that it had filed 754 total and 446 standalone enforcement actions, about 20% of which concerned issuer reporting/accounting and auditing.18

亚洲的监管机构包括日本金融服务厅、中国证券监督管理委员会和印度证券交易委员会。南美洲的监管机构包括阿根廷国家证券委员会、巴西证券交易委员会和智利证券保险监管局。国际证监会组织(IOSCO)的完整成员名单可在其网站上找到。

Examples of regulatory bodies in Asia include the Financial Services Agency in Japan, the China Securities Regulatory Commission, and the Securities and Exchange Board of India. Examples of regulatory bodies in South America include the Comisión Nacional de Valores in Argentina, Comissão de Valores Mobiliários in Brazil, and Superintendencia de Valores y Seguros in Chile. A full list of IOSCO members can be found on the organization’s website.

影响财务报告质量最直接的监管制度典型特征包括以下几点:

Typical features of a regulatory regime that most directly affect financial reporting quality include the following:

  • 注册要求。市场监管机构通常要求上市公司在向公众发行证券前进行证券注册。注册文件通常包含最新的财务报表、与发行证券的公司风险和前景相关的其他信息,以及有关所发行证券的信息。

  • Registration requirements. Market regulators typically require publicly traded companies to register securities before offering the securities for sale to the public. A registration document typically contains current financial statements, other relevant information about the risks and prospects of the company issuing the securities, and information about the securities being offered.

  • 信息披露要求。市场监管机构通常要求上市公司定期公开报告,包括财务报告和管理层评论。诸如国际会计准则理事会(IASB)和财务会计准则委员会(FASB)之类的标准制定机构通常是私营部门的自律组织,其董事会成员由经验丰富的会计师、审计师、财务报表使用者和学者组成。诸如新加坡会计与企业管理局(ACRA)、美国证券交易委员会(SEC)、巴西证券交易委员会(SEC)和英国财务报告委员会(FRC)等监管机构,拥有在其管辖范围内强制执行财务报告要求并对参与资本市场的实体实施其他控制的法律权力。换言之,通常情况下,标准制定机构制定标准,而监管机构认可并执行这些标准。如果没有监管机构对标准的认可,私营部门的标准制定机构将不具备任何权力。监管机构通常保留在其管辖范围内制定财务报告标准的法律权力,并且可以推翻私营部门标准制定机构的决定。

  • Disclosure requirements. Market regulators typically require publicly traded companies to make public periodic reports, including financial reports and management comments. Standard-setting bodies, such as the IASB and FASB, are typically private sector, self-regulated organizations with board members who are experienced accountants, auditors, users of financial statements, and academics. Regulatory authorities, such as the Accounting and Corporate Regulatory Authority in Singapore, the Securities and Exchange Commission in the United States, the Securities and Exchange Commission in Brazil, and the Financial Reporting Council in the United Kingdom, have the legal authority to enforce financial reporting requirements and exert other controls over entities that participate in the capital markets within their jurisdiction. In other words, generally, standard-setting bodies set the standards, and regulatory authorities recognize and enforce those standards. Without the recognition of standards by regulatory authorities, the private-sector standard-setting bodies would have no authority. Regulators often retain the legal authority to establish financial reporting standards in their jurisdiction and can overrule the private-sector standard-setting bodies.

  • 审计要求。市场监管机构通常要求公司财务报表附有审计意见,证明该等财务报表符合相关的会计准则。一些监管机构,例如美国的证券交易委员会(SEC),还要求提供一份额外的审计意见,证明公司财务报告内部控制的有效性。

  • Auditing requirements. Market regulators typically require companies’ financial statements to be accompanied by an audit opinion attesting that the financial statements conform to the relevant set of accounting standards. Some regulators, such as the SEC in the United States, require an additional audit opinion attesting to the effectiveness of the company’s internal controls over financial reporting.

  • 管理层评论。监管通常要求上市公司财务报告包含管理层声明。例如,英国金融行为监管局 (FCA) 要求管理层报告包含“(1) 对发行人业务的公正回顾;以及 (2) 对发行人面临的主要风险和不确定性的描述”(《披露指引和透明度规则》资料汇编)。

  • Management commentaries. Regulations typically require publicly traded companies’ financial reports to include statements by management. For example, the FCA in the United Kingdom requires a management report containing “(1) a fair review of the issuer’s business; and (2) a description of the principal risks and uncertainties facing the issuer” (Disclosure Guidance and Transparency Rules sourcebook.)

  • 责任声明。法规通常要求负责公司财务报告的人员作出声明。此类声明要求负责人明确承认责任,并保证财务报告的准确性。一些监管机构,例如美国的证券交易委员会(SEC),要求提供正式的认证,并对虚假认证规定了具体的法律处罚。

  • Responsibility statements. Regulations typically require a statement from the person or persons responsible for the company’s filings. Such statements require the responsible individuals to explicitly acknowledge responsibility and to attest to the correctness of the financial reports. Some regulators, such as the SEC in the United States, require formal certifications that carry specific legal penalties for false certifications.

  • 监管机构对申报文件进行审查。监管机构通常会开展审查程序,以确保相关规定得到遵守。审查程序通常涵盖所有初始注册文件以及后续定期财务报告的抽样样本。

  • Regulatory review of filings. Regulators typically undertake a review process to ensure that the rules have been followed. The review process typically covers all initial registrations and a sample of subsequent periodic financial reports.

  • 执法机制。监管机构被赋予多种权力来执行证券市场规则。这些权力包括评估罚款、暂停或永久禁止市场参与者参与交易,以及提起刑事诉讼。公开宣布纪律处分也是一种执法机制。

  • Enforcement mechanisms. Regulators are granted various powers to enforce the securities market rules. Such powers can include assessing fines, suspending or permanently barring market participants, and bringing criminal prosecutions. Public announcements of disciplinary actions are also a type of enforcement mechanism.

总之,市场监管机构在鼓励高质量财务报告方面发挥着核心作用。

In summary, market regulatory authorities play a central role in encouraging high-quality financial reporting.

3.3.2审计员

3.3.2. Auditors

如前所述,监管机构通常要求上市公司的财务报表由独立审计师进行审计。非上市公司也会对其财务报表进行审计,这可能是自愿的,也可能是因为外部方(例如债权或股权资本提供方)要求提供审计报告。

As noted, regulatory authorities typically require that publicly traded companies’ financial statements be audited by an independent auditor. Private companies also obtain audit opinions for their financial statements, either voluntarily or because audit reports are required by an outside party, such as providers of debt or equity capital.

审计意见为财务报表使用者提供一定程度的保证确保财务信息符合相关会计准则,并公允地反映了公司的情况。附录8、9、10和11分别摘录了葛兰素史克公司、阿里巴巴集团控股有限公司、苹果公司和塔塔汽车有限公司的独立审计师报告。对于每家公司,审计师均出具了无保留意见,表明财务报表按照相关准则公允地反映了公司的业绩。(注:“无保留意见”是指审计意见未包含任何保留或例外情况;该术语与非正式术语“干净意见”同义。无保留意见最为常见。)审计报告中的其他项目反映了公司监管制度的具体要求。例如,葛兰素史克公司的审计报告长达九页,包含了对公司财务报表、战略报告和董事报告的意见。本审计报告还根据国际审计与鉴证准则理事会 (IAASB) 于 2015 年发布的国际审计准则 (ISA) 披露了“关键审计事项”,这些准则适用于 2016 年 12 月 15 日或之后结束的期间。

Audit opinions provide financial statement users with some assurance that the information complies with the relevant set of accounting standards and presents the company’s information fairly. Exhibits 8, 9, 10, and 11 provide excerpts from the independent auditors’ reports for GlaxoSmithKline plc, Alibaba Group Holding Limited, Apple Inc., and Tata Motors Limited, respectively. For each company, the auditor issued an unqualified opinion on the financial statements, indicating that the financial statements present fairly the company’s performance in accordance with relevant standards. (Note: The term “unqualified opinion” means that the opinion did not include any qualifications or exceptions; the term is synonymous with the less formal term “clean opinion.” Unqualified opinions are the most common.) Other items in the audit reports reflect the specific requirements of the company’s regulatory regime. For example, the audit report for GlaxoSmithKline spans nine pages and includes opinions on the company’s financial statements as well as the Strategic Report and the Directors’ Report. This audit report also includes disclosures about “Key audit matters,” in accordance with International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB) in 2015 and effective for periods ending on or after December 15, 2016.

阿里巴巴、苹果和塔塔汽车的摘录展示了审计师对公司财务报表的意见,以及美国证券交易委员会(SEC)要求的关于公司内部控制有效性的意见,因为这些公司均在美国上市。对于阿里巴巴,一份报告包含两项无保留意见:(i) 财务报表公允地反映了公司的财务状况、经营成果和现金流量,符合美国通用会计准则(US GAAP);(ii) 公司对财务报告保持了有效的控制。对于苹果,第一份报告包含对财务报表的无保留意见,第二份报告包含对公司有效内部控制的无保留意见。对于塔塔汽车,第一份报告包含无保留意见,认为财务报表公允地反映了公司财务状况和经营成果,符合国际财务报告准则(IFRS)。 (美国证券交易委员会允许非美国公司使用美国通用会计准则(US GAAP)、国际会计准则理事会(IASB)发布的国际财务报告准则(IFRS)或本国通用会计准则进行报告。)然而,第二份报告对该公司内部控制的有效性提出了否定意见:“我们认为,由于重大缺陷的影响……该公司未能维持有效的内部控制。”报告解释说,该重大缺陷涉及第三方不当访问公司系统。报告还指出,尽管该重大缺陷导致内部控制失效,但并未影响对财务报表的审计意见。在塔塔汽车公司年度报告的其他部分(摘录中未显示),该公司披露该缺陷并未导致财务报表错报,并且已采取补救措施。

The excerpts for Alibaba, Apple, and Tata Motors show the auditors’ opinions on the companies’ financial statements and additionally the SEC-required opinions on the effectiveness of the companies’ internal controls because these companies are listed in the United States. For Alibaba, a single report includes both unqualified opinions: (i) the financial statements present fairly the financial position, results of operations, and cash flows… in conformity with US GAAP; and (ii) the company maintained effective control over financial reporting. For Apple, the first report includes the unqualified opinion on the financial statements, and the second report includes the unqualified opinion on the company’s effective internal controls. For Tata Motors, the first report includes the unqualified opinion that the financial statements present the company’s position and results fairly in accordance with IFRS. (The SEC permits non-US companies to report using US GAAP, IFRS as issued by the IASB, or home-country GAAP.) However, the second report includes an adverse opinion on the effectiveness of the company’s internal controls: “In our opinion, because of the effect of the material weakness … the company has not maintained effective internal control.” The report explains that the material weakness involved a third party’s inappropriate access to the company’s systems. The report further states that although the material weakness resulted in ineffective internal controls, it did not affect the audit opinion on the financial statements. Elsewhere in Tata Motors’ annual report (not shown in the excerpt), the company discloses that the weakness did not result in a financial misstatement and that it has undertaken remedial measures.

附件 8. 普华永道会计师事务所对葛兰素史克公司 2017 年年度报告 (第 149-157 页)的审计意见摘录

我们认为,葛兰素史克有限公司的集团财务报表(“财务报表”):

In our opinion, GlaxoSmithKline plc’s Group financial statements (the “financial statements”):

  • 真实、公允地反映集团截至 2017 年 12 月 31 日的财务状况以及截至该日止年度的利润和现金流量;

  • give a true and fair view of the state of the Group’s affairs as at 31 December 2017 and of its profit and cash flows for the year then ended;

  • 已按照欧盟采纳的国际财务报告准则(“IFRS”)妥善编制;

  • have been properly prepared in accordance with International Financial Reporting Standards (“IFRSs”) as adopted by the European Union; and

  • 已按照 2006 年《公司法》和《国际会计准则条例》第 4 条的规定编制。

  • have been prepared in accordance with the requirements of the Companies Act 2006 and Article 4 of the IAS Regulation.

我们认为,集团财务报表已按照国际会计准则理事会发布的国际财务报告准则正确编制。

In our opinion, the Group financial statements have been properly prepared in accordance with IFRSs as issued by the IASB.

关键审计事项

Key audit matters

关键审计事项是指审计师根据其专业判断,认为对本期财务报表审计最为重要的事项,包括审计师识别出的最重要的重大错报风险(无论是否由舞弊造成),尤其包括对以下方面影响最大的事项:整体审计策略;审计资源的分配;以及项目团队的工作指导。这些事项以及我们对相关程序结果所作的任何评论,均已在对财务报表整体进行审计并形成审计意见的过程中予以考虑,我们不就这些事项单独发表意见。以上并非我们审计中识别出的所有风险的完整清单。

Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit.

根据审计过程中开展的工作,我们认为截至 2017 年 12 月 31 日止年度的战略报告和董事报告中提供的信息与财务报表一致,并且是按照适用的法律要求编制的。

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and Directors’ Report for the year ended 31 December 2017 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

附件9. 普华永道香港特别行政区对阿里巴巴集团控股有限公司截至2018年3月31日止年度 年度报告(美国证券交易委员会20-F表格,F-2页和F-3页)的审计意见摘录

我们认为,上述合并财务报表在所有重大方面公允地反映了公司截至2017年3月31日和2018年3月31日的财务状况,以及截至2018年3月31日止三个年度的经营成果和现金流量,符合美国公认会计原则。此外,我们认为,截至2018年3月31日,公司在所有重大方面维持了有效的财务报告内部控制,符合COSO发布的《内部控制——综合框架(2013)》中规定的标准。

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 31, 2017 and 2018, and the results of their operations and their cash flows for each of the three years in the period ended March 31, 2018 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2018, based on criteria established in Internal Control — Integrated Framework (2013) issued by the COSO.

附件 10. 安永会计师事务所对苹果公司截至 2017 年 9 月 30 日止年度 年度报告(美国证券交易委员会 10-K 表格,第 70 和 71 页)的审计意见摘录

【摘自财务报表意见】

[From the Financial Statement Opinion]

我们已审计了苹果公司截至 2017 年 9 月 30 日和 2016 年 9 月 24 日的合并资产负债表,以及截至 2017 年 9 月 30 日止三个年度的相关合并经营报表、综合收益表、股东权益报表和现金流量表。

We have audited the accompanying consolidated balance sheets of Apple Inc. as of September 30, 2017 and September 24, 2016, and the related consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended September 30, 2017.

……

….

我们认为,上述财务报表在所有重大方面公允地反映了苹果公司截至 2017 年 9 月 30 日和 2016 年 9 月 24 日的合并财务状况,以及截至 2017 年 9 月 30 日止三个年度的合并经营业绩和现金流量,符合美国公认会计原则。

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Apple Inc. at September 30, 2017 and September 24, 2016, and the consolidated results of its operations and its cash flows for each of the three years in the period ended September 30, 2017, in conformity with U.S. generally accepted accounting principles.

我们还根据美国公众公司会计监督委员会的标准,对苹果公司截至 2017 年 9 月 30 日的财务报告内部控制进行了审计,审计依据是特雷德韦委员会发起组织委员会发布的《内部控制——综合框架》(2013 年框架)中确立的标准,我们于 2017 年 11 月 3 日发布的报告对此发表了无保留意见。

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Apple Inc.’s internal control over financial reporting as of September 30, 2017, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated November 3, 2017 expressed an unqualified opinion thereon.

[摘自内部控制意见]

[From the Internal Controls Opinion]

我们根据特雷德韦委员会发起组织委员会发布的《内部控制——综合框架》(2013 年框架)(“COSO 标准”)中确立的标准,对苹果公司截至 2017 年 9 月 30 日的财务报告内部控制进行了审计。 

We have audited Apple Inc.’s internal control over financial reporting as of September 30, 2017, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (“the COSO criteria”). 

我们认为,根据 COSO 标准,截至 2017 年 9 月 30 日,苹果公司在所有实质性方面都保持了有效的财务报告内部控制。

In our opinion, Apple Inc. maintained, in all material respects, effective internal control over financial reporting as of September 30, 2017, based on the COSO criteria.

我们还按照美国公众公司会计监督委员会的标准,对苹果公司 2017 年合并财务报表进行了审计,我们于 2017 年 11 月 3 日出具的报告对此发表了无保留意见。

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the 2017 consolidated financial statements of Apple Inc. and our report dated November 3, 2017 expressed an unqualified opinion thereon.

附件11. 毕马威印度孟买分所对塔塔汽车有限公司截至2018年3月31日止年度 的年度报告(美国证券交易委员会20-F表格,第F2至F4页)所作审计意见的摘录

对合并财务报表的意见

Opinion on the Consolidated Financial Statements

我们已审计了塔塔汽车有限公司及其子公司(以下简称“公司”)截至 2018 年 3 月 31 日的合并资产负债表、相关的合并利润表、综合收益表、现金流量表和截至 2018 年 3 月 31 日止年度的权益变动表,以及相关的附注和财务报表附表 1(统称为“合并财务报表”)。

We have audited the accompanying consolidated balance sheet of Tata Motors Limited and its subsidiaries (the “Company”) as of March 31, 2018, the related consolidated income statement, statement of comprehensive income, statement of cash flows, and statement of changes in equity for the year ended March 31, 2018, and the related notes and financial statement schedule 1 (collectively, the consolidated financial statements).

我们认为,合并财务报表在所有重大方面公允地反映了公司截至 2018 年 3 月 31 日的财务状况,以及截至 2018 年 3 月 31 日止年度的经营成果和现金流量,符合国际会计准则理事会发布的国际财务报告准则(“IFRS”)。

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2018, and the results of its operations and its cash flows for the year ended March 31, 2018, in conformity with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”).

我们还根据美国公众公司会计监督委员会(PCAOB)的标准,按照特雷德韦委员会发起组织委员会发布的《内部控制——综合框架(2013)》中确立的标准,对公司截至 2018 年 3 月 31 日的财务报告内部控制进行了审计。我们于 2018 年 7 月 31 日发布的报告对公司财务报告内部控制的有效性发表了否定意见。

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of March 31, 2018, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated July, 31, 2018 expressed an adverse opinion on the effectiveness of the Company’s internal control over financial reporting.

关于财务报告内部控制的意见

Opinion on Internal Control Over Financial Reporting

我们已根据特雷德韦委员会发起组织委员会发布的《内部控制——综合框架(2013)》中确立的标准,对塔塔汽车有限公司及其子公司(以下简称“公司”)截至2018年3月31日的财务报告内部控制进行了审计。我们认为,由于下述重大缺陷对控制标准目标的实现产生了影响,截至2018年3月31日,公司未能根据特雷德韦委员会发起组织委员会发布的 《内部控制——综合框架(2013)》中确立的标准,维持有效的财务报告内部控制。

We have audited Tata Motors Limited’s and subsidiaries’ (the Company) internal control over financial reporting as of March 31, 2018, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, because of the effect of the material weakness described below, on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of March 31, 2018, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

重大缺陷是指财务报告内部控制中存在一项或多项缺陷,导致公司年度或中期财务报表出现重大错报的可能性极低,无法及时发现或防止错报。我们已识别出与第三方物流供应商系统访问限制不当相关的重大缺陷,并将其纳入管理层的评估。在确定对2018年合并财务报表进行审计时所采用的审计测试的性质、时间和范围时,我们已考虑了该重大缺陷,本报告不影响我们对该等合并财务报表的审计报告。

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. A material weakness related to inappropriate system access restrictions at a third party logistics provider has been identified and included in management’s assessment. The material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2018 consolidated financial statements, and this report does not affect our report on those consolidated financial statements.

尽管审计意见对财务报告质量起到规范作用,但其本身也存在局限性。首先,审计意见基于对公司编制信息的审查。如果公司蓄意欺骗审计师,仅凭信息审查可能无法发现错报。其次,审计基于抽样,而抽样本身也可能无法发现错报。第三,审计师的角色与公众对审计师的期望之间可能存在“期望差距”。审计的目的通常并非在于发现舞弊,而在于确保财务报告的公允列报。最后,审计费用由被审计公司支付,且通常通过竞争性程序确定。这种情况可能导致审计师倾向于对被审计公司采取宽容态度,尤其是在审计事务所向该公司提供额外服务的情况下。

Although audit opinions provide discipline for financial reporting quality, inherent limitations exist. First, an audit opinion is based on a review of information prepared by the company. If a company deliberately intends to deceive its auditor, a review of information might not uncover misstatements. Second, an audit is based on sampling, and the sample might not reveal misstatements. Third, an “expectations gap” may exist between the auditor’s role and the public’s expectation of auditors. An audit is not typically intended to detect fraud; it is intended to provide assurance that the financial reports are fairly presented. Finally, the company being audited pays the audit fees, often established through a competitive process. This situation could provide an auditor with an incentive to show leniency to the company being audited, particularly if the auditor’s firm provides additional services to the company.

3.3.3私人承包

3.3.3. Private Contracting

私人合同(例如贷款协议或投资合同)中的某些条款可以作为规范财务报告质量的机制。许多与公司存在合同关系的各方都有动力监督该公司的业绩,并确保其财务报告质量上乘。例如,贷款协议通常包含贷款契约,这些契约会制定专门的财务报告要求,对发行人具有法律约束力。如前所述,避免违反债务契约是管理层虚增盈利的潜在动机。再举一例,投资合同可能包含条款,允许投资者在特定财务触发事件发生时收回全部或部分投资。此类条款可能会促使被投资公司的管理层操纵报告业绩,以规避这些财务触发事件。

Aspects of private contracts, such as loan agreements or investment contracts, can serve as mechanisms to discipline financial reporting quality. Many parties that have a contractual arrangement with a company have an incentive to monitor that company’s performance and to ensure that the company’s financial reports are high quality. For example, loan agreements often contain loan covenants, which create specifically tailored financial reporting requirements that are legally binding for the issuer. As noted earlier, avoidance of debt covenant violation is a potential motivation for managers to inflate earnings. As another example, an investment contract could contain provisions giving investors the option to recover all or part of their investment if certain financial triggers occur. Such provisions could motivate the investee’s managers to manipulate reported results to avoid the financial triggers.

由于被投资方或借款方编制的财务报告直接影响合同结果,可能会产生虚假报告的动机,因此投资者和贷款方有动力监控财务报告,并确保其质量良好。

Because the financial reports prepared by the investees or borrowers directly affect the contractual outcomes—potentially creating a motivation for misreporting—investors and lenders are motivated to monitor financial reports and to ensure that they are high quality.

例 4

财务报告操纵:动机与惩戒机制

Financial Reporting Manipulation: Motivations and Disciplining Mechanisms

针对以下两种情况,确定(1)可能促使公司管理人员操纵报告财务金额的因素和(2)可以约束财务报告质量的适用机制。

For each of the following two scenarios, identify (1) factors that might motivate the company’s managers to manipulate reported financial amounts and (2) applicable mechanisms that could discipline financial reporting quality.

  1. ABC公司是一家私营企业。NTBig银行向ABC公司提供了一笔贷款。ABC公司需维持至少2.0倍的利息保障倍数。在最近的财务报告中,ABC公司公布的息税前利润为1200美元,利息支出为600美元。报告附注中披露,该公司在年内调整了其固定资产的预计使用寿命。由于此次调整,折旧费用减少了约150美元。

  2. ABC Co. is a private company. Bank NTBig has made a loan to ABC Co. ABC is required to maintain a minimum 2.0 interest coverage ratio. In its most recent financial reports, ABC reported earnings before interest and taxes of $1,200 and interest expense of $600. In the report’s notes, the company discloses that it changed the estimated useful life of its property, plant, and equipment during the year. Depreciation was approximately $150 lower as a result of this change in estimate.

  3. DEF公司是一家上市公司。最近一个季度,分析师对该公司每股收益的平均预期为2.50美元。在季度财报中,DEF公司公布净利润为3,458,780美元。流通普通股数量为1,378,000股。DEF公司的主要产品是一款硬件设备,售价中包含两年的免费服务合同。根据管理层的估计,公司将部分收入分配给硬件设备,并立即确认;另一部分收入分配给服务合同,并递延至两年合同期内确认。根据披露的信息,分配给硬件的收入比例高于以往,预计这将对税后净利润产生27,000美元的影响。

  4. DEF Co. is a publicly traded company. For the most recent quarter, the average of analysts’ forecasts for earnings per share was $2.50. In its quarterly earnings announcement, DEF reported net income of $3,458,780. The number of common shares outstanding was 1,378,000. DEF’s main product is a hardware device that includes a free two-year service contract in the selling price. Based on management estimates, the company allocates a portion of revenues to the hardware device, which it recognizes immediately, and a portion to the service contract, which it defers and recognizes over the two years of the contract. Based on the disclosures, a higher percentage of revenue was allocated to hardware than in the past, with an estimated after-tax impact on net income of $27,000.

问题1的解答:

Solution to 1:

为了维持2.0的最低利息保障倍数,ABC公司的管理层可能操纵了已公布的财务数据。该公司基于已公布数据的利息保障倍数恰好等于2.0。如果ABC公司的管理层没有更改其固定资产的预计使用寿命,利息保障倍数将会低于要求的水平。

The need to maintain a minimum interest coverage ratio of 2.0 might motivate ABC’s managers to manipulate reported financial amounts. The company’s coverage ratio based on the reported amounts is exactly equal to 2.0. If ABC’s managers had not changed the estimated useful life of the property, plant, and equipment, the coverage ratio would have fallen below the required level.

报告的息税前利润 1200美元
假设使用寿命变更对折旧费用的影响 150
调整后息税前利润 1050美元
 
利息支出 600美元
 
报告的覆盖率 2.00
调整后的覆盖率 1.75

潜在的处罚机制包括审计师对折旧年限估计合理性的评估。此外,贷款方也会仔细审查估计变更,因为该公司仅勉强达到最低偿付比率,若非会计估计变更,则无法达到该最低比率。

The potential disciplining mechanisms include the auditors, who will assess the reasonableness of the depreciable lives estimates. In addition, the lenders will carefully scrutinize the change in estimate because the company only barely achieved the minimum coverage ratio and would not have achieved the minimum without the change in accounting estimate.

答案二:

Solution to 2:

为了达到或超过分析师对每股收益的平均预测值,DEF公司的管理层可能会操纵已公布的财务数据。如下计算所示,将更多收入分配给硬件业务,使得该公司每股收益超出分析师预测值0.01美元。

The desire to meet or exceed the average of analysts’ forecasts for earnings per share might motivate DEF Co.’s managers to manipulate reported financial amounts. As illustrated in the following calculations, the impact of allocating a greater portion of revenue to hardware enabled the company to exceed analysts’ earnings per share forecasts by $0.01.

报告净收入 3,458,780 美元
收入确认方式变更对税后毛利润的影响 27,000
经调整后的净收入 3,431,780 美元
 
加权平均股份数 1,378,000
 
报告的每股收益 2.51美元
经调整后的每股收益 2.49美元

潜在的惩戒机制包括审计人员、市场监管机构、金融分析师和财经记者。

The potential disciplining mechanisms include the auditors, market regulators, financial analysts, and financial journalists.

4.财务报告质量问题的检测

4. Detection of Financial Reporting Quality Issues

会计准则的应用选择众多,这或许也是会计文献和教材浩如烟海的原因之一。更复杂的是,计量往往依赖于对经济现象的估计。两种估计可能都合理,但它们对公司财务报表的影响却可能截然不同。正如前文所述,特定估计的选择可能取决于报告公司管理层的动机。由于选择众多,且会计过程中估计本身具有灵活性,管理层拥有多种工具来管理财务报告并满足分析师的预期。

Choices in the application of accounting standards abound, which is perhaps one reason why accounting literature and texts are so voluminous. Compounding the complexity, measurement often depends on estimates of economic phenomena. Two estimates might be justifiable, but they may have significantly different effects on the company’s financial statements. As discussed earlier, the choice of a particular estimate may depend on the motivations of the reporting company’s managers. With many choices available, and the inherent flexibility of estimates in the accounting process, managers have many tools for managing and meeting analysts’ expectations through financial reporting.

了解公司在财务报告中所做的选择,对于评估报告的整体质量(包括财务报告质量和盈利质量)至关重要。选择体现在信息的呈现方式(财务报告质量)和财务结果的计算方式(盈利质量)两个方面。呈现方式的选择(财务报告质量)对投资者来说可能比较透明。然而,财务结果计算方式的选择(盈利质量)则更难察觉,因为它们可能深深嵌入到已报告财务结果的构建过程中。

An understanding of the choices that companies make in financial reporting is fundamental to evaluating the overall quality—both financial reporting and earnings quality—of the reports produced. Choices exist both in how information is presented (financial reporting quality) and in how financial results are calculated (earnings quality). Choices in presentation (financial reporting quality) may be fairly transparent to investors. Choices in the calculation of financial results (earnings quality), however, are more difficult to discern because they can be deeply embedded in the construction of reported financial results.

会计准则的选择使管理者能够影响财务业绩的报告方式。有些选择能够提升报告期内的业绩和财务状况(激进型选择),而另一些选择则能够提升后续期间的业绩和财务状况(保守型选择)。希望提升报告期内业绩和财务状况的管理者可以:

The availability of accounting choices enables managers to affect the reporting of financial results. Some choices increase performance and financial position in the reporting period (aggressive choices), and others increase them in later periods (conservative choices). A manager that wants to increase performance and financial position in the reporting period could:

  • 提前确认收入;

  • Recognize revenue prematurely;

  • 利用一次性交易增加利润;

  • Use non-recurring transactions to increase profits;

  • 将费用递延至以后期间;

  • Defer expenses to later periods;

  • 以更高的价值计量和报告资产;和/或

  • Measure and report assets at higher values; and/or

  • 以较低的数值计量和报告负债。

  • Measure and report liabilities at lower values.

希望在后期提升业绩和财务状况的管理者可以:

A manager that wants to increase performance and financial position in a later period could:

  • 将当前收入递延至以后时期(为“不时之需”储蓄收入);和/或

  • Defer current income to a later period (save income for a “rainy day”); and/or

  • 在当前期间确认未来费用,为提高未来业绩奠定基础。

  • Recognize future expenses in a current period, setting the table for improving future performance.

以下各节将介绍信息呈现方式以及会计要素(资产、负债、所有者权益、收入和收益以及费用和损失)的确认、计量和报告方式的一些潜在选择。除了公认会计原则 (GAAP) 范围内的选择外,公司还可能编制虚假财务报告。例如,这些报告可能包含不存在的收入或资产。第 4 节最后列出了一些可能表明财务报告质量低劣的预警信号。

The following sections describe some of the potential choices for how information is presented and how accounting elements [assets, liabilities, owners’ equity, revenue and gains (income), and expenses and losses] are recognized, measured, and reported. In addition to choices within GAAP, companies may prepare fraudulent reports. For example, these reports may include non-existent revenue or assets. Section 4 concludes with some of the warning signs that can indicate poor-quality financial reports.

4.1 . 展示方式选择

4.1. Presentation Choices

20世纪90年代的科技繁荣和21世纪初的互联网泡沫催生出一批备受投资者青睐的公司,这些公司往往具有一个共同的特点:它们无法产生足够的当期盈利来支撑其股价,而传统的市盈率(P/E)估值方法无法解释这一现象。许多投资者选择用“过去那种以盈利为导向的估值方法不再适用于这类公司”来解释这些看似反常的现象。一些新的、奇怪的运营绩效指标应运而生。网站运营者开始谈论他们在一个季度内吸引的“眼球数”,或者他们网站的“粘性”(即用户访问量)。各种版本的“预测收益”(即“非GAAP收益指标”)成为当时财务报告的必备内容。

The technology boom of the 1990s and the internet bubble of the early 2000s featured companies, popular with investors, that often shared the same characteristic: They could not generate enough current earnings to justify their stock prices using the traditional price-to-earnings ratio (P/E) approaches to valuation. Many investors chose to explain these apparent anomalies by rationalizing that the old focus on profits and traditional valuation approaches no longer applied to such companies. Strange new metrics for determining operating performance emerged. Website operators spoke of the “eyeballs” they had captured in a quarter, or the “stickiness” of their websites for web surfers’ visits. Various versions of “pro forma earnings”—that is, “non-GAAP earnings measures”—became a financial reporting staple of the era.

许多科技公司都是模拟财务报告的熟练实践者,但它们并非首创者。20世纪90年代初,大型公司裁员司空见惯,巨额重组费用掩盖了许多老牌公司的真实经营业绩。例如,随着个人电脑取代大型机,国际商业机器公司(IBM)在1991年、1992年和1993年分别计提了37亿美元、116亿美元和89亿美元的巨额重组费用。IBM并非个例。西尔斯百货在1993年计提了27亿美元的重组费用,AT&T在1995年计提了77亿美元的重组费用。这些并非个例;重组费用是当时季度报告中的常见项目。为了消除外界对其运营陷入困境的看法,并且据说为了帮助投资者评估运营业绩,公司经常通过在财务业绩的模拟指标中排除重组费用来粉饰盈利报告。

Many technology companies were accomplished practitioners of pro forma reporting, but they were not the first to use it. In the early 1990s, downsizing of large companies was a commonplace event, and massive restructuring charges obscured the operating performance at many established companies. For example, as it learned to cope in a world that embraced the personal computer rather than mainframe computing, International Business Machines (IBM) reported massive restructuring charges in 1991, 1992, and 1993: $3.7 billion, $11.6 billion, and $8.9 billion, respectively. IBM was not alone. Sears incurred $2.7 billion of restructuring charges in 1993, and AT&T reported restructuring charges of $7.7 billion in 1995. These events were not isolated; restructuring charges were a standard quarterly reporting event. To counter perceptions that their operations were floundering, and supposedly to assist investors in evaluating operating performance, companies often sanitized earnings releases by excluding restructuring charges in pro forma measures of financial performance.

企业合并的会计准则也对备考收益的普及起到了推动作用。2001年以前,一家公司收购另一家公司通常会导致商誉摊销费用,从而使后续的盈利报告显得疲软。更复杂的是,当时有两种会计方法来记录收购:权益合并法和购买法。权益合并法如今已不再使用,但由于其适用条件限制众多,企业难以采用,但它却备受青睐,因为它不会产生商誉摊销费用。在科技繁荣时期,收购十分普遍,许多收购都被记为购买,由此产生的商誉摊销费用在当时的会计准则下会拖累企业盈利长达40年之久。采用购买会计准则进行报告的收购公司认为,与能够采用权益合并法的公司相比,它们在报告方面处于劣势。因此,它们通过列示剔除无形资产摊销和商誉的调整后收益来应对这一劣势。

Accounting principles for reporting business combinations also played a role in boosting the popularity of pro forma earnings. Before 2001, acquisitions of one company by another often resulted in goodwill amortization charges that made subsequent earnings reports look weak. Complicating matters, there were two accounting methods for recording acquisitions: pooling-of-interests and purchase methods. The now-extinct pooling-of-interests treatment was difficult for companies to achieve because of the many restrictive criteria for its use, but it was greatly desired because it did not result in goodwill amortization charges. In the technology boom period, acquisitions were common and many were reported as purchases, with consequential goodwill amortization dragging down earnings for as long as 40 years under the then-existing rules. Acquisitive companies reporting under purchase accounting standards perceived themselves to be at a reporting disadvantage compared with companies able to apply pooling-of-interests. They responded by presenting earnings adjusted for the exclusion of amortization of intangible assets and goodwill.

由于投资者力求在公司间进行一致的比较,息税折旧摊销前利润(EBITDA)已成为一项极其流行的业绩衡量指标。EBITDA 被广泛认为能够消除报告中的噪声信号。这些噪声信号可能源于各公司在折旧、无形资产摊销和重组费用等方面采用不同的会计方法。公司可以通过增加从净利润中剔除的项目来构建和报告其自身的 EBITDA 版本,有时称之为“调整后 EBITDA”。分析师可能遇到的项目包括:

Because investors try to make intercompany comparisons on a consistent basis, earnings before interest, taxes, depreciation, and amortization has become an extremely popular performance measure. EBITDA is widely viewed as eliminating noisy reporting signals. That noise may be introduced by different accounting methods among companies for depreciation, amortization of intangible assets, and restructuring charges. Companies may construct and report their own version of EBITDA, sometimes referring to it as “adjusted EBITDA,” by adding to the list of items to exclude from net income. Items that analysts might encounter include the following:

  • 经营租赁的租金支付,产生 EBITDAR(息税折旧摊销前利润);

  • Rental payments for operating leases, resulting in EBITDAR (earnings before interest, taxes, depreciation, amortization, and rentals);

  • 股权激励通常被认为是合理的,理由是它是一种非现金支出;

  • Equity-based compensation, usually justified on the grounds that it is a non-cash expense;

  • 收购相关费用;

  • Acquisition-related charges;

  • 商誉或其他无形资产的减值费用;

  • Impairment charges for goodwill or other intangible assets;

  • 长期资产减值费用;

  • Impairment charges for long-lived assets;

  • 诉讼费用;以及

  • Litigation costs; and

  • 债务清偿的损益。

  • Loss/gain on debt extinguishments.

推动非GAAP盈利指标普及的因素之一是贷款契约。贷款方可能会要求借款公司达到并维持一定的业绩标准,这些标准以GAAP净利润为起点,但最终会采用一种更符合贷款方利益的衡量指标。公司可能会在盈利报告中使用该指标作为其首选的非GAAP指标,并在管理层评论(在美国称为管理层讨论与分析)中描述其流动性或偿付能力状况时使用该指标。

Among other incentives for the spread of non-GAAP earnings measures are loan covenants. Lenders may make demands on a borrowing company that require achieving and maintaining performance criteria that use GAAP net income as a starting point but arrive at a measure suitable to the lender. The company may use this measure as its preferred non-GAAP metric in earnings releases, and also when describing its liquidity or solvency situation in the management commentary (called management discussion and analysis in the United States).

如前所述,如果公司在提交给美国证券交易委员会(SEC)的文件中使用非公认会计准则(非GAAP)财务指标,则必须以同等显著的方式列示最直接可比的公认会计准则(GAAP)指标,并提供两者之间的调节表。管理层必须解释其为何认为该非GAAP财务指标能够提供有关公司财务状况和运营情况的有用信息。此外,如果非GAAP财务指标还有其他重要用途,管理层也必须予以披露。

As mentioned earlier, if a company uses a non-GAAP financial measure in an SEC filing, it must display the most directly comparable GAAP measure with equal prominence and provide a reconciliation between the two. Management must explain why it believes that the non-GAAP financial measure provides useful information regarding the company’s financial condition and operations. Management must also disclose additional purposes, if material, for which it uses the non-GAAP financial measures.

同样,国际财务报告准则(IFRS)要求对财务报告中包含的任何非IFRS指标进行定义和解释,包括该指标可能与使用者相关的原因。管理层必须提供非IFRS指标与IFRS指标的调节表。人们担心管理层可能会利用非GAAP指标来转移人们对GAAP指标的关注。

Similarly, IFRS requires a definition and explanation of any non-IFRS measures included in financial reports, including why the measure is potentially relevant to users. Management must provide reconciliations of non-IFRS measures with IFRS measures. There is a concern that management may use non-GAAP measures to distract attention from GAAP measures.

美国证券交易委员会(SEC)的意图是,非公认会计准则(non-GAAP)财务指标的定义应涵盖所有具有以下效果的指标:

The SEC intended that the definition of non-GAAP financial measures would capture all measures with the effect of depicting either:

  • 与财务报表中列示的业绩衡量指标(例如,按照公认会计原则计算的税前利润或亏损或净利润或亏损)不同的业绩衡量指标;或

  • a measure of performance that differs from that presented in the financial statements, such as income or loss before taxes or net income or loss, as calculated in accordance with GAAP; or

  • 衡量流动性的一种指标,不同于按照公认会计原则计算的现金流量或经营活动现金流量。19

  • a measure of liquidity that differs from cash flow or cash flow from operations computed in accordance with GAAP.19

美国证券交易委员会(SEC)禁止将需要现金结算的费用或负债从任何非公认会计准则(非GAAP)流动性指标中剔除,息税前利润(EBIT)和息税折旧摊销前利润(EBITDA)除外。此外,SEC还禁止计算旨在消除或平滑被标记为非经常性、偶发性或异常项目的非GAAP业绩指标,尤其是在这些项目极有可能再次发生的情况下。SEC认为,在判断某项费用或收益是否属于经常性项目时,报告日前后两年内的相关时间段是适用的。示例5描述了一个滥用和错误报告非GAAP指标的案例。

The SEC prohibits the exclusion of charges or liabilities requiring cash settlement from any non-GAAP liquidity measures, other than EBIT and EBITDA. Also prohibited is the calculation of a non-GAAP performance measure intended to eliminate or smooth items tagged as non-recurring, infrequent, or unusual when such items are very likely to occur again. The SEC views the period within two years of either before or after the reporting date as the relevant time frame for considering whether a charge or gain is a recurring item. Example 5 describes a case of misuse and misreporting of non-GAAP measures.

例5

非公认会计准则指标的误用和错误报告

Misuse and Misreporting of Non-GAAP Measures

Groupon是一家在线折扣零售商。在公司2011年的首次S-1注册声明中,时任首席执行官安德鲁·梅森(Andrew Mason)在题为“我们不以传统方式衡量自身业绩”的章节中,提前向潜在投资者发出警告,该章节描述了Groupon的调整后合并分部营业收入(调整后CSOI)指标。 附录12摘录了题为“非GAAP财务指标”的章节,其中提供了更详细的解释。附录13同样来自首次注册声明,展示了CSOI与最接近的美国GAAP指标的调节表。美国证券交易委员会(SEC)在审查中认为,在线营销费用属于经常性业务成本。Groupon回应称,营销成本类似于获客成本,并非经常性成本,并且“我们将以与当初扩大营销规模相同的速度缩减营销投入,随着时间的推移,降低获客成本在营销费用中的占比”。 20

Groupon is an online discount merchant. In the company’s initial S-1 registration statement in 2011, then-CEO Andrew Mason gave prospective investors an up-front warning in a section entitled “We don’t measure ourselves in conventional ways”, which described Groupon’s adjusted consolidated segment operating income (adjusted CSOI) measure. Exhibit 12 provides excerpts from a section entitled “Non-GAAP Financial Measures,” which offered a more detailed explanation. Exhibit 13, also from the initial registration statement, shows a reconciliation of CSOI to the most comparable US GAAP measure. In its review, the SEC took the position that online marketing expenses were a recurring cost of business. Groupon responded that the marketing costs were similar to acquisition costs, not recurring costs, and that “we’ll ramp down marketing just as fast as we ramped it up, reducing the customer acquisition part of our marketing expenses” as time passes.20

最终,在铺天盖地的负面报道之后,Groupon修改了其非GAAP财务指标。 附录14摘录了美国证券交易委员会(SEC)审查后于11月提交的最终招股说明书。请使用这三个附录回答以下问题。

Eventually, and after much negative publicity, Groupon changed its non-GAAP measure. Exhibit 14 shows an excerpt from the final prospectus filed in November, after the SEC’s review. Use the three exhibits to answer the questions that follow.

图表 12. Groupon 的“非公认会计准则财务指标”

6 月份 S-1 文件中披露的信息

Disclosures from June S-1 Filing

调整后CSOI是指我们北美和国际两大业务部门的营业收入,并已扣除在线营销费用、收购相关成本和股权激励费用。在线营销费用主要代表获取新用户的成本,其数额取决于我们希望实现的增长目标。收购相关成本是指与我们部分收购相关的非经常性非现金项目。股权激励费用属于非现金项目。我们认为调整后CSOI是衡量我们业务绩效的重要指标,因为它剔除了非现金支出或无法预示未来运营支出的项目。我们认为,将调整后CSOI作为我们整体合并经营报表的补充信息非常重要。

Adjusted CSOI is operating income of our two segments, North America and International, adjusted for online marketing expense, acquisition-related costs and stock-based compensation expense. Online marketing expense primarily represents the cost to acquire new subscribers and is dictated by the amount of growth we wish to pursue. Acquisition-related costs are non-recurring non-cash items related to certain of our acquisitions. Stock-based compensation expense is a non-cash item. We consider Adjusted CSOI to be an important measure of the performance of our business as it excludes expenses that are non-cash or otherwise not indicative of future operating expenses. We believe it is important to view Adjusted CSOI as a complement to our entire consolidated statements of operations.

我们使用调整后CSOI作为分析工具存在局限性,您不应孤立地看待此指标,也不应将其作为替代根据GAAP准则报告的业绩分析的依据。这些局限性包括:

Our use of Adjusted CSOI has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

  • 调整后的 CSOI 并未反映我们目前为获取新用户而进行的大量现金投资;

  • Adjusted CSOI does not reflect the significant cash investments that we currently are making to acquire new subscribers;

  • 调整后的 CSOI 并未反映向我们的管理团队和员工发放股权激励或与收购相关的股权激励可能产生的稀释影响;

  • Adjusted CSOI does not reflect the potentially dilutive impact of issuing equity-based compensation to our management team and employees or in connection with acquisitions;

  • 调整后的CSOI不反映任何利息支出或我们可能承担的任何债务的利息或本金支付所需的现金;

  • Adjusted CSOI does not reflect any interest expense or the cash requirements necessary to service interest or principal payments on any indebtedness that we may incur;

  • 经调整的CSOI不反映任何外汇损益;

  • Adjusted CSOI does not reflect any foreign exchange gains and losses;

  • 调整后的 CSOI 未反映我们可能缴纳的任何税款,这将导致我们可用现金减少;

  • Adjusted CSOI does not reflect any tax payments that we might make, which would represent a reduction in cash available to us;

  • 调整后的CSOI并未反映我们营运资金需求的变化或现金需求;

  • Adjusted CSOI does not reflect changes in, or cash requirements for, our working capital needs; and

  • 其他公司,包括我们行业的公司,可能会以不同的方式计算调整后的 CSOI,或者使用其他财务指标来评估其盈利能力,这降低了它作为比较指标的实用性。

  • Other companies, including companies in our industry, may calculate Adjusted CSOI differently or may use other financial measures to evaluate their profitability, which reduces the usefulness of it as a comparative measure.

鉴于上述局限性,调整后CSOI不应被视为衡量我们可用于投资业务增长的自由支配现金的指标。在评估我们的业绩时,您应将调整后CSOI与其他财务业绩指标结合考虑,包括各种现金流指标、净亏损以及我们其他符合美国通用会计准则(GAAP)的业绩。

Because of these limitations, Adjusted CSOI should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. When evaluating our performance, you should consider Adjusted CSOI alongside other financial performance measures, including various cash flow metrics, net loss and our other GAAP results.

 

 

图表 13. Groupon 的“调整后 CSOI”

摘自6月份的S-1文件

Excerpt from June S-1 Filing

下表列示了截至 2008 年 12 月 31 日、2009 年 12 月 31 日和 2010 年 12 月 31 日止年度以及截至 2010 年 3 月 31 日和 2011 年 3 月 31 日止三个月期间,CSOI 与最可比的美国通用会计准则指标“营业亏损”的调节情况:

The following is a reconciliation of CSOI to the most comparable US GAAP measure, “loss from operations,” for the years ended December 31, 2008, 2009, and 2010 and the three months ended March 31, 2010 and 2011:

  截至12月31日止年度

截至3月31日止三个月
(单位:千美元) 2008 2009 2010 2010 2011
(亏损)营业收入 (1,632) (1,077) (420,344) 8,571 (117,148)
调整:
   网络营销 162 4,446 241,546 3,904 179,903
   股票期权激励 24 115 36,168 116 18,864
   收购相关 203,183
总调整 186 4,561 480,897 4,020 198,767
调整后的CSOI (1,446) 3,484 60,553 12,591 81,619

 

 

展品 14. Groupon 的“CSOI”

修订版S-1文件摘录

Excerpt from Revised S-1 Filing

下表列示了截至 2008 年 12 月 31 日、2009 年 12 月 31 日和 2010 年 12 月 31 日止年度以及截至 2010 年 9 月 30 日和 2011 年 9 月 30 日止九个月期间,CSOI 与最可比的美国通用会计准则指标“营业亏损”的调节情况:

The following is a reconciliation of CSOI to the most comparable US GAAP measure, “loss from operations,” for the years ended December 31, 2008, 2009, and 2010 and the nine months ended September 30, 2010 and 2011:

  截至12月31日止年度

截至9月30日的九个月
(单位:千美元) 2008 2009 2010 2010 2011
运营损失 (1,632) (1,077) (420,344) (84,215) (218,414)
调整:
   股票期权激励 24 115 36,168 8,739 60,922
   收购相关 203,183 37,844 (4,793)
总调整 24 115 239,351 46,583 56,129
中央统计局 (1,608) (962) (180,993) (37,632) (162,285)
  1. Groupon 在描述“调整后的 CSOI”指标时包含了哪些注意事项?

  2. What cautions did Groupon include along with its description of the “Adjusted CSOI” metric?

  3. Groupon在“调整后CSOI”中剔除了“在线营销”费用。这种剔除费用的做法与美国证券交易委员会对非GAAP业绩指标的限制相比如何?

  4. Groupon excludes “online marketing” from “Adjusted CSOI.” How does the exclusion of this expense compare with the SEC’s limits on non-GAAP performance measures?

  5. 2011 年第一季度,剔除在线营销费用对“调整后 CSOI”的计算有何影响?

  6. In the first quarter of 2011, what was the effect of excluding online marketing expenses on the calculation of “Adjusted CSOI”?

  7. 2010 年,根据修订后的非 GAAP 指标得出的结果与最初报告的指标相比如何?

  8. For 2010, how did results under the revised non-GAAP metric compare with the originally reported metric?

问题1的解答:

Solution to 1:

Groupon提醒,不应孤立地看待“调整后CSOI”指标,不应将其视为替代使用GAAP准则进行分析的结果,也不应将其视为衡量可自由支配现金流的指标。该公司列举了诸多局限性,主要指出调整后CSOI未反映的项目。

Groupon cautioned that the “Adjusted CSOI” metric should not be considered in isolation, should not be considered as a substitute for analysis using GAAP results, and “should not be considered a measure of discretionary cash flow.” The company lists numerous limitations, primarily citing items that adjusted CSOI did not reflect.

答案二:

Solution to 2:

美国证券交易委员会(SEC)明确规定,非公认会计准则(non-GAAP)指标不应剔除被标记为非经常性、偶发性或异常的项目,因为这些项目很可能再次发生。由于在线营销费用在每个报告期均有发生,且很可能再次发生,因此剔除该项目似乎违反了SEC的要求。

The SEC specifies that non-GAAP measures should not eliminate items tagged as non-recurring, infrequent, or unusual when such items may be very likely to occur again. Because the online marketing expense occurred in every period reported and is likely to occur again, exclusion of this item appears contrary to SEC requirements.

问题3的解答:

Solution to 3:

如附录13所示,2011年第一季度,剔除在线营销费用后,公司财务状况由按照美国通用会计准则(US GAAP)计算的净亏损转为盈利——至少按照调整后的CSOI计算,实现了盈利。以调整后的CSOI作为业绩衡量指标,公司2011年第一季度的业绩较上年全年增长了35% 。

As shown in Exhibit 13, in the first quarter of 2011, the exclusion of the online marketing expense was enough to swing the company from a net loss under US GAAP reporting to a profit—at least, a profit as defined by adjusted CSOI. Using adjusted CSOI as a performance measure, the company showed results that were 35% higher for the first quarter of 2011 compared with the entire previous year.

问题 4 的解答:

Solution to 4:

如附录 14所示,修订后的指标现在称为“CSOI”,不再指“调整后的 CSOI”。2010 年,根据修订后的非 GAAP 指标(包括在线营销成本)计算的结果显示亏损 180,993,000 美元,而不是盈利 60,553,000 美元。

As shown in Exhibit 14, the revised metric is now called “CSOI” and no longer refers to “Adjusted CSOI.” For 2010, results under the revised non-GAAP metric, which includes online marketing costs, shows a loss of $180,993,000 instead of a profit of $60,553,000.

在示例5中描述的案例中,Groupon修改了其报告方式,并更正了美国证券交易委员会(SEC)认定为具有误导性的非GAAP指标。在其他案例中,SEC曾对报告误导性非GAAP信息的公司采取执法行动。其中一起案件发生在2009年,SEC指控SafeNet Inc.不当将日常运营费用归类为非经常性费用。这与该公司整合一家收购公司以及为了达到盈利目标而将这些费用从非GAAP收益中排除有关。另一起案件发生在2017年,SEC指控MDC Partners Inc.(“MDCA”)不当调整了一项非GAAP指标,并在其盈利报告中不恰当地突出展示了该非GAAP指标。该案的提起是因为该公司同意遵守规则,但随后却未能遵守,正如美国证券交易委员会(SEC)的诉讼文件中所言:“尽管MDCA在2012年12月与[SEC]公司财务部的信函中同意遵守非GAAP财务指标披露规则,但该公司在接下来的六个季度中继续违反了这些规则……”附件15列出了MDC Partners的一份收益公告的标题和副标题,该公告正是此次执法行动的对象。

In the case described in Example 5, Groupon changed its reporting and corrected the non-GAAP metric that the SEC had identified as misleading. In other cases, the SEC has pursued enforcement actions against companies for reporting misleading non-GAAP information. One such action was brought in 2009 against SafeNet Inc., where the SEC charged the company with improperly classifying ordinary operating expenses as non-recurring. This related to the integration of an acquired company and exclusion of the expenses from non-GAAP earnings in order to exceed earnings targets. A second action was brought by the SEC in 2017 against MDC Partners Inc. (“MDCA”) for improper reconciliation of a non-GAAP measure and for improperly displaying the non-GAAP measure with greater prominence in its earnings releases. The case was brought after the company agreed to follow the rules but then failed to do so, as evidenced by the remark in the SEC’s action: “Despite agreeing to comply with non-GAAP financial measure disclosure rules in December 2012 correspondence with the [SEC’s] Division of Corporation Finance, MDCA continued to violate those rules for six quarters …” Exhibit 15 presents the headline and sub-headings for one of MDC Partners’ earnings announcements that was the subject of the enforcement action.

附件15. MDC Partners Inc. 新闻稿 [节选]

2014年4月24日提交的SEC 8-K表格

SEC Form 8-K filed 24 April 2014

这段摘录显示了该公司发布定期收益公告的新闻稿的标题、副标题和首句。

This excerpt shows the headline, sub-heads, and lead sentence of the company’s press release announcing periodic earnings.

MDC PARTNERS INC.公布截至2014年3月31日止三个月的业绩创历史新高

MDC PARTNERS INC. REPORTS RECORD RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2014

有机收入增长8.3%,EBITDA增长18.1%,利润率提高90个基点

ORGANIC REVENUE GROWTH OF 8.3%, EBITDA GROWTH OF 18.1% AND 90 BASIS POINTS OF MARGIN IMPROVEMENT

自由现金流增长率达 34.0%

FREE CASH FLOW GROWTH OF 34.0%

2014年业绩指引上调,意味着EBITDA同比增长13.5%至16.1%,利润率提高60至70个基点,自由现金流同比增长15.8%至20.2%。

INCREASED 2014 GUIDANCE IMPLIES YEAR-OVER-YEAR EBITDA GROWTH OF +13.5% TO +16.1%, MARGIN IMPROVEMENT OF 60 TO 70 BASIS POINTS, AND FREE CASH FLOW GROWTH OF +15.8% TO +20.2%

第一季度亮点:

FIRST QUARTER HIGHLIGHTS:

  • 营收从2.656亿美元增至2.926亿美元,增幅达10.1%。

  • Revenue increased to $292.6 million from $265.6 million, an increase of 10.1%

  • 有机收入增长8.3%

  • Organic revenue increased 8.3%

  • EBITDA从3080万美元增至3640万美元,增幅达18.1%。

  • EBITDA increased to $36.4 million from $30.8 million, an increase of 18.1%

  • EBITDA利润率从11.6%提高90个基点至12.5%。

  • EBITDA margin increased 90 basis points to 12.5% from 11.6%

  • 自由现金流从1540万美元增至2060万美元,增幅达34.0%。

  • Free Cash Flow increased to $20.6 million from $15.4 million, an increase of 34.0%

  • 净新增业务额总计2440万美元

  • Net New Business wins totaled $24.4 million

纽约州纽约市(2014 年 4 月 24 日) ——MDC Partners Inc.(纳斯达克股票代码:MDCA;多伦多证券交易所股票代码:MDZ.A)今天公布了截至 2014 年 3 月 31 日的三个月的财务业绩。

NEW YORK, NY (April 24, 2014) – MDC Partners Inc. (NASDAQ: MDCA; TSX: MDZ.A) today announced financial results for the three months ended March 31, 2014.

一般来说,管理层选择编制非公认会计准则(非GAAP)财务指标,不仅是为了帮助投资者更好地了解公司业绩,也是为了美化公司业绩。在某些情况下,管理层可能会试图以某种方式呈现非GAAP指标,从而转移人们对其必须提供的符合会计准则的财务信息的关注。

In general, management may choose to construct non-GAAP financial measures not only to help investors better understand the company’s performance but also to paint a more flattering picture of its performance. In some cases, management may attempt to present non-GAAP measures in a way that diverts attention from the standards-compliant financial information that it is required to present.

4.2会计选择和估计

4.2. Accounting Choices and Estimates

选择并不一定涉及复杂的会计准则。即使是像货物交付给客户的运输条款这样简单的因素,也可能对收入确认的时间产生深远的影响。假设一家公司在第一季度的最后一天,以“船上交货(FOB)装运点”的条款向客户运送了价值 10,000 美元的货物,货物于次日到达。该运输条款意味着,货物的所有权和损失风险在货物离开卖方装货码头时即转移给客户。如果没有应收账款的可收回性问题或退货的可能性,卖方就可以确认销售收入和相关利润。这些收入和利润将在第一季度确认。如果将货物所有权转移给客户的点改为“目的地交货(FOB Destination)”,收入模式将完全不同。根据该条款,所有权和损失风险在货物到达目的地(即客户地址)时转移给客户。卖方只有在货物到达的第二天(即新的会计期间开始的第二天)才能确认销售额和利润。

Choices do not necessarily involve complex accounting standards. Something as simple as the shipping terms for goods delivered to customers can have a profound effect on the timing of revenue. On the last day of the first quarter, suppose a company ships $10,000 of goods to a customer on the terms “free on board (FOB) shipping point,” arriving the next day. This shipping term means that the customer takes title to the goods, and bears the risk of loss, at the time the goods leave the seller’s loading dock. Barring any issues with collectability of the receivable, or a likelihood of a return, the seller would be able to recognize revenue on the sale along with the associated profit. That revenue and profit would be recognized in the first quarter of the year. Change the point at which the goods’ title transfers to the customer to “FOB destination” and the revenue pattern will be completely different. Under these terms, the title—and risk of loss—transfers to the customer when the goods arrive at their destination, which is the customer’s address. The seller cannot recognize the sale and profit until the shipment arrives the following day, which is the start of a new accounting period.

运输条款的简单变化就可能导致当期收入和利润的确认与否,甚至可能推迟到下一期。运输条款也会影响管理层的行为。为了“完成业绩指标”,管理层可能会在FOB装运点条款下提前发货,以便在当期尽可能多地反映收入。另一方面,如果订单过多,公司可能会面临业绩大幅超出分析师预期的风险。管理层可能对这种情况感到不安,因为投资者可能会过度解读上一期业绩超出预期的情况。管理层可能希望避免投资者过于乐观,并尽可能将收入确认推迟到下一季度。实现这一目标的方法之一是,在季度末的最后一天开始发货,并将运输条款设置为FOB目的地。这样一来,所有权将在下一会计期间转移。另一种可能性是,如果客户坚持采用FOB装运点条款,销售公司可以简单地将发货推迟到季度结束后。

A simple change in shipping terms can make the difference between revenue and profits in the reporting period or postponing them until the next period. Shipping terms can also influence management behavior. To “make the numbers,” managers might push product out the door prematurely under FOB shipping point arrangements in order to reflect as much revenue as possible in the reporting period. Alternatively, in the case of an over-abundance of orders, the company could run the risk of exceeding analysts’ consensus estimates by a large margin. Management might be uncomfortable with this situation because investors might extrapolate too much from one reporting period in which expectations were exceeded. Management might want to prevent investors from becoming too optimistic and, if possible, delay revenue recognition until the next quarter. This result could be accomplished by fulfilling customer orders by initiating delivery on the last day of the quarter, with shipping terms set as FOB destination. By doing so, title would transfer in the next accounting period. Another possibility in this scenario is that if the customers insisted on FOB shipping point terms, the selling company could simply delay shipment until after the close of the quarter.

这个例子也凸显了投资者难以区分的一点。公司可能利用会计手段积极推动盈利增长——例如,提前发货并采用FOB装运点条款——但也可能通过减少发货量来积极管理业务流程,尤其是在业务“过于火爆”的情况下,例如第二个例子。无论哪种情况,只需简单地改变发货条款就能达到预期的管理目标。然而,许多投资者可能倾向于认为第二个例子是一种保守的盈余管理方式,并予以接受,即使它人为地掩盖了当时实际发生的经济活动。

This illustration also highlights a difficult distinction for investors to make. A company may use accounting as a tool to aggressively promote earnings growth—as in the example with the premature shipment of goods with FOB shipping point terms—but it may be aggressively managing the business flow by slacking off on shipping goods when business is “too good,” as in the second example. In either case, a desired management outcome is obtained by a simple change in shipping terms. Yet, many investors might be inclined to say that the second example is a conservative kind of earnings management and accept it, even though it artificially masks the actual economic activity that occurred at the time.

4.2.1会计选择和估计如何影响收益和资产负债表

4.2.1. How Accounting Choices and Estimates Affect Earnings and Balance Sheets

关于存货成本流转的假设是会计选择如何影响财务报告的另一个例子。公司可能假设其购入的存货按先进先出法(FIFO)售予客户,这样剩余存货就反映了最近的成本。或者,他们也可能假设其购入的存货按加权平均成本法售予客户。例6表明,仅仅选择一种成本流转假设就会影响盈利能力。

Assumptions about inventory cost flows provide another example of how accounting choices can affect financial reporting. Companies may assume that their purchases of inventory items are sold to customers on a first-in-first-out (FIFO) basis, with the result that the remaining inventory reflects the most recent costs. Alternatively, they may assume that their purchases of inventory items are sold to customers on a weighted-average cost basis. Example 6 makes the point that merely choosing a cost flow assumption can affect profitability.

例 6

成本流假设的影响

Effect of Cost Flow Assumption

一家公司在财年开始时库存为零,并在本财年期间以递增的价格购入五次用于转售的商品。每次购入的商品数量相同。下表列出了这些购入情况以及可供销售商品的成本。请注意,到期末,每单位商品的价格上涨了 140%。

A company starts operations with no inventory at the beginning of a fiscal year and makes purchases of a good for resale five times during the period at increasing prices. Each purchase is for the same number of units of the good. The purchases, and the cost of goods available for sale, appear in the following table. Notice that the price per unit has increased by 140% by the end of the period.

  单位 价格 成本
购买 1 5 100美元 500美元
购买 2 5 150 750
购买 3 5 180 900
购买 4 5 200 1,000
购买 5 5 240 1200
可供销售的商品成本 4,350 美元

在此期间,该公司售出了除五件以外的所有购入商品,每件售价为 250 美元。尽管期末存货为五件,但这些商品的成本可能差异很大。

During the period, the company sells, at $250 each, all of the goods purchased except for five of them. Although the ending inventory consists of five units, the cost attached to those units can vary greatly.

  1. 如果公司采用先进先出法(FIFO)进行存货计价,那么期末存货和销售成本分别是多少?

  2. What are the ending inventory and cost of goods sold if the company uses the FIFO method of inventory costing?

  3. 如果公司采用加权平均法进行存货成本核算,那么期末存货和销售成本分别是多少?

  4. What are the ending inventory and cost of goods sold if the company uses the weighted-average method of inventory costing?

  5. 比较两种方法计算出的销售成本和毛利润。

  6. Compare cost of goods sold and gross profit calculated under the two methods.

问题1的解答:

Solution to 1:

如果公司采用先进先出法(FIFO)进行存货计价,则期末存货和销售成本分别为 1,200 美元和 3,150 美元。

The ending inventory and cost of goods sold if the company uses the FIFO method of inventory costing are $1,200 and $3,150.

答案二:

Solution to 2:

如果公司采用加权平均法进行存货成本核算,则期末存货和销售成本分别为 870 美元和 3,480 美元。

The ending inventory and cost of goods sold if the company uses the weighted-average method of inventory costing are $870 and $3,480.

问题3的解答:

Solution to 3:

下表显示了存货成本核算方法(先进先出法与加权平均法)的选择如何影响销售成本和毛利润。

The following table shows how the choice of inventory costing methods—FIFO versus weighted average—affects the cost of goods sold and gross profit.

成本流假设 先进先出 加权平均值
可供销售的商品成本 4,350 美元 4,350 美元
期末存货(5 件) (1,200) (870)
销售成本 3150美元 3480美元
销售量 5000美元 5000美元
销售成本 3,150 3,480
毛利 1850美元 1520美元
毛利率 37.0% 30.4%

:平均存货成本计算方法为:可供销售的商品成本/购入数量 = 4,350 美元/25 = 174 美元。期末存货有 5 件,存货价值为 870 美元。

Note: Average inventory cost is calculated as Cost of goods available for sale/Units purchased = $4,350/25 = $174. There are five units in ending inventory, yielding an inventory value of $870.

根据公司采用的成本流转假设不同,期末存货分别为 870 美元(加权平均法)或 1200 美元(先进先出法)。方法选择不同会导致毛利润相差 330 美元,毛利率相差 6.6%。

Depending on which cost flow assumption the company uses, the end-of-period inventory is either $870 (under the weighted-average method) or $1,200 (under FIFO). The choice of method results in a difference of $330 in gross profit and 6.6% in gross profit margin.

前面的例子为了便于说明而进行了简化和极端化处理,但重点在于:管理层在可接受的存货假设和方法之间的选择会影响利润。存货成本核算方法的选择属于政策决策,公司不能随意切换方法。然而,这种选择确实会影响盈利能力,也会影响资产负债表。

The previous example is simplified and extreme for purposes of illustration clarity, but the point is important: Management’s choice among acceptable inventory assumptions and methods affects profit. The selection of an inventory costing method is a policy decision, and companies cannot arbitrarily switch from one method to another. The selection does matter to profitability, however, and it also matters to the balance sheet.

在价格波动时期,先进先出法(FIFO)成本假设能更准确地反映期末存货价值,因为最近购入的商品会保留在存货中,从而使资产负债表对投资者更具参考价值。然而,在加权平均法成本假设下,资产负债表会显示新旧成本的混合。在通货膨胀时期,存货价值会被低估:公司无法以账面价值补充存货。但同时,加权平均法成本法确保了销售成本中反映的是更近期的成本,使得利润表比先进先出法更具参考价值。各种会计方法各有利弊,投资者应了解会计选择如何影响财务报告。高质量的财务报告应为用户提供足够的信息,以便评估会计选择的影响。

In periods of changing prices, the FIFO cost assumption will provide a more current picture of ending inventory value, because the most recent purchases will remain in inventory. The balance sheet will be more relevant to investors. Under the weighted-average cost assumption, however, the balance sheet will display a blend of old and new costs. During inflationary periods, the value of the inventory will be understated: The company will not be able to replenish its inventory at the value shown. At the same time, the weighted-average inventory cost method ensures that the more current costs are shown in cost of sales, making the income statement more relevant than under the FIFO assumption. Trade-offs exist, and investors should be aware of how accounting choices affect financial reports. High-quality financial reporting provides users with sufficient information to assess the effects of accounting choices.

由于采用权责发生制会计,财务报告中充斥着大量的估计。权责发生制会计旨在反映特定时期内所有经济事件对公司的影响。它与收付实现制会计形成鲜明对比,后者仅反映公司进行的现金交易。虽然仅报告现金交易具有较高的确定性,但却隐藏了许多信息。例如,一家收入不断增长且大部分销售额来自赊销的公司,如果仅报告现金交易,则会低估其每个时期的收入。在权责发生制下,收入反映了所有发生的交易,无论这些交易是以现金方式还是赊销方式进行的。由于与特定时期发生的事件相关的某些事实可能尚未可知,因此估计就显得尤为重要。估计可以基于充分的实际情况,用于全面展现影响公司的事件,也可以作为管理层实现预期财务目标的工具。

Estimates abound in financial reporting because of the use of accrual accounting, which attempts to show the effects of all economic events on a company during a particular period. Accrual accounting stands in contrast to cash basis accounting, which shows only the cash transactions conducted by a company. Although a high degree of certainty exists with reporting only cash transactions, much information is hidden. For instance, a company with growing revenues that makes the majority of its sales on credit would be understating its revenues for each period if it reported only cash transactions. On an accrual basis, revenues reflect all transactions that occurred, whether they transacted on a cash basis or credit-extended basis. Estimates enter the process because some facts related to events occurring in a particular period might not yet be known. Estimates can be well grounded in reality and applied to present a complete picture of the events affecting a company, or they can be management tools for achieving a desired financial picture.

为了说明估计值如何影响财务报告,我们以赊销为例。一家公司赊销了价值 100 万美元的商品,并在年末前确认了这笔销售。根据权责发生制会计,这笔金额计入收入和应收账款。公司管理层根据经验知道,他们永远无法收回全部应收账款。以往经验表明,平均而言,应收账款的回收率只有 97%。公司会在销售发生时估计一部分应收账款无法收回,并计提 3 万美元的坏账费用,从而降低收益。与此同时,公司还会设立 3 万美元的坏账准备。这笔坏账准备将作为资产抵减账户列示,用于抵销应收账款。扣除坏账准备后,应收账款净额为 97 万美元,这笔金额是公司最终预期收到的现金。如果采用现金制会计,即使发生了商品销售,也不会确认任何收入或应收账款。权责发生制会计包含了对未来事项的估计,因此比纯粹的现金制会计更能全面地反映当期实际发生的财务状况。

To illustrate how estimates can affect financial reporting, consider sales made on credit. A company sells $1,000,000 of merchandise on credit and records the sale just before year end. Under accrual accounting, that amount is included in revenues and accounts receivable. The company’s managers know from experience that they will never collect every dollar of the accounts receivable. Past experience is that, on average, only 97% of accounts receivable is collected. The company would estimate an amount of the uncollectible accounts at the time the sales occur and record an uncollectible accounts expense of $30,000, lowering earnings. The other side of the entry would be to establish an allowance for uncollectible accounts of $30,000. This allowance would be a contra asset account, presented as an offset to accounts receivable. The accounts receivable, net of the allowance for uncollectible accounts, would be stated at $970,000, which is the amount of cash the company ultimately expects to receive. If cash-basis accounting had been used, no revenues or accounts receivable would have been reported even though sales of merchandise had occurred. Accrual accounting, which contains estimates about future events, provides a much fuller picture of what transpired in the period than pure cash-basis accounting.

然而,权责发生制会计容易诱使管理者操纵数字,而非管理业务。假设一家公司的管理者意识到公司在某个季度无法达到分析师的普遍预期,而且他们的奖金与是否达到既定的盈利目标挂钩。通过提供特殊的付款条件或折扣,管理者可能会诱使客户购买他们通常不会订购的产品,从而以FOB装运港条款发货,并在当季确认收入。他们甚至可能大胆地在客户没有订购的情况下也按这些条款发货,希望客户会保留这些货物,或者最坏的情况是客户在下一个会计期间退货。他们的目的是以FOB装运港条款将产品从公司仓库中售出。

Yet, accrual accounting poses temptations to managers to manage the numbers, rather than to manage the business. Suppose a company’s managers realize that the company will not meet analysts’ consensus estimates in a particular quarter, and further, their bonus pay is dependent on reaching specified earnings targets. By offering special payment terms, or discounts, the managers may induce customers to take delivery of products that they would normally not order, so they could ship the products on FOB shipping point terms and recognize the revenues in the current quarter. They could even be so bold as to ship the goods under those terms even if the customer did not order them, in the hope that the customer would keep them or, at worst, return them in the next accounting period. Their aim would be to move the product off the company’s property with FOB shipping point terms.

为了进一步提高盈利以达到市场普遍预期,公司管理层可能会修改对坏账的估计。公司以往的收款记录显示,典型的坏账率约为销售额的3%,但管理层可能会将坏账率调整为2%。这一调整将减少坏账准备金和当期报告的费用。管理层可能会以销售额来自经济前景好转的地区,或者公司以往的收款记录因包含一段较长的经济低迷期而存在偏差为由,来解释这一调整。无论理由如何,在时间流逝之前,很难证明新的估计完全正确或错误。由于在记录估计时,通常无法获得估计可靠性的证据,因此管理层可以轻易地利用这一手段来随意操纵盈利。

To further improve earnings in order to meet the consensus estimates, the company’s managers might revise their estimate of the uncollectible accounts. The company’s collection history shows a typical non-collection rate of 3% of sales, but the managers might rationalize the use of a 2% non-collection rate. This change will reduce the allowance for uncollectible accounts and the expense reported for the period. The managers might be able to justify the reduction on the grounds that the sales occurred in a part of the country that was experiencing an improved economic outlook, or that the company’s collection history had been biased by the inclusion of a prolonged period of economic downturn. Whatever the justification, it would be hard to prove that the new estimate was completely right or wrong until time had passed. Because proof of the reliability of estimates is rarely available at the time the estimate is recorded, managers have a readily available means for manipulating earnings at their discretion.

康尼格拉食品公司(ConAgra Foods Inc.)的案例说明了如何操纵坏账准备来操纵收益。 21其子公司联合农产品公司(United Agri-Products,简称UAP)存在多项不当会计行为,其中一项就是多年来少报坏账费用。附录16摘录了美国证券交易委员会(SEC)发布的《会计和审计执法公告》。

ConAgra Foods Inc. provides an example of how the allowance for uncollectible accounts may be manipulated to manage earnings.21 A subsidiary, called United Agri-Products (UAP), engaged in several improper accounting practices, one of them being the understatement of uncollectible accounts expense for several years. Exhibit 16 presents an excerpt from the SEC’s Accounting and Auditing Enforcement Release.

附件 16. 美国证券交易委员会关于联合农产品公司的会计和审计执法公告

……一般来说,UAP 的政策规定,逾期 90 天至 1 年的账户应预留 50% 的资金,逾期超过 1 年的账户应预留 100% 的资金。

… Generally, UAP’s policy required that accounts which were past due between 90 days and one year should be reserved at 50%, and accounts over one year past due were to be reserved at 100%.

……在1999财年及之后的2000财年,UAP公司面临严重的坏账问题。2000财年,部分UAP前高管被告知,UAP需要额外计提5000万美元的坏账准备。这些前高管也意识到,1999财年某些国际石油公司的坏账规模已经相当庞大,足以对这些公司实现税前利润目标的能力产生负面影响。此外,在UAP 2000财年即将结束之际,UAP前首席运营官在其他UAP员工在场的情况下,下令将UAP的坏账准备金减少700万美元,以帮助公司实现该财年的税前利润目标。

… In FY 1999 and continuing through FY 2000, UAP had substantial bad debt problems. In FY 2000, certain former UAP senior executives were informed that UAP needed to record an additional $50 million of bad debt expense. Certain former UAP senior executives were aware that in FY 1999 the size of the bad debt at certain IOCs had been substantial enough that it could have negatively impacted those IOC’s ability to achieve PBT (profits before taxes) targets. In addition, just prior to the end of UAP’s FY 2000, the former UAP COO (chief operating officer), in the presence of other UAP employees, ordered that UAP’s bad debt reserve be reduced by $7 million in order to assist the Company in meeting its PBT target for the fiscal year.

……在2000财年末,UAP前高管向康尼格拉公司提交的财务报告,明知或因疏忽大意而未披露,导致UAP税前利润虚增,原因是UAP未能计提足够的坏账准备。这种在坏账准备方面的不当行为导致康尼格拉公司在2000财年虚报了700万美元的税前利润,增幅达1.13%。在农产品业务部门层面,这种不当行为导致该部门的营业利润虚报了5.05%。

… At the end of FY 2000, former UAP senior executives reported financial results to ConAgra which they knew, or were reckless in not knowing, overstated UAP’s income before income taxes because UAP had failed to record sufficient bad debt expense. The misconduct with respect to bad debt expense caused ConAgra to overstate its reported income before income taxes by $7 million, or 1.13%, in FY 2000. At the Agricultural Products’ segment level, the misconduct caused that segment’s reported operating profit to be overstated by 5.05%.

递延所得税资产是估计选择影响盈利结果的一个类似例子。当公司根据税务会计准则报告经营净亏损时,可能会产生递延所得税资产。公司可能会基于以下预期确认递延所得税资产:报告期内的亏损将抵消预期的未来利润,从而减少公司未来的所得税负债。会计准则要求,递延所得税资产应扣除“估值准备”,以反映公司可能无法产生足够利润来利用所有可用税收优惠的可能性。22

Deferred-tax assets provide a similar example of choices in estimates affecting the earnings outcome. Deferred-tax assets may arise when a company reports a net operating loss under tax accounting rules. A company may record a deferred-tax asset based on the expectation that losses in the reporting period will offset expected future profits and reduce the company’s future income tax liability. Accounting standards require that the deferred tax asset be reduced by a “valuation allowance” to account for the possibility that the company will be unable to generate enough profit to use all of the available tax benefits.22

假设一家公司在2012年亏损10亿欧元,产生相同金额的净经营亏损(用于税务目的)。该公司所得税税率为25%,并且该净经营亏损可在未来10年内抵扣其应纳税所得额。该净经营亏损导致一项名义价值为2.5亿欧元(25% × 10亿欧元)的递延所得税资产。初始确认将产生2.5亿欧元的递延所得税资产,并贷记2.5亿欧元的递延所得税费用。该公司必须考虑这2.5亿欧元是否最终能够完全抵扣未来的收入。该公司可能面临日益激烈的竞争以及其他导致10亿欧元亏损的情况,因此假设其未来将有应纳税所得额来抵扣该亏损可能并不合理。事实上,该公司管理层可能认为,合理的假设仅仅是该公司能够勉强维持五年的生存。因此,如果没有计提估值准备来抵消,则 2.5 亿欧元的递延所得税资产将被高估。

Assume a company loses €1 billion in 2012, generating a net operating loss of the same amount for tax purposes. The company’s income tax rate is 25%, and it will be able to apply the net operating loss to its taxable income for the next 10 years. The net operating loss results in a deferred tax asset with a nominal value of €250 million (25% × €1,000,000,000). Initial recognition would result in a deferred tax asset of €250 million and a credit to deferred tax expense of €250 million. The company must address the question of whether or not the €250 million will ever be completely applied to future income. It may be experiencing increased competition and other circumstances that resulted in the €1 billion loss, and it may be unreasonable to assume it will have taxable income against which to apply the loss. In fact, the company’s managers might believe it is reasonable to assume only that it will survive for five years, and with marginal profitability. The €250 million deferred tax asset is thus overstated if no valuation allowance is recorded to offset it.

管理层认为,净经营亏损中只有1亿欧元最终会计入公司的应纳税所得额。这意味着最终只能实现2500万欧元的税收优惠。资产负债表上列示的递延所得税资产不应超过此金额。公司应计提2.25亿欧元的估值准备,以抵消2.5亿欧元的递延所得税资产余额,从而使净递延所得税资产余额为2500万欧元。同时,递延所得税准备金也将获得2.25亿欧元的贷项。需要注意的是,估值准备金应根据实际情况的变化进行相应调整。

The managers believe that only €100 million of the net operating losses will actually be applied to the company’s taxable income. That belief implies that only €25 million of the tax benefits will ever be realized. The deferred tax assets reported on the balance sheet should not exceed this amount. The company should record a valuation allowance of €225 million, which would offset the deferred tax asset balance of €250 million, resulting in a net deferred tax asset balance of €25 million. There would also be a €225 million credit to the deferred tax provision. It is important to understand that the valuation allowance should be revised whenever facts and circumstances change.

递延所得税资产的最终价值取决于管理层对未来的展望——而这种展望又可能受到其他因素的影响。如果公司需要遵守债务契约,并且需要利用展望所能支撑的每一分价值,那么管理层可能会对未来持更为乐观的态度,人为地压低估值准备金(换句话说,就是提高净递延所得税资产)。

The ultimate value of the deferred tax asset is driven by management’s outlook for the future—and that outlook may be influenced by other factors. If the company needs to stay in compliance with debt covenants and needs every euro of value that can be justified by the outlook, its managers may take a more optimistic view of the future and keep the valuation allowance artificially low (in other words, the net deferred tax asset high).

PowerLinx公司就是一个例子,说明对递延所得税资产可实现性的过度乐观如何导致财务报告出现错误。PowerLinx是一家生产安防摄像机、水下摄像机及配件的公司。除了虚报2000财年90%的收入外,PowerLinx在递延所得税资产的估值方面也存在问题。附录17摘录了美国证券交易委员会(SEC)发布的会计和审计执法公告,并添加了重点标注。23

PowerLinx Inc. provides an example of how over-optimism about the realizability of a deferred tax asset can lead to misstated financial reports. PowerLinx was a maker of security video cameras, underwater cameras, and accessories. Aside from fraudulently reporting 90% of its fiscal year 2000 revenue, PowerLinx had problems with valuation of its deferred tax assets. Exhibit 17 provides an excerpt from the SEC’s Accounting and Auditing Enforcement Release with emphasis added.23

附件 17. 美国证券交易委员会关于 PowerLinx 的会计和审计执法公告

PowerLinx公司在其2000财年资产负债表中错误地记录了1,439,322美元的递延所得税资产,且未计提任何估值准备。该项所得税资产数额巨大, 几乎占PowerLinx公司总资产3,841,944美元的40%。此外,PowerLinx公司还在其2000年前三个季度的财务报表中分别记录了180,613美元、72,907美元和44,921美元的递延所得税资产。

PowerLinx improperly recorded on its fiscal year 2000 balance sheet a deferred tax asset of $1,439,322 without any valuation allowance. The tax asset was material, representing almost forty percent of PowerLinx’s total assets of $3,841,944. PowerLinx also recorded deferred tax assets of $180,613, $72,907, and $44,921, respectively, in its financial statements for the first three quarters of 2000.

PowerLinx公司没有合理的依据来确认递延所得税资产。该公司在2000年累计亏损严重,且没有历史经营业绩可以作为未来盈利的依据。水下摄像机的销量大幅下滑,公司将大部分资源投入到SecureView产品的研发中。PowerLinx公司“预期”未来盈利的唯一依据是据称价值900万美元的SecureView订单积压,管理层认为这些订单将产生应税收入;然而,这笔所谓的积压订单是在Bauer受聘之前产生的,并未反映出市场对SecureView摄像机的实际需求,因此并非未来盈利能力的合理或可靠指标。

PowerLinx did not have a proper basis for recording the deferred tax assets. The company had accumulated significant losses in 2000 and had no historical operating basis from which to conclude that it would be profitable in future years. Underwater camera sales had declined significantly and the company had devoted most of its resources to developing its SecureView product. The sole basis for PowerLinx’s “expectation” of future profitability was the purported $9 million backlog of SecureView orders, which management assumed would generate taxable income; however, this purported backlog, which predated Bauer’s hiring, did not reflect actual demand for SecureView cameras and, consequently, was not a reasonable or reliable indicator of future profitability.

另一个因不当反映递延所得税资产的可实现性而导致财务业绩错报的例子发生在汉普顿路银行控股公司(“HRBS”),这是一家商业银行,在金融危机后的几年里,其贷款组合质量恶化,并因此遭受了相应的损失。该公司报告了一项与其贷款损失相关的递延所得税资产;然而,它并未对该递延所得税资产计提估值准备。这一决定是基于可疑的预测,这些预测表明,该公司将在未来获得必要的应纳税所得额,“以在适用的结转期间充分利用[递延所得税资产]递延所得税资产”。 24随着时间的推移,盈利预测显然不切实际,最终该公司重述了其财务业绩,计提了几乎全部递延所得税资产的估值准备。附录18摘录了该公司修订后的10-Q/A表格中的重述内容。

Another example of misstated financial results caused by improper reflection of the realizability of a deferred tax asset occurred with Hampton Roads Bankshares Inc. (“HRBS”), a commercial bank with deteriorating loan portfolio quality and commensurate losses in the years following the financial crisis. The company reported a deferred tax asset related to its loan losses; however, it did not establish a valuation allowance against its deferred tax asset. This decision was based on dubious projections indicating that the company would earn the necessary future taxable income “to fully utilize the [deferred tax asset] DTA over the applicable carry-forward period.”24 Over time, it became clear that the earnings projections were not realistic, and ultimately the company restated its financial results to include a valuation allowance against almost the entire deferred tax asset. Exhibit 18 presents an excerpt from the company’s amended Form 10-Q/A containing the restatement.

附件 18. Hampton Roads Bankshares, Inc. 于 2010 年 8 月 13 日提交的 10-Q/A 表格 [脚注摘录]

附注B——合并财务报表重述

NOTE B – RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS

在提交截至2009年12月31日止年度的10-K表年度报告和截至2010年3月31日止三个月的10-Q表季度报告后,公司确定应于2009年12月31日确认其递延所得税资产的估值准备。公司决定针对该递延所得税资产设立估值准备,是因为公司不确定何时能够实现该资产。

Subsequent to filing the Company’s annual report on Form 10-K for the year ended December 31, 2009 and its Form 10-Q for the three months ended March 31, 2010 the Company determined that a valuation allowance on its deferred tax assets should be recognized as of December 31, 2009. The Company decided to establish a valuation allowance against the deferred tax asset because it is uncertain when it will realize this asset.

因此,为反映此项决定,已对2009年12月31日的合并资产负债表和2010年3月31日的合并财务报表进行了重述。此项变更对合并财务报表的影响如下(单位:千美元,每股金额除外)。

Accordingly, the December 31, 2009 consolidated balance sheet and the March 31, 2010 consolidated financial statements have been restated to account for this determination. The effect of this change in the consolidated financial statements was as follows (in thousands, except per share amounts).

截至2010年3月31日的合并资产负债表
  据报道 调整 重述
递延所得税资产净值 70,323 美元 (70,323)
总资产 3,016,470 (70,323) 2,946,147 美元
留存收益赤字 (158,621) (70,323) (228,944)
股东权益总额 156,509 (70,323) 86,186
总负债和股东权益 3,016,470 (70,323) 2,946,147
截至2009年12月31日的合并资产负债表
据报道 调整 重述
递延所得税资产净值 56,380 美元 (55,983) 397美元
总资产 2,975,559 (55,983) 2,919,576
留存收益赤字 (132,465) (55,983) (188,488)
股东权益总额 180,996 (55,983) 125,013
总负债和股东权益 2,975,559 (55,983) 2,919,576

选择和估计如何影响报告结果的另一个例子体现在选择折旧方法,用于将长期资产的成本分配到其购置后的各个会计期间。公司管理层可以选择以下三种折旧方法对长期资产进行折旧:(1)直线法,每年计提相同的折旧费用;(2)加速折旧法,在资产使用寿命的早期阶段确认较高的折旧费用;或(3)作业量折旧法,根据使用量或产量分配折旧费用。折旧费用还受到另一组关于待折旧资产残值的选择和估计的影响。与选择非零残值相比,无论采用何种折旧方法,零残值都会增加折旧费用。

Another example of how choices and estimates can affect reported results lies in the selection of a depreciation method for allocating the cost of long-lived assets to accounting periods subsequent to their acquisition. A company’s managers may choose to depreciate long-lived assets (1) on a straight-line basis, with each year bearing the same amount of depreciation expense; (2) using an accelerated method, with greater depreciation expense recognition in the earlier part of an asset’s life; or (3) using an activity-based depreciation method, which allocates depreciation expense based on units of use or production. Depreciation expense is affected by another set of choices and estimates regarding the salvage value of the assets being depreciated. A salvage value of zero will always increase depreciation expense under any method compared with the choice of a non-zero salvage value.

假设一家公司投资 100 万美元购置生产设备,预计其经济使用寿命为 10 年。在其预期使用寿命内,该设备将生产 40 万件产品,即每件产品的折旧费用为 2.50 美元。当设备在其预期使用寿命结束时被处置,公司管理层预计该设备将无法实现任何残值。下表列出了三种折旧方法的差异:直线法、双倍余额递减加速折旧法和产量法(假设设备在使用寿命结束时无残值)。

Assume a company invests $1,000,000 in manufacturing equipment and expects it to have a useful economic life of 10 years. During its expected life, the equipment will produce 400,000 units of product, or $2.50 depreciation expense per unit produced. When it is disposed of at the end of its expected life, the company’s managers expect to realize no value for the equipment. The following table shows the differences in the three alternative methods of depreciation: straight-line, accelerated on a double-declining balance basis, and units-of-production method, with no salvage value assumed at the end of the equipment’s life.

  直线法 双倍余额递减法 生产单位法
折旧费用 平衡 递减余额率1 折旧费用 产量 单位折旧率 折旧费用
1 10万美元 1,000,000 美元 20% 20万美元 90,000 2.50美元 225,000 美元
2 100,000 80万 20% 160,000 80,000 2.50美元 20万
3 100,000 640,000 20% 128,000 70,000 2.50美元 175,000
4 100,000 512,000 20% 102,400 60,000 2.50美元 150,000
5 100,000 409,600 20% 81,920 50,000 2.50美元 125,000
6 100,000 327,680 20% 65,536 10,000 2.50美元 25,000
7 100,000 262,144 20% 52,429 10,000 2.50美元 25,000
8 100,000 209,715 20% 41,943 10,000 2.50美元 25,000
9 100,000 167,772 20% 33,554 10,000 2.50美元 25,000
10 100,000 134,218 20% 26,844 10,000 2.50美元 25,000
全部的 1,000,000 美元 892,626 美元 40万 1,000,000 美元

1.余额递减率为 20%,计算方法为:10 年使用寿命相当于 10% 的年折旧率,乘以 2 = 20%。

1 Declining balance rate of 20% calculated as 10-year life being equivalent to 10% annual depreciation rate, multiplied by 2 = 20%.

直线法将设备成本平均分配到设备10年的使用寿命中。双倍余额递减法则会将较高的成本分配到设备使用寿命的前几年。顾名思义,由于该方法基于固定的折旧率并应用于递减的余额,因此每年的折旧费用都会递减。此处使用的折旧率是直线法折旧率的两倍,但也可以是公司管理层认为能够代表设备实际折旧情况的任何其他折旧率。需要注意的是,双倍余额递减法也会导致机器在10年后折旧不完全;在预期使用寿命结束时,仍会剩余107,374美元(= 1,000,000美元 - 892,626美元),如果公司预期残值为零的假设最终成立,那么在设备报废时将造成损失。有些公司可能会选择在设备使用寿命的最后一年将其折旧至预期残值(本例中为零)。有些公司可能会采用直线折旧法,在可折旧资产使用寿命过半后将其折旧至全额。这种模式恰好与产量法的例子相吻合:设备在其使用寿命的早期阶段使用最为频繁,然后在预期使用寿命的后半段逐渐减少。

The straight-line method allocates the cost of the equipment evenly to all 10 years of the equipment’s life. The double-declining balance method will have a higher allocation of cost to the earlier years of the equipment’s life. As its name implies, the depreciation expense will decline in each succeeding year because it is based on a fixed rate applied to a declining balance. The rate used was double the straight-line rate, but it could have been any other rate that the company’s managers believed was representative of the way the actual equipment depreciation occurred. Notice that the double-declining balance method also results in an incomplete depreciation of the machine at the end of 10 years; a balance of $107,374 (= $1,000,000 − $892,626) remains at the end of the expected life, which will result in a loss upon the retirement of the equipment if the company’s expectation of zero salvage value turns out to be correct. Some companies may choose to depreciate the equipment to its expected salvage, zero in this case, in its final year of use. Some companies may use a policy of switching to straight-line depreciation after the mid-life of its depreciable assets in order to fully depreciate them. That particular pattern is coincidentally displayed in the units-of-production example, in which the equipment is used most heavily in the earliest part of its useful life, and then levels off to much less utilization in the second half of the expected life.

图表 19显示了不同方法在同一使用寿命期间的费用分配模式。每种方法对收益的影响各不相同。

Exhibit 19 shows the different expense allocation patterns of the methods over the same life. Each will affect earnings differently.

图表19. 不同折旧方法的费用分配模式

公司管理层可以为这些方法中的任何一种辩护。每种方法都可能较为准确地反映设备在其预期经济寿命内的损耗情况,而预期经济寿命本身也是一种主观估计。方法和寿命的选择会对报告的收益产生深远的影响。这些选择的对错要到很久以后才能得到验证——但管理层必须在当下评估其影响。

The company’s managers could justify any of these methods. Each might fairly represent the way the equipment will be consumed over its expected economic life, which is a subjective estimate itself. The choices of methods and lives can profoundly affect reported income. These choices are not proven right or wrong until far into the future—but managers must estimate their effects in the present.

图表 20显示了三种不同方法对营业利润和营业利润率的影响,假设该设备的年产量产生 500,000 美元的收入,并产生 200,000 美元的现金运营费用,在折旧费用之前剩余 300,000 美元的营业利润。

Exhibit 20 shows the effects of the three different methods on operating profit and operating profit margins, assuming that the production output of the equipment generates revenues of $500,000 each year and $200,000 of cash operating expenses are incurred, leaving $300,000 of operating profit before depreciation expense.

图表20. 折旧方法对营业利润的影响
  直线
折旧 营业利润 营业利润率
1 10万美元 20万美元 40.0%
2 100,000 20万 40.0%
3 100,000 20万 40.0%
4 100,000 20万 40.0%
5 100,000 20万 40.0%
6 100,000 20万 40.0%
7 100,000 20万 40.0%
8 100,000 20万 40.0%
9 100,000 20万 40.0%
10 100,000 20万 40.0%
  双倍余额递减
折旧 营业利润 营业利润率
1 20万美元 10万美元 20.0%
2 160,000 140,000 28.0%
3 128,000 172,000 34.4%
4 102,400 197,600 39.5%
5 81,920 218,080 43.6%
6 65,536 234,464 46.9%
7 52,429 247,571 49.5%
8 41,943 258,057 51.6%
9 33,554 266,446 53.3%
10 134,218* 165,782 33.2%
 
  生产单位
折旧 营业利润 营业利润率
1 225,000 美元 75,000 美元 15.0%
2 20万 100,000 20.0%
3 175,000 125,000 25.0%
4 150,000 150,000 30.0%
5 125,000 175,000 35.0%
6 25,000 275,000 55.0%
7 25,000 275,000 55.0%
8 25,000 275,000 55.0%
9 25,000 275,000 55.0%
10 25,000 275,000 55.0%

* 包括 107,374 美元的未折旧基数,在服务的最后一年作为折旧费用处理。

* Includes $107,374 of undepreciated basis, treated as depreciation expense in final year of service.

直线法显示出稳定的营业利润率,而其他两种方法则显示出随着折旧费用随时间推移而减少,营业利润率在不同程度上呈上升趋势。

The straight-line method shows consistent operating profit margins, and the other two methods show varying degrees of increasing operating profit margins as the depreciation expense decreases over time.

以上示例展示了不同折旧方法之间的差异,但通过改变预计使用寿命和残值假设,折旧费用还可以有更大的变化。例如,将预计使用寿命从 10 年改为 5 年,并假设设备在其预计使用寿命结束时将有 10% 的残值。表 21显示了修改后的折旧计算结果。请注意,与另外两种方法不同,双倍余额递减法的折旧率是应用于总成本的。直线法和工作量法在计算折旧费用之前,会从成本中减去残值。另请注意,关于设备使用情况的假设也进行了修改,使其在预计使用寿命结束时仅折旧至 10 万美元的残值。每种方法下的总折旧额均为 90 万美元。

The example above shows the differences among alternative methods, but even more depreciation expense variation is possible by changing estimated lives and assumptions about salvage value. For instance, change the expected life assumption to 5 years from 10 and add an expectation that the equipment will have a 10% salvage value at the end of its expected life. Exhibit 21 shows the revised depreciation calculations. Notice that under the double-declining balance method, the depreciation rate is applied to the gross cost, unlike the other two methods. The straight-line method and the units-of-production method subtract the salvage value from the cost before depreciation expense is calculated. Also note that the assumption about the usage of the equipment is revised so that it is depreciated only to its salvage value of $100,000 by the end of its estimated life. The total depreciation under each method is $900,000.

附录21. 变更情景下每种方法的折旧计算
  直线法 双倍余额递减法 生产单位法
折旧费用 平衡 递减余额率1 折旧费用 产量 单位折旧率 折旧费用
1 180,000 美元 1,000,000 美元 40% 40万美元 100,000 2.25美元 225,000 美元
2 180,000 60万 40% 240,000 90,000 2.25美元 202,500
3 180,000 360,000 40% 144,000 80,000 2.25美元 180,000
4 180,000 216,000 40% 86,400 70,000 2.25美元 157,500
5 180,000 129,600 40% 29,600 2 60,000 2.25美元 135,000
全部的 90万美元 90万美元 40万 90万美元

1.余额递减率为 40%,计算方法为:5 年使用寿命相当于 20% 的年折旧率,乘以 2 = 40%。

1 Declining balance rate of 40% calculated as 5-year life being equivalent to 20% annual depreciation rate, multiplied by 2 = 40%.

2.折旧计算为 29,600 美元,而不是 40% × 129,600 美元。如果按余额递减法计算,则会产生 51,840 美元的费用,这将使资产折旧低于残值。

2 Depreciation calculated as $29,600 instead of 40% × $129,600. Rote application of the declining-balance rate would have resulted in $51,840 of expense, which would have depreciated the asset below salvage value.

图表 22显示了在五年预期使用寿命内,假设残值为 10% 的情况下,各种方法的费用分配模式。尽管每种方法在成本分配的时间节点上存在明显差异,但与前例中较长使用寿命的情况相比,这种差异并不显著。

Exhibit 22 shows the different expense allocation patterns of the methods over the five-year expected life, and assuming a 10% salvage value. Although each method is distinctly different in the timing of the cost allocation over time, the variation is less pronounced than over the longer life used in the previous example.

图表 22. 情景变化下折旧方法的费用分配模式

资本化实践是决策如何影响资产负债表和利润表的最清晰例证之一。在对已支付的款项进行分类时,管理层必须确定该款项是仅对当期有利(因此应计入费用),还是对未来期间有利(因此应计入资产成本)。管理层的这一判断隐含着对款项所购项目未来使用情况(或不使用情况)的预测。

One of the clearest examples of how choices affect both the balance sheet and income statement can be found in capitalization practices. In classifying a payment made, management must determine whether the payment will benefit only the current period—making it an expense—or whether it will benefit future periods, leading to classification as a cost to be capitalized as an asset. This management judgment embodies an implicit forecast of how the item acquired by the payment will be used, or not used, in the future.

资本化政策对收益的强大影响可能会使这种判断产生偏差。资产负债表上所有被资本化为建筑物、存货、递延成本或任何“其他资产”的金额,都不会在报告期内确认为费用。

That judgment can be biased by the powerful effect a capitalization policy can have on earnings. Every amount capitalized on the balance sheet as a building, an item of inventory, a deferred cost, or any “other asset” is an amount that does not get recognized as an expense in the reporting period.

一个现实生活中的例子是WorldCom公司,这家电信公司在20世纪90年代末迅速发展。WorldCom的大部分财务报告最终被发现存在欺诈行为。其中一个重要的虚假报告问题在于其对电信行业所谓的“线路成本”的处理方式。线路成本是指将语音通话或数据传输从起点到终点的成本,也是WorldCom最大的支出。WorldCom的首席财务官决定将这些成本资本化,而不是将其作为运营费用处理。结果,从1999年第二季度到2002年第一季度,WorldCom的营业收入增加了70亿美元。在线路成本资本化不当的五个季度中,有三个季度WorldCom本应确认税前亏损而不是盈利

A real-life example can be found in the case of WorldCom Inc., a telecom concern that grew rapidly in the late 1990s. Much of WorldCom’s financial reporting was eventually found to be fraudulent. An important part of the misreporting centered on its treatment of what is known in the telecom industry as “line costs”. These are the costs of carrying a voice call or data transmission from its starting point to its ending point, and they represented WorldCom’s largest expense. WorldCom’s chief financial officer decided to capitalize such costs instead of treating them as an operating expense. As a consequence, from the second quarter of 1999 through the first quarter of 2002, WorldCom increased its operating income by $7 billion. In three of the five quarters in which the improper line cost capitalization took place, WorldCom would have recognized pre-tax losses instead of profits.25

同样,收购也是管理者必须运用判断力的领域。收购价格必须根据各项收购资产的公允价值进行分配,而这些公允价值并非总是能够客观验证的。管理层可能需要自行估算收购资产的公允价值,并且为了降低未来的折旧费用,他们可能会倾向于低估可折旧资产的价值。保持可折旧资产价值较低的另一个好处是,无法分配给特定资产的收购价格部分将被归类为商誉,而商誉在未来的报告期内既不计提折旧也不摊销。

Similarly, acquisitions are an area in which managers must exercise judgment. An allocation of the purchase price must be made to all of the different assets acquired based on their fair values, and those fair values are not always objectively verifiable. Management may have to make its own estimate of fair values for assets acquired, and it may be biased towards a low estimate for the values of depreciable assets in order to depress future depreciation expense. Another benefit to keeping depreciable asset values low is that the amount of the purchase price that cannot be allocated to specific assets is classified as goodwill, which is neither depreciated nor amortized in future reporting periods.

商誉报告有其自身的选择。虽然未减值的商誉对未来收益没有影响,但对其公允价值的年度测试可能会发现,支付价格超过资产公允价值的部分可能无法收回,这应导致商誉减值。商誉公允价值的估算过程可能很大程度上依赖于对未来业绩的预测。为了避免商誉减值,这些预测可能存在向上偏差。

Goodwill reporting has choices of its own. Although goodwill has no effect on future earnings when unimpaired, annual testing of its fair value may reveal that the excess of price paid over the fair value of assets may not be recoverable, which should lead to a write-down of goodwill. The estimation process for the fair value of goodwill may depend heavily on projections of future performance. Those projections may be biased upward in order to avoid a goodwill write-down.

4.2.2选择如何影响现金流量表

4.2.2. How Choices Affect the Cash Flow Statement

现金流量表由三部分组成:经营活动部分,显示经营活动产生的现金或使用的现金;投资活动部分,显示投资活动使用的现金或处置投资活动获得的现金;以及筹资活动部分,显示与筹资活动相关的交易。

The cash flow statement consists of three sections: the operating section, which shows the cash generated or used by operations; the investing section, which shows cash used for investments or provided by their disposal; and the financing section, which shows transactions attributable to financing activities.

投资者对经营活动部分格外关注。许多投资者将其视为对已公布盈利的真实检验,因为仅基于权责发生制会计且缺乏实际现金流支持的盈利可能表明存在盈利操纵。这些投资者认为,与利润表相比,经营活动产生的现金流量更能避免管理层操纵。然而,经营活动产生的现金流量在一定程度上是可以被操纵的。

The operating section is closely scrutinized by investors. Many of them consider it a reality check on reported earnings, on the grounds that earnings attributable to accrual accounting only and unsupported by actual cash flows may indicate earnings manipulation. Such investors believe that amounts shown for cash generated by operations is more insulated from managerial manipulation than the income statement. Cash generated by operations can be managed to an extent, however.

现金流量表的经营活动部分可以采用直接法或间接法列示。直接法鼓励“企业列示主要类别的现金收入总额和现金支出总额及其算术总和——即经营活动产生的现金流量净额”。 26但在实践中,企业很少采用直接法。它们通常采用间接法,即通过调节净利润与经营活动产生的现金流量来列示。该调节表列示了影响净利润的非现金项目以及影响经营活动现金流量的营运资本账户变动。附录23提供了一个间接法列示的示例。

The operating section of the cash flow statement can be shown either under the direct method or the indirect method. Under the direct method, “entities are encouraged to report major classes of gross cash receipts and gross cash payments and their arithmetic sum—the net cash flow from operating activities.”26 In practice, companies rarely use the direct method. Instead, they use the indirect method, which shows a reconciliation of net income to cash provided by operations. The reconciliation shows the non-cash items affecting net income along with changes in working capital accounts affecting cash from operations. Exhibit 23 provides an example of the indirect presentation method.

图表 23. 间接呈现法
经营活动产生的现金流量(百万美元) 2018
净利 3000美元
调整净利润与经营活动产生的现金流量净额:
应收账款坏账准备 10
折旧和摊销准备金 1,000
商誉减值费用 35
股权激励费用 100
递延所得税准备金 200
资产和负债的变化:
与销售相关的贸易应收款、票据应收款和融资应收款 (2,000)
库存 (1,500)
应付账款 1200
应计所得税应付/应收 (80)
退休福利 90
其他 (250)
   经营活动产生的现金流量净额 1,805 美元

无论采用间接法还是直接法,管理者都可以通过一些简单的手段来改善经营活动现金流的表象,而无需真正提高现金流。例如,应付账款管理就是一个例子,如附录23所示。假设期末应付账款余额为52亿美元,比上年末的40亿美元增加了12亿美元。这12亿美元的应付账款增加与费用和/或资产的增加相符,但并不需要现金。如果公司管理层将支付给债权人的5亿美元款项进一步延迟到资产负债表日后第二天,他们就可以将经营活动产生的现金流量增加5亿美元。如果管理层认为经营活动产生的现金流量是投资者关注的指标,他们可以通过延长应付账款的信用期来人为地制造强劲的现金流,从而给投资者留下深刻印象。

Whether the indirect method or direct method is used, simple choices exist for managers to improve the appearance of cash flow provided by operations without actually improving it. One such choice is in the area of accounts payable management, shaded in Exhibit 23. Assume that the accounts payable balance is $5,200 million at the end of the period, an increase of $1,200 million from its previous year-end balance of $4,000 million. The $1,200 million increase in accounts payable matched increased expenses and/or assets but did not require cash. If the company’s managers had further delayed paying creditors $500 million until the day after the balance sheet date, they could have increased the cash provided by operating activities by $500 million. If the managers believe that cash generated from operations is a metric of focus for investors, they can impress them with artificially strong cash flow by simply stretching the accounts payable credit period.

什么能提醒投资者注意这类操纵行为?他们需要仔细审查现金流量表中经营活动部分的构成——否则,他们永远不会察觉。研究营运资本的变化可以揭示异常模式,这些模式可能表明经营活动产生的现金流量受到了操纵。

What might alert investors to such machinations? They need to examine the composition of the operations section of the cash flow statement—if they do not, then nothing will ever alert them. Studying changes in the working capital can reveal unusual patterns that may indicate manipulation of the cash provided by operations.

另一种可能导致投资者质疑公司经营活动现金流质量的做法是,将公司的现金生成能力与行业平均水平或一家或多家类似竞争对手的经营现金流表现进行比较。现金生成能力可以通过多种方式衡量。一种方法是比较经营活动产生的现金流与净利润之间的关系。经营活动产生的现金流超过净利润表明盈利质量更高,而净利润长期超过经营活动产生的现金流则应引起关注;这可能表明公司使用了会计方法来提高净利润,而非反映真实的财务状况。另一种衡量现金生成能力的方法是将经营活动产生的现金流与偿债支出、资本支出和股息(如有)进行比较。当公司的现金生成能力与其基准水平存在较大差异时,投资者应寻求解释,并仔细审查营运资本账户的变化。

Another practice that might lead an investor to question the quality of cash provided by operations is to compare a company’s cash generation with an industry-wide level or with the cash operating performance of one or more similar competitors. Cash generation performance can be measured several ways. One way is to compare the relationship between cash generated by operations and net income. Cash generated by operations in excess of net income signifies better quality of earnings, whereas a chronic excess of net income over cash generated by operations should be a cause for concern; it may signal the use of accounting methods to simply raise net income instead of depicting financial reality. Another way to measure cash generation performance is to compare cash generated by operations with debt service, capital expenditures, and dividends (if any). When there is a wide variance between the company’s cash generation performance and that of its benchmarks, investors should seek an explanation and carefully examine the changes in working capital accounts.

由于投资者可能将经营活动产生的现金流量视为一项重要指标,管理层可能会按照上述方式操纵营运资本账户,以呈现最理想的财务状况。但还有其他方法可以达到同样的目的。公司可能会将经营活动产生的现金错误地归类到现金流量表中的投资活动或筹资活动部分,从而夸大经营活动产生的现金流量。

Because investors may focus on cash from operations as an important metric, managers may resort to managing the working capital accounts as described in order to present the most favorable picture. But there are other ways to do this. A company may misclassify operating uses of cash into either the investing or financing sections of the cash flow statement, which enhances the appearance of cash generated by operating activities.

Dynegy Inc. 的案例表明,该公司通过巧妙构建合同并借助一家名为 ABG Gas Supply LLC (ABG) 的非并表特殊目的实体,操纵经营活动现金流。2001 年 4 月,Dynegy 与 ABG 签订了一份天然气购买合同。根据合同,Dynegy 将以低于市场价格的价格从 ABG 购买天然气,为期九个月,之后再以市场价格出售。这九个月的期限恰逢 Dynegy 的 2001 财年末,预计可带来由现金流支撑的收益。Dynegy 还同意在接下来的 51 个月内以高于市场价格的价格从 ABG 购买天然气,之后再以市场价格出售。该合同在 2001 财年末按公允价值列报,对当年的净利润没有影响。合同前期部分带来了收益,并有 3 亿美元的现金流支撑;但合同后期部分则产生了非现金损失,抵消了部分收益。按市值计价规则要求确认合同所有部分的收益和损失,因此对收益的净影响为零。

Dynegy Inc. provides an example of manipulation of cash from operations through clever construction of contracts and assistance from an unconsolidated special purpose entity named ABG Gas Supply LLC (ABG). In April 2001, Dynegy entered into a contract for the purchase of natural gas from ABG. According to the contract, Dynegy would purchase gas at below-market rates from ABG for nine months and sell it at the current market rate. The nine-month term coincided with Dynegy’s 2001 year-end and would result in gains backed by cash flows. Dynegy also agreed to buy gas at above-market rates from ABG for the following 51 months and sell it at the current market rate. The contract was reported at its fair value at the end of fiscal year 2001. It had no effect on net income for the year. The earlier portion of the contract resulted in a gain, supported by $300 million of cash flow, but the latter portion of the contract resulted in non-cash losses that offset the profit. The mark-to-market rules required the recognition of both gains and losses from all parts of the contract, and hence the net effect on earnings was zero.

2002年4月,《华尔街日报》的一篇文章揭露了这起舞弊事件,这得益于泄露的文件。美国证券交易委员会(SEC)要求Dynegy公司重述现金流量表,将3亿美元从经营活动现金流量表重新分类到筹资活动现金流量表,理由是Dynegy公司利用ABG公司作为渠道,实际上从花旗集团借入了3亿美元。花旗集团向ABG公司提供了信贷,ABG公司用这笔钱来弥补其在合同上的损失(Lee,2012)。

In April 2002, a Wall Street Journal article exposed the chicanery, thanks to leaked documents. The SEC required Dynegy to restate the cash flow statement by reclassifying $300 million from the operating section of the cash flow statement to the financing section, on the grounds that Dynegy had used ABG as a conduit to effectively borrow $300 million from Citigroup. The bank had extended credit to ABG, which it used to finance its losses on the contract (Lee, 2012).

现金流量报告的另一个灵活之处在于利息资本化,这导致总利息支出与总利息成本之间存在差异。假设一家公司发生的总利息成本为 30,000 美元,其中包括 3,000 美元的折价摊销和 27,000 美元的利息支出。在这 30,000 美元中,三分之二(20,000 美元)计入费用;剩余的三分之一(10,000 美元)作为固定资产资本化。如果该公司使用相同的利息费用/资本化比例在经营活动和投资活动之间分配利息支出,则其应将 18,000 美元(2/3 × 27,000 美元)报告为经营活动现金流出,将 9,000 美元(1/3 × 27,000 美元)报告为投资活动现金流出。公司还可以选择将全部 3,000 美元的非现金折价摊销抵销 20,000 美元的费用,从而使经营活动现金流出低至 17,000 美元;如果将全部非现金折价摊销计入投资活动资本化的利息支出,则经营活动现金流出可能高达 20,000 美元。同样,投资活动现金流出也可能高达 10,000 美元,也可能低至 7,000 美元,具体取决于非现金折价摊销的处理方式。在投资者认为根本不存在选择的情况下,仍然存在着多种选择。Nurnberg和 Largay (1998)指出,公司似乎倾向于选择经营活动现金流出最低的方法,这可能是为了最大化经营活动现金流的申报值。

Another area of flexibility in cash flow reporting is found in the area of interest capitalization, which creates differences between total interest payments and total interest costs.27 Assume a company incurs total interest cost of $30,000, composed of $3,000 of discount amortization and $27,000 of interest payments. Of the $30,000, two-thirds of it ($20,000) is expensed; the remaining third ($10,000) is capitalized as plant assets. If the company uses the same interest expense/capitalization proportions to allocate the interest payments between operating and investing activities, then it will report $18,000 (2/3 × $27,000) as an operating outflow and $9,000 (1/3 × $27,000) as an investing outflow. The company might also choose to offset the entire $3,000 of non-cash discount amortization against the $20,000 treated as expense, resulting in an operating outflow as low as $17,000, or as much as $20,000 if it allocated all of the non-cash discount amortization to interest capitalized as investing activities. Similarly, the investing outflow could be as much as $10,000 or as little as $7,000, depending on the treatment of the non-cash discount amortization. There are choices within the choices, all in areas where investors believe choices do not even exist. Nurnberg and Largay (1998) note that companies apparently favor the method that reports the lowest operating outflow, presumably to maximize reported cash from operations.

投资者和分析师需要注意,国际会计准则第7号“现金流量表”允许的列报方式为现金流量表中某些项目的分类提供了灵活性。这种灵活性可能会显著改变现金流量表经营活动部分的结果。国际会计准则第7号第33和34段的摘录提供了相关背景信息:

Investors and analysts need to be aware that presentation choices permitted in IAS 7, “Statement of Cash Flows,” offer flexibility in classification of certain items in the cash flow statement. This flexibility can drastically change the results in the operating section of the cash flow statement. An excerpt from IAS 7, Paragraphs 33 and 34, provides the background:

33. 对于金融机构而言,已付利息和已收利息及股息通常被归类为经营现金流。然而,对于其他实体,这些现金流的分类尚无共识。已付利息和已收利息及股息之所以被归类为经营现金流,是因为它们会影响损益的确定。或者,已付利息和已收利息及股息也可以分别被归类为筹资现金流和投资现金流,因为它们是获取财务资源的成本或投资回报。

34. 已支付的股息可以归类为筹资现金流,因为它是获取财务资源的成本。或者,已支付的股息也可以归类为经营活动现金流量的组成部分,以便帮助使用者确定企业利用经营活动现金流量支付股息的能力。 [重点为笔者所加。]

33. Interest paid and interest and dividends received are usually classified as operating cash flows for a financial institution. However, there is no consensus on the classification of these cash flows for other entities. Interest paid and interest and dividends received may be classified as operating cash flows because they enter into the determination of profit or loss. Alternatively, interest paid and interest and dividends received may be classified as financing cash flows and investing cash flows respectively, because they are costs of obtaining financial resources or returns on investments.

34. Dividends paid may be classified as a financing cash flow because they are a cost of obtaining financial resources. Alternatively, dividends paid may be classified as a component of cash flows from operating activities in order to assist users to determine the ability of an entity to pay dividends out of operating cash flows. [Emphasis added.]

通过允许选择将已收付的利息和股息归类为经营活动或融资活动,国际会计准则第7号(IAS 7)使公司管理层有机会选择最能展现经营业绩的列报方式。例如,挪威天然气勘探和生产商Norse Energy Corp. ASA在2007年更改了已付利息和已收利息的分类(Gordon、Henry、Jorgensen和Linthicum,2017)。已付利息被改为融资活动,而不是减少经营活动产生的现金流量。Norse Energy还将已收利息的分类从经营活动现金流量改为投资活动。这些变更的最终结果是,该公司在2007年和2008年均报告了正的经营活动现金流量,而非负值。通过这些简单的变更,该公司也改变了外界对其经营活动的看法。此前的现金流量表显示,该公司经营活动消耗的现金多于其产生的现金,这可能引发人们对其经营可持续性的质疑。修订后,现金流量表的经营活动部分展现了更为稳健的经营状况。

By allowing a choice of operating or financing for the placement of interest and dividends received or paid, IAS 7 gives a company’s managers the opportunities to select the presentation that gives the best-looking picture of operating performance. An example is Norse Energy Corp. ASA, a Norwegian gas explorer and producer, which changed its classifications of interest paid and interest received in 2007 (Gordon, Henry, Jorgensen, and Linthicum, 2017). Interest paid was switched to financing instead of decreasing cash generated from operations. Norse Energy also switched its classification of interest received to investing from operating cash flow. The net effect of these changes was to report positive, rather than negative, operating cash flows in both 2007 and 2008. With these simple changes, the company could also change the perception of its operations. The cash flow statement formerly presented the appearance of a company with operations that used more cash than it generated, and it possibly raised questions about the sustainability of operations. After the revision, the operating section of the cash flow statement depicted a much more viable operation.

图表 24显示了重新分类对 Norse Energy 现金流的净影响。

Exhibit 24 shows the net effect of the reclassifications on Norse Energy’s cash flows.

附录24. 现金流量重分类(金额单位:百万美元)
  据报告

(根据 2007 年重新分类)
如无重新分类,则进行调整* 形式报表

(如无重新分类)
  2008 2007 2008 2007 2008 2007
操作 5.30美元 2.80美元 (13.70美元) (14.40美元) (8.40美元) (11.60美元)
投资 0.90美元 (56.80美元) (9.00美元) (3.50美元) (8.10美元) (60.30美元)
融资 (16.60美元) 34.50美元 22.70美元 17.90美元 6.10美元 52.40美元
全部的 (10.40美元) (19.50美元) 0美元 0美元 (10.40美元) (19.50美元)

* 这些调整将之前计入投资活动的利息收入转而计入经营活动。同时,这些调整还将之前从融资活动中扣除的利息支出转而从经营活动活动中扣除。

* The adjustments reverse the addition of interest received to investing and instead add it to operating. The adjustments also reverse the deduction of interest paid from financing and instead subtract it from operating.

4.2.3影响财务报告的选择

4.2.3. Choices That Affect Financial Reporting

图表 25总结了一些可以做出影响财务报告的选择的领域。

Exhibit 25 summarizes some of the areas where choices can be made that affect financial reports.

图表25:选择和估计影响财务报告的领域
选择区域/估价 分析师担忧
收入确认
  • 收入是如何确认的:发货时确认还是货物交付时确认?

  • How is revenue recognized: upon shipment or upon delivery of goods?

  • 公司是否存在“渠道灌水”行为——即向分销渠道投放超出其正常销售能力的商品?这种行为可以通过提供异常折扣、威胁近期提价或两者兼而有之的方式诱使顾客购买更多商品,或者直接发货顾客并未订购的商品来实现。这些交易可能会在后续期间得到纠正,并可能导致财务报表重述。应收账款占收入的比例是否异常高,与公司历史水平或同业水平相比是否异常高?如果是,则可能存在渠道灌水行为。

  • Is the company engaging in “channel stuffing”—the practice of overloading a distribution channel with more product than it is normally capable of selling? This can be accomplished by inducing customers to buy more through unusual discounts, the threat of near-term price increases, or both—or simply by shipping goods that were not ordered. These transactions may be corrected in a subsequent period and may result in restated results. Are accounts receivable relative to revenues abnormally high for relative to the company’s history or to its peers? If so, channel stuffing may have occurred.

  • 与以往历史数据相比,销售退货准备金是否存在异常波动?

  • Is there unusual activity in the allowance for sales returns relative to past history?

  • 公司应收账款周转天数是否显示存在任何收款问题,可能表明存在向客户发货不需要或不想要的商品的情况?

  • Does the company’s days sales outstanding show any collection issues that might indicate shipment of unneeded or unwanted goods to customers?

  • 该公司是否进行“先开票后暂存”交易?这种交易方式是指客户购买商品,但要求卖家将商品暂存至稍后日期。卖家可以利用这种交易方式,通过伪造单据,将期末库存申报为“已售出但暂存”,从而人为制造虚假销售业绩。

  • Does the company engage in “bill-and-hold” transactions? This is when a customer purchases goods but requests that they remain with the seller until a later date. This kind of transaction makes it possible for a seller to manufacture fictitious sales by declaring end-of-period inventory as “sold but held,” with a minimum of effort and phony documentation.

  • 该公司是否将返利作为其营销策略的一部分?如果是,返利兑现的预估对净收入的影响有多大?是否出现过任何与历史数据不符的异常情况?

  • Does the company use rebates as part of its marketing approach? If so, how significantly do the estimates of rebate fulfillment affect net revenues, and have any unusual breaks with history occurred?

  • 公司是否将收入安排拆分为多种商品或服务交付?这一领域的收入确认具有很大的灵活性,但投资者却难以了解。他们无法直接审查公司的安排,也无法自行判断收入是否已正确分配到合同的不同组成部分。如果公司经常与客户采用多种交付安排,投资者可能会对收入报告风险更加敏感。为了确保投资安全,他们可能会提出以下问题:公司是否充分解释了如何确定不同交付物的分配方式以及如何确认每项交付物的收入?是否会产生递延收入?如果没有,这种安排下不存在递延收入是否合理?收入和应收账款是否存在异常趋势,尤其是在现金周转方面?如果投资者对这些问题的答案不满意,他们可能会考虑其他投资选择。

  • Does the company separate its revenue arrangements into multiple deliverables of goods or services? This area is one of great revenue recognition flexibility, and also one that provides little visibility to investors. They simply cannot examine a company’s arrangements and decide for themselves whether revenue has been properly allocated to different components of a contract. If a company uses multiple deliverable arrangements with its customers as a routine matter, investors might be more sensitive to revenue reporting risks. In seeking a comfort level, they might ask the following questions: Does the company explain adequately how it determines the different allocations of deliverables and how revenue is recognized on each one? Do deferred revenues result? If not, does it seem reasonable that there are no deferred revenues for this kind of arrangement? Are there unusual trends in revenues and receivables, particularly with regard to cash conversion? If an investor is not satisfied with the answers to these questions, he or she might be more comfortable with other investment choices.

长期资产:折旧政策
  • 相关资产的预计使用寿命是否合理,或者与同行业其他资产相比是否异常短?

  • Do the estimated life spans of the associated assets make sense, or are they unusually low compared with others in the same industry?

  • 折旧年限的变化是否对当前收益产生了积极影响?

  • Have there been changes in depreciable lives that have a positive effect on current earnings?

  • 近期资产减值是否表明公司需要重新考虑资产使用寿命政策?

  • Do recent asset write-downs indicate that company policy on asset lives might need to be reconsidered?

无形资产:资本化政策
  • 该公司是否将与软件等无形资产相关的支出资本化?其资产负债表是否显示因收购而资本化的研发支出?或者,如果该公司是采用国际财务报告准则(IFRS)的公司,它是否将内部产生的研发成本资本化?

  • Does the company capitalize expenditures related to intangibles, such as software? Does its balance sheet show any R&D capitalized as a result of acquisitions? Or, if the company is an IFRS filer, has it capitalized any internally generated development costs?

  • 该公司资本化政策与竞争对手相比如何?

  • How do the company’s capitalization policies compare with the competition?

  • 分期付款政策是否合理?

  • Are amortization policies reasonable?

坏账准备/贷款损失准备
  • 此类津贴的增加额是比过去低还是高?

  • Are additions to such allowances lower or higher than in the past?

  • 此次收款经验是否足以证明与以往的拨备方式有所不同?

  • Does the collection experience justify any difference from historical provisioning?

  • 降低补贴是否有可能是由于行业困难以及难以达到盈利预期所致?

  • Is there a possibility that any lowering of the allowance may be the result of industry difficulties along with the difficulty of meeting earnings expectations?

存货成本法
  • 鉴于公司所处的环境,其成本核算方法是否能够得出公平合理的财务报告结果?其存货核算方法与业内其他公司相比如何?如果通货膨胀出现异常波动,是否存在导致比较结果不公平的差异?

  • Does the company use a costing method that produces fair reporting results in view of its environment? How do its inventory methods compare with others in its industry? Are there differences that will make comparisons uneven if there are unusual changes in inflation?

  • 公司在存货估值中是否使用过时准备金?如果使用,这些准备金是否存在异常波动,以至于需要进行调整以达到特定的盈利目标?

  • Does the company use reserves for obsolescence in its inventory valuation? If so, are they subject to unusual fluctuations that might indicate adjusting them to arrive at a specified earnings result?

  • 如果一家公司按照美国通用会计准则 (US GAAP) 进行报告,并采用后进先出 (LIFO) 存货会计方法,那么通过存货削减计划,是否会进行 LIFO 清算(即假设出售成本较低的旧存货层)?这种存货削减可能在没有现金流支持的情况下产生收益,管理层也可能出于特定盈利目的而有意减少存货层数。

  • If a company reports under US GAAP and uses last-in-first-out (LIFO) inventory accounting, does LIFO liquidation (the assumed sale of old, lower-cost layers of inventory) occur through inventory reduction programs? This inventory reduction may generate earnings without supporting cash flow, and management may intentionally reduce the layers to produce specific earnings benefits.

税务资产估值账户
  • 如有税务资产,则必须按管理层预期实现的价值列示,并需计提准备金,以便将税务资产重述至预期最终变现的水平。确定准备金需要对未来运营和税款支付进行估算。该估值准备金的金额是否合理、过于乐观或过于悲观?

  • Tax assets, if present, must be stated at the value at which management expects to realize them, and an allowance must be set up to restate tax assets to the level expected to eventually be converted into cash. Determining the allowance involves an estimate of future operations and tax payments. Does the amount of the valuation allowance seem reasonable, overly optimistic, or overly pessimistic?

  • 管理层评论与准备金水平之间,或者税务说明与准备金水平之间是否存在矛盾?管理层不可能做出乐观的评论却计提了全部税项准备金,反之亦然。两者必定有一方出错。

  • Are there contradictions between the management commentary and the allowance level, or the tax note and the allowance level? There cannot be an optimistic management commentary and a fully reserved tax asset, or vice versa. One of them has to be wrong.

  • 关注税务资产估值账户的变化。该账户最初可能计提100%的准备金,然后每当需要提振盈利时,“乐观预期”就会增加。降低准备金可以减少税费支出并增加净利润。

  • Look for changes in the tax asset valuation account. It may be 100% reserved at first, and then “optimism” increases whenever an earnings boost is needed. Lowering the reserve decreases tax expense and increases net income.

善意
  • 公司必须每年对商誉余额进行定性减值评估。如果需要进一步测试,则测试依据是与商誉余额相关的报告单元(美国通用会计准则发行人)或现金产生单元(国际财务报告准则发行人)的公允价值估计。这些测试基于主观估计,包括未来现金流量和折现率的使用。

  • Companies must annually assess goodwill balances for impairment on a qualitative basis. If further testing appears necessary, it is based on estimates of the fair value of the reporting units (US GAAP issuers), or cash-generating units (IFRS issuers), associated with goodwill balances. The tests are based on subjective estimates, including future cash flows and the employment of discount rates.

  • 商誉测试的披露信息是否表明,该测试存在偏差,旨在避免减值费用?

  • Do the disclosures on goodwill testing suggest that the exercise was skewed to avoid impairment charges?

保证金
  • 为了达到盈利目标,准备金的增加是否有所减少?考察实际成本计提准备金的趋势:这些成本是否支持或否定了保修准备金的计提活动?计提的实际成本是否能为分析师提供有关所售产品质量的任何信息?

  • Have additions to the reserves been reduced, perhaps to make earnings targets? Examine the trend in the charges of actual costs against the reserves: Do they support or contradict the warranty provisioning activity? Do the actual costs charged against the reserve give the analyst any indication about the quality of the products sold?

关联方交易
  • 公司是否从事使管理层成员获得不成比例利益的交易?一家公司是否通过供应合同或其他交易控制另一家公司的命运?

  • Is the company engaged in transactions that disproportionately benefit members of management? Does one company have control over another’s destiny through supply contracts or other dealings?

  • 是否存在与受其管理层控制的非上市公司进行大量交易的情况?如果存在,这些非上市公司可能会通过不利于自身的供应安排等方式来吸收损失,从而使上市公司的业绩看起来更好。这种情况可能为股东提供套现的机会。

  • Do extensive dealings take place with non-public companies that are under management control? If so, those companies could absorb losses (through supply arrangements that are unfavorable to them, for example) in order to make the public company’s performance look good. This scenario may provide opportunities for an owner to cash out.

最重要的教训是,会计方法和估计方法之间存在选择,分析师需要对这些方法和估计方法有一定的了解,才能理解管理层是否可能为了达到预期结果而做出选择。

The most important lesson is that choices exist among accounting methods and estimates, and an analyst needs a working knowledge of them in order to understand whether management may have made choices to achieve a desired result.

4.3警告标志

4.3. Warning Signs

管理层为实现预期目标而做出的选择会留下痕迹,如同沙地或雪地上的车辙。财务报告中信息操纵的证据或预警信号与操纵的基本手段直接相关:收入确认和费用确认的偏差。这种偏差可能与确认的时间和/或地点有关。例如,公司可能选择将费用资本化以递延确认。在确认地点方面,公司可能将损失计入其他综合收益或直接计入权益,而不是计入损益表。警觉的投资者或分析师应采取以下措施来发现预警信号。

The choices management makes to achieve desired results leave a trail, like tracks in sand or snow. The evidence, or warning signs, of information manipulation in financial reports is directly linked to the basic means of manipulation: biased revenue recognition and biased expense recognition. The bias may relate to timing and/or location of recognition. An example of the timing issue is that a company may choose to defer expenses by capitalizing them. Regarding location, it may recognize a loss in other comprehensive income or directly through equity, rather than through the profit and loss statement. The alert investor or analyst should do the following to find warning signs.

1)关注收入

1) Pay attention to revenue.

损益表中最大的单项数字是收入,而收入确认往往是会计操纵甚至舞弊的常见来源。仅仅回答“收入是高于还是低于上年同期?”这个问题是不够的。许多分析程序可以常规地用于识别舞弊的预警信号:

The single largest number on the income statement is revenue, and revenue recognition is a recurring source of accounting manipulation and even outright fraud. Answering the question, “Is revenue higher or lower than the previous comparable period?” is not sufficient. Many analytical procedures can be routinely performed to identify warning signals of malfeasance:

  • 查阅公司会计政策附注,了解其收入确认政策。

    • 考虑一下这些政策是否更容易提前确认收入,例如在货物发货后立即确认收入,或者公司是否采用先开票后暂扣的安排,即在货物实际发货给客户之前确认销售额。

    • 物物交换交易可能存在,但其价值很难准确评估。

    • 返利计划涉及许多估算,包括对最终将产生的返利金额的预测,这可能会对收入确认产生重大影响。

    • 商品和服务的多次交付安排很常见,但要让投资者对收入报告感到放心,必须明确每项交付商品或服务的收入确认时间。

    虽然这些决定都不一定违反会计准则,但每一项都涉及重大的判断,如果存在其他预警信号,则需要密切关注。

  • Examine the accounting policies note for a company’s revenue recognition policies.

    • Consider whether the policies make it easier to prematurely recognize revenue, such as recognizing revenue immediately upon shipment of goods, or if the company uses bill-and-hold arrangements whereby a sale is recognized before goods are actually shipped to the customer.

    • Barter transactions may exist, which can be difficult to value properly.

    • Rebate programs involve many estimates, including forecasts of the amount of rebates that will ultimately be incurred, which can have significant effects on revenue recognition.

    • Multiple-deliverable arrangements of goods and services are common, but clarity about the timing of revenue recognition for each item or service delivered is necessary for the investor to be comfortable with the reporting of revenues.

    Although none of these decisions necessarily violates accounting standards, each involves significant judgement and warrants close attention if other warning signs are present.

  • 查看营收关系。将公司营收增长与其主要竞争对手或同行业其他公司进行比较。

    • 如果一家公司的收入增长与竞争对手、行业或整体经济水平不符,投资者或分析师就需要了解其业绩超预期的原因。这可能是由于卓越的管理或优质的产品和服务,但并非所有管理都卓越,也并非所有公司的产品和服务都优秀。收入质量可能存在问题,投资者应采取进一步的分析措施。

    • 比较过去几年的应收账款和收入。

      • 分析应收账款占总收入的比例是否呈上升趋势。如果上升,则该公司可能存在渠道填充行为,甚至更糟的是,可能存在虚假销售交易。

      • 计算数年的应收账款周转率:

        • 检查趋势是否存在异常变化,如果存在,则寻求解释。

        • 将公司的应收账款周转天数 (DSO) 或应收账款周转率与相关竞争对手或行业同行进行比较,并确定该公司是否属于异常值。

      应收账款周转天数增加或应收账款周转率下降可能表明某些收入被过早确认,甚至是虚构的,或者坏账准备不足。

    • 考察资产周转率。如果公司管理层在资产配置方面做出错误的选择,收入可能不足以支撑这项投资。尤其要注意那些涉及收购整个公司的资产配置选择。如果收购后的收入增长乏力,管理层可能会不择手段地追求收入增长。这种对增长的过度追求可能会导致会计造假。

      收入除以总资产,可以反映资产创造收入的效率。如果公司的资产周转率持续下降,或落后于竞争对手或行业平均水平,则可能预示着未来资产减值,尤其是在收购型公司的商誉余额方面。

  • Look at revenue relationships. Compare a company’s revenue growth with its primary competitors or its industry peer group.

    • If a company’s revenue growth is out of line with its competitors, its industry, or the economy, the investor or analyst needs to understand the reasons for the outperformance. It may be a result of superior management or products and services, but not all management is superior, nor are the products and services of their companies. Revenue quality might be suspect, and the investor should take additional analytical steps.

    • Compare accounts receivable with revenues over several years.

      • Examine the trend to determine whether receivables are increasing as a percentage of total revenues. If so, a company might be engaging in channel-stuffing activities, or worse, recording fictitious sales transactions.

      • Calculate receivables turnover for several years:

        • Examine the trend for unusual changes and seek an explanation if they exist.

        • Compare a company’s days sales outstanding (DSO) or receivables turnover with that of relevant competitors or an industry peer group and determine whether the company is an outlier.

      An increase in DSO or decrease in receivables turnover could suggest that some revenues are recorded prematurely or are even fictitious, or that the allowance for doubtful accounts is insufficient.

    • Examine asset turnover. If a company’s managers make poor asset allocation choices, revenues may not be sufficient to justify the investment. Be particularly alert when asset allocation choices involve acquisitions of entire companies. If post-acquisition revenue generation is weak, managers might reach for revenue growth anywhere it can be found. That reach for growth might result in accounting abuses.

      Revenues, divided by total assets, indicate the productivity of assets in generating revenues. If the company’s asset turnover is continually declining, or lagging the asset turnover of competitors or the industry, it may portend future asset write-downs, particularly in the goodwill balances of acquisitive companies.

2)注意库存信号。

2) Pay attention to signals from inventories.

虽然库存并非每家公司资产基础的组成部分,但它的存在却为会计操纵提供了机会。

Although inventory is not a component of every company’s asset base, its presence creates an opportunity for accounting manipulation.

  • 考察存货关系。由于收入涉及从存货中售出的商品,因此投资者对存货的分析方法与对收入的分析方法类似。

    • 将库存增长与竞争对手和行业基准进行比较。如果一家公司的库存增长与同行不符,且同期销售额没有增长,那么这可能仅仅是库存管理不善造成的——这种运营效率低下可能会影响投资者对公司的看法。这也可能表明公司库存存在尚未通过降低库存净变现价值来体现的过时问题。由于库存高估,报告的毛利润和净利润可能会被夸大。

    • 计算存货周转率。该比率为销售成本除以平均期末存货。存货周转率下降也可能表明存在过时问题,应予以重视。

    • 根据美国通用会计准则(US GAAP)进行报告的公司可能会采用后进先出法(LIFO)作为存货成本流动假设。当这一假设成为会计政策的一部分,且公司在通货膨胀环境下运营时,投资者应注意公司是否已将以往低成本的存货成本转嫁到当期收益中,从而人为地提高了毛利润、营业利润和净利润。

  • Look at inventory relationships. Because revenues involve items sold from inventory, the kind of examination an investor should perform on inventory is similar to that for revenues.

    • Compare growth in inventories with competitors and industry benchmarks. If a company’s inventory growth is out of line with its peers, without any concurrent sales growth, then it may be simply the result of poor inventory management—an operational inefficiency that might affect an investor’s view of a company. It may also signal obsolescence problems in the company’s inventory that have not yet been recognized through markdowns to the inventory’s net realizable value. Reported gross and net profits could be overstated because of overstated inventory.

    • Calculate the inventory turnover ratio. This ratio is the cost of sales divided by the average ending inventory. Declining inventory turnover could also suggest obsolescence problems that should be recognized.

    • Companies reporting under US GAAP may use LIFO inventory cost flow assumptions. When this assumption is part of the accounting policies, and a company operates in an inflationary environment, investors should note whether old, low-cost inventory costs have been passed through current earnings and artificially improved gross, operating, and net profits.

3)注意资本化政策和递延成本。

3) Pay attention to capitalization policies and deferred costs.

美国证券交易委员会(SEC)对五年期间的执法行动进行研究后发现,不当的收入确认是会计上最普遍的问题。 28 隐瞒费用是第二普遍的问题。正如前文对世通公司案例的讨论所示,不当的资本化做法会导致财务业绩出现重大错报。

In a study of enforcement actions over a five-year period, the SEC found that improper revenue recognition was the most prevalent accounting issue.28 Suppression of expenses was the next most prevalent problem noted. As the earlier discussion of WorldCom showed, improper capitalization practices can result in a significant misstatement of financial results.

  • 仔细审查公司的会计政策附注,了解其长期资产(包括利息成本)的资本化政策以及其他递延成本的处理方式。将公司的政策与行业惯例进行比较。如果该公司是唯一一家将某些成本资本化,而其他行业参与者将其作为费用处理的公司,则应引起警惕。如果遇到此类异常公司,最好将其资产周转率和利润率与同行业其他公司进行交叉核对。投资者可能预期此类公司的盈利能力高于竞争对手,但同时也可能对其报告数据的质量持怀疑态度。

  • Examine the company’s accounting policy note for its capitalization policy for long-term assets, including interest costs, and for its handling of other deferred costs. Compare the company’s policy with the industry practice. If the company is the only one capitalizing certain costs while other industry participants treat them as expenses, a red flag is raised. If an outlier company of this type is encountered, it would be useful to cross-check such a company’s asset turnover and profitability margins with others in its industry. An investor might expect such a company to be more profitable than its competitors, but the investor might also have lower confidence in the quality of the reported numbers.

4)注意现金流与净利润的关系。

4) Pay attention to the relationship of cash flow and net income.

净利润推动股价上涨,但现金流才是支付账单的根本。管理层可以操纵净利润或现金流,但公司要想生存下去,最终都必须将净利润转化为现金。当净利润高于经营活动产生的现金流时,一种可能是激进的权责发生制会计政策将当期费用转移到了后期。在经营活动产生的现金流下降的情况下,净利润却在增长,这可能预示着会计处理存在违规行为。

Net income propels stock prices, but cash flow pays bills. Management can manipulate either one, but sooner or later, net income must be realized in cash if a company is to remain viable. When net income is higher than cash provided by operations, one possibility is that aggressive accrual accounting policies have shifted current expenses to later periods. Increasing earnings in the presence of declining cash generated by operations might signal accounting irregularities.

  • 构建经营活动产生的现金流量与净利润之比的时间序列。如果该比率持续低于 1.0 或反复下降,则公司应计账户可能存在问题。

  • Construct a time series of cash generated by operations divided by net income. If the ratio is consistently below 1.0 or has declined repeatedly, there may be problems in the company’s accrual accounts.

5)其他潜在的警告信号。

5) Other potential warnings signs.

其他可能需要进一步分析的领域包括以下方面:

Other areas that might suggest the need for further analysis include the following:

  • 折旧方法和使用寿命。如前所述,折旧方法和使用寿命的选择会对盈利能力产生重大影响。投资者应将公司的折旧政策与其同行进行比较,以确定其折旧政策是否对收益产生过大的影响。同样,投资者也应将公司采用的折旧年限与其同行进行比较。

  • Depreciation methods and useful lives. As discussed earlier, selection of depreciation methods and useful lives can greatly influence profitability. An investor should compare a company’s policies with those of its peers to determine whether it is particularly lenient in its effects on earnings. Investors should likewise compare the length of depreciable lives used by a company with those used by its peers.

  • 第四季度业绩出人意料。如果一家公司经常在第四季度业绩不佳或远超预期(而第四季度并非季节性因素影响的时期),投资者就应该怀疑该公司可能存在盈利管理行为。该公司可能在前三个季度虚报或少报了利润。

  • Fourth-quarter surprises. An investor should be suspicious of possible earnings management if a company routinely disappoints investors with poor earnings or overachieves in the fourth quarter of the year when no seasonality exists in the business. The company may be over- or under-reporting profits in the first three quarters of the year.

  • 关联方交易的存在。当公司的创始人仍然积极参与公司管理,且其大部分财富与公司业绩息息相关时,关联方交易往往就会出现。由于公司业绩直接关系到他们自身的财富和声誉,他们对公司业绩的看法可能存在偏见,并且他们可能以不易察觉的方式与公司进行交易。例如,他们可能从公司购买滞销库存,然后在自己的另一家公司进行处置,以避免降价。

  • Presence of related-party transactions. Related-party transactions often arise when a company’s founders are still very active in managing the company, with much of their wealth tied to the company’s fortunes. They may be more biased in their view of a company’s performance because it relates directly to their own wealth and reputations, and they may be able to transact business with the company in ways that may not be detected. For instance, they may purchase unsellable inventory from the company for disposal in another company of their own in order to avoid markdowns.

  • 非经营性收入或一次性销售额被计入收入。为了掩盖收入增长放缓,或者仅仅是为了提升收入增长,公司可能会将非经营性收入项目归入收入,或者隐瞒收入的性质。1997年第一季度,Sunbeam公司将一次性产品线处置收入计入销售额,但并未说明此类非经常性销售额已计入收入。这种做法给投资者造成了公司可持续盈利能力的假象。

  • Non-operating income or one-time sales included in revenue. To disguise weakening revenue growth, or just to enhance revenue growth, a company might classify non-operating income items into revenues or fail to clarify the nature of revenues. In the first quarter of 1997, Sunbeam Corporation included one-time disposal of product lines in sales without indicating that such non-recurring sales were included in revenues. This inclusion gave investors a false impression of the company’s sustainable revenue-generating capability.

  • 将费用归类为“非经常性”费用。为了使经营业绩看起来更具吸引力,管理层可能会在损益表中剔除“特殊项目”。尤其当这些项目连续出现时,股权投资者可能会发现,不接受这种逐期剔除“特殊项目”的做法,而是专注于净利润,以此来评估长期业绩,才是最符合自身利益的做法。

  • Classification of expenses as “non-recurring.” To make operating performance look more attractive, managers might carve out “special items” in the income statement. Particularly when these items appear period after period, equity investors might find their interests best served by not accepting the carve-out of serial “special items” and instead focusing on the net income line in evaluating performance over long periods.

  • 毛利率/营业利润率与竞争对手或行业平均水平不符。这种差异是一个模棱两可的警示信号。它可能表明公司拥有卓越的管理能力,但也可能表明存在会计操纵行为,旨在粉饰公司卓越的管理声誉。只有综合分析其他警示信号,投资者或分析师才能判断究竟是哪种情况。

  • Gross/operating margins out of line with competitors or industry. This disparity is an ambivalent warning sign. It might signal superior management ability. But it might also signal the presence of accounting manipulations to add a veneer of superior management ability to the company’s reputation. Only the compilation and examination of other warning signals will enable an investor or analyst to decide which signal is being given.

预警信号仅仅是信号,并非会计操纵的铁证。投资者和分析师需要综合评估这些信号,而不是孤立地看待它们。当投资者发现多个此类信号时,应谨慎对待被投资公司,甚至考虑放弃该投资,转而寻找其他替代方案。

Warning signals are just that: signals, not indisputable declarations of accounting manipulation guilt. Investors and analysts need to evaluate them cohesively, not on an isolated basis. When an investor finds a number of these signals, the investee company should be viewed with caution or even discarded in favor of alternatives.

此外,如前所述,背景对于判断预警信号的价值至关重要。以下列举一些需要注意的事实和情况示例。

Furthermore, as discussed earlier, context is important in judging the value of warning signals. A few examples of facts and circumstances to be aware of are as follows.

  • 那些业绩记录完美、始终达成增长预期的年轻公司,尤其是那些拥有新颖热门产品的年轻公司,在一段时间内获得高于平均水平的回报是完全有可能的。但是,随着需求消退、产品成熟以及竞争对手争夺市场份额,管理层可能会寻求通过非常规手段来延续近期销售额和盈利能力的快速增长。此时,“盈利游戏”便开始了:激进的业绩预测、动用“储备金”、出售资产以获取会计收益、过度举债,或者进行一些除了粉饰财务报表之外并无其他明显商业目的的金融交易。

  • Younger companies with an unblemished record of meeting growth projections. It is plausible, especially for a younger company with new and popular product offerings, to generate above-average returns for a period of time. But, as demand dissipates, products mature, and competitors challenge for market share, management may seek to extend its recent record of rapid growth in sales and profitability by unconventional means. At this point, the “earnings games” begin: aggressive estimates, drawing down “cookie jar” reserves, selling assets for accounting gains, taking on excess leverage, or entering into financial transactions with no apparent business purpose other than financial statement “window dressing.”

  • 管理层采取了极简的信息披露方式。会计质量的可靠性取决于信息披露。如果管理层似乎没有认真履行其提供信息的义务,就需要引起重视。例如,对于一家大型公司,管理层可能会声称其只有一个可报告分部,或者其评论在不同时期可能大同小异。对极简信息披露政策的一种合理解释是,管理层通过向竞争对手隐瞒有价值的信息来保护投资者的利益。但这并非必然如此。例如,索尼公司收购哥伦比亚广播公司唱片公司和哥伦比亚影业后,连续多年遭受巨额亏损。然而,索尼选择将这些业绩合并到一个规模更大的“娱乐部门”中,以此掩盖其负面趋势和前景黯淡。1998年,在索尼最终注销了与这些失败收购相关的大部分商誉后,美国证券交易委员会(SEC)对索尼及其首席财务官进行了处罚,原因是他们在管理层讨论与分析(MD&A)中未能以平衡的方式分别讨论这些收购。29

  • Management has adopted a minimalist approach to disclosure. Confidence in accounting quality depends on disclosure. If management does not seem to take seriously its obligation to provide information, one needs to be concerned. For example, for a large company, management might claim that it has only one reportable segment, or its commentary might be similar from period to period. A plausible explanation for minimalist disclosure policies could be that management is protecting investors’ interests by withholding valuable information from competitors. But, this is not necessarily the case. For example, after Sony Corporation acquired CBS Records and Columbia Pictures, it incurred substantial losses for a number of years. Yet, Sony chose to hide its negative trends and doubtful future prospects by aggregating the results within a much larger “Entertainment Division.” In 1998, after Sony ultimately wrote off much of the goodwill associated with these ill-fated acquisitions, the SEC sanctioned Sony and its CFO for failing to separately discuss them in MD&A in a balanced manner.29

  • 管理层过度关注盈利报告。要警惕那些管理层似乎过于关注报告盈利的公司,有时甚至忽略了真正的价值驱动因素。过度关注盈利的迹象包括:过度使用非公认会计准则(non-GAAP)的业绩指标、特殊项目或非经常性费用。另一个迹象是高度分散的运营模式,在这种模式下,部门经理的薪酬方案与报告盈利或非公认会计准则(non-GAAP)业绩指标的达成密切相关。

  • Management fixation on earnings reports. Beware of companies whose management appears to be fixated on reported earnings, sometimes to the detriment of attending to real drivers of value. Indicators of excessive earnings fixation include the aggressive use of non-GAAP measures of performance, special items, or non-recurring charges. Another indicator of earnings fixation is highly decentralized operations in which division managers’ compensation packages are heavily weighted toward the attainment of reported earnings or non-GAAP measures of performance.

公司文化

公司文化是一种无形因素,投资者在评估财务报表是否存在会计操纵的可能性时应予以考虑。管理层高度竞争的心态在公司开展业务时可能对投资者有利(前提是其行为不违反道德、不违法或不具有有害的短视性),但这种心态不应延伸到与公司所有者——股东的沟通中。这种心态可能导致本世纪初常见的会计舞弊行为。在审查财务报表是否存在操纵迹象时,投资者应考虑财务报表的编制过程中是否存在这种心态。

A company’s culture is an intangible that investors should bear in mind when they are evaluating financial statements for the possibility of accounting manipulation. A management’s highly competitive mentality may serve investors well when the company conducts business (assuming that actions taken are not unethical, illegal, or harmfully myopic), but that kind of thinking should not extend to communications with the owners of the company: the shareholders. That mentality can lead to the kind of accounting gamesmanship seen in the early part of the century. In examining financial statements for warning signs of manipulation, the investor should consider whether that mindset exists in the preparation of the financial statements.

这种思维方式的一个显著例子来自世界上最知名的企业之一——通用电气。20世纪80年代中期,通用电气收购了基德·皮博迪公司,最终发现基德公司报告的大部分收益都是虚假的。因此,通用电气在两天内宣布将进行3.5亿美元的非现金减值。以下是前首席执行官兼董事长杰克·韦尔什在其回忆录《直言不讳》中对随后与高管层会议的描述:

One notable example of the mindset comes from one of the most recognized corporate names in the world, General Electric. In the mid-1980s, GE acquired Kidder Peabody, and it was ultimately determined that much of the earnings that Kidder had reported were bogus. As a consequence, GE would announce within two days that it would take a non-cash write-off of $350 million. Here is how former CEO/Chair Jack Welsh described the ensuing meeting with senior management in his memoir, Straight from the Gut:

“我们业务领导对这场危机的反应体现了通用电气的企业文化[着重强调]。尽管季度账目已经结算,但许多人立即主动提出要弥补基德公司的资金缺口。有些人甚至表示,他们可以从各自的业务部门额外筹集1000万美元、2000万美元,甚至3000万美元来应对这一意外。虽然为时已晚,但他们乐于助人的意愿与我从基德公司那边听到的种种借口形成了鲜明的对比。”(第225页)

“The response of our business leaders to the crisis was typical of the GE culture [emphasis added]. Even though the books had closed on the quarter, many immediately offered to pitch in to cover the Kidder gap. Some said they could find an extra $10 million, $20 million, and even $30 million from their businesses to offset the surprise. Though it was too late, their willingness to help was a dramatic contrast to the excuses I had been hearing from the Kidder people.” (p. 225)

公司治理机制似乎助长了通用电气(GE)的企业文化,这种文化将团队合作的概念延伸到了“分享”利润以求团队整体利益的地步,这与财务报告中立的理念背道而驰。尽管目前的研究尚未得出定论,但值得注意的是,当首席执行官兼任董事会主席,或者当董事会审计委员会实际上受制于首席执行官且缺乏财务报告方面的专业知识时,企业更容易出现操纵盈余的行为。最后,我们还可以探讨,在当今的财务报告环境下,如果首席执行官公开表示,他可以合法地行使财务报告自由裁量权(尽管有一定的限制),以人为地平滑盈余,那么这种做法究竟会受到奖励还是惩罚。

It appears that the corporate governance apparatus fostered a GE culture that extended the concept of teamwork to the point of “sharing” profits to win one for the team as a whole, which is incompatible with the concept of neutral financial reporting. Although research is not conclusive on this question, it may also be worth considering that predisposition to earnings manipulation is more likely to be present when the CEO and board chair are one and the same, or when the audit committee of the board essentially serves at the pleasure of the CEO and lacks financial reporting sophistication. Finally, one could discuss whether the financial reporting environment today would reward or penalize a CEO who openly endorsed a view that he could legitimately exercise financial reporting discretion—albeit within limits—for the purpose of artificially smoothing earnings.

重组和/或减值费用。

有时,一家公司在公布盈利时计提了一笔“巨额”费用,之后股价反而会上涨。对此,人们普遍认为,会计确认这一费用预示着积极的信号:管理层准备剥离公司业绩不佳的部分,以便将精力和资源投入到更有利可图的业务中。因此,这笔盈利费用应该被忽略,因为它仅仅与过去的事件有关。

At times, a company’s stock price has been observed to rise after it recognized a “big bath” charge to reported earnings. The conventional wisdom explaining the stock price rise is that accounting recognition signals something positive: that management is now ready to part with the lagging portion of a company, so as to redirect its attention and talents to more-profitable activities. Consequently, the earnings charge should be disregarded for being solely related to past events.

然而,分析师还应考虑到,导致财务报表大幅下滑的事件并非一朝一夕形成,尽管这些事件的会计处理是在之后进行的。管理层可能希望传达这样的信息:会计调整反映了公司的新发展方向,但重组费用也表明,之前报告的盈利模式并不真实。尤其值得注意的是,即使假设不存在任何不当的财务报表操纵行为,往年报告的费用也极有可能被低估。为了推断历史盈利趋势,分析师应考虑对往年盈利进行备考分析调整,以合理分摊最新期间的重组和减值费用。

The analyst should also consider, however, that the events leading ultimately to the big bath on the financial statements did not happen overnight, even though the accounting for those events occurs at a subsequent point. Management may want to communicate that the accounting adjustments reflect the company’s new path, but the restructuring charge also indicates that the old path of reported earnings was not real. In particular, expenses reported in prior years were very likely understated—even assuming that no improper financial statement manipulation had occurred. To extrapolate historical earnings trends, an analyst should consider making pro forma analytical adjustments to prior years’ earnings to reflect a reasonable division of the latest period’s restructuring and impairment charges.

管理层具有并购导向。

泰科国际有限公司在1996年至2002年间收购了700多家公司。即使假设其在财务报告方面出于善意,不惜一切代价追求增长的企业文化也会对运营和财务报告控制构成严峻挑战。以泰科为例,美国证券交易委员会发现,该公司持续且欺诈性地低估了所收购的资产(从而降低未来的折旧和摊销费用),并高估了所承担的负债(从而避免确认费用,并可能在未来期间增加收益)。 30

Tyco International Ltd. acquired more than 700 companies from 1996 to 2002. Even assuming the best of intentions regarding financial reporting, a growth-at-any-cost corporate culture poses a severe challenge to operational and financial reporting controls. In Tyco’s case, the SEC found that it consistently and fraudulently understated assets acquired (lowering future depreciation and amortization charges) and overstated liabilities assumed (avoiding expense recognition and potentially increasing earnings in future periods).30

概括

Summary

不同公司的财务报告质量参差不齐。评估公司财务报告质量的能力是分析师的一项重要技能。低质量财务报告的迹象会促使分析师在阅读公司报告时保持高度怀疑,在进行财务报表分析时对披露信息进行严格审查,并在评估过往业绩和预测未来业绩时做出适当的调整。

Financial reporting quality varies across companies. The ability to assess the quality of a company’s financial reporting is an important skill for analysts. Indications of low-quality financial reporting can prompt an analyst to maintain heightened skepticism when reading a company’s reports, to review disclosures critically when undertaking financial statement analysis, and to incorporate appropriate adjustments in assessments of past performance and forecasts of future performance.

  • 财务报告质量可以被视为一个连续体,从最高(包含相关、正确、完整和公正的信息)到最低(包含不仅有偏见或不完整,而且可能是纯粹捏造的信息)。

  • Financial reporting quality can be thought of as spanning a continuum from the highest (containing information that is relevant, correct, complete, and unbiased) to the lowest (containing information that is not just biased or incomplete but possibly pure fabrication).

  • 本文重点关注报告质量,它指的是所披露的信息。高质量的报告能够真实反映公司在报告期内的经济活动以及期末的财务状况。

  • Reporting quality, the focus of this reading, pertains to the information disclosed. High-quality reporting represents the economic reality of the company’s activities during the reporting period and the company’s financial condition at the end of the period.

  • 业绩质量(通常称为盈利质量)是指公司实际经济活动产生的收益和现金流,以及由此产生的财务状况,相对于对当前和未来财务业绩的预期而言。优质盈利被认为是可持续的,为预测提供了可靠的基础。

  • Results quality (commonly referred to as earnings quality) pertains to the earnings and cash generated by the company’s actual economic activities and the resulting financial condition, relative to expectations of current and future financial performance. Quality earnings are regarded as being sustainable, providing a sound platform for forecasts.

  • 财务报告质量的一个方面是会计处理的保守程度或激进程度。“激进”通常指的是旨在通过虚增当期收入、盈利和/或经营现金流,或通过减少当期费用和/或资产负债表上的债务金额来提升公司报告业绩和财务状况的处理方式。

  • An aspect of financial reporting quality is the degree to which accounting choices are conservative or aggressive. “Aggressive” typically refers to choices that aim to enhance the company’s reported performance and financial position by inflating the amount of revenues, earnings, and/or operating cash flow reported in the period; or by decreasing expenses for the period and/or the amount of debt reported on the balance sheet.

  • 财务报告中的保守主义可能源于以下两种情况:(1)会计准则明确要求对交易或事项采取保守处理;(2)管理者在应用会计准则时做出的判断导致保守的结果。

  • Conservatism in financial reports can result from either (1) accounting standards that specifically require a conservative treatment of a transaction or an event or (2) judgments made by managers when applying accounting standards that result in conservative results.

  • 管理层可能会出于掩盖业绩不佳、提升股价、增加个人薪酬和/或避免违反债务契约等目的,发布质量不高的财务报告。

  • Managers may be motivated to issue less-than-high-quality financial reports in order to mask poor performance, to boost the stock price, to increase personal compensation, and/or to avoid violation of debt covenants.

  • 导致发布低质量财务报告的条件包括:导致财务披露较少或透明度较低的文化环境、账目/税务一致性将重点转移到法律合规而非公允列报,以及资本市场监管有限。

  • Conditions that are conducive to the issuance of low-quality financial reports include a cultural environment that result in fewer or less transparent financial disclosures, book/tax conformity that shifts emphasis toward legal compliance and away from fair presentation, and limited capital markets regulation.

  • 规范财务报告质量的机制包括自由市场和激励公司最大限度地降低资本成本、审计师、专门为惩罚虚假报告而制定的合同条款以及监管机构的强制执行。

  • Mechanisms that discipline financial reporting quality include the free market and incentives for companies to minimize cost of capital, auditors, contract provisions specifically tailored to penalize misreporting, and enforcement by regulatory entities.

  • 备考收益(也常被称为非GAAP或非IFRS收益)是对损益表所列收益的调整。剔除负面项目的备考收益是激进的财务报表编制方式的标志。

  • Pro forma earnings (also commonly referred to as non-GAAP or non-IFRS earnings) adjust earnings as reported on the income statement. Pro forma earnings that exclude negative items are a hallmark of aggressive presentation choices.

  • 公司在列示任何非GAAP或非IFRS指标时,需要作出额外披露。

  • Companies are required to make additional disclosures when presenting any non-GAAP or non-IFRS metric.

  • 管理者在选择公司会计政策和制定估算方面拥有相当大的灵活性,这为激进的会计做法提供了机会。

  • Managers’ considerable flexibility in choosing their companies’ accounting policies and in formulating estimates provides opportunities for aggressive accounting.

  • 影响收益和资产负债表的会计选择示例包括存货成本流动假设、应收账款坏账估计、递延所得税资产的预计变现性、折旧方法、可折旧资产的预计残值以及可折旧资产的预计使用寿命。

  • Examples of accounting choices that affect earnings and balance sheets include inventory cost flow assumptions, estimates of uncollectible accounts receivable, estimated realizability of deferred tax assets, depreciation method, estimated salvage value of depreciable assets, and estimated useful life of depreciable assets.

  • 经营活动现金流是投资者关注的一项指标,可以通过经营选择(例如延长应付账款期限)以及分类选择来提高。

  • Cash from operations is a metric of interest to investors that can be enhanced by operating choices, such as stretching accounts payable, and potentially by classification choices.

参考

References

练习题

Practice Problems

  1. 与盈利质量相反,财务报告质量最有可能指的是:

    1. 可持续的收益。

    2. 相关信息。

    3. 投资回报充足。

  2. In contrast to earnings quality, financial reporting quality most likely pertains to:

    1. sustainable earnings.

    2. relevant information.

    3. adequate return on investment.

  3. 低质量财务报告提供的信息很可能

    1. 降低公司价值。

    2. 表明盈利能力不可持续。

    3. 阻碍对盈利质量的评估。

  4. The information provided by a low-quality financial report will most likely:

    1. decrease company value.

    2. indicate earnings are not sustainable.

    3. impede the assessment of earnings quality.

  5. 为了正确评估一家公司过去的业绩,分析师需要:

    1. 高收入质量。

    2. 财务报告质量高。

    3. 既有高盈利质量,又有高财务报告质量。

  6. To properly assess a company’s past performance, an analyst requires:

    1. high earnings quality.

    2. high financial reporting quality.

    3. both high earnings quality and high financial reporting quality.

  7. 低质量收入最可能反映出:

    1. 低质量的财务报告。

    2. 不可持续的公司活动。

    3. 未能真实反映公司活动的信息。

  8. Low quality earnings most likely reflect:

    1. low-quality financial reporting.

    2. company activities which are unsustainable.

    3. information that does not faithfully represent company activities.

  9. 非经常性活动产生的收益最有可能表明:

    1. 收入质量较低。

    2. 会计处理上的偏见。

    3. 财务报告质量较低。

  10. Earnings that result from non-recurring activities most likely indicate:

    1. lower-quality earnings.

    2. biased accounting choices.

    3. lower-quality financial reporting.

  11. 在财务报告的各个方面中,财务报告的哪个属性最有可能被评价为最佳?

    1. 保守的会计选择

    2. 可持续且充足的回报

    3. 重点关注备考收益指标

  12. Which attribute of financial reports would most likely be evaluated as optimal in the financial reporting spectrum?

    1. Conservative accounting choices

    2. Sustainable and adequate returns

    3. Emphasized pro forma earnings measures

  13. 质量最低的财务报告反映出:

    1. 虚构事件。

    2. 会计处理上的偏见。

    3. 不符合公认会计原则的会计处理。

  14. Financial reports of the lowest level of quality reflect:

    1. fictitious events.

    2. biased accounting choices.

    3. accounting that is non-compliant with GAAP.

  15. 当通过将研发投资推迟到下一个报告期来增加收益时,这种选择将被考虑:

    1. 不合规的会计行为。

    2. 实际行动导致的盈余管理。

    3. 通过会计选择进行盈余管理。

  16. When earnings are increased by deferring research and development (R&D) investments until the next reporting period, this choice is considered:

    1. non-compliant accounting.

    2. earnings management as a result of a real action.

    3. earnings management as a result of an accounting choice.

  17. 一份高质量的财务报告可能反映出:

    1. 平滑收益。

    2. 收入质量低。

    3. 低估资产减值。

  18. A high-quality financial report may reflect:

    1. earnings smoothing.

    2. low earnings quality.

    3. understatement of asset impairment.

  19. 如果某项会计处理选择被认为过于激进,那么该报告期的财务业绩很可能

    1. 保持中立。

    2. 表现出向上偏差。

    3. 表现出向下的倾向。

  20. If a particular accounting choice is considered aggressive in nature, then the financial performance for the reporting period would most likely:

    1. be neutral.

    2. exhibit an upward bias.

    3. exhibit a downward bias.

  21. 以下哪项最有可能反映出保守的会计选择?

    1. 后期报告收益下降

    2. 报告期内盈利增长

    3. 本期末资产负债表上报告的债务增加

  22. Which of the following is most likely to reflect conservative accounting choices?

    1. Decreased reported earnings in later periods

    2. Increased reported earnings in the period under review

    3. Increased debt reported on the balance sheet at the end of the current period

  23. 以下哪项最有可能被视为会计稳健性原则的潜在益处?

    1. 降低诉讼成本

    2. 更少偏见的财务报告

    3. 本期报告业绩有所增长

  24. Which of the following is most likely to be considered a potential benefit of accounting conservatism?

    1. A reduction in litigation costs

    2. Less biased financial reporting

    3. An increase in current period reported performance

  25. 以下哪项陈述最有可能描述促使经理发布低质量财务报告的情况?

    1. 经理的薪酬与股票价格表现挂钩。

    2. 经理显著提高了产品的市场份额。

    3. 这位经理已经将公司的盈利能力提升到了比竞争对手更高的水平。

  26. Which of the following statements most likely describes a situation that would motivate a manager to issue low-quality financial reports?

    1. The manager’s compensation is tied to stock price performance.

    2. The manager has increased the market share of products significantly.

    3. The manager has brought the company’s profitability to a level higher than competitors.

  27. 以下哪些因素最有可能促使管理者做出保守的会计选择?

    1. 关注未来的职业机会

    2. 预期商业环境将走弱

    3. 当前期间的债务契约违约风险

  28. Which of the following concerns would most likely motivate a manager to make conservative accounting choices?

    1. Attention to future career opportunities

    2. Expected weakening in the business environment

    3. Debt covenant violation risk in the current period

  29. 以下哪种情况最能解释为什么公司经理在发布低质量财务报告之前需要获得法律、会计和董事会​​层面的批准?

    1. 动机

    2. 机会

    3. 合理化

  30. Which of the following conditions best explains why a company’s manager would obtain legal, accounting, and board level approval prior to issuing low-quality financial reports?

    1. Motivation

    2. Opportunity

    3. Rationalization

  31. 一家公司目前财务业绩强劲。为了提高在下一报告期内超出分析师盈利预测的可能性,该公司最有可能在报告期内采取以下会计处理措施:

    1. 虚报收入。

    2. 延迟确认费用。

    3. 加快费用确认。

  32. A company is experiencing a period of strong financial performance. In order to increase the likelihood of exceeding analysts’ earnings forecasts in the next reporting period, the company would most likely undertake accounting choices for the period under review that:

    1. inflate reported revenue.

    2. delay expense recognition.

    3. accelerate expense recognition.

  33. 以下哪种情况是发布低质量财务报告的动机,而不是机会?

    1. 内部控制不力

    2. 寻找个人奖金

    3. 不负责任的董事会

  34. Which of the following situations represents a motivation, rather than an opportunity, to issue low-quality financial reports?

    1. Poor internal controls

    2. Search for a personal bonus

    3. Inattentive board of directors

  35. 以下哪种情况最有可能促使管理者虚报收益?

    1. 可能存在违反债券契约的情况

    2. 盈利超出分析师预期

    3. 收益高于上一年

  36. Which of the following situations will most likely motivate managers to inflate reported earnings?

    1. Possibility of bond covenant violation

    2. Earnings in excess of analysts’ forecasts

    3. Earnings that are greater than the previous year

  37. 以下哪项最能描述管理层发布低质量财务报告的机会?

    1. 董事会效率低下

    2. 达到一定绩效水平的压力

    3. 企业对未来融资的担忧

  38. Which of the following best describes an opportunity for management to issue low-quality financial reports?

    1. Ineffective board of directors

    2. Pressure to achieve some performance level

    3. Corporate concerns about financing in the future

  39. 对公司财务报告的审计意见最有可能的目的是:

    1. 检测欺诈行为。

    2. 揭露不实陈述。

    3. 确保财务信息如实呈现。

  40. An audit opinion of a company’s financial reports is most likely intended to:

    1. detect fraud.

    2. reveal misstatements.

    3. assure that financial information is presented fairly.

  41. 如果一家公司在向美国证券交易委员会提交的文件中使用非公认会计准则(非GAAP)财务指标,那么该公司必须:

    1. 如果盈利报告中使用了非GAAP指标,则应更加突出该指标。

    2. 提供非GAAP指标与等效GAAP指标的调节表。

    3. 从任何非GAAP流动性指标中剔除需要现金结算的费用。

  42. If a company uses a non-GAAP financial measure in an SEC filing, then the company must:

    1. give more prominence to the non-GAAP measure if it is used in earnings releases.

    2. provide a reconciliation of the non-GAAP measure and equivalent GAAP measure.

    3. exclude charges requiring cash settlement from any non-GAAP liquidity measures.

  43. 希望在报告期内增加盈利的公司可以选择:

    1. 缩短可折旧资产的使用寿命。

    2. 降低对无法收回的应收账款的估计。

    3. 将采购归类为费用而非资本支出。

  44. A company wishing to increase earnings in the reporting period may choose to:

    1. decrease the useful life of depreciable assets.

    2. lower estimates of uncollectible accounts receivables.

    3. classify a purchase as an expense rather than a capital expenditure.

  45. 如果出现以下情况,则最不可能怀疑 收入确认存在偏差:

    1. 该公司从事物物交换交易。

    2. 公布的营收高于上一季度。

    3. 收入在货物发货给客户之前确认。

  46. Bias in revenue recognition would least likely be suspected if:

    1. the firm engages in barter transactions.

    2. reported revenue is higher than the previous quarter.

    3. revenue is recognized before goods are shipped to customers.

  47. 哪种技术最有可能增加运营带来的现金流?

    1. 延长应付账款信用期

    2. 将所有非现金折价摊销用于抵扣资本化利息

    3. 将已付利息的分类从融资现金流转移到经营现金流。

  48. Which technique most likely increases the cash flow provided by operations?

    1. Stretching the accounts payable credit period

    2. Applying all non-cash discount amortization against interest capitalized

    3. Shifting classification of interest paid from financing to operating cash flows

  49. 以下哪项表明一家公司可能过早确认收入?相对于其竞争对手,该公司:

    1. 资产周转率正在下降。

    2. 应收账款周转率正在提高。

    3. 应收账款周转天数正在增加。

  50. Which of the following is an indication that a company may be recognizing revenue prematurely? Relative to its competitors, the company’s:

    1. asset turnover is decreasing.

    2. receivables turnover is increasing.

    3. days sales outstanding is increasing.

  51. 以下哪项最有可能表明一家公司可能正在使用激进的权责发生制会计政策,将当期费用转移到以后的会计期间?过去五年,现金流量与净利润的比率为:

    1. 逐年增长。

    2. 逐年减少。

    3. 每年都有波动。

  52. Which of the following would most likely signal that a company may be using aggressive accrual accounting policies to shift current expenses to later periods? Over the last five-year period, the ratio of cash flow to net income has:

    1. increased each year.

    2. decreased each year.

    3. fluctuated from year to year.

  53. 分析师在审查一家报告称其盈利中计提了巨额重组费用的公司时,应该:

    1. 认为往年报告的费用被高估了。

    2. 请忽略它,因为它只与过去发生的事情有关。

    3. 考虑对往年收益进行预测性调整。

  54. An analyst reviewing a firm with a large reported restructuring charge to earnings should:

    1. view expenses reported in prior years as overstated.

    2. disregard it because it is solely related to past events.

    3. consider making pro forma adjustments to prior years’ earnings.

解决方案

Solutions

  1. B选项正确。财务报告质量指的是财务报告中信息的质量。高质量的财务报告提供对决策有用的信息,这些信息具有相关性,并且能够真实反映公司经营活动的经济状况。高质量的盈利具有可持续性,并能提供充足的回报。最高质量的财务报告既体现了高财务报告质量,也体现了高盈利质量。

  2. B is correct. Financial reporting quality pertains to the quality of information in financial reports. High-quality financial reporting provides decision-useful information, which is relevant and faithfully represents the economic reality of the company’s activities. Earnings of high quality are sustainable and provide an adequate level of return. Highest-quality financial reports reflect both high financial reporting quality and high earnings quality.

  3. C选项正确。财务报告质量 指的是财务报告中所含信息的质量。高质量的财务报告能够提供对决策有用的信息,真实反映公司的经济状况。低质量的财务报告会妨碍对盈利质量的评估。财务报告质量与盈利质量有所区别,后者指的是公司实际经济活动产生的收益和现金流以及由此产生的财务状况。低质量的盈利是不可持续的,并且会降低公司价值。

  4. C is correct. Financial reporting quality pertains to the quality of the information contained in financial reports. High-quality financial reports provide decision-useful information that faithfully represents the economic reality of the company. Low-quality financial reports impede assessment of earnings quality. Financial reporting quality is distinguishable from earnings quality, which pertains to the earnings and cash generated by the company’s actual economic activities and the resulting financial condition. Low-quality earnings are not sustainable and decrease company value.

  5. B选项正确。财务报告质量 指的是财务报告中所含信息的质量。如果财务报告质量低下,所提供的信息对于评估公司业绩几乎没有用处。财务报告质量与盈利质量不同,盈利质量指的是公司实际经济活动产生的收益和现金以及由此产生的财务状况。

  6. B is correct. Financial reporting quality pertains to the quality of the information contained in financial reports. If financial reporting quality is low, the information provided is of little use in assessing the company’s performance. Financial reporting quality is distinguishable from earnings quality, which pertains to the earnings and cash generated by the company’s actual economic activities and the resulting financial condition.

  7. B选项正确。盈利质量指的是公司实际经济活动产生的收益和现金流,以及由此产生的财务状况。低质量的盈利很可能无法长期持续,因为公司预期未来无法产生同等水平的盈利,或者盈利无法带来足够的投资回报来维持公司运营。不可持续的盈利会降低公司价值。盈利质量与财务报告质量有所区别,后者指的是财务报告中所含信息的质量。

  8. B is correct. Earnings quality pertains to the earnings and cash generated by the company’s actual economic activities and the resulting financial condition. Low-quality earnings are likely not sustainable over time because the company does not expect to generate the same level of earnings in the future or because earnings will not generate sufficient return on investment to sustain the company. Earnings that are not sustainable decrease company value. Earnings quality is distinguishable from financial reporting quality, which pertains to the quality of the information contained in financial reports.

  9. A选项正确。非经常性活动产生的收益是不可持续的。不可持续的收益属于低质量收益。确认非经常性活动产生的收益既不是会计上的偏见,也不表明财务报告质量低下,因为它忠实地反映了经济事件。

  10. A is correct. Earnings that result from non-recurring activities are unsustainable. Unsustainable earnings are an example of lower-quality earnings. Recognizing earnings that result from non-recurring activities is neither a biased accounting choice nor indicative of lower quality financial reporting because it faithfully represents economic events.

  11. B选项正确。财务报告质量最高者是那些符合公认会计准则(GAAP)、对决策有用、且盈利可持续并能提供足够回报的报告。换句话说,这些报告既具备高财务报告质量,也具备高盈利质量。

  12. B is correct. At the top of the quality spectrum of financial reports are reports that conform to GAAP, are decision useful, and have earnings that are sustainable and offer adequate returns. In other words, these reports have both high financial reporting quality and high earnings quality.

  13. A选项正确。财务报告的质量从高到低呈连续分布,其依据是决策实用性和盈利质量(参见阅读材料中的图表2)。质量最低的报告会虚构事件,这可能会歪曲公司的业绩和/或掩盖公司资产的欺诈性挪用。

  14. A is correct. Financial reports span a quality continuum from high to low based on decision-usefulness and earnings quality (see Exhibit 2 of the reading). The lowest-quality reports portray fictitious events, which may misrepresent the company’s performance and/or obscure fraudulent misappropriation of the company’s assets.

  15. B选项正确。将研发投资推迟到下一个报告期是采取实际行动进行盈余管理的一个例子。

  16. B is correct. Deferring research and development (R&D) investments into the next reporting period is an example of earnings management by taking a real action.

  17. B选项正确。高质量的财务报告提供有用的信息,即与实际业绩相关且真实反映业绩的信息。虽然盈利质量低可能并不理想,但如果报告的盈利能够代表实际业绩,那么它就符合高质量财务报告的标准。最高质量的财务报告既体现了高财务报告质量,也体现了高盈利质量。

  18. B is correct. High-quality financial reports offer useful information, meaning information that is relevant and faithfully represents actual performance. Although low earnings quality may not be desirable, if the reported earnings are representative of actual performance, they are consistent with high-quality financial reporting. Highest-quality financial reports reflect both high financial reporting quality and high earnings quality.

  19. B选项正确。激进的会计处理旨在通过虚增当期收入、盈利和/或经营现金流来提升公司报告的业绩。因此,该期间的财务业绩很可能存在向上偏差。

  20. B is correct. Aggressive accounting choices aim to enhance the company’s reported performance by inflating the amount of revenues, earnings, and/or operating cash flow reported in the period. Consequently, the financial performance for that period would most likely exhibit an upward bias.

  21. C选项正确。如果会计处理选择会降低公司在报告期内的业绩和财务状况,则这些选择被认为是保守的。保守的选择可能会增加资产负债表上报告的债务金额。它们可能会降低当期报告的收入、盈利和/或经营现金流,并在后续期间增加这些金额。

  22. C is correct. Accounting choices are considered conservative if they decrease the company’s reported performance and financial position in the period under review. Conservative choices may increase the amount of debt reported on the balance sheet. They may decrease the revenues, earnings, and/or operating cash flow reported for the period and increase those amounts in later periods.

  23. A选项正确。保守主义降低了诉讼的可能性,进而降低了诉讼成本。公司因低估利好消息或高估利空消息而被起诉的情况极为罕见。会计保守主义是一种财务报告偏差,它会降低公司报告的业绩。保守主义与中立性原则直接冲突。

  24. A is correct. Conservatism reduces the possibility of litigation and, by extension, litigation costs. Rarely, if ever, is a company sued because it understated good news or overstated bad news. Accounting conservatism is a type of bias in financial reporting that decreases a company’s reported performance. Conservatism directly conflicts with the characteristic of neutrality.

  25. A选项正确。管理层通常有动力达到或超过市场预期,尤其是在管理层薪酬与股价上涨或财报盈利挂钩的情况下。

  26. A is correct. Managers often have incentives to meet or beat market expectations, particularly if management compensation is linked to increases in stock prices or to reported earnings.

  27. B选项正确。管理层可能出于某种动机而低估报告期内的盈利,以增加达到或超过下一期盈利目标的可能性。

  28. B is correct. Managers may be motivated to understate earnings in the reporting period and increase the probability of meeting or exceeding the next period’s earnings target.

  29. C选项正确。通常情况下,当个人发布低质量的财务报告时,会存在机会、动机和合理化这三个因素。合理化是指当个人对某个选择感到担忧,并且需要向自己证明该选择合理时发生的现象。如果管理者对财务报告中的某个选择感到担忧,他/她可能会寻求其他意见,以说服自己该选择是可以接受的。

  30. C is correct. Typically, conditions of opportunity, motivation, and rationalization exist when individuals issue low-quality financial reports. Rationalization occurs when an individual is concerned about a choice and needs to be able to justify it to herself or himself. If the manager is concerned about a choice in a financial report, she or he may ask for other opinions to convince herself or himself that it is okay.

  31. C选项正确。在财务业绩强劲的时期,管理层可能会采取一些会计处理策略,以提高下一期盈利超出预期的可能性。通过提前确认费用或延迟确认收入,管理层可以虚增下一期的盈利,从而增加超额完成目标的可能性。

  32. C is correct. In a period of strong financial performance, managers may pursue accounting choices that increase the probability of exceeding earnings forecasts for the next period. By accelerating expense recognition or delaying revenue recognition, managers may inflate earnings in the next period and increase the likelihood of exceeding targets.

  33. B选项正确。员工的动机可能源于个人原因(例如奖金)或公司原因(例如对未来融资的担忧)而产生的达到某些指标的压力。内部控制不力以及董事会疏忽大意都可能导致发布低质量的财务报告。

  34. B is correct. Motivation can result from pressure to meet some criteria for personal reasons, such as a bonus, or corporate reasons, such as concern about future financing. Poor internal controls and an inattentive board of directors offer opportunities to issue low-quality financial reports.

  35. A选项正确。违反债券契约的可能性可能会促使管理层在报告期内虚增盈利。通过这种方式,公司或许能够避免违反债券契约所带来的后果。

  36. A is correct. The possibility of bond covenant violations may motivate managers to inflate earnings in the reporting period. In so doing, the company may be able to avoid the consequences associated with violating bond covenants.

  37. A选项正确。发布低质量财务报告的机会包括内部因素,例如董事会效率低下;以及外部因素,例如会计准则允许企业做出不同的选择。业绩压力和对未来融资的担忧也是发布低质量财务报告的动机。通常,发布低质量财务报告需要满足三个条件:机会、动机和合理化。

  38. A is correct. Opportunities to issue low-quality financial reports include internal conditions, such as an ineffective board of directors, and external conditions, such as accounting standards that provide scope for divergent choices. Pressure to achieve a certain level of performance and corporate concerns about future financing are examples of motivations to issue low-quality financial reports. Typically, three conditions exist when low-quality financial reports are issued: opportunity, motivation, and rationalization.

  39. C选项正确。审计的目的是确保公司财务报告公允列报,从而规范财务报告质量。监管机构通常要求上市公司的财务报表由独立审计师进行审计,以确保财务报表符合会计准则。非上市公司也可以选择自愿或应外部机构要求进行审计。审计通常并非旨在发现舞弊。审计基于抽样,因此样本可能无法发现错报。

  40. C is correct. An audit is intended to provide assurance that the company’s financial reports are presented fairly, thus providing discipline regarding financial reporting quality. Regulatory agencies usually require that the financial statements of publicly traded companies be audited by an independent auditor to provide assurance that the financial statements conform to accounting standards. Privately held companies may also choose to obtain audit opinions either voluntarily or because an outside party requires it. An audit is not typically intended to detect fraud. An audit is based on sampling and it is possible that the sample might not reveal misstatements.

  41. B选项正确。如果公司在提交给美国证券交易委员会(SEC)的文件中使用非公认会计准则(非GAAP)财务指标,则必须在文件中以同等显著性提供最直接可比的公认会计准则(GAAP)指标。此外,公司还必须提供非GAAP指标与相应GAAP指标之间的调节表。同样,国际财务报告准则(IFRS)要求财务报告中包含的任何非IFRS指标都必须加以定义,并解释其潜在意义。非IFRS指标必须与IFRS指标进行调节。

  42. B is correct. If a company uses a non-GAAP financial measure in an SEC filing, it is required to provide the most directly comparable GAAP measure with equivalent prominence in the filing. In addition, the company is required to provide a reconciliation between the non-GAAP measure and the equivalent GAAP measure. Similarly, IFRS require that any non-IFRS measures included in financial reports must be defined and their potential relevance explained. The non-IFRS measures must be reconciled with IFRS measures.

  43. B选项正确。如果一家公司想要提高报告收益,其管理层可能会减少应收账款准备金以及当期报告的相关费用。缩短可折旧资产的使用寿命会增加折旧费用,从而降低报告期收益。将一项采购归类为费用而非资本支出也会降低报告期收益。权责发生制会计可能导致财务报告中出现估计值,因为在确认时可能无法掌握与相关事项有关的所有事实。这些估计值可能基于实际情况,也可能是公司为了呈现理想的财务状况而人为操纵的。

  44. B is correct. If a company wants to increase reported earnings, the company’s managers may reduce the allowance for uncollected accounts and the related expense reported for the period. Decreasing the useful life of depreciable assets would increase depreciation expense and decrease earnings in the reporting period. Classifying a purchase as an expense, rather than capital expenditure, would decrease earnings in the reporting period. The use of accrual accounting may result in estimates in financial reports, because all facts associated with events may not be known at the time of recognition. These estimates can be grounded in reality or managed by the company to present a desired financial picture.

  45. B选项正确。收入确认偏差可能导致财务报告中信息的操纵。仅仅判断收入是高于还是低于上期并不足以确定是否存在收入确认偏差。必须执行额外的分析程序来识别会计舞弊的预警信号。物物交换交易难以准确估值,可能导致收入确认偏差。一些政策,例如在货物发货给客户之前就确认收入,可能预示着会计舞弊。

  46. B is correct. Bias in revenue recognition can lead to manipulation of information presented in financial reports. Addressing the question as to whether revenue is higher or lower than the previous period is not sufficient to determine if there is bias in revenue recognition. Additional analytical procedures must be performed to identify warning signals of accounting malfeasance. Barter transactions are difficult to value properly and may result in bias in revenue recognition. Policies that make it easier to prematurely recognize revenue, such as before goods are shipped to customers, may be a warning sign of accounting malfeasance.

  47. A选项正确。管理层可以通过延长应付账款的信用期来暂时提高经营活动现金流。换句话说,管理层将付款延迟到下一个会计期间。将所有非现金折价摊销用于抵扣资本化利息会导致报告的利息支出和经营活动现金流出增加,从而降低经营活动现金流。将已付利息的分类从筹资活动现金流转移到经营活动现金流也会降低经营活动现金流。

  48. A is correct. Managers can temporarily show a higher cash flow from operations by stretching the accounts payable credit period. In other words, the managers delay payments until the next accounting period. Applying all non-cash discount amortization against interest capitalized causes reported interest expenses and operating cash outflow to be higher, resulting in a lower cash flow provided by operations. Shifting the classification of interest paid from financing to operating cash flows lowers the cash flow provided by operations.

  49. C选项正确。如果一家公司的应收账款周转天数(DSO)相对于竞争对手不断增加,这可能表明该公司存在过早确认收入甚至虚增收入的情况。有很多分析方法可以用来发现财务报告中的信息操纵行为。这些预警信号通常与收入确认和费用确认政策中的偏差有关。

  50. C is correct. If a company’s days sales outstanding (DSO) is increasing relative to competitors, this may be a signal that revenues are being recorded prematurely or are even fictitious. There are numerous analytical procedures that can be performed to provide evidence of manipulation of information in financial reporting. These warning signs are often linked to bias associated with revenue recognition and expense recognition policies.

  51. B选项正确。如果一家公司的现金流量与净利润之比持续低于1,或随着时间的推移不断下降,这可能表明该公司通过激进的权责发生制会计政策操纵财务报告信息。当净利润持续高于经营活动产生的现金流量时,一种可能的解释是该公司可能采用了激进的权责发生制会计政策,将当期费用转移到以后期间。

  52. B is correct. If the ratio of cash flow to net income for a company is consistently below 1 or has declined repeatedly over time, this may be a signal of manipulation of information in financial reports through aggressive accrual accounting policies. When net income is consistently higher than cash provided by operations, one possible explanation is that the company may be using aggressive accrual accounting policies to shift current expenses to later periods.

  53. C选项正确。为了推断历史盈利趋势,分析师应考虑对往年盈利进行备考分析调整,以反映往年合理比例的当期重组和减值费用。

  54. C is correct. To extrapolate historical earnings trends, an analyst should consider making pro forma analytical adjustments of prior years’ earnings to reflect in those prior years a reasonable share of the current period’s restructuring and impairment charges.

笔记

Notes

阅读30 财务报表分析的应用

Reading 30 Applications of Financial Statement Analysis

作者:Thomas R. Robinson,博士,特许金融分析师 (CFA);Jan Hendrik van Greuning,商业博士,特许金融分析师 (CFA);Elaine Henry,博士,特许金融分析师 (CFA) ;Michael A. Broihahn,注册会计师 (CPA)、注册内部审计师 (CIA)、特许金融分析师 (CFA)。

Thomas R. Robinson,博士,特许金融分析师 (CFA),就职于 AACSB International(美国)。Jan Hendrik van Greuning,商业博士,特许金融分析师 (CFA),就职于 BIBD(文莱)。Elaine Henry,博士,特许金融分析师 (CFA),就职于史蒂文斯理工学院(美国)。Michael A. Broihahn,注册会计师 (CPA)、注册内部审计师 (CIA)、特许金融分析师 (CFA),就职于巴里大学(美国)。

Thomas R. Robinson, PhD, CFA, is at AACSB International (USA). Jan Hendrik van Greuning, DCom, CFA, is at BIBD (Brunei). Elaine Henry, PhD, CFA, is at Stevens Institute of Technology (USA). Michael A. Broihahn, CPA, CIA, CFA, is at Barry University (USA).

学习成果

Learning Outcomes

应聘者应具备以下能力:

The candidate should be able to:

  1. 评价公司过去的财务业绩,并解释公司战略如何体现在过去的财务业绩中;

  2. evaluate a company’s past financial performance and explain how a company’s strategy is reflected in past financial performance;

  3. 预测公司未来的净收入和现金流;

  4. forecast a company’s future net income and cash flow;

  5. 描述财务报表分析在评估潜在债务投资的信用质量中的作用;

  6. describe the role of financial statement analysis in assessing the credit quality of a potential debt investment;

  7. 描述如何运用财务报表分析来筛选潜在的股权投资;

  8. describe the use of financial statement analysis in screening for potential equity investments;

  9. 解释分析师对公司财务报表进行的适当调整,以便与其他公司进行比较。

  10. explain appropriate analyst adjustments to a company’s financial statements to facilitate comparison with another company.

1.引言

1. Introduction

本文介绍了财务报表分析的几个重要应用。我们将探讨的问题包括以下几个方面:

This reading presents several important applications of financial statement analysis. Among the issues we will address are the following:

  • 评估一家公司过去的财务业绩时,需要解决的关键问题是什么?

  • What are the key questions to address in evaluating a company’s past financial performance?

  • 分析师如何预测公司未来的净收入和现金流?

  • How can an analyst approach forecasting a company’s future net income and cash flow?

  • 如何利用财务报表分析来评价潜在固定收益投资的信用质量?

  • How can financial statement analysis be used to evaluate the credit quality of a potential fixed-income investment?

  • 如何利用财务报表分析筛选潜在的股权投资?

  • How can financial statement analysis be used to screen for potential equity investments?

  • 会计方法的差异会如何影响公司之间的财务比率比较?分析师会对已公布的财务数据进行哪些调整以促进公司之间的可比性?

  • How can differences in accounting methods affect financial ratio comparisons between companies, and what are some adjustments analysts make to reported financials to facilitate comparability among companies.

阅读材料《财务报表分析:入门》描述了一个进行财务报表分析的框架。根据该框架,分析师在进行任何分析之前,应首先明确分析的目的和背景。目的和背景将指导后续决策,包括分析方法、工具、数据来源以及分析结果的报告格式,并提示哪些分析方面最为重要。在明确目的和背景之后,分析师应能够提出分析必须解决的关键问题。这些问题将提示分析师需要收集哪些数据才能客观地回答这些问题。然后,分析师处理和分析数据以回答这些问题。基于分析得出的结论和决策应以适合具体情况的形式进行传达,并根据需要进行后续跟进。虽然本文不会正式地以一系列步骤的形式呈现应用案例,但上述流程具有普遍适用性。

The reading “Financial Statement Analysis: An Introduction” described a framework for conducting financial statement analysis. Consistent with that framework, prior to undertaking any analysis, an analyst should explore the purpose and context of the analysis. The purpose and context guide further decisions about the approach, the tools, the data sources, and the format in which to report results of the analysis, and also suggest which aspects of the analysis are most important. Having identified the purpose and context, the analyst should then be able to formulate the key questions that the analysis must address. The questions will suggest the data the analyst needs to collect to objectively address the questions. The analyst then processes and analyzes the data to answer these questions. Conclusions and decisions based on the analysis are communicated in a format appropriate to the context, and follow-up is undertaken as required. Although this reading will not formally present applications as a series of steps, the process just described is generally applicable.

本文第二部分介绍了如何运用财务报表分析来评估公司过去的财务业绩,第三部分介绍了预测公司未来财务业绩的基本方法。第四部分阐述了如何运用财务报表分析来评估潜在债务投资的信用质量。第五部分总结了财务报表分析在筛选潜在股权投资中的应用。分析师经常会遇到需要对公司已公布的财务业绩进行调整的情况,以提高其准确性或与其他公司财务业绩的可比性。第六部分列举了几种常见的分析师调整类型。第七部分总结全文,并以CFA协会多项选择题的形式呈现练习题,为本文画上句号。

Section 2 of this reading describes the use of financial statement analysis to evaluate a company’s past financial performance, and Section 3 describes basic approaches to projecting a company’s future financial performance. Section 4 presents the use of financial statement analysis in assessing the credit quality of a potential debt investment. Section 5 concludes the survey of applications by describing the use of financial statement analysis in screening for potential equity investments. Analysts often encounter situations in which they must make adjustments to a company’s reported financial results to increase their accuracy or comparability with the financials of other companies. Section 6 illustrates several common types of analyst adjustments. Section 7 presents a summary, and practice problems in the CFA Institute multiple-choice format conclude the reading.

2.应用:评估过往财务业绩

2. Application: Evaluating Past Financial Performance

分析师出于多种原因会考察公司过去的财务业绩。对财务业绩进行横截面分析有助于理解公司之间的可比性,从而进行基于市场的估值。对公司历史业绩的长期分析可以为公司的未来发展分析奠定基础。横截面分析和趋势分析都能为评估公司管理层的素质和绩效提供信息。

Analysts examine a company’s past financial performance for a number of reasons. Cross-sectional analysis of financial performance facilitates understanding of the comparability of companies for a market-based valuation.1 Analysis of a company’s historical performance over time can provide a basis for a forward-looking analysis of the company. Both cross-sectional and trend analysis can provide information for evaluating the quality and performance of a company’s management.

对公司过往业绩的评估不仅关注发生了什么(即公司表现如何),还关注为什么会发生——业绩背后的原因以及业绩如何体现公司的战略。评估性判断会考察业绩是优于还是劣于相关的基准,例如公司自身的历史业绩、竞争对手的业绩或市场预期。一些关键的分析问题包括:

An evaluation of a company’s past performance addresses not only what happened (i.e., how the company performed) but also why it happened—the causes behind the performance and how the performance reflects the company’s strategy. Evaluative judgments assess whether the performance is better or worse than a relevant benchmark, such as the company’s own historical performance, a competitor’s performance, or market expectations. Some key analytical questions include the following:

  • 在所分析的时期内,企业盈利能力、效率、流动性和偿付能力的衡量指标发生了哪些变化,以及为什么会发生这些变化?

  • How and why have corporate measures of profitability, efficiency, liquidity, and solvency changed over the periods being analyzed?

  • 一家公司的盈利能力、效率、流动性和偿付能力水平及趋势与同行业其他公司相比如何?哪些因素可以解释这些差异?

  • How do the level and trend in a company’s profitability, efficiency, liquidity, and solvency compare with the corresponding results of other companies in the same industry? What factors explain any differences?

  • 对于一家公司而言,要想在行业中成功竞争,哪些方面的绩效至关重要?该公司在这些关键绩效方面表现如何?

  • What aspects of performance are critical for a company to successfully compete in its industry, and how did the company perform relative to those critical performance aspects?

  • 该公司的商业模式和战略是什么?它们如何影响公司的业绩,例如销售增长、效率和盈利能力?

  • What are the company’s business model and strategy, and how did they influence the company’s performance as reflected in, for example, its sales growth, efficiency, and profitability?

可用于回答这些问题的数据包括公司(及其竞争对手)的财务报表、公司投资者关系部门的资料、公司新闻稿以及非财务报表监管文件,例如委托书。有用的数据还包括行业信息(例如,来自行业调查、行业出版物和政府机构的信息)、消费者信息(例如,来自消费者满意度调查的信息)以及分析师直接收集的信息(例如,通过实地考察)。数据处理通常包括编制通用格式的财务报表、计算财务比率以及审查或计算行业特定指标。示例 1说明了战略对业绩的影响以及如何运用基本的经济推理来解释结果。

Data available to answer these questions include the company’s (and its competitors’) financial statements, materials from the company’s investor relations department, corporate press releases, and non-financial-statement regulatory filings, such as proxies. Useful data also include industry information (e.g., from industry surveys, trade publications, and government sources), consumer information (e.g., from consumer satisfaction surveys), and information that is gathered by the analyst firsthand (e.g., through on-site visits). Processing the data typically involves creating common-size financial statements, calculating financial ratios, and reviewing or calculating industry-specific metrics. Example 1 illustrates the effects of strategy on performance and the use of basic economic reasoning in interpreting results.

例 1

产品变化反映在财务业绩中

A Change in Products Reflected in Financial Performance

苹果公司是一家随着时间推移不断发展和调整的公司。在1994年向美国证券交易委员会提交的招股说明书中,苹果公司自诩为“世界领先的个人电脑技术公司之一”。当时,其大部分收入来自电脑销售。然而,在招股说明书中,苹果公司也指出:“公司的战略是在扩大个人电脑市场份额的同时,开发并拓展新的相关业务,例如个人互动电子产品和苹果商业系统。”随着时间的推移,除电脑以外的其他产品也成为公司重要的收入和利润来源。

Apple Inc. is a company that has evolved and adapted over time. In its 1994 Prospectus filed with the US SEC, Apple identified itself as “one of the world’s leading personal computer technology companies.” At that time, most of its revenue was generated by computer sales. In the prospectus, however, Apple stated, “The Company’s strategy is to expand its market share in the personal computing industry while developing and expanding into new related business such as Personal Interactive Electronics and Apple Business Systems.” Over time, products other than computers became significant generators of revenue and profit.

2005年,《巴伦周刊》的一篇文章指出:“去年,iPod已成为苹果公司最畅销的产品,为这家位于加州库比蒂诺的公司带来了三分之一的收入……然而,这些iPod的狂热拥趸们却很少注意到一个迫在眉睫的威胁……无线电话公司正与音乐产业联手,将大多数手机打造成音乐播放器”(《巴伦周刊》,2005年6月27日,第19页)。苹果公司并没有忽视 《巴伦周刊》所指出的这一威胁。

In 2005, an article in Barron’s said, “In the last year, the iPod has become Apple’s best-selling product, bringing in a third of revenues for the Cupertino, Calif. firm . . . Little noticed by these iPod zealots, however is a looming threat . . . Wireless phone companies are teaming up with the music industry to make most mobile phones into music players” (Barron’s 27 June 2005, p. 19). The threat noted by Barron’s was not unnoticed or ignored by Apple.

2007年6月,苹果公司正式进军移动电话市场,推出了初代iPhone。随后在2008年6月,苹果发布了第二代iPhone 3G(一款集手机、iPod和互联网连接功能于一体的掌上设备)。不久之后,苹果推出了iTunes App Store,用户可以从中下载第三方应用程序到他们的iPhone上。正如2009年《商业周刊》的一篇文章所指出的,苹果“是全球最大的音乐发行商,在2008年初就超越了沃尔玛。在美国,苹果的歌曲下载量约占90%,数字音乐播放器销量约占75%”(《商业周刊》,2009年9月28日,第34页)。产品创新仍在继续,2010年1月推出的iPad便是最好的证明。

In June 2007, Apple itself entered the mobile phone market with the launch of the original iPhone, followed in June 2008 by the second-generation iPhone 3G (a handheld device combining the features of a mobile phone, an iPod, and an internet connection device). Soon after, the company launched the iTunes App Store, which allows users to download third-party applications onto their iPhones. As noted in a 2009 Business Week article, Apple “is the world's largest music distributor, having passed Wal-Mart Stores in early 2008. Apple sells around 90% of song downloads and 75% of digital music players in the United States” (Business Week, 28 September 2009, p. 34). Product innovations continue as evidenced by the introduction of the iPad in January 2010.

在分析苹果公司 2018 年的历史业绩时,分析师可能会参考图表 1中提供的信息,该图表显示了销售额、盈利能力、按产品线划分的销售额和产品组合。

In analyzing the historical performance of Apple in 2018, an analyst might refer to the information presented in Exhibit 1, which shows sales, profitability, sales by product line and product mix.

图表 1。(单位:百万美元)
销售额和盈利能力 2017 2016 2015 2014 2013 2012 2011 2010
销售量 229,234 215,639 233,715 182,795 170,910 156,608 108,249 65,225
销售成本 141,048 131,376 140,089 112,258 106,606 87,846 64,431 39,541
毛利 88,186 84,263 93,626 70,537 64,304 68,762 43,818 25,684
毛利率 38.5% 39.1% 40.1% 38.6% 37.6% 43.9% 40.5% 39.4%
按产品划分的净销售额
苹果 25,850 22,831 25,471 24,079 21,483 23,221 21,783 25,850
iPhone 及相关产品 141,319 136,700 155,041 101,991 91,279 78,692 45,998 141,319
iPad 及相关产品 19,222 20,628 23,227 30,283 31,980 30,945 19,168 19,222
服务 29,980 24,348 19,909 18,063 16,051 12,890 9,373 29,980
其他(包括 iPod) 12,863 11,132 10,067 8,379 10,117 10,760 11,927 12,863
全部的 229,234 215,639 233,715 182,795 170,910 156,508 108,249 65,225
按产品划分的净销售额百分比
苹果 11.3% 10.6% 10.9% 13.2% 12.6% 14.8% 20.1% 26.8%
iPhone 及相关产品 61.6% 63.4% 66.3% 55.8% 53.4% 50.3% 42.5% 38.6%
iPad 及相关产品 8.4% 9.6% 9.9% 16.6% 18.7% 19.8% 17.7% 7.6%
服务 13.1% 11.3% 8.5% 9.9% 9.4% 8.2% 8.7% 15.5%
其他(包括 iPod) 5.6% 5.2% 4.3% 4.6% 5.9% 6.9% 11.0% 11.5%
全部的 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

资料来源:苹果公司 10-K 文件。

Source: Apple 10-K filings.

根据所提供的信息,回答以下问题:

Using the information provided, address the following:

  1. 销售额和毛利率随时间发生了哪些变化?

  2. How have sales and gross margin changed over time?

  3. 自 2010 年推出 iPad 以来,苹果公司的产品组合发生了哪些变化?这种变化对分析师评估苹果公司长期盈利能力及其维持盈利能力的能力有何启示?

  4. How has the company’s product mix changed since the introduction of the iPad in 2010, and what might this change suggest for an analyst in evaluating Apple’s profitability over time and its ability to maintain that profitability?

问题1的解答:

Solution to 1:

自2010年以来,总销售额从650亿美元增长至2290亿美元,年均增长率接近20%。仅有2016年销售额没有增长。毛利率在37.6%至43.9%之间波动。自2010年iPad问世以来,毛利率持续增长,并在2012年达到峰值。2013年毛利率有所下降,但随后在2015年之前呈上升趋势。2015年之后,毛利率略有下降。

Since 2010 total sales have increased from $65 billion to $229 billion. This represents an annualized growth rate of almost 20%. There was only one year that did not have sales growth in dollars (2016). Gross margin has ranged from 37.6% to 43.9%. Gross margin increased from 2010, when the iPad was introduced, through 2012, when it reached its peak. Gross margin then declined in 2013 and trended upward through 2015. There were modest declines in gross margin after 2015.

答案二:

Solution to 2:

iPad 于 2010 年推出后,迅速占据了苹果产品组合的相当大份额,并在推出后的第一个完整年度——2011 年——攀升至 17.7%。2012 年,iPad 的产品组合份额接近 20%,随后两年略有下降,之后再次大幅下滑,最终稳定在 9% 左右。这可能是由于 iPad 的普及程度较高所致。iPhone 的产品组合份额也显著增长,从 2010 年的 38.6% 稳步上升至 2015 年的 66.3%。自 2015 年以来,iPhone 的份额略有下降,但仍是苹果产品线中占比最大的产品,超过 60%。苹果的初代产品 Mac 的销量占比已从超过 25% 下降至 10% 左右。服务业务发生了显著变化,但近年来一直保持稳定增长,这很可能是由于苹果的音乐和其他媒体订阅服务所致。 iPod 最初是一款轰动一时的产品,现在却被归入“其他”类别,这也是该类别产品数量随时间推移而下降的最大原因。

When the iPad was introduced in 2010 it received a significant share of the product mix, rising to 17.7% in 2011, the first full year after introduction. The iPad’s product mix share approached 20% share in 2012 and then declined slightly for two years before a larger decline down to a relatively stable product mix share of around 9%. This could be explained by reaching fairly widespread adoption. The iPhone also gained significant product mix share, rising steadily from 38.6% in 2010 to 66.3% in 2015. Share declined slightly since 2015 but still remains the largest of Apple’s product segments at more than 60%. Sales of their original product, the Mac, have declined from more than 25% of sales to around 10%. Services have changed significantly but have shown a steady increase in recent years, most likely due to Apple’s music and other media subscription plans. Initially a blockbuster product, the iPod is now included in “other,” and this is the largest driver of the decline in that category over time.

苹果公司过去每隔几年就会推出新产品,但近年来,该公司并未创建新的产品类别,而是定期推出新款iPad和iPhone。近期利润率的下滑部分归因于缺乏新产品和服务,这也凸显了产品创新对于苹果维持其历来健康的利润率的重要性。

Apple had a history of introducing new products every few years, but in recent years the company has not created new product categories. Instead the company has periodically introduced new models of iPads and iPhones. The recent decline in margins is attributable in part to the lack of new products and services and highlights the importance of product innovation to Apple in maintaining historically healthy margins.

在计算和解读财务报表比率时,分析师需要了解采用不同会计准则(例如国际财务报告准则 (IFRS)、美国通用会计准则 (US GAAP) 或其他本国会计准则)的公司,其财务报表及相关比率可能受到的影响。此外,即使在既定的会计准则框架内,公司仍然可以自由选择可接受的会计方法。即使采用相同的会计方法,不同的公司也可能做出不同的假设和估计。因此,对公司的财务报表数据进行必要的调整,有助于与其他公司或整个行业进行比较。第 6 节将讨论此类分析师调整的示例。

In calculating and interpreting financial statement ratios, an analyst needs to be aware of the potential impact on the financial statements and related ratios of companies reporting under different accounting standards, such as international financial reporting standards (IFRS), US generally accepted accounting principles (US GAAP), or other home-country GAAP. Furthermore, even within a given set of accounting standards, companies still have discretion to choose among acceptable methods. A company also may make different assumptions and estimates even when applying the same method as another company. Therefore, making selected adjustments to a company’s financial statement data may be useful to facilitate comparisons with other companies or with the industry overall. Examples of such analyst adjustments will be discussed in Section 6.

非美国公司若采用任何可接受的会计准则(国际财务报告准则或美国通用会计准则除外)并向美国证券交易委员会(SEC)提交文件(因为其股票或基于其股票的存托凭证在美国交易),则必须将其净利润和股东权益账户与美国通用会计准则进行核对。请注意,SEC于2007年取消了对采用国际财务报告准则并向其提交文件的非美国公司进行核对的要求,但公司仍可出于比较目的自愿提供此信息。

Non-US companies that use any acceptable body of accounting standards (other than IFRS or US GAAP) and file with the US SEC (because their shares or depositary receipts based on their shares trade in the United States) are required to reconcile their net income and shareholders’ equity accounts to US GAAP. Note that in 2007, the SEC eliminated the reconciliation requirement for non-US companies using IFRS and filing with the SEC, however companies may still voluntarily provide this information for comparison purposes.

总的来说,由于美国证券交易委员会不再要求提供调节数据,我们无法总是确定国际财务报告准则与公司本国通用会计准则(包括美国通用会计准则)之间是否存在净收入、权益以及净资产收益率的差异。

In general, because the reconciliation data are no longer required by the SEC, we cannot always determine whether differences in net income, equity, and thus ROE also exist between IFRS and the companies’ home-country GAAP (including US GAAP).

通过比较公司业绩水平和趋势,可以了解公司的整体表现。公司管理层会在年度报告的管理层评论或管理层讨论与分析(MD&A)部分以及定期与分析师和投资者的电话会议上阐述其对业绩成因的看法。为了更深入地了解公司业绩的成因,分析师可以查阅行业信息或从其他来源(例如消费者调查)获取信息。

Comparison of the levels and trends in a company’s performance provide information about how the company performed. The company’s management presents its view about causes underlying its performance in the management commentary or management discussion and analysis (MD&A) section of its annual report and during periodic conference calls with analysts and investors. To gain additional understanding of the causes underlying a company’s performance, an analyst can review industry information or seek information from additional sources, such as consumer surveys.

对过往业绩的分析结果为得出结论和提出建议提供了依据。例如,一项前瞻性研究的分析可能会得出这样的结论:公司未来的业绩是否会延续近期的历史趋势?再比如,一项旨在支持公司市场估值的分析可能会着重考察,该公司的盈利能力和增长前景(优于(劣于)同业中位数)是否与其相对较高的(较低的)估值相符。这项分析会考虑多种市场倍数,例如市盈率(P/E)、市净率以及总投资资本与EBITDA(息税折旧摊销前利润)的比率。再比如,一项对两家公司管理层进行评估的分析可能会得出这样的结论:一家公司的增长速度是否与另一家公司一样快,或者是否与整个行业一样快;以及每家公司在增长的同时是否保持了盈利能力。

The results of an analysis of past performance provide a basis for reaching conclusions and making recommendations. For example, an analysis undertaken as the basis for a forward-looking study might conclude that a company’s future performance is or is not likely to reflect continuation of recent historical trends. As another example, an analysis to support a market-based valuation of a company might focus on whether the company’s profitability and growth outlook, which is better (worse) than the peer group median, justifies its relatively high (low) valuation. This analysis would consider market multiples, such as price-to-earnings ratio (P/E), price-to-book ratio, and total invested capital to EBITDA (earnings before interest, taxes, depreciation, and amortization).2 As another example, an analysis undertaken as part of an evaluation of the management of two companies might result in conclusions about whether one company has grown as fast as another company, or as fast as the industry overall, and whether each company has maintained profitability while growing.

3.应用:预测未来财务业绩

3. Application: Projecting Future Financial Performance

对未来财务业绩的预测用于确定公司或其股权部分的价值。未来财务业绩的预测也用于信用分析——尤其是在项目融资或收购融资中——以确定公司的现金流是否足以支付债务的利息和本金,并评估公司是否有可能继续遵守其财务契约。

Projections of future financial performance are used in determining the value of a company or its equity component. Projections of future financial performance are also used in credit analysis—particularly in project finance or acquisition finance—to determine whether a company’s cash flows will be adequate to pay the interest and principal on its debt and to evaluate whether a company will likely remain in compliance with its financial covenants.

分析师预测的数据来源包括以下部分或全部内容:公司预测、公司之前的财务报表、行业结构和前景以及宏观经济预测。

Sources of data for analysts’ projections include some or all of the following: the company’s projections, the company’s previous financial statements, industry structure and outlook, and macroeconomic forecasts.

评估公司过往业绩可为前瞻性分析提供基础。对公司业务和经济环境及其历史的评估,可能使分析师相信历史信息构成此类分析的有效依据,并且分析师的预测可以基于过去趋势的延续,或许会进行一些调整。另一方面,在重大收购或剥离的情况下,对于初创公司或处于波动性行业的公司而言,过往业绩可能与未来业绩的相关性较低。

Evaluating a company’s past performance may provide a basis for forward-looking analyses. An evaluation of a company’s business and economic environment and its history may persuade the analyst that historical information constitutes a valid basis for such analyses and that the analyst’s projections may be based on the continuance of past trends, perhaps with some adjustments. Alternatively, in the case of a major acquisition or divestiture, for a start-up company, or for a company operating in a volatile industry, past performance may be less relevant to future performance.

对公司近期业绩的预测可作为基于市场估值或相对估值(即基于市盈率的估值)的输入。此类预测可能涉及预测下一年的销售额,并使用通用格式的损益表来预测主要费用项目或特定销售利润率(例如,毛利率或营业利润率)。这些计算将得出用于估值的收入指标,例如净利润、每股收益 (EPS) 或 EBITDA。对公司未来业绩的更复杂预测涉及对多个时期业绩构成要素进行更详细的分析——例如,按产品线预测销售额和毛利率,基于历史模式预测营业费用,以及基于所需债务融资、利率和适用税项预测利息支出。此外,预测还应包括对主要假设的敏感性分析。

Projections of a company’s near-term performance may be used as an input to market-based valuation or relative valuation (i.e., valuation based on price multiples). Such projections may involve projecting next year’s sales and using the common-size income statement to project major expense items or particular margins on sales (e.g., gross profit margin or operating profit margin). These calculations will then lead to the development of an income measure for a valuation calculation, such as net income, earnings per share (EPS) or EBITDA. More complex projections of a company’s future performance involve developing a more detailed analysis of the components of performance for multiple periods—for example, projections of sales and gross margin by product line, projection of operating expenses based on historical patterns, and projection of interest expense based on requisite debt funding, interest rates, and applicable taxes. Furthermore, a projection should include sensitivity analyses applied to the major assumptions.

3.1预测业绩:市场估值的输入

3.1. Projecting Performance: An Input to Market-Based Valuation

财务报表分析的一个应用是预测公司近期的业绩,以此作为基于市场的估值依据。例如,分析师可能会预测公司的销售额和利润率来估算每股收益(EPS),然后应用预测的市盈率(P/E)来确定公司股票的目标价格。

One application of financial statement analysis involves projecting a company’s near-term performance as an input to market-based valuation. For example, an analyst might project a company’s sales and profit margin to estimate EPS and then apply a projected P/E to establish a target price for the company’s stock.

分析师通常采用自上而下的方法来预测公司的销售额。首先,根据行业销售额与某些宏观经济指标(例如实际国内生产总值 (GDP) 的增长)的历史关系来预测行业销售额。例如,在研究汽车行业时,分析师可能会发现该行业的年度国内汽车销量(在国内市场售出的汽车数量)与实际 GDP 的年度变化存在关联。回归分析通常用于确定此类关系的参数。预测销售额的其他因素可能包括消费者的收入或偏好、技术发展以及替代产品或服务的可获得性。在预测出行业销售额之后,接下来预测公司的市场份额。公司层面的市场份额预测可能基于历史市场份额以及对公司竞争地位的前瞻性评估。然后,将公司的预测市场份额乘以预测的行业总销售额来估算公司的销售额。

Analysts often take a top-down approach to projecting a company’s sales.3 First, industry sales are projected on the basis of their historical relationship with some macroeconomic indicator, such as growth in real gross domestic product (GDP). In researching the automobile industry, for example, the analyst may find that the industry’s annual domestic unit car sales (number of cars sold in domestic markets) bears a relationship to annual changes in real GDP. Regression analysis is often used to establish the parameters of such relationships. Other factors in projecting sales may include consumer income or tastes, technological developments, and the availability of substitute products or services. After industry sales are projected, a company’s market share is projected. Company-level market share projections may be based on historical market share and a forward-looking assessment of the company’s competitive position. The company’s sales are then estimated as its projected market share multiplied by projected total industry sales.

在为公司制定销售预测后,分析师可以选择多种方法来预测收入和现金流。分析师必须决定在制定预测时考虑的详细程度。例如,可以对单个费用项目进行单独预测,也可以对更汇总的费用项目(例如总运营费用)进行预测。预测结果可以不以费用来表示,而是以预测的利润率(毛利率、营业利润率或净利率)来表示。与毛利率或营业利润率不同,净利润率受财务杠杆和税率的影响,而这些因素会受到管理层和法律/监管政策的调整;因此,历史数据有时可能更适用于预测毛利率或营业利润率,而不是预测净利润率。无论采用哪种利润率,特定时期的预测利润额都是预测销售额与所选利润率预测值的乘积。

After developing a sales forecast for a company, an analyst can choose among various methods for forecasting income and cash flow. An analyst must decide on the level of detail to consider in developing forecasts. For example, separate forecasts may be made for individual expense items or for more aggregated expense items, such as total operating expenses. Rather than stating a forecast in terms of expenses, the forecast might be stated in terms of a forecasted profit margin (gross, operating, or net). The net profit margin, in contrast to the gross or operating profit margins, is affected by financial leverage and tax rates, which are subject to managerial and legal/regulatory revisions; therefore, historical data may sometimes be more relevant for projecting gross or operating profit margins than for projecting net profit margins. Whatever the margin used, the forecasted amount of profit for a given period is the product of the forecasted amount of sales and the forecast of the selected profit margin.

例2所示,对于在波动性较小的产品市场中运营的相对成熟的公司而言,历史营业利润率信息可以为预测未来营业利润(至少在短期预测范围内)提供有用的起点。但对于新兴企业、波动性较大的企业或固定成本较高的企业(固定成本会放大营业利润率的波动性),历史营业利润率通常不太适用于预测未来利润率。

As Example 2 illustrates, for relatively mature companies operating in non-volatile product markets, historical information on operating profit margins can provide a useful starting point for forecasting future operating profits (at least over short forecasting horizons). Historical operating profit margins are typically less reliable for projecting future margins for a new or relatively volatile business or one with significant fixed costs (which can magnify the volatility of operating margins).

例 2

利用历史营业利润率预测营业利润

Using Historical Operating Profit Margins to Forecast Operating Profit

预测营业利润的一种方法是确定公司过去几年的平均营业利润率,并将该利润率应用于公司销售额的预测。请使用以下三家公司的信息回答下面的问题 1 和 2:

One approach to projecting operating profit is to determine a company’s average operating profit margin over the previous several years and apply that margin to a forecast of the company’s sales. Use the following information on three companies to answer Questions 1 and 2 below:

  • 强生公司(JNJ)。这家成立于 1887 年的美国医疗保健集团,2017 年的销售额约为 765 亿美元,其三大主要业务为:药品、医疗器械和诊断以及消费品。

  • Johnson & Johnson (JNJ). This US health care conglomerate, founded in 1887, had 2017 sales of around $76.5 billion from its three main businesses: pharmaceuticals, medical devices and diagnostics, and consumer products.

  • 必和必拓(BHP)。这家总部位于澳大利亚、伦敦设有第二总部的公司是全球最大的自然资源公司,截至2017年6月的财年,其收入约为383亿美元。该公司开采、加工和销售煤炭、铜、镍、铁、铝土矿和银,并拥有相当规模的石油业务。

  • BHP Billiton (BHP). This company, with group headquarters in Australia and secondary headquarters in London, is the world’s largest natural resources company, reporting revenue of approximately US$38.3 billion for the fiscal year ended June 2017. The company mines, processes, and markets coal, copper, nickel, iron, bauxite, and silver and also has substantial petroleum operations.

  • 百度。这家中国公司成立于2000年,并于2005年在纳斯达克上市,是领先的中文搜索引擎。该公司2017年的收入为848亿元人民币,比2016年增长了20%,几乎是2012年收入的4倍。

    1. 对于这三家公司,请说明并论证建议的预测方法(将过去几年的平均营业利润应用于销售预测)是否是预测未来营业利润的合理起点。

    2. 假设2017年的销售预测完全准确,因此与公司2017年的实际销售量相等。根据以下附加信息,将使用过去五年平均营业利润率预测的2017年营业利润与公司报告的2017年实际营业利润进行比较:

  • Baidu. This Chinese company, which was established in 2000 and went public on NASDAQ in 2005, is the leading Chinese language search engine. The company’s revenues for 2017 were 84.8 billion renminbi (RMB), an increase of 20 percent from 2016 and almost 4 times revenue in 2012.

    1. For each of the three companies, state and justify whether the suggested forecasting method (applying the average operating profit over the previous several years to a forecast of sales) would be a reasonable starting point for projecting future operating profit.

    2. Assume that the 2017 forecast of sales was perfect and, therefore, equal to the realized sales by the company in 2017. Compare the forecast of 2017 operating profit, using an average of the previous five years’ operating profit margins, with the actual 2017 operating profit reported by the company given the following additional information:

  • 强生公司:在2017年之前的五年里,强生公司的平均营业利润率约为25.6%。该公司2017年的实际营业利润为182亿美元。

  • JNJ: For the five years prior to 2017, JNJ’s average operating profit margin was approximately 25.6 percent. The company’s actual operating profit for 2017 was $18.2 billion.

  • 必和必拓:在截至2017年6月的财年之前的四年里,必和必拓的平均营业利润率约为24.0%。该公司截至2017年6月的财年的实际营业利润为118亿美元。

  • BHP: For the four years prior to the year ending June 2017, BHP’s average operating profit margin was approximately 24.0 percent. The company’s actual operating profit for the year ended June 2017 was US$11.8 billion.

  • 百度:在2017年之前的四年里,百度的平均营业利润率约为28.5%。该公司2017年的实际营业利润为人民币157亿元。

  • Baidu: Over the four years prior to 2017, Baidu’s average operating profit margin was approximately 28.5 percent. The company’s actual operating profit for 2017 was RMB15.7 billion.

利用所给出的附加信息,说明并论证实际结果是否支持稳定营业利润率假设的有效性。

Using the additional information given, state and justify whether actual results support the usefulness of the stable operating margin assumption.

问题1的解答:

Solution to 1:

  • 强生公司。由于强生是一家成熟的公司,业务多元化,且业务相对稳定,因此,预测该公司营业利润的建议方法将是一个合理的起点。

  • JNJ. Because JNJ is an established company with diversified operations in relatively stable businesses, the suggested approach to projecting the company’s operating profit would be a reasonable starting point.

  • 必和必拓。由于大宗商品价格往往波动较大,而且采矿业属于资本密集型行业,因此,建议的预测必和必拓营业利润的方法可能不是一个有用的起点。

  • BHP. Because commodity prices tend to be volatile and the mining industry is relatively capital intensive, the suggested approach to projecting BHP’s operating profit would probably not be a useful starting point.

  • 百度与其他两家公司相比,运营历史较短,目前仍处于快速增长期。鉴于这些因素,采用较为宽泛的营业利润预测方法可能并不适用于百度。

  • Baidu. Compared to the other two companies, Baidu has a more limited operating history and remains in a period of rapid growth. These aspects about the company suggests that the broad approach to projecting operating profit would not be a useful starting point for Baidu.

答案二:

Solution to 2:

  • 强生公司 (JNJ ) 2017 年的实际营业利润率为 23.8%(182 亿美元除以 765 亿美元的销售额),略低于该公司五年平均营业利润率约 25.6%。

  • JNJ. JNJ’s actual operating profit margin for 2017 was 23.8 percent ($18.2 billion divided by sales of $76.5 billion), which is a little less than company’s five-year average operating profit margin of approximately 25.6 percent.

  • 必和必拓(BHP)。截至2017年6月,必和必拓的实际营业利润率为30.8%(118亿美元除以383亿美元的销售额)。如果按照该公司24.0%的平均利润率,并完全按照预测的销售额计算,则预测的营业利润约为92亿美元,比实际营业利润低约22%。

  • BHP. BHP’s actual operating profit margin for the year ended June 2017 was 30.8 percent ($11.8 billion divided by sales of $38.3 billion). If the company’s average profit margin of 24.0 percent had been applied to perfectly forecasted sales, the forecasted operating profit would have been approximately US$9.2 billion, around 22 percent lower than actual operating profit.

  • 百度2017年的实际营业利润率为18.5%(157亿元人民币除以848亿元人民币的销售额)。如果按照28.5%的平均利润率对销售额进行完美预测,则预测的营业利润约为242亿元人民币,比百度的实际营业利润高出约54%。

  • Baidu. Baidu’s actual operating profit margin for 2017 was 18.5 percent (RMB15.7 billion divided by sales of RMB84.8 billion). If the average profit margin of 28.5 percent had been applied to perfectly forecasted sales, the forecasted operating profit would have been approximately RMB24.2 billion, or around 54 percent higher than Baidu’s actual operating profit.

虽然往年的利润率可以为业务相对稳定的公司提供预测的有用起点,但仍应仔细审查基础数据,以识别不太可能在未来几年再次发生的项目。此类非经常性(即暂时性)项目应从任何用于预测的利润额或利润率的计算中剔除。示例 3说明了这一原则。

Although prior years’ profit margins can provide a useful starting point in projections for companies with relatively stable business, the underlying data should, nonetheless, be examined to identify items that are not likely to occur again in the following year(s). Such non-recurring (i.e., transitory) items should be removed from computations of any profit amount or profit margin that will be used in projections. Example 3 illustrates this principle.

例 3

预测中的问题

Issues in Forecasting

以下摘自全球航空、国防和工业公司德事隆集团2017年年度报告。

Following are excerpts from the 2017 annual report of Textron, a global aircraft, defense and industrial company.

截至12月31日止三年期间各年度的德事隆合并经营报表
(单位:百万,每股数据除外) 2017 2016 2015
收入
制造业收入 14,129 美元 13,710 美元 13,340 美元
财务收入 69 78 83
总收入 14,198 13,788 13,423
成本、费用及其他
销售成本 11,795 11,311 10,979
销售及管理费用 1,337 1,304 1,304
利息支出 174 174 169
特殊费用 130 123
总成本、费用及其他 13,436 12,912 12,452
持续经营业务税前利润 762 876 971
所得税费用 456 33 273
持续经营收入 306 843 698
已终止经营业务的收入(亏损),扣除所得税后* 1 119 (1)
净利 307 962 697

脚注:

Footnotes:

2017年第12号附注特别收费

2017 Note 12 Special Charges

2016年,我们启动了一项业务重组和调整计划,通过裁员、整合设施及其他措施,提升德事隆集团的整体运营效率。根据该计划,德事隆系统公司在其武器与传感器业务部门停止生产传感器引信武器产品;我们将雅各布森业务与德事隆特种车辆业务合并,整合了设施和一般及行政职能;并裁减了德事隆航空以及其他业务和公司职能部门的员工。2017年12月,我们决定采取进一步的重组措施,以进一步整合运营设施并精简产品线,主要涉及贝尔、德事隆系统和工业三大业务部门,这导致2017年第四季度新增4500万美元的特殊费用。自2016年计划启动以来,我们累计计提了2.13亿美元的特殊费用,其中包括9700万美元的遣散费、8400万美元的资产减值损失以及3200万美元的合同终止及其他费用。其中,德事隆系统公司支出8300万美元,德事隆航空支出6300万美元,工业部门支出3800万美元,贝尔公司支出2800万美元,公司其他部门支出100万美元。根据该计划,预计将裁员约2100人,占公司员工总数的5%。

In 2016, we initiated a plan to restructure and realign our businesses by implementing headcount reductions, facility consolidations and other actions in order to improve overall operating efficiency across Textron. Under this plan, Textron Systems discontinued production of its sensor-fuzed weapon product within its Weapons and Sensors operating unit, we combined our Jacobsen business with the Textron Specialized Vehicles business by consolidating facilities and general and administrative functions, and we reduced headcount at Textron Aviation, as well as other businesses and corporate functions. In December 2017, we decided to take additional restructuring actions to further consolidate operating facilities and streamline product lines, primarily within the Bell, Textron Systems and Industrial segments, which resulted in additional special charges of $45 million in the fourth quarter of 2017. We recorded total special charges of $213 million since the inception of the 2016 plan, which included $97 million of severance costs, $84 million of asset impairments and $32 million in contract terminations and other costs. Of these amounts, $83 million was incurred at Textron Systems, $63 million at Textron Aviation, $38 million at Industrial, $28 million at Bell and $1 million at Corporate. The total headcount reduction under this plan is expected to be approximately 2,100 positions, representing 5% of our workforce.

如附注2所述,为收购Arctic Cat,我们于2017年第一季度启动了一项重组计划,旨在将该业务整合到工业板块的Textron特种车辆业务中,以减少运营冗余并最大限度地提高效率。根据Arctic Cat重组计划,我们在2017年计提了2800万美元的重组费用,其中包括1900万美元的遣散费(主要与控制权变更条款相关)以及900万美元的合同终止及其他费用。此外,我们在2017年还计提了1200万美元的收购相关整合及交易成本。

In connection with the acquisition of Arctic Cat, as discussed in Note 2, we initiated a restructuring plan in the first quarter of 2017 to integrate this business into our Textron Specialized Vehicles business within the Industrial segment and reduce operating redundancies and maximize efficiencies. Under the Arctic Cat plan, we recorded restructuring charges of $28 million in 2017, which included $19 million of severance costs, largely related to change-of-control provisions, and $9 million of contract termination and other costs. In addition, we recorded $12 million of acquisition-related integration and transaction costs in 2017.

2016年财务报表一般附注

2016 Financial Statement General Footnote

*截至2016年12月31日止年度的已终止经营业务净收入(扣除所得税后)主要包括美国联邦所得税审计的结算款项。更多信息请参见合并财务报表附注13。

*Income from discontinued operations, net of income taxes for the year ended December 31, 2016 primarily includes the settlement of a U.S. federal income tax audit. See Note 13 to the Consolidated Financial Statements for additional information.

2016年附注13 所得税

2016 Note 13 Income Taxes

2016 年的所得税准备金包括 3.19 亿美元的收益,以反映我们与美国国税局上诉办公室就 1998 年至 2008 年纳税年度达成的和解,其中 2.06 亿美元的收益归因于持续经营,1.13 亿美元的收益归因于终止经营。

The provision for income taxes for 2016 included a benefit of $319 million to reflect the settlement with the U.S. Internal Revenue Service Office of Appeals for our 1998 to 2008 tax years, which resulted in a $206 million benefit attributable to continuing operations and $113 million attributable to discontinued operations.

资料来源:德事隆年度报告。

Source: Textron annual reports.

讨论:

Discussion:

在评估过往业绩或预测未来净利润时,通常不应计入已终止经营业务的业绩和重组费用。为了评估公司的持续经营利润率和净利润率,应剔除与重组相关的特殊费用以及与已终止经营业务相关的特殊税收优惠。例如,公司2017年的营业利润率(包含特殊费用)为5.4%(7.62亿美元/141.98亿美元)。剔除特殊费用后,营业利润率为6.3%(7.62亿美元+1.3亿美元)/141.98亿美元。同样,净利润率的计算也应剔除已终止经营业务的收入,尤其是在2016年。

Results of discontinued operations and restructuring charges should generally not be included when assessing past performance or when forecasting future net income. For purposes of evaluating the company’s ongoing operating and net profit margins the special charges related to restructuring and the special tax benefit related to discontinued operations should be removed. For example, the company’s operating margin for 2017 including special charges would be 5.4% ($762 million/$14,198 million). Excluding special charges, the operating margin would be 6.3% ($762 million + $130 million)/$14,198 million. Similarly, the net profit margin would be determined by eliminating the income from discontinued operations, particularly for 2016.

一般来说,当以盈利预测作为市场估值的基础时,分析师会对过去盈利中的暂时性因素做出适当的调整。有时,分析师会发现公司几乎每年都会计提特殊费用。在这种情况下,这些费用并非暂时性的,在评估过去和未来的利润率时不应将其剔除。

In general, when earnings projections are used as a foundation for market-based valuations, an analyst will make appropriate allowance for transitory components of past earnings. Occasionally, an analyst will observe that a company takes special charges virtually every year. In such cases, they are not transitory and should not be removed in evaluating past and future margins.

3.2多周期绩效预测

3.2. Projecting Multiple-Period Performance

估值模型需要对多个时期的未来财务业绩进行预测,这些模型通过折现未来现金流来估算公司或其股权的价值。以此方式计算出的公司或其股权价值可以与其当前市场价格进行比较,作为投资决策的依据。

Projections of future financial performance over multiple periods are needed in valuation models that estimate the value of a company or its equity by discounting future cash flows. The value of a company or its equity developed in this way can then be compared with its current market price as a basis for investment decisions.

信用分析中也运用了对未来业绩的预测。这些预测对于评估借款人偿还债务本息的能力至关重要。投资建议取决于客户的需求和目标,以及对投资风险相对于预期收益的评估——这两者都取决于债务本身的条款以及金融市场状况。债务条款包括金额、利率、到期日、财务契约和抵押品。

Projections of future performance are also used for credit analysis. These projections are important in assessing a borrower’s ability to repay interest and principal of debt obligations. Investment recommendations depend on the needs and objectives of the client and on an evaluation of the risk of the investment relative to its expected return—both of which are a function of the terms of the debt obligation itself as well as financial market conditions. Terms of the debt obligation include amount, interest rate, maturity, financial covenants, and collateral.

例 4提供了一个净利润和现金流量预测的简单示例,以说明分析格式和一些基本原则。在例 4中,首先列出假设;然后,列出基于这些假设得出的分期简明财务报表。

Example 4 presents an elementary illustration of net income and cash flow forecasting to illustrate a format for analysis and some basic principles. In Example 4, assumptions are shown first; then, the period-by-period abbreviated financial statement resulting from the assumptions is shown.

根据预测的用途,分析师可能会选择计算更具体的现金流指标。例如,用于折现现金流法进行股权估值的股权自由现金流,可以估算为:扣除非现金项目后的净利润,减去对净营运资本和净固定资产的投资,再加上净借款。

Depending on the use of the forecast, an analyst may choose to compute further, more specific cash flow metrics. For example, free cash flow to equity, which is used in discounted cash flow approaches to equity valuation, can be estimated as net income adjusted for noncash items, minus investment in net working capital and in net fixed assets, plus net borrowing.

例 4

财务预测基础示例

Basic Example of Financial Forecasting

假设一家公司成立时拥有 100 美元的股本,全部立即投入营运资金。假设条件如下:

Assume a company is formed with $100 of equity capital, all of which is immediately invested in working capital. Assumptions are as follows:

股息 不派发股息
第一年销售额 100美元
销售增长 每年10%。
销售成本/销售额 20%
营业费用/销售额 70%
利率 5%
税率 30%
营运资本占销售额的百分比 90%

根据这些信息,预测该公司未来五年的净收入和现金流。

Based on this information, forecast the company’s net income and cash flow for five years.

解决方案:

Solution:

附录 2第 7 行显示净收入预测,第 18 行显示现金流量预测(“现金变动”)。

Exhibit 2 shows the net income forecasts in Line 7 and cash flow forecasts (“Change in cash”) in Line 18.

图表 2. 基本财务预测
时间段
0 1 2 3 4 5
(1)销售 100.0 110.0 121.0 133.1 146.4
(2)销售成本 (20.0) (22.0) (24.2) (26.6) (29.3)
(3)运营费用 (70.0) (77.0) (84.7) (93.2) (102.5)
(4)利息收入 0.0 0.9 0.8 0.8 0.7
(5)税前收入 10.0 11.9 12.9 14.1 15.3
(6)税收 (3.0) (3.6) (3.9) (4.2) (4.6)
(7)净收入 7.0 8.3 9.0 9.9 10.7
(8)现金/借款 0.0 17.0 16.3 15.4 14.4 13.1
(9)营运资金(非现金) 100.0 90.0 99.0 108.9 119.8 131.8
(10)总资产 100.0 107.0 115.3 124.3 134.2 144.9
(11)负债 0.0 0.0 0.0 0.0 0.0 0.0
(12)权益 100.0 107.0 115.3 124.3 134.2 144.9
(13)负债总额+所有者权益 100.0 107.0 115.3 124.3 134.2 144.9
(14)净收入 7.0 8.3 9.0 9.9 10.7
(15)另加:非现金项目 0.0 0.0 0.0 0.0 0.0
(16)减少:营运资金投资 -10.0 9.0 9.9 10.9 12.0
(17)减少:固定资本投资 0.0 0.0 0.0 0.0 0.0
(18)现金找零 17.0 -0.7 -0.9 -1.0 -1.3
(19)期初现金 0.0 17.0 16.3 15.4 14.4
(20)期末现金 17.0 16.3 15.4 14.4 13.1

图表2显示,公司在第0期成立,初始股本为100美元(第12行)。假设公司所有资本立即投入营运资本(第9行)。由于假设不支付股息,未来各期账面权益每年增加的金额等于净利润(第14行)。未来各期所需的营运资本(第9行)假设为年销售额(第1行)的90%。假设第一期销售额为100美元,并以每年10%的固定增长率增长(第1行)。假设销售成本固定为销售额的20%(第2行),因此毛利率为80%。假设每年的营业费用为销售额的70%(第3行)。利息收入(第 4 行)按期初现金/借款余额或上期期末余额(第 8 行)的 5% 计算,当存在现金余额时(如本例所示),利息收入计入收入项目。(如果可用现金不足以支付所需的现金支出,则假定差额由借款弥补。该借款将在第 8 行显示为负余额,并在第 4 行显示相应的利息支出。或者,也可以分别列出现金和借款的预测。)扣除 30% 的税款后,得出净利润(第 7 行)。

Exhibit 2 indicates that at time 0, the company is formed with $100 of equity capital (Line 12). All of the company’s capital is assumed to be immediately invested in working capital (Line 9). In future periods, because it is assumed that no dividends are paid, book equity increases each year by the amount of net income (Line 14). Future periods’ required working capital (Line 9) is assumed to be 90 percent of annual sales (Line 1). Sales are assumed to be $100 in the first period and to grow at a constant rate of 10 percent per year (Line 1). The cost of goods sold is assumed to be constant at 20 percent of sales (Line 2), so the gross profit margin is 80 percent. Operating expenses are assumed to be 70 percent of sales each year (Line 3). Interest income (Line 4) is calculated as 5 percent of the beginning balance of cash/borrowing or the ending balance of the previous period (Line 8) and is an income item when there is a cash balance, as in this example. (If available cash is inadequate to cover required cash outflows, the shortfall is presumed to be covered by borrowing. This borrowing would be shown as a negative balance on Line 8 and an associated interest expense on Line 4. Alternatively, a forecast can be presented with separate lines for cash and borrowing.) Taxes of 30 percent are deducted to obtain net income (Line 7).

要计算每个期间的现金流量,首先从净利润(第 7 行 = 第 14 行)开始,加回任何非现金项目,例如折旧(第 15 行),减去该期间的营运资本投资或营运资本变动(第 16 行),再减去该期间的固定资本投资(第 17 行)。⁴这个简单的例子中,我们假设公司不投资任何固定资本(长期资产),而是租赁带家具的办公场所。因此,没有折旧,非现金项目也为零。每个期间的现金变动(第 18 行)加到期初现金余额(第 19 行)上,即可得到期末现金余额(第 20 行 = 第 8 行)。

To calculate each period’s cash flow, begin with net income (Line 7 = Line 14), add back any noncash items, such as depreciation (Line 15), deduct investment in working capital in the period or change in working capital over the period (Line 16), and deduct investment in fixed capital in the period (Line 17).4 In this simple example, we are assuming that the company does not invest in any fixed capital (long-term assets) but, rather, rents furnished office space. Therefore, there is no depreciation and noncash items are zero. Each period’s change in cash (Line 18) is added to the beginning cash balance (Line 19) to obtain the ending cash balance (Line 20 = Line 8).

例 4经过简化,旨在演示一些预测原则。实际上,预测的各个方面都面临着一系列挑战。销售预测可能非常详细,需要针对每个产品线、每个地区和/或每个业务部门的每一年分别进行预测。销售预测可以基于过往业绩(对于相对稳定的企业)、管理层预测、行业研究和/或宏观经济预测。同样,毛利率也可以基于过往业绩或预测关系,并且可能非常详细。除销售成本外的其他费用可以细分为更详细的项目,每个项目都可以根据其与销售额的关系(如果销售额是变动的)或根据其历史水平进行预测。营运资金需求可以按销售额的比例(如例 4所示)或销售额的变化来估算,也可以通过对存货、应收账款和应付账款的具体预测来估算。大多数预测都会涉及对固定资产的投资,在这种情况下,折旧金额会影响应纳税所得额和净利润,但不会影响现金流。例 4做了一个简化的假设,即利息是按年初现金余额支付的。

Example 4 is simplified to demonstrate some principles of forecasting. In practice, each aspect of a forecast presents a range of challenges. Sales forecasts may be very detailed, with separate forecasts for each year of each product line, each geographical, and/or each business segment. Sales forecasts may be based on past results (for relatively stable businesses), management forecasts, industry studies, and/or macroeconomic forecasts. Similarly, gross profit margins may be based on past results or forecasted relationships and may be detailed. Expenses other than cost of goods sold may be broken down into more detailed line items, each of which may be forecasted on the basis of its relationship with sales (if variable) or on the basis of its historical levels. Working capital requirements may be estimated as a proportion of the amount of sales (as in Example 4) or the change in sales or as a compilation of specific forecasts for inventory, receivables, and payables. Most forecasts will involve some investment in fixed assets, in which case, depreciation amounts affect taxable income and net income but not cash flow. Example 4 makes the simplifying assumption that interest is paid on the beginning-of-year cash balance.

例 4给出了一系列未来净利润和现金流的点估计值。实际上,预测通常包括对预测风险的分析——在本例中,即评估如果变量的实际值与基准情景中的假设值存在显著差异,或者实际销售额与预测值相差甚远,会对利润和现金流产生何种影响。量化预测风险需要分析公司业务的经济效益和费用结构,以及可能影响公司、行业和整体经济的事件的潜在影响。完成这些调查后,分析师可以使用情景分析或蒙特卡罗模拟来评估风险。情景分析涉及设定与基准情景假设不同的假设。在例 4中,可以基于更为悲观的情景重新构建净利润和现金流的预测,通过改变假设来反映销售增长放缓和成本上升。蒙特卡罗模拟涉及设定变量值的概率分布,并从这些分布中进行随机抽样。在示例 4的分析中,将使用选定的净收入和现金流驱动因素的值反复重新构建预测,从而使分析师能够评估一系列可能的结果以及模拟可能的实际结果的概率。

Example 4 develops a series of point estimates for future net income and cash flow. In practice, forecasting generally includes an analysis of the risk in forecasts—in this case, an assessment of the impact on income and cash flow if the realized values of variables differ significantly from the assumptions used in the base case or if actual sales are much different from forecasts. Quantifying the risk in forecasts requires an analysis of the economics of the company’s businesses and expense structure and the potential impact of events affecting the company, the industry, and the economy in general. When that investigation is completed, the analyst can use scenario analysis or Monte Carlo simulation to assess risk. Scenario analysis involves specifying assumptions that differ from those used as the base-case assumptions. In Example 4, the projections of net income and cash flow could be recast in a more pessimistic scenario, with assumptions changed to reflect slower sales growth and higher costs. A Monte Carlo simulation involves specifying probability distributions of values for variables and random sampling from those distributions. In the analysis in Example 4, the projections would be repeatedly recast with the selected values for the drivers of net income and cash flow, thus permitting the analyst to evaluate a range of possible results and the probability of simulating the possible actual outcomes.

对财务报表和比率的理解能够帮助分析师对损益表、资产负债表和现金流量表项目进行更详细的预测。例如,分析师可以收集有关正常存货和应收账款周转率的信息,并利用这些信息,根据销售预测来预测应收账款、存货和现金流量,而不是像例 4那样使用综合营运资本投资假设。

An understanding of financial statements and ratios can enable an analyst to make more detailed projections of income statement, balance sheet, and cash flow statement items. For example, an analyst may collect information on normal inventory and receivables turnover and use this information to forecast accounts receivable, inventory, and cash flows based on sales projections rather than use a composite working capital investment assumption, as in Example 4.

分析师在进行详细预测时,必须确保各项预测结果彼此一致。例如,在示例 5中,分析师对应收账款周转天数(即对赊销款项平均收款时间的估计)的预测,应基于能够预测平均应收账款余额变化的公司模型。否则,预测的应收账款周转天数和应收账款余额将无法相互吻合。

As the analyst makes detailed forecasts, he or she must ensure that the forecasts are consistent with each other. For instance, in Example 5, the analyst’s forecast concerning days of sales outstanding (which is an estimate of the average time to collect payment from sales made on credit) should flow from a model of the company that yields a forecast of the change in the average accounts receivable balance. Otherwise, predicted days of sales outstanding and accounts receivable will not be mutually consistent.

例5

预测的一致性

Consistency of Forecasts

假设布朗公司是一家虚拟企业,其2017年的平均应收账款周转天数(DSO)为19天。一位分析师认为,由于公司收款部门的预期改善,布朗公司的DSO将在2018年下降至行业平均水平15天。2017年布朗公司的总销售额(全部为赊销)为3亿美元,预计2018年的总销售额(全部为赊销)将增至3.2亿美元。为了实现更低的DSO,2017年至2018年平均应收账款余额的变化最接近

Brown Corporation, a hypothetical company, had an average days-of-sales-outstanding (DSO) period of 19 days in 2017. An analyst thinks that Brown’s DSO will decline in 2018 (because of expected improvements in the company’s collections department) to match the industry average of 15 days. Total sales (all on credit) in 2017 were $300 million, and Brown expects total sales (all on credit) to increase to $320 million in 2018. To achieve the lower DSO, the change in the average accounts receivable balance from 2017 to 2018 that must occur is closest to:

  1. -351万美元。

  2. –$3.51 million.

  3. -246万美元。

  4. –$2.46 million.

  5. 246万美元。

  6. $2.46 million.

  7. 351万美元。

  8. $3.51 million.

解决方案:

Solution:

B选项正确。第一步是根据应收账款周转天数(DSO)计算应收账款周转率。2017年的应收账款周转率等于365/19(DSO)= 19.2,2018年为365/15 = 24.3。接下来,分析师利用平均应收账款余额等于销售额/应收账款周转率这一公式,得出结论:2017年的平均应收账款为300,000,000美元/19.2 = 15,625,000美元,2018年的平均应收账款为320,000,000美元/24.3 = 13,168,724美元。两者之间的差额为应收账款减少了2,456,276美元。

B is correct. The first step is to calculate accounts receivable turnover from the DSO collection period. Receivable turnover equals 365/19 (DSO) = 19.2 for 2017 and 365/15 = 24.3 in 2018. Next, the analyst uses the fact that the average accounts receivable balance equals sales/receivable turnover to conclude that for 2017, average accounts receivable was $300,000,000/19.2 = $15,625,000 and for 2018, it must equal $320,000,000/24.3 = $13,168,724. The difference is a reduction in receivables of $2,456,276.

下一节将阐述财务报表分析在信用风险分析中的应用。

The next section illustrates the application of financial statement analysis to credit risk analysis.

4.应用:评估信用风险

4. Application: Assessing Credit Risk

信用风险是指交易对手或债务人未能履行承诺付款而造成的损失风险。例如,债券的信用风险是指债务人(债券发行人)无法按照债券契约(合同)条款支付利息和/或本金的风险。信用分析是对信用风险的评估。信用分析可以涉及特定交易中债务人的信用风险,也可以涉及债务人的整体信用状况。

Credit risk is the risk of loss caused by a counterparty’s or debtor’s failure to make a promised payment. For example, credit risk with respect to a bond is the risk that the obligor (the issuer of the bond) will not be able to pay interest and/or principal according to the terms of the bond indenture (contract). Credit analysis is the evaluation of credit risk. Credit analysis may relate to the credit risk of an obligor in a particular transaction or to an obligor’s overall creditworthiness.

在评估债务人的整体信用状况时,一种常用的方法是信用评分,即对信用违约决定因素进行统计分析。针对特定类型债务(例如,收购融资和其他高杠杆融资)的信用分析通常涉及对各期现金流的预测。

In assessing an obligor’s overall creditworthiness, one general approach is credit scoring, a statistical analysis of the determinants of credit default. Credit analysis for specific types of debt (e.g., acquisition financing and other highly leveraged financing) typically involves projections of period-by-period cash flows.

无论采用何种技术,信用分析的重点始终在于偿债能力。与支付给股权投资者的款项不同,支付给债权投资者的款项受合同约定的利息限制。如果一家公司财务状况良好,其债务风险会降低,但这并不会增加支付给债权人的金额。相反,如果一家公司陷入财务困境,则可能无力偿还债务的利息和本金。因此,信用分析特别关注偿债能力对不利事件和经济状况的敏感性——在这些情况下,债权人承诺的回报可能面临最大风险。由于这些回报通常以现金支付,信用分析通常侧重于现金流而非应计收入。通常,信用分析师使用与经营现金流相关的回报指标,因为它代表了公司内部产生的现金,可用于偿还债权人。

Whatever the techniques adopted, the analytical focus of credit analysis is on debt-paying ability. Unlike payments to equity investors, payments to debt investors are limited by the agreed contractual interest. If a company experiences financial success, its debt becomes less risky but its success does not increase the amount of payments to its debtholders. In contrast, if a company experiences financial distress, it may be unable to pay interest and principal on its debt obligations. Thus, credit analysis has a special concern with the sensitivity of debt-paying ability to adverse events and economic conditions—cases in which the creditor’s promised returns may be most at risk. Because those returns are generally paid in cash, credit analysis usually focuses on cash flow rather than accrual income. Typically, credit analysts use return measures related to operating cash flow because it represents cash generated internally, which is available to pay creditors.

这些主题在示例 6中有所体现,该示例展示了穆迪在航空航天和国防工业信用分析中应用四个量化因素的情况。⁵这些因素包括

These themes are reflected in Example 6, which illustrates Moody’s application of four quantitative factors in the credit analysis of the aerospace and defense industry.5 These factors include

  1. 规模,

  2. scale,

  3. 企业简介

  4. business profile,

  5. 杠杆率和覆盖率,以及

  6. leverage and coverage, and

  7. 金融政策。

  8. financial policy.

“规模”是指公司对不利事件、不利经济环境以及其他可能影响其偿债能力的因素(例如市场领导地位、对供应商的购买力以及进入资本市场的渠道)的敏感程度。“业务概况”代表公司的竞争地位、收入稳定性、产品和地域多元化程度、增长前景以及现金流的稳定性和波动性。“杠杆率和偿债能力”反映了公司的“财务灵活性”和生存能力。最后,“财务政策”与公司的财务风险承受能力及其资本结构相关。

“Scale” relates to a company’s sensitivity to adverse events, adverse economic conditions, and other factors—such as market leadership, purchasing power with suppliers, and access to capital markets—that may affect debt-paying ability. “Business profile” represents a company’s competitive position, stability of revenues, product and geographic diversity, growth prospects, and the stability and volatility of cash flows. “Leverage and coverage” reflects a company’s “financial flexibility” and viability. Finally, “financial policy” relates to a company’s financial risk tolerance and its capital structure.

例 6

穆迪对航空航天和国防行业可量化评级因素的评估

Moody’s Evaluation of Quantifiable Rating Factors for the Aerospace and Defense Industry

穆迪对航空航天和国防行业的评级主要​​考虑四个方面:规模;业务概况、杠杆率和覆盖范围;以及财务政策。公司在每个方面的表现都会被赋予不同的权重,并汇总后得出最终的信用评级。这些主要因素、子因素及其权重如下:

Moody’s considers four broad rating factors for the aerospace and defense industry: scale; business profile, leverage and coverage; and financial policy. A company’s ratings for each of these factors are weighted and aggregated in determining the overall credit rating assigned. The broad factors, the sub-factors, and weightings are as follows:

广义因子 子因素 子因素权重(%) 广义因子权重(%)
规模 总收入 10 25
营业利润 15
 
企业简介 竞争地位 10 20
预期收入稳定性 10
 
杠杆和覆盖范围 债务/EBITDA 10 35
留存现金流/净债务 15
息税前利润/利息 10
财务政策 财务政策 20 20
全部的   100 100

穆迪将留存现金流定义为扣除营运资本和股息后的现金流。

a Retained cash flow is defined by Moody’s as cash flow before working capital and after dividends.

为什么杠杆率和覆盖率因素的权重可能高于其他评级因素?

Why might the leverage and coverage factor be weighted higher compared to the other rating factors?

解决方案:

Solution:

债务水平相对于盈利和现金流的比例是评估公司信用状况的关键因素。公司债务水平越高,通常意味着其偿还债务利息和本金的风险也越高。

The level of debt relative to earnings and cash flow is a critical factor in assessing creditworthiness. Higher levels of debt for a company typically result in a higher risk in meeting interest and principal payments on its debt obligations.

关于示例 6需要注意的一点是,评级因素和用于表示每个因素的指标可能因行业组而异。

A point to note regarding Example 6 is that the rating factors and the metrics used to represent each can vary by industry group.

对公司历史和预测财务报表的分析是信用评估过程中不可或缺的一部分。穆迪和其他评级机构会计算各种比率来评估信用度。如例7所示, 将公司的比率与其同业公司的比率进行比较,有助于评估其相对信用度。

Analyses of a company’s historical and projected financial statements are an integral part of the credit evaluation process. Moody’s and other rating agencies compute a variety of ratios in assessing creditworthiness. A comparison of a company’s ratios with the ratios of its peers is informative in evaluating relative creditworthiness, as demonstrated in Example 7.

例 7

同侪比率比较

Peer Comparison of Ratios

一位信用分析师正在根据穆迪在示例 7 中确定的某些子因素,评估两家航空航天和国防公司的效率和杠杆率。该分析师从公司的年度报告中收集信息,并计算以下比率:

A credit analyst is assessing the efficiency and leverage of two aerospace and defense companies based on certain sub-factors identified by Moody’s in Example 7. The analyst collects the information from the companies’ annual reports and calculates the following ratios:

公司 1 公司 2
债务/EBITDA 9.3 4.1
留存现金流/净债务 2.6% 9.6%
息税前利润/利息 5.7 8.2

仅根据所给数据,哪家公司更有可能获得更高的信用评级?为什么?

Based solely on the data given, which company is more likely to be assigned a higher credit rating, and why?

解决方案:

Solution:

所有比率比较均对公司2有利,其债务与EBITDA之比更低,留存现金流与净债务之比更高,利息保障倍数也更高。仅根据现有数据,公司2很可能获得更高的信用评级。

The ratio comparisons are all in favor of Company 2, which has a lower level of debt relative to EBITDA, higher retained cash flow to net debt, and higher interest coverage. Based only on the data given, Company 2 is likely to be assigned a higher credit rating.

在计算信用比率(例如例 8中所示的比率)时,分析师通常会对已公布的财务报表进行一些调整。我们将在本文后面部分介绍一些常见的调整。

In calculating credit ratios, such as those presented in Example 8, analysts typically make certain adjustments to reported financial statements. We describe some common adjustments later in the reading.

财务报表分析,特别是财务比率分析,也可以成为选择股权投资的重要工具,这将在下一节中讨论。

Financial statement analysis, especially financial ratio analysis, can also be an important tool in selecting equity investments, as discussed in the next section.

5.应用:筛选潜在股权投资

5. Application: Screening for Potential Equity Investments

根据财务报表数据和市场数据构建的比率通常用于筛选潜在的股权投资。筛选是指应用一系列标准,将一组潜在投资对象缩小到具有特定所需特征的较小集合。涉及财务比率的标准通常涉及将一个或多个比率与预先设定的目标值或临界值进行比较。

Ratios constructed from financial statement data and market data are often used to screen for potential equity investments. Screening is the application of a set of criteria to reduce a set of potential investments to a smaller set having certain desired characteristics. Criteria involving financial ratios generally involve comparing one or more ratios with some pre-specified target or cutoff values.

无论投资者采用自上而下的分析方法还是自下而上的分析方法,都可以应用包含财务比率的证券选择方法。自上而下的分析是指识别具有吸引力的地域板块和/或行业板块,并从中选择最具吸引力的投资标的。自下而上的分析方法则是从特定投资范围内的所有公司中筛选出具体的投资标的。无论采用哪种方法,筛选潜在股权投资的目标都是找到符合特定标准的公司。此类分析可以直接作为构建投资组合的基础,也可以作为对潜在投资目标进行更全面分析的初步步骤。

A security selection approach incorporating financial ratios may be applied whether the investor uses top-down analysis or bottom-up analysis. Top-down analysis involves identifying attractive geographical segments and/or industry segments, from which the investor chooses the most attractive investments. Bottom-up analysis involves selection of specific investments from all companies within a specified investment universe. Regardless of the direction, screening for potential equity investments aims to identify companies that meet specific criteria. An analysis of this type may be used as the basis for directly forming a portfolio, or it may be undertaken as a preliminary part of a more thorough analysis of potential investment targets.

此类分析的关键在于决定使用哪些指标作为筛选条件、纳入多少指标、以哪些指标值作为临界值,以及为每个指标赋予怎样的权重。指标不仅包括财务比率,还包括市值或是否为特定指数的成分股等特征。见图表 3展示了一个基于以下标准的简单股票筛选示例:估值比率(市盈率)低于特定值、偿付能力比率(总负债/总资产)不超过特定值、正的营业利润率以及股息收益率(每股股息除以每股价格)高于特定值。图表 3显示了 2018 年 8 月将该筛选条件应用于 6,406 家市值超过 1 亿美元的美国公司(假设为某股票经理的投资范围)的结果。

Fundamental to this type of analysis are decisions about which metrics to use as screens, how many metrics to include, what values of those metrics to use as cutoff points, and what weighting to give each metric. Metrics may include not only financial ratios but also characteristics such as market capitalization or membership as a component security in a specified index. Exhibit 3 presents a hypothetical example of a simple stock screen based on the following criteria: a valuation ratio (P/E) less than a specified value, a solvency ratio measuring financial leverage (total liabilities/total assets) not exceeding a specified value, positive operating margin, and dividend yield (dividends per share divided by price per share) greater than a specified value. Exhibit 3 shows the results of applying the screen in August 2018 to a set of 6,406 US companies with market capitalization greater than $100 million, which compose a hypothetical equity manager’s investment universe.

图表 3. 股票筛选示例
符合标准的股票
标准 数字 占总数的百分比
市值 > 1亿美元 4,357 68.01%
市盈率 < 15 1,104 17.23%
总负债/总资产 ≤ 0.9 61 0.95%
营业收入/销售额 > 0 3,509 54.78%
股息收益率 > 0.5% 2,391 37.32%
同时满足所有五个标准 17 0.27%

图 3中的屏幕有几个特点与实际中使用的许多屏幕一致:

Several points about the screen in Exhibit 3 are consistent with many screens used in practice:

  • 有些标准用于检验其他标准的结果。在这个假设的例子中,第二个标准筛选出的股票估值相对较低。然而,这些股票估值低可能事出有因,例如盈利能力差或财务杠杆过高。因此,要求净利润为正可以检验盈利能力,而限制财务杠杆则可以检验财务风险。当然,财务比率或其他统计数据通常无法控制某些其他类型风险(例如,与监管发展或技术创新相关的风险)。

  • Some criteria serve as checks on the results from applying other criteria. In this hypothetical example, the second criterion selects stocks that appear relatively cheaply valued. The stocks might be cheap for a good reason, however, such as poor profitability or excessive financial leverage. So, the requirement for net income to be positive serves as a check on profitability, and the limitation on financial leverage serves as a check on financial risk. Of course, financial ratios or other statistics cannot generally control for exposure to certain other types of risk (e.g., risk related to regulatory developments or technological innovation).

  • 如果所有筛选标准完全独立,那么同时满足所有四个标准的股票数量将为2,等于6406乘以0.023%——即分别满足四个标准股票比例的乘积(例如,0.6801 × 0.1723 × 0.0095 × 0.5478 = 0.2723,或0.023%)。正如筛选结果所示,筛选标准通常并非相互独立,因此,如果所有标准相互独立,则通过筛选的证券数量会更多。在本例中,有17只证券同时通过了所有五个筛选标准。例如,股息支付状况可能与产生正营业利润率的能力呈正相关,这便是缺乏独立性的一个例子。如果通过一项测试的股票往往也通过另一项测试,那么在应用第二项测试后,被淘汰的股票数量就会很少。

  • If all the criteria were completely independent of each other, the set of stocks meeting all four criteria would be 2, equal to 6,406 times 0.023 percent—the product of the fraction of stocks satisfying the four criteria individually (i.e., 0.6801 × 0.1723 × 0.0095 × 0.5478 = 0.2723, or 0.023 percent). As the screen illustrates, criteria are often not independent, and the result is that more securities pass the screening than if criteria were independent. In this example, 17 of the securities pass all five screens simultaneously. For an example of the lack of independence, we note that dividend-paying status is probably positively correlated with the ability to generate positive operating margin. If stocks that pass one test tend to also pass another, few are eliminated after the application of the second test.

  • 筛选结果有时会相对集中在基准指数所涵盖的某些行业板块中。例如,图表3中的财务杠杆标准会排除银行股。衡量某项财务特征的高低值可能因公司所在行业而异。

  • The results of screens can sometimes be relatively concentrated in a subset of the sectors represented in the benchmark. The financial leverage criterion in Exhibit 3 would exclude banking stocks, for example. What constitutes a high or low value of a measure of a financial characteristic can be sensitive to the industry in which a company operates.

筛选工具可供成长型投资者(专注于投资高盈利增长型公司)、价值型投资者(专注于以相对于每股收益或资产而言较低的价格买入股票)以及市场导向型投资者(投资策略难以明确归类为价值型或成长型的投资者)使用。成长型筛选工具通常包含与盈利增长和/或动量相关的标准。价值型筛选工具通常包含设定一个或多个估值比率上限的标准。市场导向型筛选工具则不会过分强调估值或增长标准。涉及财务比率的筛选工具在价值型投资者中可能最为常见。

Screens can be used by both growth investors (focused on investing in high-earnings-growth companies), value investors (focused on paying a relatively low share price in relation to earnings or assets per share), and market-oriented investors (an intermediate grouping of investors whose investment disciplines cannot be clearly categorized as value or growth). Growth screens would typically feature criteria related to earnings growth and/or momentum. Value screens, as a rule, feature criteria setting upper limits for the value of one or more valuation ratios. Market-oriented screens would not strongly emphasize valuation or growth criteria. The use of screens involving financial ratios may be most common among value investors.

分析师可能希望评估基于特定筛选条件构建的投资组合的历史表现。为此,分析师会使用一种称为“回测”的方法。回测将投资组合选择规则应用于历史数据,并计算如果采用特定策略将会获得的收益。然而,回测在实际投资成功中的相关性可能有限。Haugen和 Baker (1996)描述了其中的一些局限性:

An analyst may want to evaluate how a portfolio based on a particular screen would have performed historically. For this purpose, the analyst uses a process known as “back-testing.” Back-testing applies the portfolio selection rules to historical data and calculates what returns would have been earned if a particular strategy had been used. The relevance of back-testing to investment success in practice, however, may be limited. Haugen and Baker (1996) described some of these limitations:

  • 幸存者偏差:如果回测中使用的数据库剔除了因破产或合并而消失的公司,那么剩下的公司整体表现就会显得更好。

  • Survivorship bias: If the database used in back-testing eliminates companies that cease to exist because of a bankruptcy or merger, then the remaining companies collectively will appear to have performed better.

  • 前瞻性偏差:如果数据库包含因重述而更新的财务数据(公司重述先前发布的财务报表以纠正错误或反映会计原则的变化),那么投资者在做出投资决策时实际知道的信息与回测中使用的信息之间存在不匹配。

  • Look-ahead bias: If a database includes financial data updated for restatements (where companies have restated previously issued financial statements to correct errors or reflect changes in accounting principles), then there is a mismatch between what investors would have actually known at the time of the investment decision and the information used in the back-testing.

  • 数据窥探偏差:如果研究人员基于先前研究者的研究成果构建模型,然后使用相同的数据库来检验该模型,那么他们实际上并没有检验模型的预测能力。当每一步都着眼于过去时,相同的规则在未来可能产生类似的结果,也可能不会。只有使用未来的数据才能有效地检验模型规则的预测能力。一项学术研究指出,价值策略产生超额收益的明显能力很大程度上可以解释为集体数据窥探的结果(Conrad、Cooper 和 Kaul,2003)。

  • Data-snooping bias: If researchers build a model on the basis of previous researchers’ findings, then use the same database to test that model, they are not actually testing the model’s predictive ability. When each step is backward looking, the same rules may or may not produce similar results in the future. The predictive ability of the model’s rules can validly be tested only by using future data. One academic study has argued that the apparent ability of value strategies to generate excess returns is largely explainable as the result of collective data snooping (Conrad, Cooper, and Kaul, 2003).

例 8

基于比率的潜在股权投资筛选

Ratio-Based Screening for Potential Equity Investments

以下是某投资公司正在考虑的两种备选策略:

Below are two alternative strategies under consideration by an investment firm:

  • 策略 A:投资于全球股票指数的成分股,这些股票的 ROE 高于该指数中所有股票的 ROE 中位数,且 P/E 低于该指数中所有股票的 P/E 中位数。

  • Strategy A: Invest in stocks that are components of a global equity index, have a ROE above the median ROE of all stocks in the index, and have a P/E less than the median P/E.

  • 策略 B:投资于美国广泛股票指数的成分股,这些股票的股价与经营现金流比率处于该指数中最低的四分之一,并且在过去至少三年中销售额有所增长。

  • Strategy B: Invest in stocks that are components of a broad-based US equity index, have a ratio of price to operating cash flow in the lowest quartile of companies in the index, and have shown increases in sales for at least the past three years.

这两种策略都是通过回测开发的。

Both strategies were developed with the use of back-testing.

  1. 您如何描述这两种策略?

  2. How would you characterize the two strategies?

  3. 您在使用此类策略时可能会有哪些顾虑?

  4. What concerns might you have about using such strategies?

问题1的解答:

Solution to 1:

策略A似乎旨在实现全球多元化,并将高相对盈利能力与传统的价值衡量标准(低市盈率)相结合。策略B则专注于单一市场中的大型和小型公司,其目标显然是寻找那些正在增长且基于经营现金流估值倍数较低的公司。

Strategy A appears to aim for global diversification and combines a requirement for high relative profitability with a traditional measure of value (low P/E). Strategy B focuses on both large and small companies in a single market and apparently aims to identify companies that are growing and have a lower price multiple based on cash flow from operations.

答案二:

Solution to 2:

使用任何都取决于投资者的目标和风险承受能力。考虑到这一关键因素,我们注意到,基于比率的基准可能是筛选潜在股权投资的有效方法。然而,在筛选过程中,会涌现出许多问题。

The use of any approach to investment decisions depends on the objectives and risk profile of the investor. With that crucial consideration in mind, we note that ratio-based benchmarks may be an efficient way to screen for potential equity investments. In screening, however, many questions arise.

首先,如果筛选标准设置不严谨,可能会出现无意的选择。例如,策略 A 可能无意中选中一家亏损且股东权益为负的公司,因为负净利润除以负股东权益在算术上会得出正的净资产收益率 (ROE)。策略 B 可能无意中选中一家经营现金流为负的公司,因为市盈率与经营现金流之比为负,因此排名会非常低。在这两种情况下,分析师都可以添加额外的筛选标准来避免无意的选择;这些额外标准可以包括:策略 A 要求股东权益为正,策略 B 要求经营现金流为正。

First, unintentional selections can be made if criteria are not specified carefully. For example, Strategy A might unintentionally select a loss-making company with negative shareholders’ equity because negative net income divided by negative shareholders’ equity arithmetically results in a positive ROE. Strategy B might unintentionally select a company with negative operating cash flow because price to operating cash flow will be negative and thus very low in the ranking. In both cases, the analyst can add additional screening criteria to avoid unintentional selections; these additional criteria could include requiring positive shareholders’ equity in Strategy A and requiring positive operating cash flow in Strategy B.

其次,比率分析的输入数据来源于财务报表,而各公司在适用的财务标准(例如,国际财务报告准则与美国通用会计准则)、在报告准则允许的范围内选择的具体会计方法,以及/或者在应用会计方法时所做的估计方面可能存在差异。

Second, the inputs to ratio analysis are derived from financial statements, and companies may differ in the financial standards they apply (e.g., IFRS versus US GAAP), the specific accounting method(s) they choose within those allowed by the reporting standards, and/or the estimates made in applying an accounting method.

第三,由于幸存者偏差、前瞻性偏差或数据窥探偏差,回测可能无法可靠地预测未来表现。此外,正如金融理论和常识所表明的那样,过去并不一定能预示未来。

Third, back-testing may not provide a reliable indication of future performance because of survivorship bias, look-ahead bias, or data-snooping bias. Also, as suggested by finance theory and by common sense, the past is not necessarily indicative of the future.

第四,执行决策会对收益产生显著影响。例如,投资组合重新评估和调整的频率和时机等决策会影响交易成本和投资组合的税负。

Fourth, implementation decisions can dramatically affect returns. For example, decisions about frequency and timing of portfolio re-evaluation and changes affect transaction costs and taxes paid out of the portfolio.

6.分析师对已公布财务数据的调整

6. Analyst Adjustments to Reported Financials

在比较采用不同会计方法或以不同方式估算关键会计输入的公司时,分析师通常会对公司的财务数据进行调整。本节首先提供一个框架,用于考虑分析师可能需要进行的调整,以方便此类比较,然后提供一些调整示例。实际上,所需的调整差异很大。此处提供的示例并非旨在涵盖所有情况,而是为了说明如何通过调整来实现有意义的比较。

When comparing companies that use different accounting methods or estimate key accounting inputs in different ways, analysts frequently adjust a company’s financials. In this section, we first provide a framework for considering potential analyst adjustments to facilitate such comparisons and then provide examples of such adjustments. In practice, required adjustments vary widely. The examples presented here are not intended to be comprehensive but, rather, to illustrate the use of adjustments to facilitate a meaningful comparison.

6.1分析师调整框架

6.1. A Framework for Analyst Adjustments

在讨论分析师可能对公司财务报表进行的调整时,我们采用以资产负债表为中心的框架。然而,由于各财务报表相互关联,对一份报表中报告项目的调整也可能反映在另一份财务报表的项目调整中。例如,分析师对资产负债表中存货的调整会影响利润表中的销售成本(进而影响净利润,并最终影响资产负债表中的留存收益账户)。

In this discussion of potential analyst adjustments to a company’s financial statements, we use a framework focused on the balance sheet. Because the financial statements are interrelated, however, adjustments to items reported on one statement may also be reflected in adjustments to items on another financial statement. For example, an analyst adjustment to inventory on the balance sheet affects cost of goods sold on the income statement (and thus also affects net income and, subsequently, the retained earnings account on the balance sheet).

无论分析师考虑可能需要调整以实现可比性的项目的具体顺序如何,以下几个方面都是适用的:

Regardless of the particular order in which an analyst considers the items that may require adjustment for comparability, the following aspects are appropriate:

  • 重要性实质性)。对该项目的调整是否可能影响结论?换句话说,它重要吗?例如,在企业库存要求极低的行业中,两家公司采用不同的库存会计方法是否重要?

  • Importance (materiality). Is an adjustment to this item likely to affect the conclusions? In other words, does it matter? For example, in an industry where companies require minimal inventory, does it matter that two companies use different inventory accounting methods?

  • 标准体系。所使用的标准体系(美国通用会计准则与国际财务报告准则)是否存在差异?如果存在差异,哪些方面的差异可能会影响比较结果?

  • Body of standards. Is there a difference in the body of standards being used (US GAAP versus IFRS)? If so, in which areas is the difference likely to affect a comparison?

  • 方法。被比较的公司所采用的会计方法是否存在差异?

  • Methods. Is there a difference in accounting methods used by the companies being compared?

  • 估算值。被比较的公司所使用的重要估算值是否存在差异?

  • Estimates. Is there a difference in important estimates used by the companies being compared?

以下各节说明了分析师的调整——首先是与资产负债表资产方相关的调整,然后是与负债方相关的调整。

The following sections illustrate analyst adjustments—first, those relating to the asset side of the balance sheet and then those relating to the liability side.

6.2 . 分析师对投资的调整

6.2. Analyst Adjustments Related to Investments

对其他公司债务和权益证券的投资(权益法核算的投资和对合并子公司的投资除外)的会计处理取决于管理层的意图(即是否积极交易这些证券、使其可供出售,或者在债务证券的情况下,持有至到期)。当证券被分类为“以公允价值计量且其变动计入当期损益的金融资产”(类似于美国通用会计准则中的“交易性”证券)时,未实现损益在利润表中列报。当证券被分类为“以公允价值计量且其变动计入当期损益的其他综合收益的金融资产”(类似于美国通用会计准则中的“可供出售”证券)时,未实现损益不在利润表中列报,而是计入权益。如果两家其他方面可比的公司在投资分类上存在重大差异,分析师的调整可能有助于进行比较。

Accounting for investments in the debt and equity securities of other companies (other than investments accounted for under the equity method and investments in consolidated subsidiaries) depends on management’s intention (i.e., whether to actively trade the securities, make them available for sale, or in the case of debt securities, hold them to maturity). When securities are classified as “financial assets measured at fair value through profit or loss” (similar to “trading” securities in US GAAP), unrealized gains and losses are reported in the income statement. When securities are classified as “financial assets measured at fair value through other comprehensive income” (similar to “available-for-sale” securities in US GAAP), unrealized gains and losses are not reported in the income statement and, instead, are recognized in equity. If two otherwise comparable companies have significant differences in the classification of investments, analyst adjustments may be useful to facilitate comparison.

6.3 . 分析师对库存的调整

6.3. Analyst Adjustments Related to Inventory

对于存货,不同的会计方法可能需要进行调整。如前所述,公司对存货方法的选择会影响资产负债表上显示的存货价值以及已售存货的价值(销售成本)。如果一家公司未按照国际财务报告准则第6号(IFRS 6)进行报告,而另一家公司采用先进先出法(FIFO),则两家公司财务业绩的可比性会受到影响。然而,采用后进先出法的公司也必须披露其采用先进先出法计算的存货价值。要将采用后进先出法的公司按先进先出法重述存货价值,分析师需将后进先出储备的期末余额加到后进先出法下的存货期末价值中。要将销售成本调整为先进先出法,分析师需从后进先出法下的销售成本中减去后进先出储备的变动额。 例 9说明了如何利用先进先出法披露存货价值,以便对采用不同方法报告的两家公司的流动比率进行更一致的比较。

With inventory, adjustments may be required for different accounting methods. As described in previous readings, a company’s decision about inventory method will affect the value of inventory shown on the balance sheet as well as the value of inventory that is sold (cost of goods sold). If a company not reporting under IFRS6 uses LIFO (last-in, first-out) and another uses FIFO (first-in, first-out), comparability of the financial results of the two companies will suffer. Companies that use the LIFO method, must also, however, disclose the value of their inventory under the FIFO method. To recast inventory values for a company using LIFO reporting on a FIFO basis, the analyst adds the ending balance of the LIFO reserve to the ending value of inventory under LIFO accounting. To adjust cost of goods sold to a FIFO basis, the analyst subtracts the change in the LIFO reserve from the reported cost of goods sold under LIFO accounting. Example 9 illustrates the use of a disclosure of the value of inventory under the FIFO method to make a more consistent comparison of the current ratios of two companies reporting in different methods.

例9

对采用后进先出法(LIFO)核算存货的公司进行调整

Adjustment for a Company Using LIFO Accounting for Inventories

一位分析师正在比较假设公司LP Technology Corporation(LP Tech)的财务业绩与一家采用国际财务报告准则(IFRS)的类似公司的财务业绩。采用IFRS的公司使用先进先出法(FIFO)进行存货核算。因此,分析师需要将LP Tech的业绩转换为可比基准。附录4提供了LP Tech的资产负债表信息。

An analyst is comparing the financial performance of LP Technology Corporation (LP Tech), a hypothetical company, with the financial performance of a similar company that uses IFRS for reporting. The company reporting under IFRS uses the FIFO method of inventory accounting. Therefore, the analyst converts LP Tech’s results to a comparable basis. Exhibit 4 provides balance sheet information on LP Tech.

图表 4. LP 技术公司的数据
6月30日
2018 2017
流动资产总额 820.2 749.7
流动负债总额 218.1 198.5
注6. 库存
库存包括以下各项(单位:百万美元):
6月30日
2018 2017
原料 30.7美元 29.5美元
进行中 109.1 90.8
成品 63.8 65.1
203.6美元 185.4美元

如果采用先进先出法而不是后进先出法进行存货盘点,截至 2018 年 6 月 30 日和 2017 年 6 月 30 日,存货将分别增加 3.318 亿美元和 3.058 亿美元。

If the first-in, first-out method of inventory had been used instead of the LIFO method, inventories would have been $331.8 and $305.8 million higher as of June 30, 2018 and 2017, respectively.

  1. 根据附录 4中的信息,计算 LP Tech 公司 2017 年和 2018 年采用先进先出法 (FIFO) 和后进先出法 (LIFO) 的流动比率。

  2. Based on the information in Exhibit 4, calculate LP Tech’s current ratio under FIFO and LIFO for 2017 and 2018.

  3. LP Tech在其管理层讨论与分析的风险部分披露了以下信息。假设有效税率为35%,请估算这对LPTC的纳税义务的影响。

  4. LP Tech makes the following disclosure in the risk section of its MD&A. Assuming an effective tax rate of 35 percent, estimate the impact on LPTC’s tax liability.

“我们大部分库存都是采用后进先出法(LIFO)进行估值的,但该方法可能会被废除,从而对我们的现金流和财务状况产生不利影响。

我们的存货成本主要采用后进先出法(LIFO)确定。根据LIFO存货计价方法,即使原材料和其他成本由于生产周期较长,实际发生的价值可能存在显著差异,这些成本的变动仍会在当期计入销售成本。通常情况下,在物价上涨时期,LIFO会确认更高的销售成本,这既会减少当期利润,也会降低年末存货的价值。近期有提案旨在废除所得税中采用LIFO方法的选项。根据这些提案,目前采用LIFO方法的纳税人将被要求将其LIFO存货重新估值为先进先出法(FIFO)的价值。截至2018年6月30日,如果采用FIFO方法而非LIFO方法,我们的存货价值将增加约3.32亿美元。库存增加将导致应纳税所得额一次性增加,该增加额将在第一个纳税年度及随后的几个纳税年度按比例分摊。废除后进先出法可能会导致巨额税负,从而对我们的现金流和财务状况产生不利影响。

“We value most of our inventory using the LIFO method, which could be repealed resulting in adverse effects on our cash flows and financial condition.

The cost of our inventories is primarily determined using the Last-In First-Out (“LIFO”) method. Under the LIFO inventory valuation method, changes in the cost of raw materials and production activities are recognized in cost of sales in the current period even though these materials and other costs may have been incurred at significantly different values due to the length of time of our production cycle. Generally in a period of rising prices, LIFO recognizes higher costs of goods sold, which both reduces current income and assigns a lower value to the year-end inventory. Recent proposals have been initiated aimed at repealing the election to use the LIFO method for income tax purposes. According to these proposals, generally taxpayers that currently use the LIFO method would be required to revalue their LIFO inventory to its first-in, first-out (“FIFO”) value. As of June 30, 2018, if the FIFO method of inventory had been used instead of the LIFO method, our inventories would have been about $332 million higher. This increase in inventory would result in a one time increase in taxable income which would be taken into account ratably over the first taxable year and the following several taxable years. The repeal of LIFO could result in a substantial tax liability which could adversely impact our cash flows and financial condition.”

  1. LP Tech公司公布截至2018年6月30日止年度的经营活动现金流为1.152亿美元。与该公司的经营现金流相比,额外的潜在税负有多大?

  2. LP Tech reported cash flow from operations of $115.2 million for the year ended 30 June 2018. In comparison with the company’s operating cash flow, how significant is the additional potential tax liability?

问题1的解答:

Solution to 1:

LP Tech的流动比率(流动资产除以流动负债)计算如下:

The calculations of LP Tech’s current ratio (current assets divided by current liabilities) are as follows:

2018 2017
一、流动比率(未调整)
流动资产总额 820.2美元 749.7美元
流动负债总额 218.1美元 198.5美元
流动比率(未调整) 3.8 3.8
二、流动比率(调整后)
流动资产总额 820.2美元 749.7美元
将库存调整为先进先出法,并添加: 331.8 305.8
流动资产总额(调整后) 1,152 美元 1,056 美元
流动负债总额 218.1 198.5
流动比率(调整后) 5.3 5.3

为了将后进先出法(LIFO)存货调整为先进先出法(FIFO),需将先进先出法成本超过后进先出法成本的部分计入后进先出法存货,并将等额的金额计入流动资产。调整存货对流动比率的影响是,2017年和2018年的流动比率均从3.8提高到5.3。根据调整后的流动比率,LP Tech的流动性更强。

To adjust the LIFO inventory to FIFO, add the excess amounts of FIFO cost over LIFO cost to LIFO inventory and increase current assets by an equal amount. The effect of adjusting inventory on the current ratio is to increase the current ratio from 3.8 to 5.3 in both 2017 and 2018. LP Tech has greater liquidity according to the adjusted current ratio.

答案二:

Solution to 2:

假设有效税率为 35%,我们发现 LP Tech 的纳税义务总增加额为 1.161 亿美元(0.35 × 3.318 亿美元)。

Assuming an effective tax rate of 35 percent, we find the total increase in LP Tech’s tax liability to be $116.1 million (0.35 × $331.8 million).

问题3的解答:

Solution to 3:

额外的税负将大于公司 1.152 亿美元的经营现金流总额;但是,额外的税负将在几年内分摊。

The additional tax liability would be greater than the entire amount of the company’s cash flow from operations of $115.2 million; the additional tax liability would be apportioned, however, over several years.

总之,采用后进先出法(LIFO)的公司披露的信息,使得分析师能够像该公司采用先进先出法(FIFO)那样计算其存货价值。然而,如果一家公司的大部分存货采用后进先出法,且后进先出储备相对于报告存货而言较大,那么调整为先进先出法基础对于比较采用后进先出法的公司和采用先进先出法进行存货估值的公司至关重要。例10说明了这种调整会对分析师的结论产生重大影响的情况。

In summary, the information disclosed by companies that use LIFO allows an analyst to calculate the value of the company’s inventory as if the company were using the FIFO method. If the LIFO method is used for a substantial part of a company’s inventory and the LIFO reserve is large relative to reported inventory, however, the adjustment to a FIFO basis can be important for comparison of the LIFO-reporting company with a company that uses the FIFO method of inventory valuation. Example 10 illustrates a case in which such an adjustment would have a major impact on an analyst’s conclusions.

例10

分析师对存货价值的调整,以增加流动比率比较的可比性

Analyst Adjustment to Inventory Value for Comparability in a Current Ratio Comparison

A公司按照国际财务报告准则(IFRS)编制财务报表,并采用先进先出法(FIFO)进行存货核算。B公司按照美国通用会计准则(US GAAP)编制财务报表,并采用后进先出法(LIFO)进行存货核算。附录5列出了这两家公司的流动资产、后进先出法储备和流动负债的相关数据。

Company A reports under IFRS and uses the FIFO method of inventory accounting. Company B reports under US GAAP and uses the LIFO method. Exhibit 5 gives data pertaining to current assets, LIFO reserves, and current liabilities of these companies.

图表5. 不同存货核算方法的公司数据
A公司

(先进先出法)
B公司

(后进先出法)
流动资产(包括存货) 30万美元 80,000 美元
后进先出储备 不适用 20,000 美元
流动负债 150,000 美元 45,000 美元

NA = 不适用。

NA = not applicable.

根据附录 5中的数据,比较两家公司的流动比率,以衡量其流动性。

Based on the data given in Exhibit 5, compare the liquidity of the two companies as measured by the current ratio.

解决方案:

Solution:

A公司的流动比率为2.0。根据未经调整的资产负债表数据,B公司的流动比率为1.78。A公司较高的流动比率表明A公司的流动性似乎比B公司更强;然而,使用B公司的未经调整的数据与A公司进行比较是不合适的。

Company A’s current ratio is 2.0. Based on unadjusted balance sheet data, Company B’s current ratio is 1.78. Company A’s higher current ratio indicates that Company A appears to be more liquid than Company B; however, the use of unadjusted data for Company B is not appropriate for making comparisons with Company A.

在将B公司存货调整为可比基础(即先进先出法)后,结论发生了变化。下表总结了B公司存货在后进先出法和先进先出法(为与A公司进行比较)两种情况下的结果。

After adjusting Company B’s inventory to a comparable basis (i.e., to a FIFO basis), the conclusion changes. The following table summarizes the results when Company B’s inventory is left on a LIFO basis and when it is placed on a FIFO basis for comparability with Company A.

B公司
A公司

(先进先出法)
未经调整

(后进先出法)
调整后

(先进先出法)
流动资产(包括存货) 30万美元 80,000 美元 10万美元
流动负债 150,000 美元 45,000 美元 45,000 美元
流动比率 2.00 1.78 2.22

如果两家公司的存货都按先进先出法 (FIFO) 列示,则 B 公司的流动性似乎更好,其流动比率为 2.22,而 A 公司的流动比率为 2.00。

When both companies’ inventories are stated on a FIFO basis, Company B appears to be the more liquid, as indicated by its current ratio of 2.22 versus Company A’s ratio of 2.00.

将 B 公司的存货调整为先进先出法 (FIFO) 意义重大,因为假设 B 公司对其全部存货采用后进先出法 (LIFO),其存货准备金为 20,000 美元/80,000 美元 = 0.25,即其报告存货的 25%。

The adjustment to place Company B’s inventory on a FIFO basis was significant because Company B was assumed to use LIFO for its entire inventory and its inventory reserve was $20,000/$80,000 = 0.25, or 25 percent of its reported inventory.

如前所述,分析师还可以通过从销售成本中减去后进先出法(LIFO)储备金的变动额,将采用LIFO法的公司销售成本调整为采用先进先出法(FIFO)的公司销售成本。这种调整适用于与采用FIFO法报告的公司进行盈利能力比较,并且当调整的影响较大时,进行这种调整尤为重要。

As mentioned earlier, an analyst can also adjust the cost of goods sold for a company using LIFO to a FIFO basis by subtracting the change in the amount of the LIFO reserve from cost of goods sold. Such an adjustment would be appropriate for making profitability comparisons with a company reporting on a FIFO basis and is important to make when the impact of the adjustment would be material.

6.4 . 分析师对固定资产、厂房和设备的调整

6.4. Analyst Adjustments Related to Property, Plant, and Equipment

管理层在确定折旧费用方面通常拥有相当大的自由裁量权。折旧费用会影响报告的净利润和报告的净固定资产的数值。分析师通常将管理层在折旧方面的选择作为评估公司财务报告质量的定性因素,在某些情况下,分析师可能会出于特定的分析目的调整报告的折旧费用。

Management generally has considerable discretion in determination of depreciation expense. Depreciation expense affects the values of reported net income and reported net fixed assets. Analysts often consider management’s choices related to depreciation as a qualitative factor in evaluating the quality of a company’s financial reporting, and in some cases, analysts may adjust reported depreciation expense for a specific analytical purpose.

折旧费用的数额取决于会计方法和计算中使用的估计值。公司可以采用直线法、加速折旧法或使用率法对固定资产(土地除外)计提折旧。直线法在每个会计期间计提的折旧费用金额相等,计算方法为可折旧成本除以资产的预计使用寿命(资产购置时的可折旧成本计算方法为总成本减去预计残值)。加速折旧法加快了资产的折旧速度;它将较多的可折旧成本分摊到前期的折旧费用中。使用率法则根据资产的使用比例计提折旧。除了选择折旧方法外,公司还必须估计资产的残值和使用寿命才能计算折旧。

The amount of depreciation expense depends on both the accounting method and the estimates used in the calculations. Companies can use the straight-line method, an accelerated method, or a usage method to depreciate fixed assets (other than land). The straight-line method reports an equal amount of depreciation expense each period, and the expense is computed as the depreciable cost divided by the estimated useful life of the asset (when acquired, an asset’s depreciable cost is calculated as its total cost minus its estimated salvage value). Accelerated methods depreciate the asset more quickly; they apportion a greater amount of the depreciable cost to depreciation expense in the earlier periods. Usage-based methods depreciate an asset in proportion to its usage. In addition to selecting a depreciation method, companies must estimate an asset’s salvage value and useful life to compute depreciation.

折旧披露要求通常不利于进行具体调整,因此,对各公司在资产折旧决策方面的比较往往是定性的、概括性的。与折旧相关的账户包括资产负债表中的固定资产总额和累计折旧账户;利润表中的折旧费用;以及现金流量表中的资本支出和资产处置披露。这些项目之间的关系可以揭示各种信息。但需要注意的是,固定资产通常包含各种折旧年限和残值不同的资产,因此以下列表中的项目反映的是整体资产池中的一般关系。

Disclosures required for depreciation often do not facilitate specific adjustments, so comparisons of companies concerning their decisions in depreciating assets are often qualitative and general. The accounts that are associated with depreciation include the balance sheet accounts for gross property, plant, and equipment (PPE) and accumulated depreciation; the income statement amount for depreciation expense; and the statement of cash flows disclosure of capital expenditure (capex) and asset disposals. The relationships among these items can reveal various pieces of information. Note, however, that PPE typically includes a mix of assets with different depreciable lives and salvage values, so the items in the following list reflect general relationships in the total pool of assets.

  • 资产负债表中的累计折旧除以固定资产总额,可以反映公司整体资产基础的使用寿命已过去多久。

  • Accumulated depreciation divided by gross PPE, from the balance sheet, suggests how much of the useful life of the company’s overall asset base has passed.

  • 累计折旧除以折旧费用,可以表明已确认的折旧费用年限(即资产基础的平均使用年限)。

  • Accumulated depreciation divided by depreciation expense suggests how many years’ worth of depreciation expense have already been recognized (i.e., the average age of the asset base).

  • 净固定资产(扣除累计折旧)除以折旧费用,可以大致反映公司整体资产基础的剩余使用寿命。

  • Net PPE (net of accumulated depreciation) divided by depreciation expense is an approximate indicator of how many years of useful life remain for the company’s overall asset base.

  • 固定资产总额除以折旧费用,即可得出资产安装时的平均使用寿命。

  • Gross PPE divided by depreciation expense suggests the average life of the assets at installation.

  • 资本支出除以固定资产总额加上资本支出,可以表明通过新的资本投资更新资产基础的百分比。

  • Capex divided by the sum of gross PPE plus capex can suggest what percentage of the asset base is being renewed through new capital investment.

  • 与资产处置相关的资本支出能够反映资产基础的增长情况。

  • Capex in relation to asset disposal provides information on growth of the asset base.

例 11所示,可以对行业内的公司进行这些关系评估,以发现它们在资产利用策略上的差异或需要进一步调查的领域。

As Example 11 shows, these relationships can be evaluated for companies in an industry to suggest differences in their strategies for asset utilization or areas for further investigation.

例11

折旧差异

Differences in Depreciation

一位分析师正在评估同一行业两家公司的财务报表。这两家公司在产品生产过程中使用设备方面采取了类似的策略。以下是相关信息(金额单位:百万美元):

An analyst is evaluating the financial statements of two companies in the same industry. The companies have similar strategies with respect to the use of equipment in manufacturing their products. The following information is provided (amounts in millions):

A公司 B公司
净个人防护装备 1200美元 750美元
折旧费用 120美元 50美元
  1. 根据所给信息,估算A公司和B公司资产基础的平均剩余使用寿命。

  2. Based on the information given, estimate the average remaining useful lives of the asset bases of Company A and Company B.

  3. 假设分析师根据对两家公司工厂的实地考察和其他行业信息,认为A公司和B公司资产的实际剩余使用寿命大致相等,均为10年。仅根据已知事实,分析师对B公司报告的净利润可能得出什么结论?

  4. Suppose that, based on a physical inspection of the companies’ plants and other industry information, the analyst believes that the actual remaining useful lives of Company A’s and Company B’s assets are roughly equal at 10 years. Based only on the facts given, what might the analyst conclude about Company B’s reported net income?

问题1的解答:

Solution to 1:

A公司资产基础的平均剩余使用寿命估计为10年(计算方法为固定资产净值除以折旧费用,即1200美元/120美元=10年)。B公司资产基础的平均剩余使用寿命似乎要长得多,为15年(750美元/50美元)。

The estimated average remaining useful life of Company A’s asset base is 10 years (calculated as net PPE divided by depreciation expense, or $1,200/$120 = 10 years). For Company B, the average remaining useful life of the asset base appears to be far longer, 15 years ($750/$50).

答案二:

Solution to 2:

如果采用10年折旧期计算B公司的折旧费用,则费用将为7500万美元(即比报告金额高出2500万美元),而更高的折旧费用会降低净利润。分析师可能会得出结论:B公司报告的净利润反映了比A公司报告的净利润更为激进的会计估计。

If 10 years were used to calculate Company B’s depreciation expense, the expense would be $75 million (i.e., $25 million higher than reported) and higher depreciation expense would decrease net income. The analyst might conclude that Company B’s reported net income reflects relatively more aggressive accounting estimates than estimates reflected in Company A’s reported net income.

6.5 . 与商誉相关的分析师调整

6.5. Analyst Adjustments Related to Goodwill

当一家公司以超过所收购净可辨认资产公允价值的价格收购另一家公司时,就会产生商誉。净可辨认资产包括流动资产、固定资产以及某些具有价值且符合会计准则确认标准的无形资产。在企业合并中,许多无形资产可能需要估值,例如品牌、技术和客户名单。商誉作为一项资产入账,其本质上代表收购价格与净可辨认资产之间的差额。例如,假设母公司以 4 亿美元的收购价格收购目标公司,目标公司可辨认资产的公允价值为 3 亿美元(包括流动资产、固定资产和已确认品牌的公允价值)。母公司将确认 4 亿美元的总资产,其中包括 3 亿美元的可辨认资产(包括品牌的公允价值)和 1 亿美元的商誉。每年都会对商誉进行减值测试,如果确定商誉价值已减值,则母公司将减少该资产的金额,并报告因减值而产生的注销。

Goodwill arises when one company purchases another for a price that exceeds the fair value of the net identifiable assets acquired. Net identifiable assets include current assets, fixed assets, and certain intangible assets that have value and meet recognition criteria under accounting standards. A broad range of intangible assets might require valuation in the context of a business combination—for example, brands, technology, and customer lists. Goodwill is recorded as an asset and essentially represents the difference between the purchase price and the net identifiable assets. For example, assume ParentCo purchases TargetCo for a purchase price of $400 million and the fair value of TargetCo’s identifiable assets is $300 million (which includes the fair values of current assets, fixed assets, and a recognized brand). ParentCo will record total assets of $400 million consisting of $300 million in identifiable assets (including the fair value of the brand) and $100 million of goodwill. The goodwill is tested annually for impairment and if the value of the goodwill is determined to be impaired, ParentCo will then reduce the amount of the asset and report a write-off resulting from impairment.

商誉概念上的难点之一体现在比较财务报表分析中。例如,假设有两家美国公司,一家通过收购实现增长,另一家则通过内部增长。假设两家公司的经济价值相同:它们都拥有价值相同的品牌产品、训练有素的员工队伍和专有技术。通过收购实现增长的公司会根据收购总对价记录收购目标公司及其相关净资产的交易。而通过内部增长实现增长的公司则会在广告、员工培训和研发等方面投入资金,所有这些资金都会根据美国通用会计准则(US GAAP)在发生时计入费用。由于这些资金会立即计入费用,因此内部产生的资产价值不会资本化到资产负债表中,也就无法直接反映在公司的资产负债表上(收入、利润和现金流量应反映投资于无形资产所带来的收益)。基于资产价值和/或收入的比率,包括盈利能力比率(如资产回报率)和市值与账面价值之比(MV/BV),7通常会因两家公司资产和与收购的无形资产和商誉相关的收入的会计价值不同而有所差异,尽管假设两家公司的经济价值相同。

One of the conceptual difficulties with goodwill arises in comparative financial statement analysis. Consider, for example, two hypothetical US companies, one of which has grown by making an acquisition and the other of which has grown internally. Assume that the economic value of the two companies is identical: Each has an identically valuable branded product, well-trained workforce, and proprietary technology. The company that has grown by acquisition will have recorded the transaction to acquire the target company and its underlying net assets on the basis of the total consideration paid for the acquisition. The company that has grown internally will have done so by incurring expenditures for advertising, staff training, and research, all of which are expensed as incurred under US GAAP. Given the immediate expensing, the value of the internally generated assets is not capitalized onto the balance sheet and is thus not directly reflected on the company’s balance sheet (revenues, income, and cash flows should reflect the benefits derived from the investment in the intangible assets). Ratios based on asset values and/or income, including profitability ratios (such as ROA) and market value to book value (MV/BV),7 will generally differ for the two companies because of differences in the accounting values of assets and income related to acquired intangibles and goodwill, although, by assumption, the economic value of the companies is identical.

例 12

商誉比率比较

Ratio Comparisons for Goodwill

米亚诺·马尔塞利亚是一位分析师,他正在评估两家证券经纪公司:TD Ameritrade Holding Corporation (AMTD) 和 Charles Schwab Corporation (SCHW) 的相对估值。作为整体分析的一部分,马尔塞利亚希望了解这两家公司在市值与账面价值比率方面,以及与整个行业的比较情况。由于这两家公司都是行业巨头,马尔塞利亚预计它们的市值与账面价值比率将高于金融服务行业的中位数 2.2。他收集了以下关于这两家公司的数据。

Miano Marseglia is an analyst who is evaluating the relative valuation of two securities brokerage companies: TD Ameritrade Holding Corporation (AMTD) and the Charles Schwab Corporation (SCHW). As one part of an overall analysis, Marseglia would like to see how the two companies compare with each other and with the industry based on market value to book value. Because both companies are large players in the industry, Marseglia expects them to sell at a higher MV/BV than the financial services sector median of 2.2. He collects the following data on the two companies.

SCHW 安的达
截至2018年8月30日的市值(每股市场价格乘以流通股数量) 68,620 美元 33,247 美元
截至2018年6月30日,两家公司的股东权益总额 20,097 美元 7,936 美元
善意 1227美元 4,198 美元
其他无形资产 93美元 1,363 美元

Marseglia 按如下方式计算各公司的市值/账面价值:

Marseglia computes the MV/BV for the companies as follows:

SCHW 68,620 美元/20,097 美元 = 3.4

SCHW $68,620/$20,097 = 3.4

累计金额 33,247 美元/7,936 美元 = 4.2

AMTD $33,247/$7,936 = 4.2

正如预期,每家公司的市净率(MV/BV)均高于行业中位数2.2。这些公司的市净率相近(即,相对于股东权益的账面价值而言,它们的估值大致相同)。然而,Marseglia对此表示担忧,因为他注意到AMTD拥有大量的商誉和收购的无形资产。他想知道,如果先调整账面价值以剔除商誉,再剔除所有无形资产,那么市净率的相对价值会是多少。账面价值减去所有无形资产(包括商誉)后,即为“有形账面价值”。

As expected, each company appears to be selling at a premium to the sector median MV/BV of 2.2. The companies have similar MV/BVs (i.e., they are somewhat equally valued relative to the book value of shareholders’ equity). Marseglia is concerned, however, because he notes that AMTD has significant amounts of goodwill and acquired intangible assets. He wonders what the relative value would be if the MV/BV were computed after adjusting book value, first, to remove goodwill and, second, to remove all intangible assets. Book value reduced by all intangible assets (including goodwill) is known as “tangible book value.”

  1. 计算每家公司经商誉调整后的市价/账面价值和价格/有形账面价值。

  2. Compute the MV/BV adjusted for goodwill and the price/tangible book value for each company.

  3. 根据这些数据,哪家公司看起来更有价值?(请注意,市净率只是更广泛分析的一部分。要得出哪家公司更有价值的结论,还需要更多关于估值和公司可比性的证据。)

  4. Which company appears to be a better value based solely on this data? (Note that the MV/BV is only one part of a broader analysis. Much more evidence related to the valuations and the comparability of the companies would be required to reach a conclusion about whether one company is a better value.)

问题1的解答:

Solution to 1:

(百万美元)
SCHW 安的达
股东权益总额 20,097 美元 7,936 美元
较少:善意 1227美元 4,198 美元
调整后账面价值 18,870 美元 3,738 美元
调整后的MV/BV 3.6 8.9
(百万美元)
SCHW 安的达
股东权益总额 20,097 美元 7,936 美元
较少:善意 1227美元 4,198 美元
较少:其他无形资产 93美元 1,363 美元
有形账面价值 18,777 美元 2,375 美元
市价/有形账面价值 3.7 14.0

答案二:

Solution to 2:

扣除商誉后,SCHW的售价相对于账面价值而言,似乎远低于AMTD(3.6%对8.9%)。扣除其他无形资产后,这种差异更为显著。

After adjusting for goodwill, SCHW appears to be selling for a much lower price relative to book value than does AMTD (3.6 versus 8.9) after adjusting for goodwill. The difference is more extreme after adjusting for other intangibles.

概括

Summary

本文介绍了财务报表分析的若干应用,包括评估过往财务业绩、预测未来财务业绩、评估信用风险以及筛选潜在股权投资。此外,本文还介绍了分析师对已公布财务数据的调整。在所有情况下,分析师都需要充分理解编制财务报表所依据的财务报告准则。由于准则会随着时间推移而不断发展,分析师必须不断更新知识才能做出正确的投资决策。

This reading described selected applications of financial statement analysis, including the evaluation of past financial performance, the projection of future financial performance, the assessment of credit risk, and the screening of potential equity investments. In addition, the reading introduced analyst adjustments to reported financials. In all cases, the analyst needs to have a good understanding of the financial reporting standards under which the financial statements were prepared. Because standards evolve over time, analysts must stay current in order to make good investment decisions.

本文要点如下:

The main points in the reading are as follows:

  • 评估一家公司的历史业绩不仅要关注发生了什么,还要关注公司业绩背后的原因,以及业绩如何反映公司的战略。

  • Evaluating a company’s historical performance addresses not only what happened but also the causes behind the company’s performance and how the performance reflects the company’s strategy.

  • 对公司未来净利润和现金流的预测通常始于自上而下的销售预测,分析师首先预测行业销售额和公司市场份额。通过预测利润率或费用以及支持预期销售额所需的营运资本和固定资本投资水平,分析师即可预测净利润和现金流。

  • The projection of a company’s future net income and cash flow often begins with a top-down sales forecast in which the analyst forecasts industry sales and the company’s market share. By projecting profit margins or expenses and the level of investment in working and fixed capital needed to support projected sales, the analyst can forecast net income and cash flow.

  • 对未来业绩的预测对于股权的折现现金流估值是必要的,并且在信用分析中也经常需要,以评估借款人偿还债务利息和本金的能力。

  • Projections of future performance are needed for discounted cash flow valuation of equity and are often needed in credit analysis to assess a borrower’s ability to repay interest and principal of a debt obligation.

  • 信用分析利用财务报表分析来评估与信用相关的因素,包括杠杆容忍度、运营稳定性和利润率稳定性。

  • Credit analysis uses financial statement analysis to evaluate credit-relevant factors, including tolerance for leverage, operational stability, and margin stability.

  • 当使用根据财务报表数据和市场数据构建的比率来筛选潜在的股权投资时,基本决策包括使用哪些指标作为筛选条件、包含多少指标、使用这些指标的哪些值作为截止点以及为每个指标赋予什么权重。

  • When ratios constructed from financial statement data and market data are used to screen for potential equity investments, fundamental decisions include which metrics to use as screens, how many metrics to include, what values of those metrics to use as cutoff points, and what weighting to give each metric.

  • 分析师有时需要对公司公布的财务报表进行调整(例如,在比较采用不同会计方法或假设的公司时)。调整可能包括与投资、存货、固定资产和商誉相关的调整。

  • Analyst adjustments to a company’s reported financial statements are sometimes necessary (e.g., when comparing companies that use different accounting methods or assumptions). Adjustments can include those related to investments; inventory; property, plant, and equipment; and goodwill.

参考

References

练习题

Practice Problems

  1. 根据过往业绩预测未来利润率,在以下情况下最为可靠:公司:

    1. 从事大宗商品业务。

    2. 在单一业务领域内运营。

    3. 是一家业务遍及成熟行业的多元化大型公司。

  2. Projecting profit margins into the future on the basis of past results would be most reliable when the company:

    1. is in the commodities business.

    2. operates in a single business segment.

    3. is a large, diversified company operating in mature industries.

  3. Galambos公司2003年的平均应收账款回收期为19天。该公司表示,希望在2004年将回收期缩短至行业平均水平15天。2003年,该公司的赊销额为3亿美元,分析师预计2004年赊销额将增至4亿美元。为了实现缩短回收期的目标,2004年平均应收账款余额的变化最接近

    1. -420,000美元。

    2. 42万美元。

    3. 836,000美元。

  4. Galambos Corporation had an average receivables collection period of 19 days in 2003. Galambos has stated that it wants to decrease its collection period in 2004 to match the industry average of 15 days. Credit sales in 2003 were $300 million, and analysts expect credit sales to increase to $400 million in 2004. To achieve the company’s goal of decreasing the collection period, the change in the average accounts receivable balance from 2003 to 2004 that must occur is closest to:

    1. –$420,000.

    2. $420,000.

    3. $836,000.

  5. 信用分析师在提出评级建议时可能会考虑以下哪些因素?

    1. 商业风险,而非财务风险

    2. 财务风险,而非业务风险

    3. 商业风险和财务风险

  6. Credit analysts are likely to consider which of the following in making a rating recommendation?

    1. Business risk but not financial risk

    2. Financial risk but not business risk

    3. Both business risk and financial risk

  7. 在根据权益回报率筛选潜在股权投资时,为了控制风险,分析师最有可能纳入以下标准:

    1. 净收入为正。

    2. 净收入为负。

    3. 股东权益为负。

  8. When screening for potential equity investments based on return on equity, to control risk, an analyst would be most likely to include a criterion that requires:

    1. positive net income.

    2. negative net income.

    3. negative shareholders’ equity.

  9. 在筛选低市盈率股票时,一个需要关注的问题是,低市盈率的公司可能财务状况不佳。分析师应该考虑哪些标准来避免无意中选择财务状况不佳的公司?

    1. 净收入小于零

    2. 债务与总资产比率低于某个临界点

    3. 本年度销售增长低于上年度销售增长。

  10. One concern when screening for stocks with low price-to-earnings ratios is that companies with low P/Es may be financially weak. What criterion might an analyst include to avoid inadvertently selecting weak companies?

    1. Net income less than zero

    2. Debt-to-total assets ratio below a certain cutoff point

    3. Current-year sales growth lower than prior-year sales growth

  11. 当数据库删除因合并或破产而消失的公司时,可能会导致以下后果:

    1. 前瞻性偏见。

    2. 回测偏差。

    3. 幸存者偏差。

  12. When a database eliminates companies that cease to exist because of a merger or bankruptcy, this can result in:

    1. look-ahead bias.

    2. back-testing bias.

    3. survivorship bias.

  13. 在进行全面的财务分析时,财务报表应包含以下内容:

    1. 直接使用报告数据,未作任何调整。

    2. 在完成比率分析后进行调整。

    3. 已根据会计准则的差异进行调整,例如国际财务报告准则和美国公认会计原则。

  14. In a comprehensive financial analysis, financial statements should be:

    1. used as reported without adjustment.

    2. adjusted after completing ratio analysis.

    3. adjusted for differences in accounting standards, such as international financial reporting standards and US generally accepted accounting principles.

  15. 在比较采用后进先出法(LIFO)的美国公司与按照国际财务报告准则(IFRS)编制财务报表的公司时,分析师应注意,根据IFRS,后进先出法(LIFO)的存货计价方法:

    1. 这绝不可接受。

    2. 始终可以接受。

    3. 仅适用于成品库存时是可以接受的。

  16. When comparing a US company that uses the last in, first out (LIFO) method of inventory with companies that prepare their financial statements under international financial reporting standards (IFRS), analysts should be aware that according to IFRS, the LIFO method of inventory:

    1. is never acceptable.

    2. is always acceptable.

    3. is acceptable when applied to finished goods inventory only.

  17. 一位分析师正在评估一家采用后进先出(LIFO)存货会计方法的美国公司的资产负债表。该分析师收集了以下数据:

    2005年12月31日 2006年12月31日
    资产负债表上报告的存货 50万美元 60万美元
    后进先出储备 50,000 美元 70,000美元
    平均税率 30% 30%

    将金额调整为先进先出法(FIFO)后,2006年12月31日的存货金额最接近以下值:

    1. 60万美元。

    2. 62万美元。

    3. 67万美元。

  18. An analyst is evaluating the balance sheet of a US company that uses last in, first out (LIFO) accounting for inventory. The analyst collects the following data:

    31 Dec 05 31 Dec 06
    Inventory reported on balance sheet $500,000 $600,000
    LIFO reserve $ 50,000 $70,000
    Average tax rate 30% 30%

    After adjusting the amounts to convert to the first in, first out (FIFO) method, inventory at 31 December 2006 would be closest to:

    1. $600,000.

    2. $620,000.

    3. $670,000.

  19. 一位分析师收集了某公司的以下数据(单位:百万美元):

    2000年12月31日 2001年12月31日
    固定资产总投资 2.8美元 2.8美元
    累计折旧 1.2美元 1.6美元

    截至2001年底,该公司固定资产的平均年龄和平均折旧年限最接近以下哪个数值:

    平均年龄 平均折旧年限
    一个     1.75年 7年
    B     1.75年 14年
    C     4.00 年 7年
  20. An analyst gathered the following data for a company ($ millions):

    31 Dec 2000 31 Dec 2001
    Gross investment in fixed assets $2.8 $2.8
    Accumulated depreciation $1.2 $1.6

    The average age and average depreciable life of the company’s fixed assets at the end of 2001 are closest to:

    Average Age Average Depreciable Life
    A     1.75 years 7 years
    B     1.75 years 14 years
    C     4.00 years 7 years
  21. 为了计算有形账面价值,分析师会:

    1. 将商誉计入股东权益。

    2. 将所有无形资产计入股东权益。

    3. 从股东权益中减去所有无形资产。

  22. To compute tangible book value, an analyst would:

    1. add goodwill to stockholders’ equity.

    2. add all intangible assets to stockholders’ equity.

    3. subtract all intangible assets from stockholders’ equity.

  23. 以下哪项属于表外融资技术?使用:

    1. 融资租赁。

    2. 经营租赁。

    3. 后进先出库存管理方法。

  24. Which of the following is an off-balance-sheet financing technique? The use of:

    1. capital leases.

    2. operating leases.

    3. the last in, first out inventory method.

  25. 为了更好地评估一家公司的偿付能力,分析师很可能会将以下项目添加到总负债中:

    1. 未来资本租赁付款的现值。

    2. 未来经营租赁付款总额。

    3. 未来经营租赁付款的现值。

  26. To better evaluate the solvency of a company, an analyst would most likely add to total liabilities:

    1. the present value of future capital lease payments.

    2. the total amount of future operating lease payments.

    3. the present value of future operating lease payments.

解决方案

Solutions

  1. C选项正确。对于一家规模庞大、业务多元化的公司而言,不同业务板块的利润率变化可能会相互抵消。此外,成熟行业的利润率通常更为稳定。

  2. C is correct. For a large, diversified company, margin changes in different business segments may offset each other. Furthermore, margins are most likely to be stable in mature industries.

  3. C选项正确。2003年应收账款周转率为365/19(收款期,以天为单位)= 19.2,2004年需要达到365/15 = 24.3,Galambos公司才能实现其目标。销售额/周转率等于应收账款余额。2003年,3亿美元/19.2 = 15,625,000美元;2004年,4亿美元/24.3 = 16,460,905美元。835,905美元的差额即为Galambos公司实现目标所需的应收账款增加额。

  4. C is correct. Accounts receivable turnover is equal to 365/19 (collection period in days) = 19.2 for 2003 and needs to equal 365/15 = 24.3 in 2004 for Galambos to meet its goal. Sales/turnover equals the accounts receivable balance. For 2003, $300,000,000/19.2 = $15,625,000, and for 2004, $400,000,000/24.3 = $16,460,905. The difference of $835,905 is the increase in receivables needed for Galambos to achieve its goal.

  5. C选项正确。信用分析师会同时考虑业务风险和财务风险。

  6. C is correct. Credit analysts consider both business risk and financial risk.

  7. A选项正确。要求净利润为正值会排除那些仅因净利润和股东权益均为负值而报告正净资产收益率的公司。

  8. A is correct. Requiring that net income be positive would eliminate companies that report a positive return on equity only because both net income and shareholders’ equity are negative.

  9. B选项正确。负债/总资产比率越低,表明财务实力越强。要求公司负债/总资产比率低于某个临界值,可以让分析师筛选掉那些杠杆率高、因而财务状况可能较弱的公司。

  10. B is correct. A lower value of debt/total assets indicates greater financial strength. Requiring that a company’s debt/total assets be below a certain cutoff point would allow the analyst to screen out highly leveraged and, therefore, potentially financially weak companies.

  11. C选项正确。幸存者偏差是指合并或破产的公司从数据库中剔除,只保留存续公司。前瞻性偏差是指在回溯测试中使用了决策时无法获得的最新财务信息。回溯测试是对先前时期的模型进行测试,其本身并不是一种偏差。

  12. C is correct. Survivorship bias exists when companies that merge or go bankrupt are dropped from the database and only surviving companies remain. Look-ahead bias involves using updated financial information in back-testing that would not have been available at the time the decision was made. Back-testing involves testing models in prior periods and is not, itself, a bias.

  13. C选项正确。财务报表应根据会计准则的差异(以及会计和经营选择上的差异)进行调整。这些调整应在进行共同比率分析之前完成。

  14. C is correct. Financial statements should be adjusted for differences in accounting standards (as well as accounting and operating choices). These adjustments should be made prior to common-size and ratio analysis.

  15. A选项正确。根据国际财务报告准则(IFRS),后进先出法(LIFO)是不允许的。

  16. A is correct. LIFO is not permitted under IFRS.

  17. C 是正确的。要将后进先出法存货转换为先进先出法存货,必须将全部后进先出法储备加回:600,000 美元 + 70,000 美元 = 670,000 美元。

  18. C is correct. To convert LIFO inventory to FIFO inventory, the entire LIFO reserve must be added back: $600,000 + $70,000 = $670,000.

  19. C选项正确。该公司本年度固定资产账户未发生任何增减,因此折旧费用等于年初累计折旧与年末累计折旧的差额,即40万美元。平均使用年限等于累计折旧除以折旧费用,即160万美元/40万美元=4年。平均折旧年限等于期末总投资额除以折旧费用,即280万美元/40万美元=7年。

  20. C is correct. The company made no additions to or deletions from the fixed asset account during the year, so depreciation expense is equal to the difference in accumulated depreciation at the beginning of the year and the end of the year, or $0.4 million. Average age is equal to accumulated depreciation/depreciation expense, or $1.6/$0.4 = 4 years. Average depreciable life is equal to ending gross investment/depreciation expense = $2.8/$0.4 = 7 years.

  21. C选项正确。有形账面价值从资产负债表中剔除了所有无形资产,包括商誉。

  22. C is correct. Tangible book value removes all intangible assets, including goodwill, from the balance sheet.

  23. B选项正确。经营租赁可以作为一种表外融资方式,因为其既不属于资产也不属于负债,因此无需在资产负债表上列示。存货租赁和融资租赁则需要在资产负债表上列示。

  24. B is correct. Operating leases can be used as an off-balance-sheet financing technique because neither the asset nor liability appears on the balance sheet. Inventory and capital leases are reported on the balance sheet.

  25. C选项正确。未来经营租赁付款的现值应计入总资产和总负债。

  26. C is correct. The present value of future operating lease payments would be added to total assets and total liabilities.

笔记

Notes

词汇表

Glossary

一个

A

先验概率
A priori probability

基于逻辑分析而非观察或个人判断的概率。

A probability based on logical analysis rather than on observation or personal judgment.

异常收益
Abnormal return

证券实际收益与预期收益之间的差额,预期收益是指在考虑证券风险和市场收益的情况下,证券实际收益与预期收益之间的差额。

The amount by which a security’s actual return differs from its expected return, given the security’s risk and the market’s return.

绝对优势
Absolute advantage

一个国家以低于其贸易伙伴的绝对成本生产某种商品或服务的能力。

A country’s ability to produce a good or service at a lower absolute cost than its trading partner.

绝对色散
Absolute dispersion

在没有与任何参考点或基准进行比较的情况下,所存在的变异量。

The amount of variability present without comparison to any reference point or benchmark.

绝对频率
Absolute frequency

给定区间内的观测次数(针对分组数据)。

The number of observations in a given interval (for grouped data).

加速图书制作
Accelerated book build

由投资银行作为主承销商发行的证券,只需一两天即可完成。

An offering of securities by an investment bank acting as principal that is accomplished in only one or two days.

加速方法
Accelerated methods

将资产成本中相对较大比例分配到资产使用寿命早期阶段的折旧方法。

Depreciation methods that allocate a relatively large proportion of the cost of an asset to the early years of the asset’s useful life.

会计成本
Accounting costs

活动中所用经济资源的货币价值。这些价值可以是显性的、现金支付的当期款项,也可以是资源历史支付额(折旧)的分摊。它们不包括隐性机会成本。

Monetary value of economic resources used in performing an activity. These can be explicit, out-of-pocket, current payments, or an allocation of historical payments (depreciation) for resources. They do not include implicit opportunity costs.

会计利润
Accounting profit

根据现行会计准则,在损益表中列示的、未计提所得税费用的收入。也称为税前利润税前收入

Income as reported on the income statement, in accordance with prevailing accounting standards, before the provisions for income tax expense. Also called income before taxes or pretax income.

应付账款
Accounts payable

企业因购买商品和服务而欠供应商的款项,但尚未支付。

Amounts that a business owes to its vendors for goods and services that were purchased from them but which have not yet been paid.

应收账款周转率
Accounts receivable turnover

赊销额与应收账款平均余额之比。

Ratio of sales on credit to the average balance in accounts receivable.

应计费用
Accrued expenses

截至会计期末,与已发生但尚未支付的费用相关的负债——例如,已发生但尚未支付的租金就属于应计费用,从而产生“应付租金”负债。也称为应计负债

Liabilities related to expenses that have been incurred but not yet paid as of the end of an accounting period—an example of an accrued expense is rent that has been incurred but not yet paid, resulting in a liability “rent payable.” Also called accrued liabilities.

应计利息
Accrued interest

已赚取但尚未支付的利息。

Interest earned but not yet paid.

酸性测试比率
Acid-test ratio

衡量流动性的严格指标,表明公司用其最具流动性的资产偿还流动负债的能力,计算方法为(现金+短期有价投资+应收账款)除以流动负债。

A stringent measure of liquidity that indicates a company’s ability to satisfy current liabilities with its most liquid assets, calculated as (cash + short-term marketable investments + receivables) divided by current liabilities.

获取方法
Acquisition method

一种企业合并会计处理方法,要求收购方按公允价值计量每一项可辨认的资产和负债。该方法是国际会计准则理事会(IASB)和美国财务会计准则委员会(FASB)联合项目的成果,旨在实现企业合并会计准则的趋同。

A method of accounting for a business combination where the acquirer is required to measure each identifiable asset and liability at fair value. This method was the result of a joint project of the IASB and FASB aiming at convergence in standards for the accounting of business combinations.

动作延迟
Action lag

从政策制定到实施的延迟。

Delay from policy decisions to implementation.

积极投资
Active investment

一种投资方法,投资者力求超越既定的基准指数。

An approach to investing in which the investor seeks to outperform a given benchmark.

积极回报
Active return

投资组合的收益率减去该投资组合基准的收益率。

The return on a portfolio minus the return on the portfolio’s benchmark.

主动策略
Active strategy

就短期现金管理而言,这是一种投资策略,其特点是监控并试图利用市场状况来优化短期投资的风险和回报关系。

In reference to short-term cash management, an investment strategy characterized by monitoring and attempting to capitalize on market conditions to optimize the risk and return relationship of short-term investments.

活性比率
Activity ratios

衡量公司日常运营效率的比率,例如应收账款回收和库存管理。也称为资产利用率运营效率比率

Ratios that measure how efficiently a company performs day-to-day tasks, such as the collection of receivables and management of inventory. Also called asset utilization ratios or operating efficiency ratios.

附加费率
Add-on rates

银行存款凭证、回购协议以及伦敦银行间同业拆借利率 (Libor) 和欧元银行间同业拆借利率 (Euribor) 等指数均以附加利率(债券等价收益率)报价。

Bank certificates of deposit, repos, and indexes such as Libor and Euribor are quoted on an add-on rate basis (bond equivalent yield basis).

概率的加法规则
Addition rule for probabilities

一条原则指出,AB发生的概率(或两者同时发生的概率)等于A发生的概率加上B发生的概率,减去AB同时发生的概率。

A principle stating that the probability that A or B occurs (both occur) equals the probability that A occurs, plus the probability that B occurs, minus the probability that both A and B occur.

机构债券
Agency bonds

参见准政府债券

See quasi-government bond.

机构RMBS
Agency RMBS

在美国,以住房抵押贷款为支持,并由联邦机构担保或由两家政府支持企业(房利美和房地美)之一担保的证券。

In the United States, securities backed by residential mortgage loans and guaranteed by a federal agency or guaranteed by either of the two GSEs (Fannie Mae and Freddie Mac).

总需求
Aggregate demand

在任何给定的价格水平下,家庭、企业、政府和外国客户想要购买的商品和服务数量。

The quantity of goods and services that households, businesses, government, and foreign customers want to buy at any given level of prices.

总需求曲线
Aggregate demand curve

价格水平与实际产出呈反比关系。

Inverse relationship between the price level and real output.

总收入
Aggregate income

商品和服务生产要素供应商所获得的全部款项的价值。

The value of all the payments earned by the suppliers of factors used in the production of goods and services.

汇总输出
Aggregate output

在特定时期内生产的所有商品和服务的价值。

The value of all the goods and services produced in a specified period of time.

骨料供应
Aggregate supply

生产者愿意在任何给定的价格水平上提供的商品和服务数量。

The quantity of goods and services producers are willing to supply at any given level of price.

总供给曲线
Aggregate supply curve

企业在每个价格水平下将生产的国内产量水平。

The level of domestic output that companies will produce at each price level.

衰老计划
Aging schedule

按应收账款天数分类的账户明细。

A breakdown of accounts into categories of days outstanding.

全有或全无(AON)订单
All-or-nothing (AON) orders

订单中包含一项指示,即只有当交易数量(规模)完全满足指定要求时才进行交易。

An order that includes the instruction to trade only if the trade fills the entire quantity (size) specified.

配置效率
Allocationally efficient

市场、金融体系或经济体的一个特征,即促进资源配置到其价值最高的用途。

A characteristic of a market, a financial system, or an economy that promotes the allocation of resources to their highest value uses.

替代数据
Alternative data

使用电子设备、社交媒体、卫星和传感器网络以及公司尾气产生的非传统数据类型。

Non-traditional data types generated by the use of electronic devices, social media, satellite and sensor networks, and company exhaust.

另类投资市场
Alternative investment markets

除传统证券投资(即传统普通股、优先股和传统固定收益工具)之外的其他投资市场。该术语通常涵盖对房地产(包括林地和农田)和大宗商品(包括贵金属)的直接和间接投资;对冲基金、私募股权以及其他需要专门尽职调查的投资。

Market for investments other than traditional securities investments (i.e., traditional common and preferred shares and traditional fixed income instruments). The term usually encompasses direct and indirect investment in real estate (including timberland and farmland) and commodities (including precious metals); hedge funds, private equity, and other investments requiring specialized due diligence.

另类交易系统
Alternative trading systems

功能类似于交易所的交易场所,但除监管用户在其交易系统中进行的交易行为外,不对用户行使监管权。也称为电子通信网络多边交易设施

Trading venues that function like exchanges but that do not exercise regulatory authority over their subscribers except with respect to the conduct of the subscribers’ trading in their trading systems. Also called electronic communications networks or multilateral trading facilities.

美国存托凭证
American depository receipt

一种以美元计价的证券,在美国交易所像普通股票一样交易。

A US dollar-denominated security that trades like a common share on US exchanges.

美国存托股份
American depository share

美国存托凭证所依据的基础股票。它们在发行公司的国内市场交易。

The underlying shares on which American depository receipts are based. They trade in the issuing company’s domestic market.

美式风格
American-style

一种期权合约类型,可以在期权到期日之前的任何时间行使。

Type of option contract that can be exercised at any time up to the option’s expiration date.

摊销
Amortisation

将具有有限使用寿命的无形长期资产的成本分配到会计期间的过程;将债券溢价或折价的金额分配到债券到期前的剩余期间的过程。

The process of allocating the cost of intangible long-term assets having a finite useful life to accounting periods; the allocation of the amount of a bond premium or discount to the periods remaining until bond maturity.

摊销成本
Amortised cost

资产的历史成本(初始确认成本),已根据摊销和减值进行调整。

The historical cost (initially recognised cost) of an asset, adjusted for amortisation and impairment.

分期偿还债券
Amortizing bond

债券需按还款计划定期支付利息和偿还本金。

Bond with a payment schedule that calls for periodic payments of interest and repayments of principal.

分期偿还贷款
Amortizing loan

贷款需按还款计划定期支付利息和偿还本金。

Loan with a payment schedule that calls for periodic payments of interest and repayments of principal.

年利率
Annual percentage rate

以年利率表示的借贷成本。

The cost of borrowing expressed as a yearly rate.

年金
Annuity

一组有限的、水平的、顺序的现金流。

A finite set of level sequential cash flows.

到期年金
Annuity due

一种年金,其首期现金流立即支付。

An annuity having a first cash flow that is paid immediately.

预期股票
Anticipation stock

为应对预期增长而持有的过剩库存,通常是由于季节性需求模式造成的。

Excess inventory that is held in anticipation of increased demand, often because of seasonal patterns of demand.

抗稀释剂
Antidilutive

就交易或证券而言,如果交易或证券会增加每股收益 (EPS) 或导致 EPS 高于公司的基本 EPS,则反稀释证券不计入稀释 EPS 的计算中。

With reference to a transaction or a security, one that would increase earnings per share (EPS) or result in EPS higher than the company’s basic EPS—antidilutive securities are not included in the calculation of diluted EPS.

套利
Arbitrage

1) 同时买入被低估的资产或投资组合,并卖出被高估但等价的资产或投资组合,以从价格差中获利,从而以无风险的方式利用市场低效。2) 金融市场中,等价资产或资产组合以两种不同的价格出售,从而创造了无需投入资金即可获利的无风险机会。在运转良好的金融市场中,套利机会很少。3) 一种无风险操作,预期可获得正净利润,但无需投入任何净资金。

1) The simultaneous purchase of an undervalued asset or portfolio and sale of an overvalued but equivalent asset or portfolio, in order to obtain a riskless profit on the price differential. Taking advantage of a market inefficiency in a risk-free manner. 2) The condition in a financial market in which equivalent assets or combinations of assets sell for two different prices, creating an opportunity to profit at no risk with no commitment of money. In a well-functioning financial market, few arbitrage opportunities are possible. 3) A risk-free operation that earns an expected positive net profit but requires no net investment of money.

无套利定价
Arbitrage-free pricing

通过套利和风险中性原则对衍生品进行定价的整个过程。也称为无套利原则

The overall process of pricing derivatives by arbitrage and risk neutrality. Also called the principle of no arbitrage.

套利者
Arbitrageurs

从事套利交易的交易者。参见套利

Traders who engage in arbitrage. See arbitrage.

算术平均值
Arithmetic mean

观测值之和除以观测值的数量。

The sum of the observations divided by the number of observations.

武器索引
Arms index

资金流动指标应用于广泛的股票市场指数,以衡量资金流入或流出上涨和下跌股票的相对程度。

A flow of funds indicator applied to a broad stock market index to measure the relative extent to which money is moving into or out of rising and declining stocks.

人工智能
Artificial intelligence

能够展现出与人类相当(或更胜一筹)的认知和决策能力的计算机系统。

Computer systems that exhibit cognitive and decision-making ability comparable (or superior) to that of humans.

亚洲期权
Asian call option

欧式期权,到期时的价值等于到期时股票价格与期权存续期间股票平均价格之差,或 0 美元,以较高者为准。

A European-style option with a value at maturity equal to the difference between the stock price at maturity and the average stock price during the life of the option, or $0, whichever is greater.

Ask

交易商或代理商愿意出售资产的价格,通常受最大出售数量(要价)的限制。参见报价

The price at which a dealer or trader is willing to sell an asset, typically qualified by a maximum quantity (ask size). See offer.

询问尺寸
Ask size

交易者针对特定要价所能出售的资产最大数量。例如,如果某股票发行要价为每股 30 美元,发行数量为 1000 股,则交易者愿意以每股 30 美元的价格出售最多 1000 股。

The maximum quantity of an asset that pertains to a specific ask price from a trader. For example, if the ask for a share issue is $30 for a size of 1,000 shares, the trader is offering to sell at $30 up to 1,000 shares.

资产配置
Asset allocation

确定投资资金应如何在各类资产之间分配的过程。

The process of determining how investment funds should be distributed among asset classes.

资产支持证券
Asset-backed securities

由称为特殊目的实体(SPE)的法律实体发行的一种债券,其标的物为 SPE 拥有的资产组合。此外,还包括以应收账款和贷款(抵押贷款除外)为抵押的证券。

A type of bond issued by a legal entity called a special purpose entity (SPE) on a collection of assets that the SPE owns. Also, securities backed by receivables and loans other than mortgages.

资产抵押贷款
Asset-based loan

以公司资产作抵押的贷款。

A loan that is secured with company assets.

基于资产的估值模型
Asset-based valuation models

根据对公司资产市场价值的估计进行估值。

Valuation based on estimates of the market value of a company’s assets.

资产贝塔系数
Asset beta

无杠杆贝塔系数反映了资产的业务风险;即资产的系统性风险。

The unlevered beta; reflects the business risk of the assets; the asset’s systematic risk.

资产类别
Asset class

一组具有相似特征、属性和风险/回报关系的资产。

A group of assets that have similar characteristics, attributes, and risk/return relationships.

资产互换
Asset swap

将特定债券的定期固定息票转换为伦敦银行间同业拆借利率 (Libor) 加或减利差。

Converts the periodic fixed coupon of a specific bond to a Libor plus or minus a spread.

资产利用率
Asset utilization ratios

衡量公司执行日常任务(例如应收账款的收取和库存管理)效率的比率。

Ratios that measure how efficiently a company performs day-to-day tasks, such as the collection of receivables and management of inventory.

资产
Assets

企业因过去事件而控制的资源,并预期从中获得未来的经济利益。

Resources controlled by an enterprise as a result of past events and from which future economic benefits to the enterprise are expected to flow.

应收账款转让
Assignment of accounts receivable

以应收账款作为贷款抵押。

The use of accounts receivable as collateral for a loan.

就钱而言
At the money

标的资产价格等于行权价格的期权。

An option in which the underlying’s price equals the exercise price.

拍卖
Auction

一种常用于主权债券的债券发行机制,涉及竞标。

A type of bond issuing mechanism often used for sovereign bonds that involves bidding.

自给自足价格
Autarkic price

自给自足经济中商品或服务的价格。

The price of a good or service in an autarkic economy.

自给自足
Autarky

一个国家不与其他国家进行贸易的状态。

A state in which a country does not trade with other countries.

自动清算系统(ACH)
Automated Clearing House (ACH)

一个面向美国、美国领土和加拿大的企业、个人和金融机构的电子支付网络。

An electronic payment network available to businesses, individuals, and financial institutions in the United States, US Territories, and Canada.

自动稳定器
Automatic stabilizer

这是一个反周期因素,当经济放缓、失业率上升时,它会自动发挥作用。

A countercyclical factor that automatically comes into play as an economy slows and unemployment rises.

可供出售
Available-for-sale

根据美国通用会计准则(US GAAP),可供出售的债务证券不属于持有至到期证券或交易性证券。投资者愿意出售,但目前没有积极的出售计划。通常,可供出售的债务证券在资产负债表上按公允价值列示,未实现收益计入其他综合收益。

Under US GAAP, debt securities not classified as either held-to-maturity or held-for-trading securities. The investor is willing to sell but not actively planning to sell. In general, available-for-sale debt securities are reported at fair value on the balance sheet, with unrealized gains included as a component of other comprehensive income.

平均会计收益率
Average accounting rate of return

(ARR)在项目的生命周期内,AAR 可以定义为平均净收入除以平均账面价值。

(ARR) Over the life of a project, the AAR can be defined as the average net income divided by the average book value.

平均固定成本
Average fixed cost

总固定成本除以产量。

Total fixed cost divided by quantity produced.

平均寿命
Average life

参见加权平均寿命

See weighted average life.

平均产品
Average product

衡量投入的平均生产率,计算方法是将总产量除以用于产生该产出的给定投入的总单位数。

Measures the productivity of inputs on average and is calculated by dividing total product by the total number of units for a given input that is used to generate that output.

平均收入
Average revenue

总收入除以销售数量。

Total revenue divided by quantity sold.

平均总成本
Average total cost

总成本除以产量。

Total cost divided by quantity produced.

平均可变成本
Average variable cost

总变动成本除以产量。

Total variable cost divided by quantity produced.

B

B

反向模拟
Back simulation

另一种用于估算风险价值(VaR)的历史方法名称是……。这个名称在某种程度上具有误导性,因为该方法并非模拟过去,而是反映过去实际发生的情况,有时会进行调整以反映过去存在的投资组合可能与未来计划的投资组合有所不同。

Another term for the historical method of estimating VaR. This term is somewhat misleading in that the method involves not a simulation of the past but rather what actually happened in the past, sometimes adjusted to reflect the fact that a different portfolio may have existed in the past than is planned for the future.

回测
Back-testing

就投资组合策略而言,将策略的投资组合选择规则应用于历史数据,以评估该策略的历史表现。

With reference to portfolio strategies, the application of a strategy’s portfolio selection rules to historical data to assess what would have been the strategy’s historical performance.

备用信用额度
Backup lines of credit

银行向商业票据发行人提供的一种信用增级措施,旨在确保发行人能够在发行新票据不可行的情况下获得足够的流动性来偿还到期的商业票据。

A type of credit enhancement provided by a bank to an issuer of commercial paper to ensure that the issuer will have access to sufficient liquidity to repay maturing commercial paper if issuing new paper is not a viable option.

国际收支平衡表
Balance of payments

复式记账系统,用于汇总一个国家在特定时期(通常为一个日历季度或一年)与世界其他地区的经济交易。

A double-entry bookkeeping system that summarizes a country’s economic transactions with the rest of the world for a particular period of time, typically a calendar quarter or year.

贸易逆差
Balance of trade deficit

当国内经济在外国商品和服务上的支出超过外国经济在国内商品和服务上的支出时。

When the domestic economy is spending more on foreign goods and services than foreign economies are spending on domestic goods and services.

资产负债表
Balance sheet

财务报表通过披露企业控制的资源(资产)以及对这些资源的权利主张(负债和所有者权益),反映企业在特定时间点(资产负债表日)的当前财务状况。也称为财务状况表财务状况报告

The financial statement that presents an entity’s current financial position by disclosing resources the entity controls (its assets) and the claims on those resources (its liabilities and equity claims), as of a particular point in time (the date of the balance sheet). Also called statement of financial position or statement of financial condition.

资产负债表比率
Balance sheet ratios

仅涉及资产负债表项目的财务比率。

Financial ratios involving balance sheet items only.

均衡
Balanced

就政府预算而言,支出和收入(税收)相等。

With respect to a government budget, one in which spending and revenues (taxes) are equal.

气球式付款
Balloon payment

到期时需要支付一大笔款项来偿还债券未偿还的本金。

Large payment required at maturity to retire a bond’s outstanding principal amount.

条形图
Bar chart

价格图表,每个时间段包含四项数据——最高价、最低价、开盘价和收盘价。一条垂直线连接最高价和最低价。左侧的交叉线表示开盘价,右侧的交叉线表示收盘价。

A price chart with four bits of data for each time interval—the high, low, opening, and closing prices. A vertical line connects the high and low. A cross-hatch left indicates the opening price and a cross-hatch right indicates the close.

物物交换经济
Barter economy

在经济体系中,家庭、公司和政府等经济主体用另一种商品或服务来“支付”商品和服务。

An economy where economic agents as house-holds, corporations, and governments “pay” for goods and services with another good or service.

基准利率
Base rates

银行向所有其他客户发放贷款利率所依据的参考利率。

The reference rate on which a bank bases lending rates to all other customers.

基本 EPS
Basic EPS

归属于普通股股东的净收益(即净收入减去优先股股息)除以已发行普通股的加权平均数。

Net earnings available to common shareholders (i.e., net income minus preferred dividends) divided by the weighted average number of common shares outstanding.

基点
Basis point

在表示收益率差时,一个基点等于百分之一个百分点,即 0.01%。

Used in stating yield spreads, one basis point equals one-hundredth of a percentage point, or 0.01%.

一篮子上市存托凭证
Basket of listed depository receipts

代表存托凭证组合的交易所交易基金(ETF)。

An exchange-traded fund (ETF) that represents a portfolio of depository receipts.

无记名债券
Bearer bonds

所有权未登记的债券;只有清算系统知道债券的所有者是谁。

Bonds for which ownership is not recorded; only the clearing system knows who the bond owner is.

行为金融学
Behavioral finance

金融领域的一个分支,研究影响并经常扭曲投资者、分析师和投资组合经理投资决策的心理变量。

A field of finance that examines the psychological variables that affect and often distort the investment decision making of investors, analysts, and portfolio managers.

市场背后
Behind the market

指订单中指定的价格低于当前最佳价格;例如,限价买单的限价低于最佳买价。

Said of prices specified in orders that are worse than the best current price; e.g., for a limit buy order, a limit price below the best bid.

基准
Benchmark

对比投资组合;参考点或比较点。

A comparison portfolio; a point of reference or comparison.

基准问题
Benchmark issue

这是最新发行的特定期限的主权债券。它可作为基准,用于比较具有相同特征但由其他类型发行人发行的债券。

The latest sovereign bond issue for a given maturity. It serves as a benchmark against which to compare bonds that have the same features but that are issued by another type of issuer.

基准利率
Benchmark rate

通常是指到期时间相同或相近的政府债券的到期收益率。

Typically the yield-to-maturity on a government bond having the same, or close to the same, time-to-maturity.

基准价差
Benchmark spread

收益率与特定基准收益率之间的利差,通常以基点衡量。

The yield spread over a specific benchmark, usually measured in basis points.

伯努利随机变量
Bernoulli random variable

取值为 0 或 1 的随机变量。

A random variable having the outcomes 0 and 1.

伯努利试验
Bernoulli trial

一项可能产生两种结果之一的实验。

An experiment that can produce one of two outcomes.

最佳出价
Best bid

市场上的最高出价。

The highest bid in the market.

尽力而为
Best effort offering

通过投资银行发行证券,投资银行作为发行人的代理人,承诺尽最大努力出售该证券,但不保证一定能售出特定数量的证券。

An offering of a security using an investment bank in which the investment bank, as agent for the issuer, promises to use its best efforts to sell the offering but does not guarantee that a specific amount will be sold.

一流
Best-in-class

一种 ESG 实施方法,旨在根据 ESG 因素识别行业中最有利的公司。

An ESG implementation approach that seeks to identify the most favorable companies in an industry based on ESG considerations.

最佳优惠
Best offer

市场上的最低报价(要价)。

The lowest offer (ask price) in the market.

Beta
Beta

衡量特定投资或投资组合对整体市场波动敏感度的指标。

A measure of the sensitivity of a given investment or portfolio to movements in the overall market.

出价
Bid

交易商或贸易商愿意购买资产的价格,通常受最大购买数量的限制。

The price at which a dealer or trader is willing to buy an asset, typically qualified by a maximum quantity.

买卖价差
Bid–ask spread

买卖价差是指交易商从客户处买入(买价)和卖出(卖价或要价)的价格之间的差额。它通常被用作流动性的指标。

The difference between the prices at which dealers will buy from a customer (bid) and sell to a customer (offer or ask). It is often used as an indicator of liquidity.

买卖价差
Bid–offer spread

买卖价差是指交易商从客户处买入(买价)和卖出(卖价或要价)的价格之间的差额。它通常被用作流动性的指标。

The difference between the prices at which dealers will buy from a customer (bid) and sell to a customer (offer or ask). It is often used as an indicator of liquidity.

竞价规模
Bid size

交易者针对特定出价所能购买的资产的最大数量。

The maximum quantity of an asset that pertains to a specific bid price from a trader.

大数据
Big Data

工业界、政府、个人和电子设备产生的大量数据,这些数据既来自传统数据源,也来自非传统数据源。

The vast amount of data being generated by industry, governments, individuals, and electronic devices that arises from both traditional and non-traditional data sources.

双边贷款
Bilateral loan

单一贷款机构向单一借款人提供的贷款。

A loan from a single lender to a single borrower.

二项式模型
Binomial model

一种期权定价模型,其中标的资产价格只能变动到两个可能的新价格之一。

A model for pricing options in which the underlying price can move to only one of two possible new prices.

二项随机变量
Binomial random variable

在n 次伯努利试验中,成功的次数,其中每次试验的成功概率恒定,且试验相互独立。

The number of successes in n Bernoulli trials for which the probability of success is constant for all trials and the trials are independent.

二项式树
Binomial tree

资产价格动态模型的图形表示,其中在每个时期,资产以概率p上涨或以概率 (1 – p ) 下跌。

The graphical representation of a model of asset price dynamics in which, at each period, the asset moves up with probability p or down with probability (1 – p).

比特币
Bitcoin

一种使用区块链技术的加密货币,创建于 2009 年。

A cryptocurrency using blockchain technology that was created in 2009.

大宗经纪人
Block brokers

为大额交易提供经纪服务的经纪人(代理人)。

A broker (agent) that provides brokerage services for large-size trades.

区块链
Blockchain

一种数字账本,其中信息按顺序记录,然后链接在一起,并使用加密方法进行保护。

A type of digital ledger in which information is recorded sequentially and then linked together and secured using cryptographic methods.

蓝筹股
Blue chip

市值较大的上市公司,财务状况良好,在其各自行业或当地股市中处于领先地位。

Widely held large market capitalization companies that are considered financially sound and are leaders in their respective industry or local stock market.

布林带
Bollinger Bands

一种基于价格的技术分析指标,由一条移动平均线和一条较高的线组成,较高的线表示移动平均线加上一定数量的标准差(周期数与计算移动平均线所用的周期数相同),较低的线表示移动平均线减去相同数量的标准差。

A price-based technical analysis indicator consisting of a moving average plus a higher line representing the moving average plus a set number of standard deviations from average price (for the same number of periods as used to calculate the moving average) and a lower line that is a moving average minus the same number of standard deviations.

纽带
Bond

发行人与债券持有人之间的合同协议。

Contractual agreement between the issuer and the bondholders.

债券等价收益率
Bond equivalent yield

收益率的计算方法是将365天与到期天数之比进行年化。债券等效收益率允许对不同复利周期的证券进行重新表述和比较。

A calculation of yield that is annualized using the ratio of 365 to the number of days to maturity. Bond equivalent yield allows for the restatement and comparison of securities with different compounding periods.

邦德契约
Bond indenture

具有约束力的法律信贷协议,通常以引用方式纳入招股说明书。也称为信托契约

The governing legal credit agreement, typically incorporated by reference in the prospectus. Also called trust deed.

债券市场义警
Bond market vigilantes

债券市场参与者可能会减少对长期债券的需求,从而推高债券收益率。

Bond market participants who might reduce their demand for long-term bonds, thus pushing up their yields.

债券收益率加风险溢价法
Bond yield plus risk premium approach

普通股成本的估算方法是将税前债务成本与风险溢价相加,风险溢价反映了公司股票相对于其债券的额外收益。该额外收益通常使用债券收益率和股票收益率之间的历史利差来估算。

An estimate of the cost of common equity that is produced by summing the before-tax cost of debt and a risk premium that captures the additional yield on a company’s stock relative to its bonds. The additional yield is often estimated using historical spreads between bond yields and stock yields.

红股发行
Bonus issue of shares

一种股息形式,公司以普通股股份而非现金的形式向股东分配股息。

A type of dividend in which a company distributes additional shares of its common stock to shareholders instead of cash.

书籍构建
Book building

投资银行家编制一份“意向书”或购买部分发行股份的意向清单的过程。

Investment bankers’ process of compiling a “book” or list of indications of interest to buy part of an offering.

账面价值
Book value

资产负债表上显示的资产或负债的净额;账面价值也可指公司总资产超过总负债的部分。也称为 账面价值

The net amount shown for an asset or liability on the balance sheet; book value may also refer to the company’s excess of total assets over total liabilities. Also called carrying value.

繁荣
Boom

扩张阶段的特点是经济增长“考验”经济的极限。

An expansionary phase characterized by economic growth “testing the limits” of the economy.

自下而上的分析
Bottom-up analysis

一种投资选择方法,侧重于公司的具体情况,而不是强调经济周期或行业分析。

An investment selection approach that focuses on company-specific circumstances rather than emphasizing economic cycles or industry analysis.

断点
Break point

在加权平均资本成本 (WACC) 的背景下,断点是指一个或多个资本来源的成本发生变化,从而导致 WACC 发生变化的资本量。

In the context of the weighted average cost of capital (WACC), a break point is the amount of capital at which the cost of one or more of the sources of capital changes, leading to a change in the WACC.

盈亏平衡点
Breakeven point

公司净收入为零(收入 = 总成本)时的生产和销售单位数量;在完全竞争的情况下,价格、平均收入和边际收入等于平均总成本时的产量。

The number of units produced and sold at which the company’s net income is zero (Revenues = Total cost); in the case of perfect competition, the quantity at which price, average revenue, and marginal revenue equal average total cost.

过桥融资
Bridge financing

过渡性融资,用于在安排永久融资之前提供资金。

Interim financing that provides funds until permanent financing can be arranged.

广义货币
Broad money

包括狭义货币以及可用于购买的各种流动资产。

Encompasses narrow money plus the entire range of liquid assets that can be used to make purchases.

经纪人
Broker

1)代理人,代表客户执行证券买卖指令并收取佣金。2)参见期货佣金商

1) An agent who executes orders to buy or sell securities on behalf of a client in exchange for a commission. 2) See futures commission merchants.

经纪自营商
Broker–dealer

金融中介机构(通常是一家公司),根据交易类型的不同,可以作为委托人(交易商)或代理人(经纪人)运作。

A financial intermediary (often a company) that may function as a principal (dealer) or as an agent (broker) depending on the type of trade.

经纪市场
Brokered market

经纪人为其客户安排交易的市场。

A market in which brokers arrange trades among their clients.

预算盈余/赤字
Budget surplus/deficit

政府在特定固定时期内的收入与支出之间的差额。

The difference between government revenue and expenditure for a stated fixed period of time.

子弹债券
Bullet bond

到期时一次性偿还全部本金的债券。

Bond in which the principal repayment is made entirely at maturity.

商业风险
Business risk

与营业利润相关的风险。营业利润具有不确定性,因为总收入以及许多用于产生这些收入的支出都存在不确定性。

The risk associated with operating earnings. Operating earnings are uncertain because total revenues and many of the expenditures contributed to produce those revenues are uncertain.

买方公司
Buy-side firm

使用经纪人或交易商服务的投资管理公司或其他投资者(即卖方公司的客户)。

An investment management company or other investor that uses the services of brokers or dealers (i.e., the client of the sell side firms).

回购
Buyback

公司回购自身股份的交易。与股票分红和股票拆分不同,股票回购使用公司现金。

A transaction in which a company buys back its own shares. Unlike stock dividends and stock splits, share repurchases use corporate cash.

C

C

称呼
Call

期权赋予持有者在特定时期内以固定价格从另一方购买标的资产的权利。

An option that gives the holder the right to buy an underlying asset from another party at a fixed price over a specific period of time.

呼叫市场
Call market

交易只在特定时间和地点进行的市场(即,当市场被叫开市时)。

A market in which trades occur only at a particular time and place (i.e., when the market is called).

隔夜拆借利率
Call money rate

买家为融资贷款支付的利率。

The interest rate that buyers pay for their margin loan.

看涨期权
Call option

期权赋予持有者在特定时期内以固定价格从另一方购买标的资产的权利。

An option that gives the holder the right to buy an underlying asset from another party at a fixed price over a specific period of time.

通话保护
Call protection

债券发行人不得行使赎回权的期限。

The time during which the issuer of the bond is not allowed to exercise the call option.

可赎回债券
Callable bond

包含嵌入式赎回期权的债券,该期权赋予发行人按预定价格在预定日期从投资者手中回购债券的权利。

A bond containing an embedded call option that gives the issuer the right to buy the bond back from the investor at specified prices on pre-determined dates.

蜡烛图
Candlestick chart

价格图表包含四个时间段的数据点。每根蜡烛图分别代表该时间段的开盘价和收盘价。如果开盘价高于收盘价,则蜡烛图的实体部分为阴影;如果开盘价低于收盘价,则实体部分为透明。蜡烛图的上下两端分别延伸出垂直的影线,即烛芯或影线,分别代表该时间段的最高价和最低价。

A price chart with four bits of data for each time interval. A candle indicates the opening and closing price for the interval. The body of the candle is shaded if the opening price was higher than the closing price, and the body is clear if the opening price was lower than the closing price. Vertical lines known as wicks or shadows extend from the top and bottom of the candle to indicate the high and the low prices for the interval.

食人行为
Cannibalization

当一项投资从公司的其他部门抢走客户和销售额时,就会发生蚕食效应。

Cannibalization occurs when an investment takes customers and sales away from another part of the company.

容量
Capacity

借款人按时偿还债务的能力。

The ability of the borrower to make its debt payments on time.

资本账户
Capital account

国际收支账户中衡量资本转移的组成部分。

A component of the balance of payments account that measures transfers of capital.

资本配置线
Capital allocation line

(CAL)描述投资者通过将风险资产的最佳投资组合与无风险资产相结合而可获得的预期收益和收益标准差组合的图表线。

(CAL) A graph line that describes the combinations of expected return and standard deviation of return available to an investor from combining the optimal portfolio of risky assets with the risk-free asset.

资本资产定价模型
Capital asset pricing model

(CAPM)描述任何资产(或投资组合)的预期收益与其相对于市场组合的β值的线性函数的方程。

(CAPM) An equation describing the expected return on any asset (or portfolio) as a linear function of its beta relative to the market portfolio.

资本预算
Capital budgeting

公司在进行资本项目决策时所采用的流程——即那些寿命为一年或一年以上的项目。

The process that companies use for decision making on capital projects—those projects with a life of one year or more.

资本消耗补贴
Capital consumption allowance

衡量商品和服务生产过程中资本存量损耗(折旧)的指标。

A measure of the wear and tear (depreciation) of the capital stock that occurs in the production of goods and services.

资本深化投资
Capital deepening investment

增加资本相对于劳动的存量。

Increases the stock of capital relative to labor.

资本支出
Capital expenditure

实物资本(固定资产)支出。

Expenditure on physical capital (fixed assets).

资本租赁
Capital lease

参见融资租赁

See finance lease.

资本市场预期
Capital market expectations

投资者对各类资产的风险和回报前景的预期。

An investor’s expectations concerning the risk and return prospects of asset classes.

资本市场线
Capital market line

(CML)与风险资产有效边界相切的直线,其截距点等于无风险利率;当存在无风险资产可供投资时,该直线代表有效边界。

(CML) The line with an intercept point equal to the risk-free rate that is tangent to the efficient frontier of risky assets; represents the efficient frontier when a risk-free asset is available for investment.

资本市场证券
Capital market securities

发行时到期日超过一年的证券。

Securities with maturities at issuance longer than one year.

资本市场
Capital markets

交易期限较长的证券(例如债券和股票)的金融市场。

Financial markets that trade securities of longer duration, such as bonds and equities.

资本配给
Capital rationing

资本配给环境下,公司可用于投资的资金数量是固定的。

A capital rationing environment assumes that the company has a fixed amount of funds to invest.

资本限制
Capital restrictions

对外国人拥有国内资产和/或国内居民拥有国外资产的能力进行管制。

Controls placed on foreigners’ ability to own domestic assets and/or domestic residents’ ability to own foreign assets.

股本
Capital stock

用于生产商品和服务的建筑物、机器和设备的累计数量。

The accumulated amount of buildings, machinery, and equipment used to produce goods and services.

资本结构
Capital structure

公司用于为其业务融资的债务和股权组合;公司长期融资的具体组合。

The mix of debt and equity that a company uses to finance its business; a company’s specific mixture of long-term financing.

专属融资子公司
Captive finance subsidiary

一家公司的全资子公司,其成立目的是为母公司的销售提供融资。

A wholly-owned subsidiary of a company that is established to provide financing of the sales of the parent company.

携带
Carry

持有、储存或“携带”资产的成本和收益的净值。

The net of the costs and benefits of holding, storing, or “carrying” an asset.

账面价值
Carrying amount

根据会计原则对资产或负债进行估值的金额。

The amount at which an asset or liability is valued according to accounting principles.

账面价值
Carrying value

资产负债表上显示的资产或负债的净额;账面价值也可能指公司总资产超过总负债的部分。对于债券而言,账面价值是指购买价格加上(或减去)折价(或溢价)的摊销金额。

The net amount shown for an asset or liability on the balance sheet; book value may also refer to the company’s excess of total assets over total liabilities. For a bond, the purchase price plus (or minus) the amortized amount of the discount (or premium).

卡特尔
Cartel

参与公开、正式达成的串谋协议的人员。

Participants in collusive agreements that are made openly and formally.

现金抵押账户
Cash collateral account

一种外部信用增级形式,发行人立即借入信用增级金额,然后将该金额投资,通常投资于评级较高的短期商业票据。

Form of external credit enhancement whereby the issuer immediately borrows the credit-enhancement amount and then invests that amount, usually in highly rated short-term commercial paper.

现金周转周期
Cash conversion cycle

净营业周期是衡量公司将运营投入的现金转化为运营所得现金所需时间的财务指标;等于存货周转天数 + 应收账款周转天数 - 应付账款周转天数。也称为净营业周期

A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to days of inventory on hand + days of sales outstanding – number of days of payables. Also called net operating cycle.

现金流可加性原则
Cash flow additivity principle

同一时间点进行指数化调整的美元金额具有可加性原则。

The principle that dollar amounts indexed at the same point in time are additive.

经营活动产生的现金流量
Cash flow from operating activities

经营活动产生的现金流量净额。

The net amount of cash provided from operating activities.

经营活动现金流
Cash flow from operations

经营活动产生的现金流量净额。

The net amount of cash provided from operating activities.

现金流收益率
Cash flow yield

一系列现金流的内部收益率。

The internal rate of return on a series of cash flows.

现货市场证券
Cash market securities

货币市场证券以“当日结算”或“现金结算”的方式进行结算。

Money market securities settled on a “same day” or “cash settlement” basis.

现金市场
Cash markets

参见现货市场

See spot markets.

现金价格
Cash prices

查看现货价格

See spot prices.

现金结算远期合约
Cash-settled forwards

请参阅无法投递的转发邮件

See non-deliverable forwards.

芝加哥期权交易所波动率指数
CBOE Volatility Index

衡量标普500股票指数期权价格所反映的近期市场波动性的指标。

A measure of near-term market volatility as conveyed by S&P 500 stock index option prices.

中央银行基金市场
Central bank funds market

存款银行在其所在国家中央银行拥有超额准备金的情况下,可以将资金贷给需要资金的银行,贷款期限从隔夜到一年不等。在美国,这被称为联邦基金市场。

The market in which deposit-taking banks that have an excess reserve with their national central bank can loan money to banks that need funds for maturities ranging from overnight to one year. Called the Federal or Fed funds market in the United States.

中央银行基金利率
Central bank funds rates

中央银行买卖(借入)资金的利率,期限从隔夜到一年不等。在美国被称为联邦基金利率。

Interest rates at which central bank funds are bought (borrowed) and sold (lent) for maturities ranging from overnight to one year. Called Federal or Fed funds rates in the United States.

中央银行
Central banks

一个国家的主要银行,通常具有官方或半官方的政府地位。

The dominant bank in a country, usually with official or semi-official governmental status.

定期存单
Certificate of deposit

定期存单(CD)是一种代表特定金额资金存入银行、约定期限和利率的金融工具。定期存单有多种面额,可以是可流通的,也可以是不可流通的。

An instrument that represents a specified amount of funds on deposit with a bank for a specified maturity and interest rate. CDs are issued in various denominations and can be negotiable or non-negotiable.

极性变化原理
Change in polarity principle

技术分析的一个基本原则是:支撑位一旦被突破,就会变成阻力位;反之亦然,阻力位一旦被突破,就会变成支撑位。

A tenet of technical analysis that once a support level is breached, it becomes a resistance level. The same holds true for resistance levels; once breached, they become support levels.

控制权变更
Change of control put

一项契约赋予债券持有人权利,要求发行人在借款人被收购时回购其债务,通常是按面值或略高于面值的价格回购。

A covenant giving bondholders the right to require the issuer to buy back their debt, often at par or at some small premium to par value, in the event that the borrower is acquired.

特点
Character

债务发行人的管理质量。

The quality of a debt issuer’s management.

分类资产负债表
Classified balance sheet

资产负债表的组织方式是将各种资产和负债归类到子类别中(例如,流动资产和非流动资产)。

A balance sheet organized so as to group together the various assets and liabilities into subcategories (e.g., current and noncurrent).

追回
Clawback

要求普通合伙人退还作为激励费用分配的所有资金,直到有限合伙人收回其初始投资并获得一定比例的总利润为止。

A requirement that the general partner return any funds distributed as incentive fees until the limited partners have received back their initial investment and a percentage of the total profit.

清理
Clearing

交易所验证交易执行情况并记录参与者身份的过程。

The process by which the exchange verifies the execution of a transaction and records the participants’ identities.

清除指令
Clearing instructions

指示如何安排交易的最终结算(“清算”)。

Instructions that indicate how to arrange the final settlement (“clearing”) of a trade.

清算所
Clearinghouse

与期货市场相关的实体,充当合约双方之间的中间人,并向每一方保证另一方的履约。

An entity associated with a futures market that acts as middleman between the contracting parties and guarantees to each party the performance of the other.

封闭经济
Closed economy

不与其他国家进行贸易的经济体;自给自足的经济体

An economy that does not trade with other countries; an autarkic economy.

封闭式基金
Closed-end fund

一种不接受新投资的共同基金。新投资者通过购买现有份额进行投资,而基金投资者则通过​​将份额出售给其他投资者来清算资金。

A mutual fund in which no new investment money is accepted. New investors invest by buying existing shares, and investors in the fund liquidate by selling their shares to other investors.

道德准则
Code of ethics

一套既定的准则,用于传达组织的价值观以及对成员行为的总体期望。道德准则为社区成员的行为提供了总体指导。

An established guide that communicates an organization’s values and overall expectations regarding member behavior. A code of ethics serves as a general guide for how community members should act.

变异系数
Coefficient of variation

(CV)一组观测值的标准差与观测值的平均值之比。

(CV) The ratio of a set of observations’ standard deviation to the observations’ mean value.

同步经济指标
Coincident economic indicators

这些转折点通常与整体经济的转折点接近;人们认为它们对于识别经济的现状具有价值。

Turning points that are usually close to those of the overall economy; they are believed to have value for identifying the economy’s present state.

抵押品管理人
Collateral manager

通过买卖 CDO 资产组合(即抵押品)中的债务,产生足够的现金流来履行对 CDO 债券持有人的义务。

Buys and sells debt obligations for and from the CDO’s portfolio of assets (i.e., the collateral) to generate sufficient cash flows to meet the obligations to the CDO bondholders.

抵押信托债券
Collateral trust bonds

以普通股、其他债券或其他金融资产等证券作担保的债券。

Bonds secured by securities such as common shares, other bonds, or other financial assets.

担保债券
Collateralized bond obligations

一种以债券池作抵押的结构化资产支持证券。

A structured asset-backed security that is collateralized by a pool of bonds.

担保债务凭证
Collateralized debt obligation

用于描述由一个或多个债务资产组成的多元化资产池所支持的证券的通用术语。

Generic term used to describe a security backed by a diversified pool of one or more debt obligations.

担保贷款义务
Collateralized loan obligations

一种以贷款池作为抵押的结构性资产支持证券。

A structured asset-backed security that is collateralized by a pool of loans.

担保抵押贷款义务
Collateralized mortgage obligation

通过将抵押贷款相关产品池(抵押贷款过手证券或贷款池)证券化而创建的证券。

A security created through the securitization of a pool of mortgage-related products (mortgage pass-through securities or pools of loans).

抵押品
Collaterals

债务义务所依据的资产或财务担保,超出发行人承诺的偿付能力。

Assets or financial guarantees underlying a debt obligation that are above and beyond the issuer’s promise to pay.

组合
Combination

列表中的物品顺序无关紧要。

A listing in which the order of the listed items does not matter.

商业票据
Commercial paper

一种短期、可转让、无担保的本票,代表发行人的债务义务。

A short-term, negotiable, unsecured promissory note that represents a debt obligation of the issuer.

已承诺资本
Committed capital

有限合伙人同意向私募股权基金提供的金额。

The amount that the limited partners have agreed to provide to the private equity fund.

已承诺的信贷额度
Committed lines of credit

银行承诺提供最高可达预先指定金额的信贷;该承诺被视为短期负债,通常有效期为 364 天(比一年少一天)。

A bank commitment to extend credit up to a pre-specified amount; the commitment is considered a short-term liability and is usually in effect for 364 days (one day short of a full year).

商品互换
Commodity swap

以石油、黄金或农产品等商品为标的物的互换合约。

A swap in which the underlying is a commodity such as oil, gold, or an agricultural product.

共同市场
Common market

经济一体化程度涵盖了关税同盟的所有方面,并通过允许成员之间生产要素的自由流动来扩展关税同盟的范围。

Level of economic integration that incorporates all aspects of the customs union and extends it by allowing free movement of factors of production among members.

普通股
Common shares

一种代表公司所有权权益的证券。

A type of security that represent an ownership interest in a company.

通用尺寸分析
Common-size analysis

使用共同分母或参考项目重述财务报表项目,以便识别趋势和主要差异;例如,损益表中所有项目均以收入百分比表示。

The restatement of financial statement items using a common denominator or reference item that allows one to identify trends and major differences; an example is an income statement in which all items are expressed as a percent of revenue.

普通股
Common stock

参见普通股

See common shares.

公司分析
Company analysis

对个别公司进行分析。

Analysis of an individual company.

同类公司
Comparable company

具有类似业务风险的公司;通常属于同一行业,最好是只有单一业务线的公司。

A company that has similar business risk; usually in the same industry and preferably with a single line of business.

比较优势
Comparative advantage

一个国家以比其贸易伙伴更低的相对成本(或机会成本)生产某种商品或服务的能力。

A country’s ability to produce a good or service at a lower relative cost, or opportunity cost, than its trading partner.

竞争战略
Competitive strategy

公司应对外部环境带来的威胁和机遇的计划。

A company’s plans for responding to the threats and opportunities presented by the external environment.

互补
Complements

倾向于一起使用的商品;严格来说,是指需求交叉价格弹性为负的两种商品。

Goods that tend to be used together; technically, two goods whose cross-price elasticity of demand is negative.

完整的市场
Complete markets

非正式地说,市场中交易的证券种类繁多,以至于在未来的任何情况下都能实现任何期望的回报。

Informally, markets in which the variety of distinct securities traded is so broad that any desired payoff in a future state-of-the-world is achievable.

资本组成成本
Component cost of capital

资本提供者对公司特定融资来源(如债务或股权)所要求的收益率。

The rate of return required by suppliers of capital for an individual source of a company’s funding, such as debt or equity.

复利
Compounding

利息的累积过程。

The process of accumulating interest on interest.

综合收益
Comprehensive income

综合收益是指企业在一定时期内,非所有者权益的变动;包括除所有者投资和向所有者分配所得以外的所有权益变动;综合收益等于净收益加上其他综合收益。

The change in equity of a business enterprise during a period from nonowner sources; includes all changes in equity during a period except those resulting from investments by owners and distributions to owners; comprehensive income equals net income plus other comprehensive income.

条件期望值
Conditional expected value

在已知某一事件发生的情况下,某一事件的期望值。

The expected value of a stated event given that another event has occurred.

条件概率
Conditional probability

在给定(条件)另一个事件发生的情况下,某个事件发生的概率。

The probability of an event given (conditioned on) another event.

条件方差
Conditional variances

已知一个变量的结果,另一个变量的方差。

The variance of one variable, given the outcome of another.

持续的
Consistent

就估计量而言,它描述了这样一种估计量:随着样本量的增加,估计值接近总体参数值的概率也会增加。

With reference to estimators, describes an estimator for which the probability of estimates close to the value of the population parameter increases as sample size increases.

固定收益率价格轨迹
Constant-yield price trajectory

该图展示了固定收益债券价格随时间的变化,假设到期收益率不变。图中曲线显示了溢价或折价交易的债券价格受到的“拉回平价”效应。

A graph that illustrates the change in the price of a fixed-income bond over time assuming no change in yield-to-maturity. The trajectory shows the “pull to par” effect on the price of a bond trading at a premium or a discount to par value.

成分证券
Constituent securities

就指数而言,指的是指数中包含的各个证券。

With respect to an index, the individual securities within an index.

消费者剩余
Consumer surplus

消费者对所购商品的价值判断与支付这些商品所需金额之间的差额。

The difference between the value that a consumer places on units purchased and the amount of money that was required to pay for them.

应急准备
Contingency provision

法律文件中允许在特定事件或情况发生时采取某些行动的条款。

Clause in a legal document that allows for some action if a specific event or circumstance occurs.

或有索赔
Contingent claims

衍生品,其收益取决于特定事件的发生;通常称为期权。

Derivatives in which the payoffs occur if a specific event occurs; generally referred to as options.

或有可转换债券
Contingent convertible bonds

当特定事件或情况发生时,例如发行人的股本低于监管机构设定的最低要求,债券会自动转换为股权。也称为可转换债券(CoCo)

Bonds that automatically convert into equity if a specific event or circumstance occurs, such as the issuer’s equity capital falling below the minimum requirement set by the regulators. Also called CoCos.

延续模式
Continuation patterns

技术分析中用于预测形态形成之前已存在的市场趋势是否会恢复的一种形态。

A type of pattern used in technical analysis to predict the resumption of a market trend that was in place prior to the formation of a pattern.

连续随机变量
Continuous random variable

随机变量,其可能结果的范围是实数轴(−∞ 到 +∞ 之间的所有实数或实数轴的某个子集)。

A random variable for which the range of possible outcomes is the real line (all real numbers between −∞ and +∞ or some subset of the real line).

连续时间
Continuous time

时间被认为是以极其微小的增量推进的。

Time thought of as advancing in extremely small increments.

持续交易市场
Continuous trading market

一个可以在市场开放期间随时安排和执行交易的市场。

A market in which trades can be arranged and executed any time the market is open.

连续复利收益
Continuously compounded return

1 加上持有期收益率的自然对数,或者等价地,期末价格与期初价格的自然对数。

The natural logarithm of 1 plus the holding period return, or equivalently, the natural logarithm of the ending price over the beginning price.

反向账户
Contra account

用于抵消另一个账户的账户。

An account that offsets another account.

合同利率
Contract rate

查看抵押贷款利率

See mortgage rate.

收缩
Contraction

商业周期中从峰值到谷底的时期;通常被称为衰退期,如果特别严重,则被称为萧条期

The period of a business cycle after the peak and before the trough; often called a recession or, if exceptionally severe, called a depression.

收缩风险
Contraction risk

当利率下降时,由于借款人以新的、较低的利率进行再融资,证券的到期日可能会比购买时预期的要短,这存在风险。

The risk that when interest rates decline, the security will have a shorter maturity than was anticipated at the time of purchase because borrowers refinance at the new, lower interest rates.

收缩
Contractionary

有可能导致实体经济萎缩。

Tending to cause the real economy to contract.

紧缩性财政政策
Contractionary fiscal policy

旨在使实体经济萎缩的财政政策。

A fiscal policy that has the objective to make the real economy contract.

差价合约
Contracts for differences

请参阅无法投递的转发邮件

See non-deliverable forwards.

贡献毛利
Contribution margin

扣除变动成本后可用于固定成本和利润的金额;收入减去变动成本。

The amount available for fixed costs and profit after paying variable costs; revenue minus variable costs.

控股股东
Controlling shareholders

持有大量股份、拥有重大投票权的特定股东或股东集团。

A particular shareholder or block of shareholders holding a percentage of shares that gives them significant voting power.

便利产量
Convenience yield

持有资产的非货币优势。

A non-monetary advantage of holding an asset.

传统债券
Conventional bond

参见普通香草债券

See plain vanilla bond.

传统现金流
Conventional cash flow

传统的现金流模式是先出现一笔现金流出,然后是一系列现金流入。

A conventional cash flow pattern is one with an initial outflow followed by a series of inflows.

收敛
Convergence

各国人均产出差异随时间推移而缩小的趋势;在技术分析中,该术语用来描述指标与被分析证券的走势一致的情况。

The tendency for differences in output per capita across countries to diminish over time; in technical analysis, a term that describes the case when an indicator moves in the same manner as the security being analyzed.

转换价格
Conversion price

对于可转换债券,是指债券可以转换为股票的每股价格。

For a convertible bond, the price per share at which the bond can be converted into shares.

转化率
Conversion ratio

对于可转换债券,每张债券可以转换成的普通股数量。

For a convertible bond, the number of common shares that each bond can be converted into.

转换值
Conversion value

对于可转换债券,当前股价乘以转换比率。

For a convertible bond, the current share price multiplied by the conversion ratio.

可转换债券
Convertible bond

赋予债券持有人权利,使其可以将债券兑换成发行公司特定数量的普通股的债券。

Bond that gives the bondholder the right to exchange the bond for a specified number of common shares in the issuing company.

可转换优先股
Convertible preference shares

一种股权证券,赋予股东将其持有的股份转换为特定数量普通股的权利。

A type of equity security that entitles shareholders to convert their shares into a specified number of common shares.

凸性调整
Convexity adjustment

对于债券而言,年度或近似凸性统计量的一半乘以到期收益率变化的平方。

For a bond, one half of the annual or approximate convexity statistic multiplied by the change in the yield-to-maturity squared.

核心通胀
Core inflation

通货膨胀率是根据除食品和能源以外的商品和服务价格指数计算得出的。

The inflation rate calculated based on a price index of goods and services except food and energy.

公司治理
Corporate governance

公司内部管理所依据的内部控制和程序体系。

The system of internal controls and procedures by which individual companies are managed.

相关性
Correlation

介于 -1 和 +1 之间的数值,用于衡量两个随机变量之间的协同运动(线性关联)。

A number between −1 and +1 that measures the comovement (linear association) between two random variables.

相关系数
Correlation coefficient

介于 -1 和 +1 之间的数值,用于衡量两项投资走势相似的程度或趋势。它用于确定两种资产组合对投资组合风险的影响。

A number between −1 and +1 that measures the consistency or tendency for two investments to act in a similar way. It is used to determine the effect on portfolio risk when two assets are combined.

成本平均法
Cost averaging

定期投资固定金额。

The periodic investment of a fixed amount of money.

资本成本
Cost of capital

资本提供者要求的回报率,作为其出资的补偿。

The rate of return that suppliers of capital require as compensation for their contribution of capital.

持有成本
Cost of carry

参见carry

See carry.

债务成本
Cost of debt

公司债务融资的成本,例如发行债券或向银行贷款的成本。

The cost of debt financing to a company, such as when it issues a bond or takes out a bank loan.

优先股成本
Cost of preferred stock

公司发行优先股的成本;公司必须承诺向优先股股东支付的股息收益率。

The cost to a company of issuing preferred stock; the dividend yield that a company must commit to pay preferred stockholders.

成本推动型
Cost-push

通货膨胀的一种类型,指成本(通常是工资)上涨迫使企业普遍提高价格。

Type of inflation in which rising costs, usually wages, compel businesses to raise prices generally.

成本结构
Cost structure

公司可变成本和固定成本的组合。

The mix of a company’s variable costs and fixed costs.

交易对手风险
Counterparty risk

合同另一方不履行合同条款的风险。

The risk that the other party to a contract will fail to honor the terms of the contract.

票面利率
Coupon rate

合同中承诺的利率;这是用于计算定期利息支付的利率。

The interest rate promised in a contract; this is the rate used to calculate the periodic interest payments.

古诺假设
Cournot assumption

假设每家公司在确定其利润最大化生产水平时,假定其他公司的产量不会改变。

Assumption in which each firm determines its profit-maximizing production level assuming that the other firms’ output will not change.

协方差
Covariance

衡量两个随机变量之间协同运动(线性关联)的指标。

A measure of the co-movement (linear association) between two random variables.

协方差矩阵
Covariance matrix

矩阵或方阵,其元素为协方差;也称为方差-协方差矩阵。

A matrix or square array whose entries are covariances; also known as a variance–covariance matrix.

圣约
Covenants

贷款协议的条款和条件是发行人必须遵守的;它们规定了发行人有义务履行的行为(肯定性契约)或被禁止履行的行为(否定性契约)。

The terms and conditions of lending agreements that the issuer must comply with; they specify the actions that an issuer is obligated to perform (affirmative covenant) or prohibited from performing (negative covenant).

担保债券
Covered bond

以独立资产池(称为担保池)作为担保的债务。发行人必须维持担保池的价值。发生违约时,债券持有人可同时向发行人和担保池追偿。

Debt obligation secured by a segregated pool of assets called the cover pool. The issuer must maintain the value of the cover pool. In the event of default, bondholders have recourse against both the issuer and the cover pool.

信用分析
Credit analysis

信用风险评估;对借款人或交易对手的信用状况进行评估。

The evaluation of credit risk; the evaluation of the creditworthiness of a borrower or counterparty.

信用曲线
Credit curve

一条曲线,显示发行人不同期限的可比债券的到期时间和收益率利差之间的关系,通常向上倾斜。

A curve showing the relationship between time to maturity and yield spread for an issuer with comparable bonds of various maturities outstanding, usually upward sloping.

信用违约互换(CDS)
Credit default swap (CDS)

一种信用衍生品,其中一方(信用保护买方)寻求针对第三方的信用保护,并定期向另一方(信用保护卖方)支付款项。卖方在信用事件发生前无需支付任何款项。

A type of credit derivative in which one party, the credit protection buyer who is seeking credit protection against a third party, makes a series of regularly scheduled payments to the other party, the credit protection seller. The seller makes no payments until a credit event occurs.

信用衍生品
Credit derivatives

合同中规定,在合同有效期内,如果发生特定的信用事件,一方有权向另一方索取款项。

A contract in which one party has the right to claim a payment from another party in the event that a specific credit event occurs over the life of the contract.

信用增级
Credit enhancements

可用于降低债券发行信用风险的条款。

Provisions that may be used to reduce the credit risk of a bond issue.

信用挂钩息票债券
Credit-linked coupon bond

当债券信用评级发生变化时,票息也会发生变化的债券。

Bond for which the coupon changes when the bond’s credit rating changes.

信用挂钩票据(CLN)
Credit-linked note (CLN)

固定收益证券,如果发生信用事件,证券持有人有权拒绝支付到期日应支付的全部金额。

Fixed-income security in which the holder of the security has the right to withhold payment of the full amount due at maturity if a credit event occurs.

信用迁移风险
Credit migration risk

债券发行人信用评级恶化或下降的风险,导致投资者认为违约风险更高。也称为评级下调风险

The risk that a bond issuer’s creditworthiness deteriorates, or migrates lower, leading investors to believe the risk of default is higher. Also called downgrade risk.

信用风险
Credit risk

因交易对手或债务人未能履行承诺的付款义务而造成的损失风险。也称为违约风险

The risk of loss caused by a counterparty’s or debtor’s failure to make a promised payment. Also called default risk.

信用评分模型
Credit scoring model

一种用于根据借款人的信用状况对其进行分类的统计模型。

A statistical model used to classify borrowers according to creditworthiness.

信用利差期权
Credit spread option

债券收益率利差期权。

An option on the yield spread on a bond.

信用分层
Credit tranching

一种用于重新分配与抵押品相关的信用风险的结构;一组债券类别,旨在让投资者选择他们愿意承担的信用风险金额。

A structure used to redistribute the credit risk associated with the collateral; a set of bond classes created to allow investors a choice in the amount of credit risk that they prefer to bear.

信用度
Credit-worthiness

借款人按时偿还所欠款项的能力;它代表公司承受现金流不利影响的能力。

The perceived ability of the borrower to pay what is owed on the borrowing in a timely manner; it represents the ability of a company to withstand adverse impacts on its cash flows.

交叉违约条款
Cross-default provisions

规定,如果某只债券未支付利息等违约事件发生,则所有未偿债务均会违约;这意味着所有债券的违约概率相同。

Provisions whereby events of default such as non-payment of interest on one bond trigger default on all outstanding debt; implies the same default probability for all issues.

需求交叉价格弹性
Cross-price elasticity of demand

当另一种商品的价格发生一定百分比的变化时,商品需求量的变化百分比;商品 A 的需求对商品 B 价格变化的反应程度。

The percentage change in quantity demanded for a given percentage change in the price of another good; the responsiveness of the demand for Product A that is associated with the change in price of Product B.

横断面分析
Cross-sectional analysis

对一组个体在给定时间段或特定时间点之间的差异进行比较的分析。

Analysis that involves comparisons across individuals in a group over a given time period or at a given point in time.

横截面数据
Cross-sectional data

对某一时间点的单个单元进行观测,而不是对时间序列数据进行观测。

Observations over individual units at a point in time, as opposed to time-series data.

交叉网络
Crossing networks

交易系统将愿意以从其他市场获得的价格进行交易的买家和卖家进行匹配。

Trading systems that match buyers and sellers who are willing to trade at prices obtained from other markets.

挤出
Crowding out

政府借贷可能会阻止私营部门投资的论点。

The thesis that government borrowing may divert private sector investment from taking place.

加密货币
Cryptocurrency

一种没有物理形态的电子交换媒介。

An electronic medium of exchange that lacks physical form.

密码学
Cryptography

一种用于加密数据的算法过程,使得未经授权的第三方无法使用这些数据。

An algorithmic process to encrypt data, making the data unusable if received by unauthorized parties.

累积分布函数
Cumulative distribution function

表示随机变量小于或等于指定值的概率的函数。

A function giving the probability that a random variable is less than or equal to a specified value.

累积优先股
Cumulative preference shares

优先股是指任何未支付的股息都会累积,并且必须在支付普通股股息之前全额支付的优先股。

Preference shares for which any dividends that are not paid accrue and must be paid in full before dividends on common shares can be paid.

累积相对频率
Cumulative relative frequency

对于按区间分组的数据,小于指定区间上限值的观测值占总观测值的比例。

For data grouped into intervals, the fraction of total observations that are less than the value of the upper limit of a stated interval.

累积投票
Cumulative voting

一种投票程序,其中每个股东可以累积并投票支持选举中的一位候选人,而不是必须将投票权平均分配给所有候选人。

A voting process whereby each shareholder can accumulate and vote all his or her shares for a single candidate in an election, as opposed to having to allocate their voting rights evenly among all candidates.

货币
Currencies

国家货币当局发行的货币。

Monies issued by national monetary authorities.

货币期权债券
Currency option bonds

允许债券持有人选择以何种货币接收利息支付和本金偿还的债券。

Bonds that give the bondholder the right to choose the currency in which he or she wants to receive interest payments and principal repayments.

货币互换
Currency swap

一种互换交易,其中每一方以不同的货币向另一方支付利息。

A swap in which each party makes interest payments to the other in different currencies.

活期账户
Current account

国际收支平衡表的一个组成部分,用于衡量商品和服务的流动。

A component of the balance of payments account that measures the flow of goods and services.

流动资产
Current assets

预计在不久的将来(通常为一年或更短时间内)将被消耗或变现的资产。也称为流动资产

Assets that are expected to be consumed or converted into cash in the near future, typically one year or less. Also called liquid assets.

当前成本
Current cost

就资产而言,是指今天购买相同或等价资产所需支付的现金或现金等价物金额;就负债而言,是指今天清偿债务所需的未折现现金或现金等价物金额。

With reference to assets, the amount of cash or cash equivalents that would have to be paid to buy the same or an equivalent asset today; with reference to liabilities, the undiscounted amount of cash or cash equivalents that would be required to settle the obligation today.

当前政府支出
Current government spending

就政府支出而言,是指定期、经常性地提供商品和服务的支出,包括医疗、教育和国防。

With respect to government expenditures, spending on goods and services that are provided on a regular, recurring basis including health, education, and defense.

流动负债
Current liabilities

短期债务,例如应付账款、应付工资或应计负债,预计将在不久的将来(通常为一年或更短)结算。

Short-term obligations, such as accounts payable, wages payable, or accrued liabilities, that are expected to be settled in the near future, typically one year or less.

流动比率
Current ratio

流动比率的计算方法为流动资产除以流动负债。

A liquidity ratio calculated as current assets divided by current liabilities.

当前收益率
Current yield

一年内收到的票息支付总额除以固定价格;也称为收益收益率或利息收益率运行收益率

The sum of the coupon payments received over the year divided by the flat price; also called the income or interest yield or running yield.

曲线持续时间
Curve duration

债券价格(或金融资产或负债的市场价值)对基准收益率曲线的敏感度。

The sensitivity of the bond price (or the market value of a financial asset or liability) with respect to a benchmark yield curve.

关税同盟
Customs union

通过不仅允许成员之间货物和服务的自由流动,而且还制定针对非成员的共同贸易政策,扩大了自由贸易区(FTA)。

Extends the free trade area (FTA) by not only allowing free movement of goods and services among members, but also creating a common trade policy against nonmembers.

心血管风险
CVaR

条件风险价值(Conditional VaR),一种尾部损失度量。它是统计分布中所有超过风险价值损失的损失结果的加权平均值。

Conditional VaR, a tail loss measure. The weighted average of all loss outcomes in the statistical distribution that exceed the VaR loss.

循环
Cyclical

参见周期性公司

See cyclical companies.

周期性公司
Cyclical companies

销售额和利润会随着商业周期或经济状况而定期扩张和收缩的公司。

Companies with sales and profits that regularly expand and contract with the business cycle or state of economy.

D

D

每日结算
Daily settlement

参见按市值计价按市值计价

See mark to market and marking to market.

黑水池
Dark pools

有些另类交易系统不会显示客户发送的订单。

Alternative trading systems that do not display the orders that their clients send to them.

数据挖掘
Data mining

通过对数据集进行广泛搜索,寻找具有统计学意义的模式来确定模型的做法。也称为数据窥探

The practice of determining a model by extensive searching through a dataset for statistically significant patterns. Also called data snooping.

数据科学
Data science

这是一个跨学科领域,它将计算机科学、统计学和其他学科结合起来,分析大数据并从中产生见解。

An interdisciplinary field that brings computer science, statistics, and other disciplines together to analyze and produce insights from Big Data.

数据窥探
Data snooping

参见数据挖掘

See data mining.

当日订单
Day order

订单仅在提交当日有效。若截至当日营业结束前仍未完成交易,则订单失效。

An order that is good for the day on which it is submitted. If it has not been filled by the close of business, the order expires unfilled.

当日销售额超出预期
Day’s sales outstanding

估算收回信用账户平均所需的天数。

Estimate of the average number of days it takes to collect on credit accounts.

应收账款周转天数
Days in receivables

估算收回信用账户平均所需的天数。

Estimate of the average number of days it takes to collect on credit accounts.

库存周转天数
Days of inventory on hand

活动比率等于该期间的天数除以该期间的存货周转率。

An activity ratio equal to the number of days in the period divided by inventory turnover over the period.

经销商
Dealers

在交易中充当委托人的金融中介机构。

A financial intermediary that acts as a principal in trades.

证券交易
Dealing securities

银行或其他金融中介机构为交易目的而持有的证券。

Securities held by banks or other financial intermediaries for trading purposes.

死亡十字
Death cross

技术分析术语,指短期移动平均线从长期移动平均线上方穿过到下方的情况;这种走势被认为是看跌的。

A technical analysis term that describes a situation where a short-term moving average crosses from above a longer-term moving average to below it; this movement is considered bearish.

债券
Debentures

可有担保或无担保的债券类型。

Type of bond that can be secured or unsecured.

债务发生测试
Debt incurrence test

与现有债务一起订立的财务契约,根据一项或多项财务测试或条件,限制公司以相同优先级承担额外债务的能力。

A financial covenant made in conjunction with existing debt that restricts a company’s ability to incur additional debt at the same seniority based on one or more financial tests or conditions.

债务评级方法
Debt-rating approach

一种根据与公司现有债务期限非常接近的、评级相近的债券的收益率来估算公司税前债务成本的方法。

A method for estimating a company’s before-tax cost of debt based upon the yield on comparably rated bonds for maturities that closely match that of the company’s existing debt.

资产负债率
Debt-to-assets ratio

偿债能力比率的计算方法为总负债除以总资产。

A solvency ratio calculated as total debt divided by total assets.

债务资本比率
Debt-to-capital ratio

偿债能力比率的计算方法为:总债务除以总债务加上股东权益总额。

A solvency ratio calculated as total debt divided by total debt plus total shareholders’ equity.

债务权益比率
Debt-to-equity ratio

偿债能力比率的计算方法为总债务除以股东权益总额。

A solvency ratio calculated as total debt divided by total shareholders’ equity.

声明日期
Declaration date

公司发布声明宣布派发特定股息的日期。

The day that the corporation issues a statement declaring a specific dividend.

规模报酬递减
Decreasing returns to scale

当生产过程导致产出增加的比例小于投入增加的比例时。

When a production process leads to increases in output that are proportionately smaller than the increase in inputs.

可扣除的暂时性差异
Deductible temporary differences

暂时性差异,导致未来期间应纳税所得额减少或扣除,因为资产负债表项目将被收回或结算。

Temporary differences that result in a reduction of or deduction from taxable income in a future period when the balance sheet item is recovered or settled.

深度学习
Deep learning

使用具有多个隐藏层的神经网络进行机器学习。

Machine learning using neural networks with many hidden layers.

深度学习网络
Deep learning nets

使用具有多个隐藏层的神经网络进行机器学习。

Machine learning using neural networks with many hidden layers.

违约概率
Default probability

借款人违约或未能履行其根据债务担保条款按时足额偿还本金和利息的义务的概率。也称为违约风险

The probability that a borrower defaults or fails to meet its obligation to make full and timely payments of principal and interest, according to the terms of the debt security. Also called default risk.

违约风险
Default risk

借款人违约或未能履行其根据债务担保条款按时足额偿还本金和利息的义务的概率。也称为违约概率

The probability that a borrower defaults or fails to meet its obligation to make full and timely payments of principal and interest, according to the terms of the debt security. Also called default probability.

违约风险溢价
Default risk premium

如果借款人未能按合同约定的时间和金额支付承诺的款项,投资者将获得额外回报作为补偿。

An extra return that compensates investors for the possibility that the borrower will fail to make a promised payment at the contracted time and in the contracted amount.

防御公司
Defensive companies

销售额和利润对商业周期或经济状况不太敏感的公司。

Companies with sales and profits that have little sensitivity to the business cycle or state of the economy.

防守间隔比率
Defensive interval ratio

流动性比率,用于估算一个实体能够用流动资产满足现金需求的天数;计算方法为(现金+短期有价投资+应收账款)除以每日现金支出。

A liquidity ratio that estimates the number of days that an entity could meet cash needs from liquid assets; calculated as (cash + short-term marketable investments + receivables) divided by daily cash expenditures.

递延息票债券
Deferred coupon bond

这种债券在前几年不支付利息,但在剩余期限内支付的利息高于正常水平。也称为分息债券

Bond that pays no coupons for its first few years but then pays a higher coupon than it otherwise normally would for the remainder of its life. Also called split coupon bond.

递延收入
Deferred income

已收取但尚未交付的商品或服务的款项的负债账户;预先收到的商品或服务的款项。

A liability account for money that has been collected for goods or services that have not yet been delivered; payment received in advance of providing a good or service.

递延收入
Deferred revenue

已收取但尚未交付的商品或服务的款项的负债账户;预先收到的商品或服务的款项。

A liability account for money that has been collected for goods or services that have not yet been delivered; payment received in advance of providing a good or service.

递延所得税资产
Deferred tax assets

当支付的所得税金额超过会计利润时,就会产生一项资产负债表资产。此时,应纳税所得额高于会计利润,且应付所得税额超过所得税费用。公司预计在未来的经营过程中,当所得税费用超过应付所得税额时,将收回这部分差额。

A balance sheet asset that arises when an excess amount is paid for income taxes relative to accounting profit. The taxable income is higher than accounting profit and income tax payable exceeds tax expense. The company expects to recover the difference during the course of future operations when tax expense exceeds income tax payable.

递延所得税负债
Deferred tax liabilities

当应纳税所得额低于会计利润时,就会产生一项资产负债表负债。此时,应纳税所得额低于会计利润,而应付所得税额低于所得税费用。公司预计,随着未来经营活动的进行,当应付所得税额超过所得税费用时,该负债将得以消除。

A balance sheet liability that arises when a deficit amount is paid for income taxes relative to accounting profit. The taxable income is less than the accounting profit and income tax payable is less than tax expense. The company expects to eliminate the liability over the course of future operations when income tax payable exceeds tax expense.

固定收益养老金计划
Defined benefit pension plans

公司承诺在员工退休后每年支付一定金额(固定收益)的计划。公司承担计划资产的投资风险。

Plans in which the company promises to pay a certain annual amount (defined benefit) to the employee after retirement. The company bears the investment risk of the plan assets.

固定缴款养老金计划
Defined contribution pension plans

个人账户是指员工及其雇主在工作期间共同缴款,并期望在退休时提取累积资金的账户。员工承担计划资产的投资风险和通货膨胀风险。

Individual accounts to which an employee and typically the employer makes contributions during their working years and expect to draw on the accumulated funds at retirement. The employee bears the investment and inflation risk of the plan assets.

通货紧缩
Deflation

负通货膨胀。

Negative inflation.

置信度
Degree of confidence

置信区间包含未知总体参数的概率。

The probability that a confidence interval includes the unknown population parameter.

财务杠杆程度
Degree of financial leverage

(DFL)净收入百分比变化与营业收入百分比变化的比率;营业收入变化时所有者可用现金流的敏感性。

(DFL) The ratio of the percentage change in net income to the percentage change in operating income; the sensitivity of the cash flows available to owners when operating income changes.

经营杠杆程度
Degree of operating leverage

(DOL)营业收入百分比变化与销售量百分比变化的比率;营业收入对销售量变化的敏感性。

(DOL) The ratio of the percentage change in operating income to the percentage change in units sold; the sensitivity of operating income to changes in units sold.

总杠杆程度
Degree of total leverage

净收入百分比变化与销售量百分比变化的比率;所有者现金流对生产和销售单位数量变化的敏感度。

The ratio of the percentage change in net income to the percentage change in units sold; the sensitivity of the cash flows to owners to changes in the number of units produced and sold.

自由度 (df)
Degrees of freedom (df)

所使用的独立观测次数。

The number of independent observations used.

三角洲
Delta

衍生品价格对标的资产价值微小变化的敏感度。

The sensitivity of the derivative price to a small change in the value of the underlying asset.

需求曲线
Demand curve

反需求函数图。该图显示了需求关系,即在每个价格水平下消费者愿意购买的最大数量,或者消费者愿意为每种数量支付的最高价格。

Graph of the inverse demand function. A graph showing the demand relation, either the highest quantity willingly purchased at each price or the highest price willingly paid for each quantity.

需求函数
Demand function

需求量与商品或服务的价格以及其他变量之间的关系。

A relationship that expresses the quantity demanded of a good or service as a function of own-price and possibly other variables.

需求拉动
Demand-pull

这种通货膨胀类型表现为需求增加导致物价普遍上涨,进而反映在企业的成本中,因为工人要求提高工资以跟上不断上涨的生活成本。

Type of inflation in which increasing demand raises prices generally, which then are reflected in a business’s costs as workers demand wage hikes to catch up with the rising cost of living.

需求冲击
Demand shock

需求方面通常指意料之外的干扰,例如贸易或运输的意外中断。

A typically unexpected disturbance to demand, such as an unexpected interruption in trade or transportation.

依赖
Dependent

就事件而言,一个事件发生的概率取决于(与)另一个事件的发生这一性质。

With reference to events, the property that the probability of one event occurring depends on (is related to) the occurrence of another event.

存托银行
Depository bank

一家从储户和其他投资者那里筹集资金,然后将其贷给借款人的银行。

A bank that raises funds from depositors and other investors and lends it to borrowers.

存款机构
Depository institutions

商业银行、储蓄贷款银行、信用合作社和类似机构从储户和其他投资者那里筹集资金,然后将其贷给借款人。

Commercial banks, savings and loan banks, credit unions, and similar institutions that raise funds from depositors and other investors and lend it to borrowers.

存托凭证
Depository receipt

一种像普通股票一样在当地交易所交易的证券,代表着对外国公司的经济利益。

A security that trades like an ordinary share on a local exchange and represents an economic interest in a foreign company.

折旧
Depreciation

将长期(有形)资产的成本系统地分配到预期能够提供经济效益的各个时期的过程。

The process of systematically allocating the cost of long-lived (tangible) assets to the periods during which the assets are expected to provide economic benefits.

沮丧
Depression

参见收缩

See contraction.

衍生品定价规则
Derivative pricing rule

交叉网络使用的一种定价规则,其中价格取自(衍生自)资产一级市场的当前价格。

A pricing rule used by crossing networks in which a price is taken (derived) from the price that is current in the asset’s primary market.

衍生品
Derivatives

一种金融工具,其价值取决于某些基础资产或因素(例如股票价格、利率或汇率)的价值。

A financial instrument whose value depends on the value of some underlying asset or factor (e.g., a stock price, an interest rate, or exchange rate).

描述性统计
Descriptive statistics

研究如何有效地汇总数据。

The study of how data can be summarized effectively.

发展资本
Development capital

对寻求资金以扩大或重组业务、进入新市场或为重大收购提供资金的成熟公司进行少数股权投资。

Minority equity investments in more mature companies that are seeking capital to expand or restructure operations, enter new markets, or finance major acquisitions.

弥散先验
Diffuse prior

假设先验概率相等。

The assumption of equal prior probabilities.

扩散指数
Diffusion index

反映指数各组成部分中与整体指数走势一致的比例。

Reflects the proportion of the index’s components that are moving in a pattern consistent with the overall index.

稀释后每股收益
Diluted EPS

如果将所有稀释性证券转换为普通股,则每股收益 (EPS) 将是多少。

The EPS that would result if all dilutive securities were converted into common shares.

稀释股份
Diluted shares

如果所有可能稀释普通股的索偿权(例如,可转换债券、可转换优先股和员工股票期权)都被行使,则流通在外的股份数量。

The number of shares that would be outstanding if all potentially dilutive claims on common shares (e.g., convertible debt, convertible preferred stock, and employee stock options) were exercised.

余额递减法
Diminishing balance method

加速折旧法,即将资产成本中相对较大比例分配到资产使用寿命的早期阶段。

An accelerated depreciation method, i.e., one that allocates a relatively large proportion of the cost of an asset to the early years of the asset’s useful life.

边际生产率递减
Diminishing marginal productivity

描述的是这样一种状态:每增加一个单位的投入,产生的产出就会比以前更少。

Describes a state in which each additional unit of input produces less output than previously.

直接扣款计划
Direct debit program

客户授权从活期账户扣款的安排;通常用于公司收取服务日常款项。

An arrangement whereby a customer authorizes a debit to a demand account; typically used by companies to collect routine payments for services.

直接融资租赁
Direct financing leases

根据美国通用会计准则,从出租人的角度来看,这是一种融资租赁,其租赁付款(应收租赁款)的现值等于租赁资产的账面价值。租赁开始时不确认销售利润。出租人获得的收入本质上属于融资收入。

Under US GAAP, a type of finance lease, from a lessor perspective, where the present value of the lease payments (lease receivable) equals the carrying value of the leased asset. No selling profit is recognized at lease inception. The revenues earned by the lessor are financing in nature.

直接格式
Direct format

现金流量表是一种列示经营活动现金流量的格式,其中经营活动产生的现金流量以经营活动现金收入减去经营活动现金支出表示。也称为直接法

With reference to the cash flow statement, a format for the presentation of the statement in which cash flow from operating activities is shown as operating cash receipts less operating cash disbursements. Also called direct method.

直接法
Direct method

请参阅直接格式

See direct format.

直接税
Direct taxes

对收入、财富和公司利润直接征收的税款。

Taxes levied directly on income, wealth, and corporate profits.

直接注销法
Direct write-off method

一种确认客户应收账款信用损失的方法,即公司等到客户违约时才确认损失。

An approach to recognizing credit losses on customer receivables in which the company waits until such time as a customer has defaulted and only then recognizes the loss.

支出浮动资金
Disbursement float

从支票签发到支票清算到公司账户之间的时间。

The amount of time between check issuance and a check’s clearing back against the company’s account.

折扣
Discount

为了降低未来付款的价值,考虑其时间跨度;为了计算未来金额的现值。此外,也指金融工具定价低于其面值(票面价值)的金额。

To reduce the value of a future payment in allowance for how far away it is in time; to calculate the present value of some future amount. Also, the amount by which an instrument is priced below its face (par) value.

贴现利息
Discount interest

一种确定贷款或债券利息的程序,其中利息预先从面值中扣除。

A procedure for determining the interest on a loan or bond in which the interest is deducted from the face value in advance.

折扣率
Discount margin

请查看所需边距。

See required margin.

折扣率
Discount rates

通常情况下,利率用于计算现值。然而,在货币市场中,贴现率是一种特定类型的报价利率。

In general, the interest rate used to calculate a present value. In the money market, however, discount rate is a specific type of quoted rate.

折现现金流模型
Discounted cash flow models

估值模型将证券的内在价值估计为预期从该证券获得的未来收益的现值。

Valuation models that estimate the intrinsic value of a security as the present value of the future benefits expected to be received from the security.

折扣回收期
Discounted payback period

项目累计折现现金流达到原始投资额所需的年数。

the number of years it takes for the cumulative discounted cash flows from a project to equal the original investment.

灰心丧气的工人
Discouraged worker

已经停止寻找工作或放弃求职的人。

A person who has stopped looking for a job or has given up seeking employment.

离散随机变量
Discrete random variable

最多只能取可数个可能值的随机变量。

A random variable that can take on at most a countable number of possible values.

歧视性定价规则
Discriminatory pricing rule

在连续交易市场中使用的一种定价规则,即第一个到达的订单或报价的限价决定交易价格。

A pricing rule used in continuous markets in which the limit price of the order or quote that first arrived determines the trade price.

规模不经济
Diseconomies of scale

产量增加导致单位成本上升。

Increase in cost per unit resulting from increased production.

分散
Dispersion

围绕中心趋势的波动性。

The variability around the central tendency.

显示屏尺寸
Display size

公开显示的订单大小。

The size of an order displayed to public view.

困境投资
Distressed investing

投资于陷入财务困境的公司的证券。专门从事不良资产投资的私募股权基金通常会购买陷入财务困境的成熟公司的债务。

Investing in securities of companies in financial difficulty. Private equity funds that specialize in distressed investing typically buy the debt of mature companies in financial difficulty.

分布式账本
Distributed ledger

一种可以在网络中的各个实体之间共享的数据库类型。

A type of database that may be shared among entities in a network.

分布式账本技术
Distributed ledger technology

基于分布式账本的技术。

Technology based on a distributed ledger.

分歧
Divergence

在技​​术分析中,该术语用来描述指标走势与被分析证券走势不一致的情况。

In technical analysis, a term that describes the case when an indicator moves differently from the security being analyzed.

多元化比率
Diversification ratio

等权重投资组合的标准差与随机选择的证券的标准差之比。

The ratio of the standard deviation of an equally weighted portfolio to the standard deviation of a randomly selected security.

股利
Dividend

根据股东持有的股份数量向股东支付的股息。

A distribution paid to shareholders based on the number of shares owned.

股利贴现模型
Dividend discount model

(DDM)一种现值模型,它根据预期未来股息的现值来估计股票的内在价值。

(DDM) A present value model that estimates the intrinsic value of an equity share based on the present value of its expected future dividends.

基于股利贴现模型的方法
Dividend discount model based approach

本文提出了一种估算一国股票风险溢价的方法。该方法首先将市场收益率估算为市场指数的股息收益率与股息增长率之和,然后从估算的市场收益率中减去无风险收益率,即可得出股票风险溢价的估算值。

An approach for estimating a country’s equity risk premium. The market rate of return is estimated as the sum of the dividend yield and the growth rate in dividends for a market index. Subtracting the risk-free rate of return from the estimated market return produces an estimate for the equity risk premium.

股息支付率
Dividend payout ratio

现金股利与该期间收益的比率。

The ratio of cash dividends paid to earnings for a period.

除数
Divisor

用于确定价格回报指数值的数值(分母)。该数值在指数创立之初即被选定,随后由指数提供商根据需要进行调整,以避免指数值的变化与成分证券价格的变化无关。

A number (denominator) used to determine the value of a price return index. It is initially chosen at the inception of an index and subsequently adjusted by the index provider, as necessary, to avoid changes in the index value that are unrelated to changes in the prices of its constituent securities.

国内含量规定
Domestic content provisions

规定生产过程中使用的增加值或零部件中,一定比例应为国产产品。

Stipulate that some percentage of the value added or components used in production should be of domestic origin.

双层底
Double bottoms

在技​​术分析中,反转形态是指价格触及低点后反弹,然后再次跌回低点时形成的形态;用于预测下跌趋势向上涨趋势的转变。

In technical analysis, a reversal pattern that is formed when the price reaches a low, rebounds, and then sells off back to the first low level; used to predict a change from a downtrend to an uptrend.

双重巧合,愿望也随之而来
Double coincidence of wants

物物交换的前提条件是,交易中的两个经济主体都想要对方所出售的物品。

A prerequisite to barter trades, in particular that both economic agents in the transaction want what the other is selling.

双倍余额递减折旧法
Double declining balance depreciation

一种加速折旧方法,即按直线折旧率的两倍对资产进行折旧。该折旧率乘以期初资产的账面价值(余额递减法)即可计算折旧费用。

An accelerated depreciation method that involves depreciating the asset at double the straight-line rate. This rate is multiplied by the book value of the asset at the beginning of the period (a declining balance) to calculate depreciation expense.

双人头
Double top

在技​​术分析中,当上升趋势在大致相同的高价位上两次反转时,就会形成反转形态;用于预测上升趋势向下降趋势的转变。

In technical analysis, a reversal pattern that is formed when an uptrend reverses twice at roughly the same high price level; used to predict a change from an uptrend to a downtrend.

向下转换概率
Down transition probability

在资产价格动态模型中,资产价值下降的概率。

The probability that an asset’s value moves down in a model of asset price dynamics.

降级风险
Downgrade risk

债券发行人信用评级恶化或下降的风险,导致投资者认为违约风险更高。也称为信用迁移风险

The risk that a bond issuer’s creditworthiness deteriorates, or migrates lower, leading investors to believe the risk of default is higher. Also called credit migration risk.

流动性拖累
Drag on liquidity

当收入滞后时,可用资金减少,造成压力。

When receipts lag, creating pressure from the decreased available funds.

回撤
Drawdown

净资产价值从峰值到谷值的百分比下降。

A percentage peak-to-trough reduction in net asset value.

双币债券
Dual-currency bonds

以一种货币支付票息,并在到期时以另一种货币支付面值的债券。

Bonds that make coupon payments in one currency and pay the par value at maturity in another currency.

杜邦分析
DuPont analysis

将投资回报率(例如权益回报率)分解为其他财务比率的乘积的方法。

An approach to decomposing return on investment, e.g., return on equity, as the product of other financial ratios.

期间
Duration

衡量证券对利率变化的大致敏感度(即利率风险的衡量标准)。

A measure of the approximate sensitivity of a security to a change in interest rates (i.e., a measure of interest rate risk).

持续时间缺口
Duration gap

债券的麦考利久期减去投资期限。

A bond’s Macaulay duration minus the investment horizon.

荷兰书定理
Dutch Book theorem

概率论中的一个结论指出,不一致的概率会创造盈利机会。

A result in probability theory stating that inconsistent probabilities create profit opportunities.

E

E

提前还款选项
Early repayment option

请查看预付款选项

See prepayment option.

每股收益
Earnings per share

每股普通股在特定时期内所获得的收益金额。

The amount of income earned during a period per share of common stock.

盈利意外
Earnings surprise

公司收益中投资者未预料到的部分,根据有效市场假说,这部分收益需要进行价格调整。

The portion of a company’s earnings that is unanticipated by investors and, according to the efficient market hypothesis, merits a price adjustment.

经济成本
Economic costs

维持生产性资源在当前岗位上就业或取得生产性资源所需的全部报酬;会计总成本和隐性机会成本之和。

All the remuneration needed to keep a productive resource in its current employment or to acquire the resource for productive use; the sum of total accounting costs and implicit opportunity costs.

经济指标
Economic indicator

反映整体经济状况的变量。

A variable that provides information on the state of the overall economy.

经济损失
Economic loss

会计利润与正常利润之间的差额。

The amount by which accounting profit is less than normal profit.

经济订货量-再订货点(EOQ-ROP)
Economic order quantity–reorder point (EOQ–ROP)

一种基于预期需求和需求可预测性的库存管理方法;新库存的订购点是根据订购和持有库存的成本来确定的,从而使与库存相关的总成本最小化。

An approach to managing inventory based on expected demand and the predictability of demand; the ordering point for new inventory is determined based on the costs of ordering and carrying inventory, such that the total cost associated with inventory is minimized.

经济利润
Economic profit

等于会计利润减去未计入总会计成本的隐性机会成本;即总收入(TR)与总成本(TC)之间的差额。也称为异常利润超额利润

Equal to accounting profit less the implicit opportunity costs not included in total accounting costs; the difference between total revenue (TR) and total cost (TC). Also called abnormal profit or supernormal profit.

经济稳定
Economic stabilization

降低经济波动幅度。

Reduction of the magnitude of economic fluctuations.

经济联盟
Economic union

它涵盖了共同市场的所有方面,此外还要求成员国之间建立共同的经济机构并协调经济政策。

Incorporates all aspects of a common market and in addition requires common economic institutions and coordination of economic policies among members.

规模经济
Economies of scale

产量增加导致单位成本降低。

Reduction in cost per unit resulting from increased production.

有效年利率
Effective annual rate

货币单位一年内(包括利息在内)的增长额。

The amount by which a unit of currency will grow in a year with interest on interest included.

有效凸性
Effective convexity

曲线凸性统计量,用于衡量基准收益率曲线变化对债券价格的次要影响。

A curve convexity statistic that measures the secondary effect of a change in a benchmark yield curve on a bond’s price.

有效持续时间
Effective duration

债券价格对基准收益率曲线变化的敏感性。

The sensitivity of a bond’s price to a change in a benchmark yield curve.

实际利率
Effective interest rate

公司发行债券时所承担的借款利率或市场利率。

The borrowing rate or market rate that a company incurs at the time of issuance of a bond.

高效市场
Efficient market

资产价格能够迅速、理性地反映新信息的市场。

A market in which asset prices reflect new information quickly and rationally.

松紧带
Elastic

指商品或服务的弹性系数大于 1。

Said of a good or service when the magnitude of elasticity is greater than one.

弹性
Elasticity

一个变量对另一个变量变化的百分比变化;衡量一个变量对另一个变量值变化的敏感程度的一般指标。

The percentage change in one variable for a percentage change in another variable; a general measure of how sensitive one variable is to a change in the value of another variable.

需求弹性
Elasticity of demand

衡量需求量对产品自身价格变化的敏感度:%∆ Q D /%∆ P

A measure of the sensitivity of quantity demanded to a change in a product’s own price: %∆QD/%∆P.

供给弹性
Elasticity of supply

衡量供给量对价格变化的敏感度:%∆ Q S /%∆ P

A measure of the sensitivity of quantity supplied to a change in price: %∆QS/%∆P.

电子通信网络
Electronic communications networks

请参阅其他交易系统

See alternative trading systems.

电子资金转账(EFT)
Electronic funds transfer (EFT)

利用计算机网络进行电子金融交易。

The use of computer networks to conduct financial transactions electronically.

艾略特波浪理论
Elliott wave theory

一种技术分析理论,声称市场遵循规律性的、重复的波浪或周期。

A technical analysis theory that claims that the market follows regular, repeated waves or cycles.

嵌入式选项
Embedded option

或有条款赋予发行人或债券持有人采取行动的权利,但并非义务。这些选择权不属于证券本身,也不能单独交易。

Contingency provisions that provide the issuer or the bondholders the right, but not the obligation, to take action. These options are not part of the security and cannot be traded separately.

经验概率
Empirical probability

事件发生的概率,以相对发生频率来估计。

The probability of an event estimated as a relative frequency of occurrence.

受雇
Employed

有工作的人数。

The number of people with a job.

参与/积极所有权
Engagement/active ownership

ESG 投资风格利用股东权力,通过直接参与公司事务(即与公司高级管理层和/或董事会沟通)、提交或共同提交股东提案以及按照 ESG 指导方针进行代理投票来影响公司行为。

An ESG investment style that uses shareholder power to influence corporate behavior through direct corporate engagement (i.e., communicating with senior management and/or boards of companies), filing or co-filing shareholder proposals, and proxy voting that is directed by ESG guidelines.

企业风险管理
Enterprise risk management

对公司风险状况的全面评估。一种集中式的风险管理方法,有时也称为全公司范围的风险管理。

An overall assessment of a company’s risk position. A centralized approach to risk management sometimes called firmwide risk management.

企业价值
Enterprise value

衡量一家公司总市值的指标,其中已扣除现金和短期投资的价值。

A measure of a company’s total market value from which the value of cash and short-term investments have been subtracted.

等权重
Equal weighting

一种指数加权方法,在指数创立之初,对每个成分证券赋予相等的权重。

An index weighting method in which an equal weight is assigned to each constituent security at inception.

设备信托证书
Equipment trust certificates

以特定类型的设备或实物资产作担保的债券。

Bonds secured by specific types of equipment or physical assets.

公平
Equity

资产减去负债;即资产减去负债后的剩余价值。

Assets less liabilities; the residual interest in the assets after subtracting the liabilities.

股权风险溢价
Equity risk premium

股票的预期收益率减去无风险利率;投资者对投资股票所要求的溢价。

The expected return on equities minus the risk-free rate; the premium that investors demand for investing in equities.

股权互换
Equity swap

一种互换交易,其中至少一笔现金流与股票投资组合头寸(通常是股票指数)的回报挂钩。

A swap transaction in which at least one cash flow is tied to the return to an equity portfolio position, often an equity index.

环境、社会及治理
ESG

一个涵盖环境、社会和治理的首字母缩写词。

An acronym that encompasses environmental, social and governance.

ESG整合
ESG integration

将定性和定量的环境、社会和治理因素纳入传统的安全和行业分析;也称为ESG 纳入

The integration of qualitative and quantitative environmental, social, and governance factors into traditional security and industry analysis; also known as ESG incorporation.

ESG投资
ESG investing

在投资过程中考虑环境、社会和治理因素。

The consideration of environmental, social, and governance factors in the investment process.

估计
Estimate

使用估计器从样本观测值计算出的特定值。

The particular value calculated from sample observations using an estimator.

估算
Estimation

统计推断是指估计总体参数值的分支。

With reference to statistical inference, the subdivision dealing with estimating the value of a population parameter.

估算器
Estimator

估计公式;用于计算样本均值和其他样本统计量的公式就是估计量的例子。

An estimation formula; the formula used to compute the sample mean and other sample statistics are examples of estimators.

伦理原则
Ethical principles

关于什么是好的、可接受的或必须的行为,什么是坏的、不可接受的或禁止的行为的信念。

Beliefs regarding what is good, acceptable, or obligatory behavior and what is bad, unacceptable, or forbidden behavior.

伦理
Ethics

伦理学是对道德原则或如何做出正确选择的研究。它包含一系列道德原则和行为准则,为我们的行为提供指导。

The study of moral principles or of making good choices. Ethics encompasses a set of moral principles and rules of conduct that provide guidance for our behavior.

欧洲债券
Eurobonds

在国际上发行的债券类型,发行地不在债券计价货币所在国的管辖范围内。

Type of bond issued internationally, outside the jurisdiction of the country in whose currency the bond is denominated.

欧洲期权
European option

只能在到期日行使的期权。

An option that can only be exercised on its expiration date.

欧式风格
European-style

指的是只能在期权到期日行使的期权合约。

Said of an option contract that can only be exercised on the option’s expiration date.

事件
Event

随机变量的任何结果或一组特定的结果。

Any outcome or specified set of outcomes of a random variable.

除息日
Ex-dividend date

股票首次除息交易的日期。

The first date that a share trades without (i.e., “ex”) the dividend.

峰度过高
Excess kurtosis

峰度(尾部肥厚程度)超过正态分布峰度的程度。

Degree of kurtosis (fatness of tails) in excess of the kurtosis of the normal distribution.

交易所
Exchanges

交易者可以见面安排交易的场所。

Places where traders can meet to arrange their trades.

排除性筛查
Exclusionary screening

一种ESG实施方法,即排除某些偏离投资者公认标准的行业或公司。也称为负面筛选基于规范的筛选

An ESG implementation approach that excludes certain sectors or companies that deviate from an investor’s accepted standards. Also called negative screening or norms-based screening.

执行指令
Execution instructions

指示如何完成订单的说明。

Instructions that indicate how to fill an order.

锻炼
Exercise

使用期权买卖标的资产的过程。

The process of using an option to buy or sell the underlying.

行权价格
Exercise price

期权持有者可以买入或卖出标的资产的固定价格。也称为 行权价成交价行权价

The fixed price at which an option holder can buy or sell the underlying. Also called strike price, striking price, or strike.

锻炼价值
Exercise value

根据当前情况行使期权所获得的价值。也称为内在价值

The value obtained if an option is exercised based on current conditions. Also known as intrinsic value.

详尽的
Exhaustive

涵盖或包含所有可能的结果。

Covering or containing all possible outcomes.

扩张
Expansion

商业周期中从最低点到最高点之间的时期。

The period of a business cycle after its lowest point and before its highest point.

扩张
Expansionary

有助于促进实体经济增长。

Tending to cause the real economy to grow.

扩张性财政政策
Expansionary fiscal policy

旨在实现实际经济增长的财政政策。

Fiscal policy aimed at achieving real economic growth.

预期通胀
Expected inflation

经济主体对未来通货膨胀水平的预期。

The level of inflation that economic agents expect in the future.

预期损失
Expected loss

默认概率乘以给定默认值的损失严重程度。

Default probability times Loss severity given default.

期望值
Expected value

随机变量可能结果的概率加权平均值。

The probability-weighted average of the possible outcomes of a random variable.

开支
Expenses

经济资源的流出或负债的增加导致权益减少(不包括因向所有者分配而导致的减少);与收入创造相关的净资产减少。

Outflows of economic resources or increases in liabilities that result in decreases in equity (other than decreases because of distributions to owners); reductions in net assets associated with the creation of revenues.

经验曲线
Experience curve

一条曲线,显示生产或交付的单位商品或服务的直接成本,通常是累计产量的递减函数。

A curve that shows the direct cost per unit of good or service produced or delivered as a typically declining function of cumulative output.

出口补贴
Export subsidy

当企业出口一件获得补贴的商品时,政府会向该企业支付补贴。

Paid by the government to the firm when it exports a unit of a good that is being subsidized.

出口
Exports

一个经济体向其他国家出售的商品和服务。

Goods and services that an economy sells to other countries.

扩展风险
Extension risk

利率上升时,提前还款的情况可能会减少,因为房主不愿放弃目前看似较低的合同利率带来的好处。结果,抵押贷款的到期日会比购买时预期的更长。

The risk that when interest rates rise, fewer prepayments will occur because homeowners are reluctant to give up the benefits of a contractual interest rate that now looks low. As a result, the security becomes longer in maturity than anticipated at the time of purchase.

外部性
Externality

市场交易产生的后果,由交易双方以外的其他方承担。

An effect of a market transaction that is borne by parties other than those who transacted.

额外股息
Extra dividend

不按固定时间表派发股息的公司派发的股息,或者在常规现金股息之外额外支付的股息。

A dividend paid by a company that does not pay dividends on a regular schedule, or a dividend that supplements regular cash dividends with an extra payment.

极值理论
Extreme value theory

统计学的一个分支,主要关注极端结果。

A branch of statistics that focuses primarily on extreme outcomes.

F

F

面值
Face value

债券到期时,公司应向债券持有人支付的现金金额;到期时承诺支付的款项,与任何票息支付分开计算。

The amount of cash payable by a company to the bondholders when the bonds mature; the promised payment at maturity separate from any coupon payment.

因素
Factor

多个变量与之相关的共同或潜在因素。

A common or underlying element with which several variables are correlated.

公允价值
Fair value

在公平交易中,知情且自愿的各方之间可以交换资产或结算负债的金额;在市场参与者之间有序交易中出售资产所收到的价格或转移负债所支付的价格。

The amount at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s-length transaction; the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

联邦基金利率
Fed funds rate

美国银行间隔夜借入准备金的贷款利率。

The US interbank lending rate on overnight borrowings of reserves.

联邦基金利率
Federal funds rate

美国银行间隔夜借入准备金的贷款利率。

The US interbank lending rate on overnight borrowings of reserves.

法定货币
Fiat money

不能兑换成任何其他商品的货币。

Money that is not convertible into any other commodity.

斐波那契数列
Fibonacci sequence

斐波那契数列是一个从0和1开始的数列,数列中每个后续数字都是前两个数字之和。在艾略特波浪理论中,市场波浪的走势被认为遵循斐波那契数列中数字的比率模式。

A sequence of numbers starting with 0 and 1, and then each subsequent number in the sequence is the sum of the two preceding numbers. In Elliott Wave Theory, it is believed that market waves follow patterns that are the ratios of the numbers in the Fibonacci sequence.

受托人呼吁
Fiduciary call

欧式看涨期权与无风险债券的组合,该无风险债券在期权到期日到期,面值等于看涨期权的行权价格。

A combination of a European call and a risk-free bond that matures on the option expiration day and has a face value equal to the exercise price of the call.

先进先出法
FIFO method

先进先出法是库存核算方法,它将销售额与库存商品的成本按其入库顺序进行匹配。

The first in, first out, method of accounting for inventory, which matches sales against the costs of items of inventory in the order in which they were placed in inventory.

填满或杀死
Fill or kill

查看即时订单或取消订单

See immediate or cancel order.

融资租赁
Finance lease

从承租人的角度来看,根据美国通用会计准则,这种租赁更像是承租人购买资产。从出租人的角度来看,根据国际财务报告准则,这种租赁“转移了与标的资产所有权相关的几乎所有风险和报酬”。

From the lessee perspective, under US GAAP, a type of lease which is more akin to the purchase of an asset by the lessee. From the lessor perspective, under IFRS, a lease which “transfers substantially all the risks and rewards incidental to ownership of an underlying asset.”

财务账户
Financial account

国际收支账户中记录投资流动的一个组成部分。

A component of the balance of payments account that records investment flows.

财务灵活性
Financial flexibility

应对和适应金融逆境和机遇的能力。

The ability to react and adapt to financial adversity and opportunities.

财务杠杆
Financial leverage

财务杠杆率是指公司通过债务手段,使普通股股东权益回报率发生比营业收入发生更大比例变化的程度;也称财务杠杆率。

The extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income; also, short for the financial leverage ratio.

财务杠杆比率
Financial leverage ratio

衡量财务杠杆的指标,计算方法为平均总资产除以平均总权益。

A measure of financial leverage calculated as average total assets divided by average total equity.

财务风险
Financial risk

环境、社会或治理风险因素可能导致公司及其股东遭受重大成本或其他损失的风险;公司履行融资协议项下应付款项的义务所产生的风险。

The risk that environmental, social, or governance risk factors will result in significant costs or other losses to a company and its shareholders; the risk arising from a company’s obligation to meet required payments under its financing agreements.

融资活动
Financing activities

与获取或偿还企业所需资金(例如股权和长期债务)相关的活动。

Activities related to obtaining or repaying capital to be used in the business (e.g., equity and long-term debt).

金融科技
Fintech

金融行业金融服务和产品设计与交付方面的技术创新。

Technological innovation in the design and delivery of financial services and products in the financial industry.

确定性承诺发行
Firm commitment offering

参阅承销发行

See underwritten offering.

一级价格歧视
First-degree price discrimination

垄断者能够向每位顾客收取顾客愿意支付的最高价格。

Where a monopolist is able to charge each customer the highest price the customer is willing to pay.

第一顺位债务
First lien debt

以某些资产作为抵押的债务,这些资产可能包括建筑物,但也可能包括财产和设备、许可证、专利、品牌等。

Debt secured by a pledge of certain assets that could include buildings, but may also include property and equipment, licenses, patents, brands, etc.

第一抵押贷款债务
First mortgage debt

以特定财产作抵押的债务。

Debt secured by a pledge of a specific property.

财政乘数
Fiscal multiplier

国民收入变化与政府支出变化的比率。

The ratio of a change in national income to a change in government spending.

财政政策
Fiscal policy

利用税收和政府支出来影响总支出水平。

The use of taxes and government spending to affect the level of aggregate expenditures.

费舍尔效应
Fisher effect

该理论认为,一个经济体中的实际利率随时间推移保持稳定,因此名义利率的变化是预期通货膨胀变化的结果。

The thesis that the real rate of interest in an economy is stable over time so that changes in nominal interest rates are the result of changes in expected inflation.

费舍尔指数
Fisher index

拉斯佩尔指数的几何平均值。

The geometric mean of the Laspeyres index.

固定费用保障
Fixed charge coverage

偿付能力比率衡量的是营业收入覆盖利息和租赁付款的倍数,计算方法为(息税前利润 + 租赁付款)除以(利息付款 + 租赁付款)。

A solvency ratio measuring the number of times interest and lease payments are covered by operating income, calculated as (EBIT + lease payments) divided by (interest payments + lease payments).

固定成本
Fixed costs

无论公司的生产和销售水平如何,成本都保持不变。

Costs that remain at the same level regardless of a company’s level of production and sales.

固定利率转浮动利率互换
Fixed-for-floating interest rate swap

一种利率互换,其中一方支付固定利率,另一方支付浮动利率,两笔款项均以同一种货币结算。也称为普通互换香草互换

An interest rate swap in which one party pays a fixed rate and the other pays a floating rate, with both sets of payments in the same currency. Also called plain vanilla swap or vanilla swap.

固定利率永续优先股
Fixed rate perpetual preferred stock

不可转换、不可赎回的优先股,具有固定股息率且无到期日。

Nonconvertible, noncallable preferred stock that has a fixed dividend rate and no maturity date.

旗帜
Flags

由平行趋势线形成的技术分析延续形态,通常发生在较短的时间内。

A technical analysis continuation pattern formed by parallel trendlines, typically over a short period.

固定价格
Flat price

债券的全部价格减去应计利息;也称为报价净价

The full price of a bond minus the accrued interest; also called the quoted or clean price.

漂浮
Float

在客户收款的背景下,指客户付款与公司可用资金之间处于流通状态的资金数额。

In the context of customer receipts, the amount of money that is in transit between payments made by customers and the funds that are usable by the company.

经流通股调整后的市值加权
Float-adjusted market-capitalization weighting

一种指数加权方法,其中分配给每个成分证券的权重是通过调整其市值以换取其市场流通量来确定的。

An index weighting method in which the weight assigned to each constituent security is determined by adjusting its market capitalization for its market float.

浮动因子
Float factor

估算已存入支票的平均清算天数;平均每日浮动资金除以平均每日存款。

An estimate of the average number of days it takes deposited checks to clear; average daily float divided by average daily deposit.

漂浮物
Floaters

请参阅浮动利率票据

See floating-rate notes.

浮动利率票据
Floating-rate notes

一种利息支付并非固定不变,而是根据当前参考利率水平逐期变化的债券。

A note on which interest payments are not fixed, but instead vary from period to period depending on the current level of a reference interest rate.

浮选成本
Flotation cost

投资银行向公司收取的费用以及与筹集新资本相关的其他成本。

Fees charged to companies by investment bankers and other costs associated with raising new capital.

止赎
Foreclosure

允许贷款人在借款人违约时占有抵押房产,然后将其出售以收回资金。

Allows the lender to take possession of a mortgaged property if the borrower defaults and then sell it to recover funds.

外汇储备
Foreign currency reserves

中央银行持有的非本国货币存款和非本国债券。

Holding by the central bank of non-domestic currency deposits and non-domestic bonds.

外国直接投资
Foreign direct investment

一国(来源国)企业对外国(东道国)生产性资产的直接投资。

Direct investment by a firm in one country (the source country) in productive assets in a foreign country (the host country).

外汇收益(或损失)
Foreign exchange gains (or losses)

当投资者本国货币与外国证券计价货币之间的汇率发生变化时,就会产生收益(或损失)。

Gains (or losses) that occur when the exchange rate changes between the investor’s currency and the currency that foreign securities are denominated in.

外国证券投资
Foreign portfolio investment

个人、公司和机构投资者(例如养老基金)对外国金融工具(例如外国股票和外国政府债券)的短期投资。

Shorter-term investment by individuals, firms, and institutional investors (e.g., pension funds) in foreign financial instruments such as foreign stocks and foreign government bonds.

前期承诺
Forward commitments

一类衍生品,能够锁定价格,在未来以先前约定的价格进行交易。

Class of derivatives that provides the ability to lock in a price to transact in the future at a previously agreed-upon price.

远期合约
Forward contract

买卖合同是指双方达成的一项协议,其中一方(买方)同意在未来某个日期以合同开始时确定的价格从另一方(卖方)购买标的资产。

An agreement between two parties in which one party, the buyer, agrees to buy from the other party, the seller, an underlying asset at a later date for a price established at the start of the contract.

前向曲线
Forward curve

一系列远期利率,每个利率的时间范围都相同。

A series of forward rates, each having the same timeframe.

远期市场
Forward market

对于未来交割,超出现货市场通常的结算期限。

For future delivery, beyond the usual settlement time period in the cash market.

远期价格
Forward price

远期合约到期日交易的固定价格或利率。该价格在合约订立日确定。

The fixed price or rate at which the transaction scheduled to occur at the expiration of a forward contract will take place. This price is agreed on at the initiation date of the contract.

远期利率
Forward rate

远期市场交易的债券或货币市场工具的利率。远期利率可以理解为延长到期期限所带来的增量收益或边际收益。

The interest rate on a bond or money market instrument traded in a forward market. A forward rate can be interpreted as an incremental, or marginal, return for extending the time-to-maturity for an additional time period.

远期利率协议
Forward rate agreements

远期合约规定一方支付固定利息,另一方按合约到期时确定的利率支付利息。

A forward contract calling for one party to make a fixed interest payment and the other to make an interest payment at a rate to be determined at the contract expiration.

分形
Fractile

一个数值,该数值表示一定比例的数据所处的位置或低于该数值。

A value at or below which a stated fraction of the data lies.

部分准备金银行制度
Fractional reserve banking

准备金仅占存款一部分的银行业务。

Banking in which reserves constitute a fraction of deposits.

自由现金流
Free cash flow

公司在进行维持公司持续运营所需的所有投资后,可供公司投资者使用的实际现金(也称为公司的自由现金流);公司内部产生的资金,可以分配给公司投资者(例如股东和债券持有人),而不会损害公司的价值。

The actual cash that would be available to the company’s investors after making all investments necessary to maintain the company as an ongoing enterprise (also referred to as free cash flow to the firm); the internally generated funds that can be distributed to the company’s investors (e.g., shareholders and bondholders) without impairing the value of the company.

股权自由现金流(FCFE)
Free cash flow to equity (FCFE)

公司在支付所有运营费用、利息和本金,以及对营运资本和固定资本进行必要的投资后,可供普通股股东使用的现金流。

The cash flow available to a company’s common shareholders after all operating expenses, interest, and principal payments have been made, and necessary investments in working and fixed capital have been made.

自由现金流权益比模型
Free-cash-flow-to-equity models

基于将预期未来自由现金流折现为股权的估值模型。

Valuation models based on discounting expected future free cash flow to equity.

公司自由现金流(FCFF)
Free cash flow to the firm (FCFF)

在支付所有运营费用并进行必要的营运资金和固定资本投资后,公司可供资本提供者使用的现金流。

The cash flow available to the company’s suppliers of capital after all operating expenses have been paid and necessary investments in working capital and fixed capital have been made.

自由浮动
Free float

在二级市场上可以自由交易的股票数量。

The number of shares that are readily and freely tradable in the secondary market.

自由贸易
Free trade

当一个国家的贸易能力不受政府限制时。

When there are no government restrictions on a country’s ability to trade.

自由贸易区
Free trade areas

区域一体化最普遍的形式之一,即消除成员之间货物和服务流动的所有障碍。

One of the most prevalent forms of regional integration, in which all barriers to the flow of goods and services among members have been eliminated.

频率分布
Frequency distribution

将数据汇总成相对较少的区间,并以表格形式展示。

A tabular display of data summarized into a relatively small number of intervals.

频率多边形
Frequency polygon

通过绘制直线连接代表各类别频率的连续点而得到的频数分布图。

A graph of a frequency distribution obtained by drawing straight lines joining successive points representing the class frequencies.

完全整合
Full integration

ESG 投资风格,其重点是将 ESG 因素明确纳入个股的传统财务分析中进行估值(例如,作为现金流预测和/或资本成本估算的输入)。

An ESG investment style that focuses on the explicit inclusion of ESG factors into the traditional financial analysis of individual stocks for the purpose of valuation (e.g., as inputs into cash flow forecasts and/or cost-of-capital estimates).

全价
Full price

证券价格,包含应计利息;也称为发票价格或含息价格。

The price of a security with accrued interest; also called the invoice or dirty price.

基本面分析
Fundamental analysis

对公开信息进行审查并制定预测,以估算资产的内在价值。

The examination of publicly available information and the formulation of forecasts to estimate the intrinsic value of assets.

基本价值
Fundamental value

基于对资产的定性和定量特征分析而得出的资产的内在价值或真实价值。也称为内在价值

The underlying or true value of an asset based on an analysis of its qualitative and quantitative characteristics. Also called intrinsic value.

基本面权重
Fundamental weighting

一种指数加权方法,其中分配给每只成分股的权重基于其所属公司的市值。它试图通过使用与成分股价格无关的指标来克服市值加权的缺点。

An index weighting method in which the weight assigned to each constituent security is based on its underlying company’s size. It attempts to address the disadvantages of market-capitalization weighting by using measures that are independent of the constituent security’s price.

对冲基金的基金
Funds of hedge funds

持有对冲基金组合的基金,通常简称为基金中的基金

Funds that hold a portfolio of hedge funds, more commonly shortened to funds of funds.

未来价值(FV)
Future value (FV)

到预定的未来日期,一笔或多笔款项将增长到的金额。

The amount to which a payment or series of payments will grow by a stated future date.

期货合约
Futures contract

远期合约的一种变体,其基本定义基本相同,但有一些附加功能,例如清算所担保信用损失、每日结算损益以及有组织的电子或场内交易设施。

A variation of a forward contract that has essentially the same basic definition but with some additional features, such as a clearinghouse guarantee against credit losses, a daily settlement of gains and losses, and an organized electronic or floor trading facility.

期货价格
Futures price

期货合约的约定价格。

The agreed-upon price of a futures contract.

外汇互换
FX swap

即期外汇交易和远期外汇交易的结合。

The combination of a spot and a forward FX transaction.

G

G

G-spread
G-spread

以基点为单位的收益率差,指实际或插值政府债券收益率的利差。

The yield spread in basis points over an actual or interpolated government bond.

收益
Gains

与企业日常经营活动无直接关系的资产流入。

Asset inflows not directly related to the ordinary activities of the business.

博弈论
Game theory

决策者用来将竞争对手的应对措施纳入自身战略的一系列工具。

The set of tools decision makers use to incorporate responses by rival decision makers into their strategies.

伽马
Gamma

衡量期权 delta 值(衍生品价格对标的资产价值变化的敏感度)的数值指标。

A numerical measure of how sensitive an option’s delta (the sensitivity of the derivative’s price) is to a change in the value of the underlying.

GDP平减指数
GDP deflator

衡量价格和通货膨胀的指标,用于衡量整个经济中价格的总体变化。

A gauge of prices and inflation that measures the aggregate changes in prices across the overall economy.

普通合伙人
General partner

合伙人负责经营业务,并最终对业务的债务和义务承担无限责任。

The partner that runs the business and ultimately bears unlimited liability for the business’s debts and obligations.

几何平均值
Geometric mean

集中趋势的度量,通过对n 个非负值 的乘积求n次方根来计算。

A measure of central tendency computed by taking the nth root of the product of n non-negative values.

吉芬商品
Giffen goods

价格上涨时,消费量反而增加的商品,是因为它是劣等品,价格变化时,其收入效应会超过替代效应。

Goods that are consumed more as the price of the good rises because it is a very inferior good whose income effect overwhelms its substitution effect when price changes.

后备母猪
Gilts

英国政府发行的债券。

Bonds issued by the UK government.

旋转系统
Giro system

一种在欧洲和日本广泛使用的电子支付系统。

An electronic payment system used widely in Europe and Japan.

全球存托凭证
Global depository receipt

在公司总部所在国以外且美国以外地区签发的存托凭证。

A depository receipt that is issued outside of the company’s home country and outside of the United States.

全球最小方差投资组合
Global minimum-variance portfolio

位于最小方差前沿、收益方差最小的投资组合。

The portfolio on the minimum-variance frontier with the smallest variance of return.

全球注册股份
Global registered share

一种在世界各地不同证券交易所用不同货币进行交易的普通股。

A common share that is traded on different stock exchanges around the world in different currencies.

黄金标准
Gold standard

就货币而言,如果一种货币实行金本位制,则一定数量的该货币可以兑换成预先指定数量的黄金。

With respect to a currency, if a currency is on the gold standard a given amount can be converted into a prespecified amount of gold.

金十字
Golden cross

技术分析术语,指短期移动平均线从长期移动平均线下方穿过到上方的情况;这种走势被认为是看涨的。

A technical analysis term that describes a situation where a short-term moving average crosses from below a longer-term moving average to above it; this movement is considered bullish.

近距离观察良好
Good-on-close

指示订单只能在交易结束时执行的执行指令。也称为收盘市价单

An execution instruction specifying that an order can only be filled at the close of trading. Also called market on close.

开瓶即好
Good-on-open

执行指令,规定订单只能在交易开始时执行。

An execution instruction specifying that an order can only be filled at the opening of trading.

取消订单前有效
Good-till-cancelled order

订单明确规定,订单在下订单的实体取消订单之前(或者,通常情况下,在某个特定时间段(例如 60 天)过去之前,以较早者为准)一直有效。

An order specifying that it is valid until the entity placing the order has cancelled it (or, commonly, until some specified amount of time such as 60 days has elapsed, whichever comes sooner).

善意
Goodwill

无形资产是指收购价格超过所收购公司净资产价值的部分。

An intangible asset that represents the excess of the purchase price of an acquired company over the value of the net assets acquired.

政府等价收益率
Government equivalent yield

将基于 30/360 天计算的到期收益率重新表述为基于实际/实际的到期收益率。

A yield that restates a yield-to-maturity based on 30/360 day-count to one based on actual/actual.

绿色债券
Green bonds

一种用于绿色金融的债券,其收益专门用于环境相关产品。

A bond used in green finance whereby the proceeds are earmarked towards environmental-related products.

绿色金融
Green finance

一种既能解决环境问题又能实现经济增长的融资方式。

A type of finance that addresses environmental concerns while achieving economic growth.

灰色市场
Grey market

债券远期市场,也称为“发行前”市场,是指即将发行债券的交易市场。

The forward market for bonds about to be issued. Also called “when issued” market.

国内生产总值
Gross domestic product

在给定的时期内,经济体中生产的所有最终商品和服务的市场价值(产出定义)或者,等价地,在给定的时期内,经济体中所有家庭、所有公司和政府所获得的总收入(收入定义)。

The market value of all final goods and services produced within the economy in a given period of time (output definition) or, equivalently, the aggregate income earned by all households, all companies, and the government within the economy in a given period of time (income definition).

毛利率
Gross margin

销售额减去销售成本(即制造企业的销售成本)。

Sales minus the cost of sales (i.e., the cost of goods sold for a manufacturing company).

毛利
Gross profit

销售额减去销售成本(即制造企业的销售成本)。

Sales minus the cost of sales (i.e., the cost of goods sold for a manufacturing company).

毛利率
Gross profit margin

毛利润与营业收入的比率。

The ratio of gross profit to revenues.

按功能分组
Grouping by function

就损益表中费用的列报而言,将具有相同功能的费用归为一类,例如所有作为销售成本的项目。

With reference to the presentation of expenses in an income statement, the grouping together of expenses serving the same function, e.g. all items that are costs of goods sold.

按自然分组
Grouping by nature

就损益表中费用的列报而言,应将性质相似的费用归为一类,例如,所有折旧费用。

With reference to the presentation of expenses in an income statement, the grouping together of expenses by similar nature, e.g., all depreciation expenses.

增长周期
Growth cyclical

该术语有时用来描述那些长期快速增长,但在商业周期中收入和利润仍出现高于平均水平波动的公司。

A term sometimes used to describe companies that are growing rapidly on a long-term basis but that still experience above-average fluctuation in their revenues and profits over the course of a business cycle.

成长型投资者
Growth investors

就股权投资者而言,是指那些寻求投资于高收益增长型公司的投资者。

With reference to equity investors, investors who seek to invest in high-earnings-growth companies.

担保证书
Guarantee certificate

一种结构化金融工具,可为投资者提供资本保障。它结合了零息债券和标的资产的看涨期权。

A type of structured financial instrument that provides investors capital protection. It combines a zero-coupon bond and a call option on some underlying asset.

H

H

理发
Haircut

参见仓库边距

See repo margin.

调和平均数
Harmonic mean

一种加权平均值,其计算方法是先对观测值的倒数取平均值,然后再取该平均值的倒数。

A type of weighted mean computed by averaging the reciprocals of the observations, then taking the reciprocal of that average.

头部和肩部图案
Head and shoulders pattern

在技​​术分析中,反转形态由左肩、头部和右肩三个部分组成,用于预测上升趋势向下降趋势的转变。

In technical analysis, a reversal pattern that is formed in three parts: a left shoulder, head, and right shoulder; used to predict a change from an uptrend to a downtrend.

总体通胀
Headline inflation

通货膨胀率是根据包含经济体中所有商品和服务的价格指数计算得出的。

The inflation rate calculated based on the price index that includes all goods and services in an economy.

对冲基金
Hedge funds

私募投资工具通常使用杠杆、衍生品以及多空投资策略。

Private investment vehicles that typically use leverage, derivatives, and long and short investment strategies.

对冲组合
Hedge portfolio

假设衍生品与其标的资产组合可以消除风险。

A hypothetical combination of the derivative and its underlying that eliminates risk.

持有至到期
Held-to-maturity

公司打算持有至到期的债务(固定收益)证券;这些证券按其原始成本列示,并根据任何折价或溢价的摊销进行更新。

Debt (fixed-income) securities that a company intends to hold to maturity; these are presented at their original cost, updated for any amortisation of discounts or premiums.

放牧
Herding

集群交易可能基于信息,也可能不基于信息。

Clustered trading that may or may not be based on information.

隐藏的秩序
Hidden order

不向公众公开,而仅向接收该订单的经纪商或交易所公开的订单。

An order that is exposed not to the public but only to the brokers or exchanges that receive it.

高频交易
High-frequency trading

一种算法交易形式,利用海量数据在超高速网络上以极快的速度(几分之一秒)执行交易。

A form of algorithmic trading that makes use of vast quantities of data to execute trades on ultra-high-speed networks in fractions of a second.

最高水位线
High-water mark

基金历史上达到的最高净值(扣除费用后)。它反映了用于计算激励费用的最高累计回报。

The highest value, net of fees, that a fund has reached in history. It reflects the highest cumulative return used to calculate an incentive fee.

直方图
Histogram

将数据分组为频率分布后绘制成条形图。

A bar chart of data that have been grouped into a frequency distribution.

历史成本
Historical cost

就资产而言,指购买资产所支付的金额,包括任何购置和/或准备成本;就负债而言,指发行负债所收到的款项金额。

In reference to assets, the amount paid to purchase an asset, including any costs of acquisition and/or preparation; with reference to liabilities, the amount of proceeds received in exchange in issuing the liability.

历史股票风险溢价法
Historical equity risk premium approach

对一个国家股票风险溢价的估计,是基于无风险利率和市场组合收益率的历史平均值。

An estimate of a country’s equity risk premium that is based upon the historical averages of the risk-free rate and the rate of return on the market portfolio.

历史模拟
Historical simulation

另一种用于估算风险价值(VaR)的历史方法名称是……。这个名称在某种程度上具有误导性,因为该方法并非模拟过去,而是反映过去实际发生的情况,有时会进行调整以反映过去存在的投资组合可能与未来计划的投资组合有所不同。

Another term for the historical method of estimating VaR. This term is somewhat misleading in that the method involves not a simulation of the past but rather what actually happened in the past, sometimes adjusted to reflect the fact that a different portfolio may have existed in the past than is planned for the future.

持股记录日期
Holder-of-record date

公司账簿上列出的股东将被视为拥有股份所有权,以便获得即将到来的股息的日期。

The date that a shareholder listed on the corporation’s books will be deemed to have ownership of the shares for purposes of receiving an upcoming dividend.

持有期回报
Holding period return

投资者在特定持有期内获得的收益;总收益的同义词。

The return that an investor earns during a specified holding period; a synonym for total return.

预期同质性
Homogeneity of expectations

假设所有投资者都具有相同的经济预期,因此对价格、现金流和其他投资特征也具有相同的预期。

The assumption that all investors have the same economic expectations and thus have the same expectations of prices, cash flows, and other investment characteristics.

地平线收益
Horizon yield

债券内部收益率是指总收益(再投资的票息支付与债券的售价或赎回金额之和)与债券购买价格之间的收益率。

The internal rate of return between the total return (the sum of reinvested coupon payments and the sale price or redemption amount) and the purchase price of the bond.

横向分析
Horizontal analysis

共同规模分析是指将特定财务报表与先前或未来时期的同一财务报表进行比较;此外,还包括将一家公司与另一家公司进行横截面分析。

Common-size analysis that involves comparing a specific financial statement with that statement in prior or future time periods; also, cross-sectional analysis of one company with another.

水平需求计划
Horizontal demand schedule

这意味着在给定价格下,需求量的变化是无限的。

Implies that at a given price, the response in the quantity demanded is infinite.

敌意收购
Hostile takeover

一方未经公司管理层同意,试图收购另一家公司。

An attempt by one entity to acquire a company without the consent of the company’s management.

家庭
Household

在经济分析中,以居住在同一住所的人或群体作为基本单位。

A person or a group of people living in the same residence, taken as a basic unit in economic analysis.

人力资本
Human capital

劳动者通过教育、培训或生活经验积累的知识和技能,以及该熟练个体未来将创造的相应收入的现值。

The accumulated knowledge and skill that workers acquire from education, training, or life experience and the corresponding present value of future earnings to be generated by said skilled individual.

障碍率
Hurdle rate

项目被接受必须达到的回报率。

The rate of return that must be met for a project to be accepted.

假设
Hypothesis

就统计推断而言,是指对一个或多个总体做出的陈述。

With reference to statistical inference, a statement about one or more populations.

假设检验
Hypothesis testing

统计推断是指对一个或多个总体进行假设检验的分支。

With reference to statistical inference, the subdivision dealing with the testing of hypotheses about one or more populations.

I

传播
I-spread

特定债券与同期限该货币标准互换利率之间的收益率差。

The yield spread of a specific bond over the standard swap rate in that currency of the same tenor.

冰山秩序
Iceberg order

显示尺寸小于订单实际尺寸的订单。

An order in which the display size is less than the order’s full size.

如果转换方法
If-converted method

一种用于核算可转换证券对每股收益 (EPS) 的影响的方法,该方法规定了如果可转换证券在期初被转换,则 EPS 会是多少,同时考虑了转换对净收入和加权平均流通股数的影响。

A method for accounting for the effect of convertible securities on earnings per share (EPS) that specifies what EPS would have been if the convertible securities had been converted at the beginning of the period, taking account of the effects of conversion on net income and the weighted average number of shares outstanding.

立即下单或取消订单
Immediate or cancel order

仅在经纪商或交易所收到后才有效的订单。如果此类订单在收到后无法部分或全部成交,则立即取消。也称为“立即 成交或取消”

An order that is valid only upon receipt by the broker or exchange. If such an order cannot be filled in part or in whole upon receipt, it cancels immediately. Also called fill or kill.

冲击滞后
Impact lag

影响经济的行动所产生的滞后效应。

The lag associated with the result of actions affecting the economy with delay.

GDP的隐含价格平减指数
Implicit price deflator for GDP

衡量价格和通货膨胀的指标,用于衡量整个经济中价格的总体变化。

A gauge of prices and inflation that measures the aggregate changes in prices across the overall economy.

隐含远期利率
Implied forward rates

隐含远期利率是根据即期利率计算得出的,它是一个盈亏平衡再投资利率,它将短期零息债券的投资回报与长期零息债券的投资回报联系起来。

Calculated from spot rates, an implied forward rate is a break-even reinvestment rate that links the return on an investment in a shorter-term zero-coupon bond to the return on an investment in a longer-term zero-coupon bond.

隐含波动率
Implied volatility

期权交易者用来给期权定价的波动率,由期权价格和特定的期权定价模型隐含得出。

The volatility that option traders use to price an option, implied by the price of the option and a particular option-pricing model.

进口许可证
Import license

规定一个国家可以进口的商品数量。

Specifies the quantity of a good that can be imported into a country.

进口
Imports

国内经济体(即家庭、企业和政府)从其他国家购买的商品和服务。

Goods and services that a domestic economy (i.e., house-holds, firms, and government) purchases from other countries.

In the money

如果行使这些期权,所得价值将超过行使期权所需的支付金额。

Options that, if exercised, would result in the value received being worth more than the payment required to exercise.

奖励费
Incentive fee

有限合伙人根据已实现的净利润向普通合伙人支付的费用。

Fees paid to the general partner from the limited partner(s) based on realized net profits.

收入
Income

经济利益的增加,表现为资产流入或增加,或负债减少,从而导致权益增加(所有者出资造成的增加除外)。

Increases in economic benefits in the form of inflows or enhancements of assets, or decreases of liabilities that result in an increase in equity (other than increases resulting from contributions by owners).

需求收入弹性
Income elasticity of demand

衡量需求对收入变化的反应程度,定义为需求量变化百分比除以收入变化百分比。

A measure of the responsiveness of demand to changes in income, defined as the percentage change in quantity demanded divided by the percentage change in income.

已缴纳所得税
Income tax paid

该期间实际支付的所得税金额;不是准备金,而是实际现金支出。

The actual amount paid for income taxes in the period; not a provision, but the actual cash outflow.

应缴所得税
Income tax payable

公司根据应纳税所得额应缴纳的所得税。

The income tax owed by the company on the basis of taxable income.

收益信托
Income trust

一种股权所有权工具,以信托形式设立,发行称为单位的所有权股份。

A type of equity ownership vehicle established as a trust issuing ownership shares known as units.

边际收益递增
Increasing marginal returns

当投入的资源的边际产量随着该投入单位的增加而增加时。

When the marginal product of a resource increases as additional units of that input are employed.

规模报酬递增
Increasing returns to scale

当生产过程导致产出增加的比例大于投入增加的比例时。

When a production process leads to increases in output that are proportionately larger than the increase in inputs.

增量现金流
Incremental cash flow

因某项决策而实现的现金流;因某项决策或行动而导致的现金流变化或增加。

The cash flow that is realized because of a decision; the changes or increments to cash flows resulting from a decision or action.

契约
Indenture

描述债券形式、发行人义务和债券持有人权利的法律合同。也称为信托契约

Legal contract that describes the form of a bond, the obligations of the issuer, and the rights of the bondholders. Also called the trust deed.

独立的
Independent

就事件而言,其性质是:一个事件的发生不影响另一个事件发生的概率。

With reference to events, the property that the occurrence of one event does not affect the probability of another event occurring.

独立项目
Independent projects

独立项目是指现金流彼此独立的项目。

Independent projects are projects whose cash flows are independent of each other.

独立同分布(IID)
Independently and identically distributed (IID)

就随机变量而言,随机变量具有相互独立但遵循相同概率分布的性质。

With respect to random variables, the property of random variables that are independent of each other but follow the identical probability distribution.

指数挂钩债券
Index-linked bond

与特定指数挂钩的债券,其票息支付和/或本金偿还与特定指数挂钩。

Bond for which coupon payments and/or principal repayment are linked to a specified index.

领先经济指标指数
Index of Leading Economic Indicators

分析师用来预测未来经济状况的一系列经济变量的综合指标。

A composite of economic variables used by analysts to predict future economic conditions.

索引
Indexing

一种投资策略,投资者构建投资组合以反映特定指数的表现。

An investment strategy in which an investor constructs a portfolio to mirror the performance of a specified index.

无差异曲线
Indifference curve

表示两种商品或属性的所有组合的曲线,使得消费者对它们完全无差异。

A curve representing all the combinations of two goods or attributes such that the consumer is entirely indifferent among them.

间接格式
Indirect format

就现金流量表而言,有一种报表列示格式,其经营活动现金流量部分首先列出净利润,然后通过加减项计算出经营活动现金流量。这种格式也称为间接法

With reference to cash flow statements, a format for the presentation of the statement which, in the operating cash flow section, begins with net income then shows additions and subtractions to arrive at operating cash flow. Also called indirect method.

间接法
Indirect method

参见间接格式

See indirect format.

间接税
Indirect taxes

消费税等税收,而非直接税。

Taxes such as taxes on spending, as opposed to direct taxes.

行业
Industry

提供类似产品和/或服务的公司集团。

A group of companies offering similar products and/or services.

行业分析
Industry analysis

对制造业、服务业或贸易的特定分支进行分析。

The analysis of a specific branch of manufacturing, service, or trade.

非弹性
Inelastic

指商品或服务的弹性小于1,对价格变化不敏感。

Said of a good or service when the magnitude of elasticity is less than one. Insensitive to price changes.

劣质商品
Inferior goods

随着收入增加,消费量反而减少的商品。

A good whose consumption decreases as income increases.

通货膨胀
Inflation

物价总水平从一个时期到下一个时期的百分比增长;一个经济体中物价总水平的持续上涨。

The percentage increase in the general price level from one period to the next; a sustained rise in the overall level of prices in an economy.

与通胀挂钩的债券
Inflation-linked bond

一种指数挂钩债券,通过将债券的票息支付和/或本金偿还与消费者价格指数挂钩,为投资者提供抵御通货膨胀的风险保护。也称为挂钩债券

Type of index-linked bond that offers investors protection against inflation by linking the bond’s coupon payments and/or the principal repayment to an index of consumer prices. Also called linkers.

通胀溢价
Inflation premium

额外的收益可以补偿投资者因预期通货膨胀而造成的损失。

An extra return that compensates investors for expected inflation.

通货膨胀率
Inflation rate

价格指数的百分比变化——即整体价格水平变动的速度。

The percentage change in a price index—that is, the speed of overall price level movements.

通胀报告
Inflation Reports

由许多中央银行出版的一种经济刊物。

A type of economic publication put out by many central banks.

通胀不确定性
Inflation uncertainty

经济主体对未来通货膨胀率难以预测的程度。

The degree to which economic agents view future rates of inflation as difficult to forecast.

信息级联
Information cascade

信息从那些率先采取行动的参与者传递出去,他们的决定会影响其他人的决定。

The transmission of information from those participants who act first and whose decisions influence the decisions of others.

信息驱动型交易者
Information-motivated traders

交易者利用他们认为能够预测未来价格的信息进行交易以牟利。

Traders that trade to profit from information that they believe allows them to predict future prices.

信息有效市场
Informationally efficient market

资产价格能够迅速、理性地反映新信息的市场。

A market in which asset prices reflect new information quickly and rationally.

首次代币发行
Initial coin offering

不受监管的融资过程,即公司通过向投资者出售加密代币来筹集资金,以换取法定货币或其他约定的加密货币。

An unregulated process whereby companies raise capital by selling crypto tokens to investors in exchange for fiat money or another agreed-upon cryptocurrency.

初始保证金
Initial margin

签订期货合约时必须存入清算所账户的金额。

The amount that must be deposited in a clearinghouse account when entering into a futures contract.

初始保证金要求
Initial margin requirement

交易首日以及任何需要追加保证金的日子的保证金要求。

The margin requirement on the first day of a transaction as well as on any day in which additional margin funds must be deposited.

首次公开募股
Initial public offering

(IPO)指以前为私人所有的公司首次向公众发行普通股。

(IPO) The first issuance of common shares to the public by a formerly private corporation.

投入生产力
Input productivity

劳动者在一定时间内所生产的产出量——例如,每小时的产出量;衡量劳动效率。

The amount of output produced by workers in a given period of time—for example, output per hour worked; measures the efficiency of labor.

无形资产
Intangible assets

缺乏实物形态的资产,例如专利和商标。

Assets lacking physical substance, such as patents and trademarks.

银行间市场
Interbank market

银行间贷款和存款市场,期限从隔夜到一年不等。

The market of loans and deposits between banks for maturities ranging from overnight to one year.

银行间货币市场
Interbank money market

银行间贷款和存款市场,期限从隔夜到一年不等。

The market of loans and deposits between banks for maturities ranging from overnight to one year.

兴趣
Interest

贷款资金的支付。

Payment for lending funds.

利息保障倍数
Interest coverage

偿付能力比率的计算方法为:息税前利润除以利息支出。

A solvency ratio calculated as EBIT divided by interest payments.

只付息抵押贷款
Interest-only mortgage

一种贷款,在一定年限内不规定定期偿还本金。

A loan in which no scheduled principal repayment is specified for a certain number of years.

利率
Interest rate

反映不同日期现金流之间关系的收益率;折现率。

A rate of return that reflects the relationship between differently dated cash flows; a discount rate.

利率互换
Interest rate swap

以利率为标的的互换。可以将其视为一种货币互换,其中两种货币相同,并且可以由多个货币互换组合而成。

A swap in which the underlying is an interest rate. Can be viewed as a currency swap in which both currencies are the same and can be created as a combination of currency swaps.

代际数据挖掘
Intergenerational data mining

一种数据挖掘形式,它利用先前研究人员使用数据集开发的信息来指导当前使用相同或相关数据集的研究。

A form of data mining that applies information developed by previous researchers using a dataset to guide current research using the same or a related dataset.

跨市场分析
Intermarket analysis

技术分析的一个分支,它结合了对主要证券类别(即股票、债券、货币和商品)的分析,以识别市场趋势和趋势中可能的转折点。

A field within technical analysis that combines analysis of major categories of securities—namely, equities, bonds, currencies, and commodities—to identify market trends and possible inflections in a trend.

内部收益率
Internal rate of return

(内部收益率)使净现值等于 0 的折现率;使投资成本(流出)的现值等于投资收益(流入)的现值的折现率。

(IRR) The discount rate that makes net present value equal 0; the discount rate that makes the present value of an investment’s costs (outflows) equal to the present value of the investment’s benefits (inflows).

物联网
Internet of Things

一种由结构和设备组成的网络,其中网络上的对象能够交互和共享信息。

A network arrangement of structures and devices whereby the objects on the network are able to interact and share information.

插值扩散
Interpolated spread

特定债券与同期限该货币标准互换利率之间的收益率差。

The yield spread of a specific bond over the standard swap rate in that currency of the same tenor.

四分位距
Interquartile range

数据集的第三四分位数与第一四分位数之间的差异。

The difference between the third and first quartiles of a dataset.

间隔
Interval

就分组数据而言,是指观测值所属的一组值。

With reference to grouped data, a set of values within which an observation falls.

区间尺度
Interval scale

一种测量尺度,不仅可以对数据进行排名,还可以确保尺度值之间的差异相等。

A measurement scale that not only ranks data but also gives assurance that the differences between scale values are equal.

内在价值
Intrinsic value

参见运动值

See exercise value.

库存总括留置权
Inventory blanket lien

以存货作为贷款抵押。虽然贷款方对公司部分或全部存货拥有所有权,但公司仍可在正常业务过程中出售或使用这些存货。

The use of inventory as collateral for a loan. Though the lender has claim to some or all of the company’s inventory, the company may still sell or use the inventory in the ordinary course of business.

库存投资
Inventory investment

企业库存净变化。

Net change in business inventory.

库存周转率
Inventory turnover

活动比率的计算方法为:销售成本除以平均库存。

An activity ratio calculated as cost of goods sold divided by average inventory.

反需求函数
Inverse demand function

需求函数的重新表述,其中价格表示为数量的函数。

A restatement of the demand function in which price is stated as a function of quantity.

反向浮动利率
Inverse floater

一种杠杆式结构化金融工具。其现金流会定期调整,且变动方向与参考利率的变动方向相反。

A type of leveraged structured financial instrument. The cash flows are adjusted periodically and move in the opposite direction of changes in the reference rate.

投资活动
Investing activities

与购置和处置不动产、厂房和设备;无形资产;其他长期资产;以及对其他公司发行的股权和债务(债券和贷款)的长期和短期投资相关的活动。

Activities associated with the acquisition and disposal of property, plant, and equipment; intangible assets; other long-term assets; and both long-term and short-term investments in the equity and debt (bonds and loans) issued by other companies.

投资银行
Investment banks

金融中介机构为他们的大多数企业客户提供咨询服务,并帮助他们安排首次证券发行和成熟证券发行等交易。

Financial intermediaries that provide advice to their mostly corporate clients and help them arrange transactions such as initial and seasoned securities offerings.

投资机会时间表
Investment opportunity schedule

以图形方式呈现公司投资机会,并按预期收益从高到低排序。公司最优资本预算点位于投资机会曲线与公司边际资本成本曲线的交点处。

A graphical depiction of a company’s investment opportunities ordered from highest to lowest expected return. A company’s optimal capital budget is found where the investment opportunity schedule intersects with the company’s marginal cost of capital.

投资政策声明
Investment policy statement

(IPS)一份书面规划文件,描述了客户在相关时间范围内的投资目标和风险承受能力,以及适用于客户投资组合的限制。

(IPS) A written planning document that describes a client’s investment objectives and risk tolerance over a relevant time horizon, along with constraints that apply to the client’s portfolio.

投资性房产
Investment property

用于赚取租金收入或资本增值(或两者兼有)的房产。

Property used to earn rental income or capital appreciation (or both).

J

J

一月效应
January effect

日历效应是指股市在1月份的收益率显著高于其他月份,且大部分异常收益都出现在1月份的前五个交易日。这种现象也称为“年末效应”

Calendar anomaly that stock market returns in January are significantly higher compared to the rest of the months of the year, with most of the abnormal returns reported during the first five trading days in January. Also called turn-of-the-year effect.

联合概率
Joint probability

同时发生所述事件的概率。

The probability of the joint occurrence of stated events.

联合概率函数
Joint probability function

表示给定随机变量值同时出现的概率的函数。

A function giving the probability of joint occurrences of values of stated random variables.

准时制(JIT)方法
Just-in-time (JIT) method

最大限度减少在制品库存的库存管理方法。

Method of managing inventory that minimizes in-process inventory stocks.

K

K

关键利率期限
Key rate duration

一种衡量固定收益工具或投资组合对收益率曲线关键点变动的利率敏感性的方法。

A method of measuring the interest rate sensitivities of a fixed-income instrument or portfolio to shifts in key points along the yield curve.

凯恩斯主义者
Keynesians

经济学家认为,当一个经济体中存在大量闲置产能时,财政政策可以对总需求、产出和就业产生强大的影响。

Economists who believe that fiscal policy can have powerful effects on aggregate demand, output, and employment when there is substantial spare capacity in an economy.

康德拉季耶夫波
Kondratieff wave

尼古拉·康德拉季耶夫提出的54年经济周期。

A 54-year long economic cycle postulated by Nikolai Kondratieff.

峰度
Kurtosis

统计量,表示分布尾部相对于分布其余部分的权重之和。

The statistical measure that indicates the combined weight of the tails of a distribution relative to the rest of the distribution.

L

L

劳动力
Labor force

劳动年龄人口(16岁以上)中已就业或有工作能力但未就业(失业)的人口比例。

The portion of the working age population (over the age of 16) that is employed or is available for work but not working (unemployed).

劳动生产率
Labor productivity

一个工人一小时工作所能生产的商品和服务数量(实际GDP)。

The quantity of goods and services (real GDP) that a worker can produce in one hour of work.

阶梯策略
Laddering strategy

一种积极的投资策略,其特点是系统地安排投资组合中的到期日,使投资在整个投资期限内均匀分布。

A form of active strategy which entails scheduling maturities on a systematic basis within the investment portfolio such that investments are spread out equally over the term of the ladder.

滞后经济指标
Lagging economic indicators

比整体经济转折点发生得晚的转折点;人们认为它们对于识别经济的过去状况具有价值。

Turning points that take place later than those of the overall economy; they are believed to have value in identifying the economy’s past condition.

拉斯佩雷斯指数
Laspeyres index

在保持消费篮子构成不变的情况下创建的价格指数。

A price index created by holding the composition of the consumption basket constant.

需求定律
Law of demand

价格上涨时,买家会减少购买量;价格下跌时,买家会增加购买量。

The principle that as the price of a good rises, buyers will choose to buy less of it, and as its price falls, they will buy more.

边际收益递减规律
Law of diminishing marginal returns

观察发现,当其他要素的数量固定不变时,随着某种可变要素的增加,该可变要素的边际产量最终必然下降。

The observation that a variable factor’s marginal product must eventually fall as more of it is added to a fixed amount of the other factors.

收益递减规律
Law of diminishing returns

企业能够使长期平均成本最小化的最小产量。

The smallest output that a firm can produce such that its long run average costs are minimized.

一价定律
Law of one price

金融市场中两种等价金融工具或金融工具组合只能以一个价格出售的状况。这等同于不存在套利机会的原则。

The condition in a financial market in which two equivalent financial instruments or combinations of financial instruments can sell for only one price. Equivalent to the principle that no arbitrage opportunities are possible.

主承销商
Lead underwriter

参与证券承销的投资银行和经纪交易商组成的银团中的牵头投资银行。

The lead investment bank in a syndicate of investment banks and broker–dealers involved in a securities underwriting.

领先经济指标
Leading economic indicators

通常先于整体经济转折点出现的转折点;人们认为它们对于预测经济的未来状态(通常是近期状态)具有价值。

Turning points that usually precede those of the overall economy; they are believed to have value for predicting the economy’s future state, usually near-term.

法定货币
Legal tender

在交换商品和服务时必须接受的东西。

Something that must be accepted when offered in exchange for goods and services.

最后贷款人
Lender of last resort

在其他机构都不愿意放贷的情况下,愿意放贷的机构。

An entity willing to lend money when no other entity is ready to do so.

尖峰
Leptokurtic

描述的是一种尾部比正态分布更厚的分布。

Describes a distribution that has fatter tails than a normal distribution.

承租人
Lessee

通过租赁获得资产使用权的一方。

The party obtaining the use of an asset through a lease.

出租人
Lessor

资产所有者将资产的使用权授予另一方。

The owner of an asset that grants the right to use the asset to another party.

信用证
Letter of credit

外部信用增级的一种形式,即金融机构向发行人提供信贷额度,以弥补发行资产的任何现金流缺口。

Form of external credit enhancement whereby a financial institution provides the issuer with a credit line to reimburse any cash flow shortfalls from the assets backing the issue.

显著性水平
Level of significance

假设检验中出现第一类错误的概率。

The probability of a Type I error in testing a hypothesis.

杠杆作用
Leverage

在公司财务领域,杠杆指的是在公司成本结构中利用固定成本。运营成本(例如折旧或租金)产生的固定成本构成经营杠杆,而财务成本(例如利息支出)产生的固定成本则构成财务杠杆。

In the context of corporate finance, leverage refers to the use of fixed costs within a company’s cost structure. Fixed costs that are operating costs (such as depreciation or rent) create operating leverage. Fixed costs that are financial costs (such as interest expense) create financial leverage.

杠杆收购
Leveraged buyout

目标公司管理团队通过大量借贷来购买目标公司已发行股份,从而将目标公司转变为一家私营公司的交易。

A transaction whereby the target company’s management team converts the target to a privately held company by using heavy borrowing to finance the purchase of the target company’s outstanding shares.

负债
Liabilities

企业因过去事项而产生的当前债务,其清偿预计将导致蕴含经济利益的资源流出;债权人对公司资源的索偿权。

Present obligations of an enterprise arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits; creditors’ claims on the resources of a company.

生命周期阶段
Life-cycle stage

生命周期阶段:胚胎期、生长期、衰退期、成熟期、衰退期。

The stage of the life cycle: embryonic, growth, shakeout, mature, declining.

LIFO 层清算
LIFO layer liquidation

就后进先出(LIFO)存货法的应用而言,当销售量超过近期采购量时,就会发生对价格相对较低的旧存货的清算,即部分销售来自价格相对较低的旧存货。这种情况也称为后进先出清算

With respect to the application of the LIFO inventory method, the liquidation of old, relatively low-priced inventory; happens when the volume of sales rises above the volume of recent purchases so that some sales are made from relatively old, low-priced inventory. Also called LIFO liquidation.

后进先出法
LIFO method

后进先出法是库存核算方法,它将销售额与库存商品的成本按商品入库的相反顺序进行匹配(即,假设最后生产或获得的库存商品最先售出)。

The last in, first out, method of accounting for inventory, which matches sales against the costs of items of inventory in the reverse order the items were placed in inventory (i.e., inventory produced or acquired last are assumed to be sold first).

后进先出储备
LIFO reserve

采用后进先出法 (LIFO) 报告的存货账面价值与采用先进先出法 (FIFO) 报告的存货价值之间的差额(换句话说,先进先出法存货价值减去后进先出法存货价值)。

The difference between the reported LIFO inventory carrying amount and the inventory amount that would have been reported if the FIFO method had been used (in other words, the FIFO inventory value less the LIFO inventory value).

可能性
Likelihood

在给定特定条件下,观测到某一现象的概率。

The probability of an observation, given a particular set of conditions.

限价下跌
Limit down

期货市场中的限价变动,即交易价格等于或低于下限价。

A limit move in the futures market in which the price at which a transaction would be made is at or below the lower limit.

限价单
Limit order

指示经纪人或交易所,在执行订单时立即获得最佳价格,但在买入时不得接受高于指定(限价)价格的价格,在卖出时不得接受低于指定(限价)价格的价格。

Instructions to a broker or exchange to obtain the best price immediately available when filling an order, but in no event accept a price higher than a specified (limit) price when buying or accept a price lower than a specified (limit) price when selling.

限价单簿
Limit order book

与某证券相关的买卖限价单清单或列表。

The book or list of limit orders to buy and sell that pertains to a security.

上限
Limit up

期货市场中的限价变动,指交易价格达到或超过上限价格。

A limit move in the futures market in which the price at which a transaction would be made is at or above the upper limit.

留置权的限制
Limitations on liens

旨在限制发行人可以拥有的担保债务规模。

Meant to put limits on how much secured debt an issuer can have.

有限合伙人
Limited partners

有限责任合伙人。对冲基金和私募股权基金中的有限合伙制通常仅限于那些预期能够理解并承担相关投资风险的投资者。

Partners with limited liability. Limited partnerships in hedge and private equity funds are typically restricted to investors who are expected to understand and to be able to assume the risks associated with the investments.

折线图
Line chart

在技​​术分析中,价格数据图(通常为收盘价图)用一条线连接各个点。

In technical analysis, a plot of price data, typically closing prices, with a line connecting the points.

线性插值
Linear interpolation

利用连接两个已知值的直线,根据这两个已知值来估计未知值。

The estimation of an unknown value on the basis of two known values that bracket it, using a straight line between the two known values.

线性尺度
Linear scale

一种标尺,其中相等的距离对应相等的绝对值。也称为 算术标尺

A scale in which equal distances correspond to equal absolute amounts. Also called arithmetic scale.

连接器
Linker

参见通胀挂钩债券

See inflation-linked bond.

流动性市场
Liquid market

指的是交易者可以在想要交易时以较低的总交易成本进行买卖的市场。

Said of a market in which traders can buy or sell with low total transaction costs when they want to trade.

清算
Liquidation

将公司、部门或子公司的资产分批出售,通常是由于破产;破产是一种允许有序地满足债权人债权的破产形式,之后公司将不复存在。

To sell the assets of a company, division, or subsidiary piecemeal, typically because of bankruptcy; the form of bankruptcy that allows for the orderly satisfaction of creditors’ claims after which the company ceases to exist.

流动性
Liquidity

能够以接近公允市场价值的价格快速便捷地买卖资产。能够利用最容易变现的资产来偿还短期债务。

The ability to purchase or sell an asset quickly and easily at a price close to fair market value. The ability to meet short-term obligations using assets that are the most readily converted into cash.

流动性溢价
Liquidity premium

如果投资需要快速变现,则额外收益是对投资者因投资的公允价值而承担的损失风险的补偿。

An extra return that compensates investors for the risk of loss relative to an investment’s fair value if the investment needs to be converted to cash quickly.

流动性比率
Liquidity ratios

衡量公司履行短期债务能力的财务比率。

Financial ratios measuring the company’s ability to meet its short-term obligations.

流动性风险
Liquidity risk

由于市场规模有限,导致金融工具无法在不大幅降价的情况下买卖的风险。

The risk that a financial instrument cannot be purchased or sold without a significant concession in price due to the size of the market.

流动性陷阱
Liquidity trap

货币需求变得无限弹性(需求曲线呈水平状),以至于向经济中注入货币不会降低利率或影响实际经济活动。

A condition in which the demand for money becomes infinitely elastic (horizontal demand curve) so that injections of money into the economy will not lower interest rates or affect real activity.

加载基金
Load fund

一种共同基金,除了年费外,投资该基金和/或赎回该基金还会收取一定比例的费用。

A mutual fund in which, in addition to the annual fee, a percentage fee is charged to invest in the fund and/or for redemptions from the fund.

贷款价值比
Loan-to-value ratio

房产购买价格与其抵押贷款金额的比率。

The ratio of a property’s purchase price to the amount of its mortgage.

锁箱系统
Lockbox system

一种支付系统,客户付款通过邮寄方式寄送到邮政信箱,银行机构每天多次收取并存入这些付款,使公司能够比客户付款直接寄给公司的集中式系统更快地使用资金。

A payment system in which customer payments are mailed to a post office box and the banking institution retrieves and deposits these payments several times a day, enabling the company to have use of the fund sooner than in a centralized system in which customer payments are sent to the company.

锁定限制
Locked limit

期货市场中,由于价格超出限制,交易无法进行的状况。

A condition in the futures markets in which a transaction cannot take place because the price would be beyond the limits.

锁定期
Lockup period

投资者在被允许从基金中提取资金或赎回份额之前,必须持有的最低期限。

The minimum holding period before investors are allowed to make withdrawals or redeem shares from a fund.

对数尺度
Logarithmic scale

一种比例尺,其中相等的距离代表所代表量的相等比例变化。

A scale in which equal distances represent equal proportional changes in the underlying quantity.

伦敦银行间同业拆借利率(Libor)
London interbank offered rate (Libor)

指一组特定银行认为它们可以在伦敦银行间市场以不同货币和不同借款期限(从隔夜到一年)从其他银行借入无担保资金的多种利率的总称。

Collective name for multiple rates at which a select set of banks believe they could borrow unsecured funds from other banks in the London interbank market for different currencies and different borrowing periods ranging from overnight to one year.

长的
Long

衍生品合约的买方。也指持有衍生品的头寸。

The buyer of a derivative contract. Also refers to the position of owning a derivative.

长期资产
Long-lived assets

预期在未来一段时间内(通常超过一年)提供经济效益的资产。也称为长期资产

Assets that are expected to provide economic benefits over a future period of time, typically greater than one year. Also called long-term assets.

多头头寸
Long position

在资产或合同中拥有的职位,即拥有该资产的所有权或根据该合同享有可行使的权利。

A position in an asset or contract in which one owns the asset or has an exercisable right under the contract.

长期平均总成本
Long-run average total cost

该曲线描述了不考虑固定成本时的平均总成本。

The curve describing average total cost when no costs are considered fixed.

纵向数据
Longitudinal data

对同一观测单元随时间推移的特征进行观测。

Observations on characteristic(s) of the same observational unit through time.

前瞻性偏见
Look-ahead bias

由于使用了测试当日无法获得的信息而造成的偏差。

A bias caused by using information that was unavailable on the test date.

损失厌恶
Loss aversion

人们往往更厌恶损失而非享受同等收益。

The tendency of people to dislike losses more than they like comparable gains.

损失严重程度
Loss severity

债券违约时,投资者损失的债券价值的一部分(包括未付利息)。

Portion of a bond’s value (including unpaid interest) an investor loses in the event of default.

损失
Losses

与企业日常经营活动无直接关联的资产流出。

Asset outflows not directly related to the ordinary activities of the business.

下限
Lower bound

期权的最低可能价值。

The lowest possible value of an option.

M

M

M2
M2

衡量投资组合在承担与市场指数相同的总风险的情况下所能获得的收益。

A measure of what a portfolio would have returned if it had taken on the same total risk as the market index.

M 2 α
M2 alpha

投资组合的风险调整后收益与基准收益之间的差异。

Difference between the risk-adjusted performance of the portfolio and the performance of the benchmark.

麦考利持续时间
Macaulay duration

如果利率发生一次变动,债券需要持有大约多长时间才能实现购买时的市场贴现率。它表明,票息再投资和到期收益率变动的价格效应相互抵消的时间点。

The approximate amount of time a bond would have to be held for the market discount rate at purchase to be realized if there is a single change in interest rate. It indicates the point in time when the coupon reinvestment and price effects of a change in yield-to- maturity offset each other.

机器学习
Machine learning

机器学习是一种基于计算机的技术,它通过从已知示例中“学习”并生成结构或预测,来从大量数据中提取知识。机器学习算法的目标是“找到模式,应用模式”。

Computer based techniques that seek to extract knowledge from large amounts of data by “learning” from known examples and then generating structure or predictions. ML algorithms aim to “find the pattern, apply the pattern.”

宏观经济学
Macroeconomics

经济学的一个分支,研究国民产出和国民收入等总体经济量。

The branch of economics that deals with aggregate economic quantities, such as national output and national income.

维护契约
Maintenance covenants

银行贷款协议中的契约条款要求借款人在贷款未偿还期间满足某些财务比率测试。

Covenants in bank loan agreements that require the borrower to satisfy certain financial ratio tests while the loan is outstanding.

维持边际
Maintenance margin

期货结算所为维持保证金账户和防止违约而要求的最低金额。保证金余额低于所需维持保证金的参与者必须补充其账户资金。

The minimum amount that is required by a futures clearinghouse to maintain a margin account and to protect against default. Participants whose margin balances drop below the required maintenance margin must replenish their accounts.

维持边际要求
Maintenance margin requirement

除交易首日外,其他任何一天的保证金要求。

The margin requirement on any day other than the first day of a transaction.

管理层买入
Management buy-ins

杠杆收购,现有管理团队将被替换,收购团队将参与公司管理。

Leveraged buyout in which the current management team is being replaced and the acquiring team will be involved in managing the company.

管理层收购
Management buyout

杠杆收购是指主要由公司现有管理层组成的投资者团体收购公司已发行股份的至少控股权。极端情况下,他们可能会收购所有股份,使公司私有化。

A leveraged buyout event in which a group of investors consisting primarily of the company’s existing management purchase at least controlling interest in its outstanding shares. At the extreme, they may purchase all shares and take the company private.

管理费
Management fee

根据管理资产或承诺资本(如适用)收取的费用,也称为基本费用

A fee based on assets under management or committed capital, as applicable, also called a base fee.

制造资源计划(MRP)
Manufacturing resource planning (MRP)

将生产计划纳入库存管理。MRP 分析既提供物料采购计划,也提供生产计划。

The incorporation of production planning into inventory management. A MRP analysis provides both a materials acquisition schedule and a production schedule.

利润
Margin

交易者存入保证金账户的金额。该术语源于股票市场,投资者在股票市场中借入购买一定数量股票所需资金的一部分。在期货市场中,不存在借贷,因此保证金更像是首付款或履约保证金。

The amount of money that a trader deposits in a margin account. The term is derived from the stock market practice in which an investor borrows a portion of the money required to purchase a certain amount of stock. In futures markets, there is no borrowing so the margin is more of a down payment or performance bond.

保证金债券
Margin bond

清算机构要求合同参与者缴纳的现金保证金,用于提供信用担保。也称为履约保证金

A cash deposit required by the clearinghouse from the participants to a contract to provide a credit guarantee. Also called a performance bond.

追缴保证金
Margin call

要求空头追加资金,使其余额达到初始保证金。

A request for the short to deposit additional funds to bring their balance up to the initial margin.

保证金贷款
Margin loan

从经纪人处借钱购买证券。

Money borrowed from a broker to purchase securities.

边际成本
Marginal cost

生产额外一单位商品的成本。

The cost of producing an additional unit of a good.

边际概率
Marginal probability

事件发生的概率,指不以另一事件为条件的概率。

The probability of an event not conditioned on another event.

边际产品
Marginal product

衡量每单位投入的生产率,计算方法是:在保持其他资源数量不变的情况下,增加一个单位投入后,总产量与投入量之差。

Measures the productivity of each unit of input and is calculated by taking the difference in total product from adding another unit of input (assuming other resource quantities are held constant).

边际消费倾向
Marginal propensity to consume

每增加一单位可支配收入,消费或支出所占的比例;收入小幅变化引起的消费变化。

The proportion of an additional unit of disposable income that is consumed or spent; the change in consumption for a small change in income.

边际储蓄倾向
Marginal propensity to save

每增加一个单位的可支配收入中,被储蓄(而非消费)的比例。

The proportion of an additional unit of disposable income that is saved (not spent).

边际收益
Marginal revenue

总收入变化量除以销售数量变化量;简单来说,就是多卖一个单位所带来的额外收入。

The change in total revenue divided by the change in quantity sold; simply, the additional revenue from selling one more unit.

边际价值曲线
Marginal value curve

描述消费者愿意为每增加一单位商品支付的最高价格的曲线。

A curve describing the highest price consumers are willing to pay for each additional unit of a good.

按市价计价
Mark to market

将金融资产或负债重新估值为其当前市场价值或公允价值。

The revaluation of a financial asset or liability to its current market value or fair value.

市场异常
Market anomaly

证券价格或收益的变化,无法直接与市场上已知的当前相关信息或新信息的发布联系起来。

Change in the price or return of a security that cannot directly be linked to current relevant information known in the market or to the release of new information into the market.

市场买卖价差
Market bid–ask spread

最佳出价与最佳报价之间的差额。

The difference between the best bid and the best offer.

市值加权
Market-capitalization weighting

一种指数加权方法,其中分配给每只成分股的权重是通过将每只成分股的市值除以指数中所有成分股的总市值(市值之和)来确定的。也称为价值加权法

An index weighting method in which the weight assigned to each constituent security is determined by dividing its market capitalization by the total market capitalization (sum of the market capitalization) of all securities in the index. Also called value weighting.

市场贴现率
Market discount rate

投资者考虑到债券投资风险所要求的收益率;也称为必要收益率必要回报率

The rate of return required by investors given the risk of the investment in a bond; also called the required yield or the required rate of return.

市场流通量
Market float

可供投资者购买的股票数量。

The number of shares that are available to the investing public.

市场流动性风险
Market liquidity risk

投资者实际交易(买入或卖出)的价格可能与市场显示的价格不同,这是存在的风险。

The risk that the price at which investors can actually transact—buying or selling—may differ from the price indicated in the market.

市场模式
Market model

回归方程描述了证券(或投资组合)收益与广泛市场指数收益之间的线性关系。

A regression equation that specifies a linear relationship between the return on a security (or portfolio) and the return on a broad market index.

市场多种模型
Market multiple models

基于股价倍数或企业价值倍数的估值模型。

Valuation models based on share price multiples or enterprise value multiples.

收盘时市场价格
Market-on-close

执行指令,规定订单只能在交易结束时执行。

An execution instruction specifying that an order can only be filled at the close of trading.

市场订单
Market order

指示经纪人或交易所,在执行订单时立即获取最佳价格。

Instructions to a broker or exchange to obtain the best price immediately available when filling an order.

市场导向型投资者
Market-oriented investors

就股权投资者而言,是指那些投资策略无法明确归类为价值型或成长型的投资者。

With reference to equity investors, investors whose investment disciplines cannot be clearly categorized as value or growth.

市场利率
Market rate of interest

债券购买者考虑到特定债券发行未来现金支付义务相关的风险而要求的利率。

The rate demanded by purchasers of bonds, given the risks associated with future cash payment obligations of the particular bond issue.

市场风险
Market risk

利率、股票价格、汇率和商品价格波动带来的风险。

The risk that arises from movements in interest rates, stock prices, exchange rates, and commodity prices.

市场价值
Market value

资产或证券目前在公开市场上可以买卖的价格。

The price at which an asset or security can currently be bought or sold in an open market.

可成交限价单
Marketable limit order

买入限价单是指限价高于最佳卖价的订单,卖出限价单是指限价低于最佳买价的订单。这类订单通常会立即部分或全部成交。

A buy limit order in which the limit price is placed above the best offer, or a sell limit order in which the limit price is placed below the best bid. Such orders generally will partially or completely fill right away.

马科维茨有效边界
Markowitz efficient frontier

该图展示了在风险水平(收益标准差)下,能够提供最大预期收益的投资组合集合。

The graph of the set of portfolios offering the maximum expected return for their level of risk (standard deviation of return).

匹配原则
Matching principle

会计原则是,费用应当在确认相关收入的同一期间内确认。

The accounting principle that expenses should be recognized in the same period in which the associated revenue is recognized.

匹配策略
Matching strategy

一种积极的投资策略,包括有意地使现金流出的时间与投资到期日相匹配。

An active investment strategy that includes intentional matching of the timing of cash outflows with investment maturities.

矩阵定价
Matrix pricing

根据交易更频繁的可比债券的报价或固定价格来估算债券的市场贴现率和价格的过程。

Process of estimating the market discount rate and price of a bond based on the quoted or flat prices of more frequently traded comparable bonds.

到期溢价
Maturity premium

随着债务期限的延长,债务市场价值对市场利率变化的敏感性增加,投资者可获得额外回报以补偿其损失。

An extra return that compensates investors for the increased sensitivity of the market value of debt to a change in market interest rates as maturity is extended.

成熟度结构
Maturity structure

解释类似债券收益率差异的因素;也称为期限结构

A factor explaining the differences in yields on similar bonds; also called term structure.

平均绝对偏差
Mean absolute deviation

相对于样本,样本均值偏差绝对值的平均值。

With reference to a sample, the mean of the absolute values of deviations from the sample mean.

均值-方差分析
Mean–variance analysis

一种利用资产收益的预期均值、方差和协方差进行投资组合分析的方法。

An approach to portfolio analysis using expected means, variances, and covariances of asset returns.

集中趋势的度量
Measure of central tendency

一种量化指标,用于确定数据的中心位置。

A quantitative measure that specifies where data are centered.

价值的衡量
Measure of value

衡量价值的标准;货币的函数。

A standard for measuring value; a function of money.

测量尺度
Measurement scales

一种测量差异的方案。测量尺度分为四种类型:名义尺度、顺序尺度、区间尺度和比率尺度。

A scheme of measuring differences. The four types of measurement scales are nominal, ordinal, interval, and ratio.

位置测量
Measures of location

描述数据位置或分布的定量指标;不仅包括集中趋势的指标,还包括百分位数等其他指标。

A quantitative measure that describes the location or distribution of data; includes not only measures of central tendency but also other measures such as percentiles.

中位数
Median

将一组项目按升序或降序排列后,中间项目的数值;第 50 百分位数。

The value of the middle item of a set of items that has been sorted into ascending or descending order; the 50th percentile.

交易媒介
Medium of exchange

任何可用于购买商品和服务或偿还债务的资产;货币的功能。

Any asset that can be used to purchase goods and services or to repay debts; a function of money.

中期说明
Medium-term note

由发行人的代理人持续向投资者发行的公司债券,旨在填补商业票据和长期债券之间的资金缺口。

A corporate bond offered continuously to investors by an agent of the issuer, designed to fill the funding gap between commercial paper and long-term bonds.

菜单成本
Menu costs

通货膨胀成本是指企业不断因调整商品和服务广告价格而产生的成本。

A cost of inflation in which businesses constantly have to incur the costs of changing the advertised prices of their goods and services.

中峰
Mesokurtic

描述峰度与正态分布相同的分布。

Describes a distribution with kurtosis identical to that of the normal distribution.

夹层融资
Mezzanine financing

夹层融资是指因附带认股权证或转换期权等条款而与普通股产生关联的债务或优先股。夹层融资的偿付顺序次于高级债务和高收益债务,但优先于股权。之所以称为“夹层融资”,是因为其在资产负债表上的位置。

Debt or preferred shares with a relationship to common equity resulting from a feature such as attached warrants or conversion options. Mezzanine financing is subordinate to both senior and high-yield debt but is senior to equity. It is referred to as “mezzanine” because of its location on the balance sheet.

微观经济学
Microeconomics

经济学的一个分支,研究市场以及包括消费者和企业在内的个体经济单位的决策。

The branch of economics that deals with markets and decision making of individual economic units, including consumers and businesses.

最小有效规模
Minimum efficient scale

企业能够生产的最小产量,使得其长期平均总成本最小化。

The smallest output that a firm can produce such that its long-run average total cost is minimized.

最小方差投资组合
Minimum-variance portfolio

在每个给定的预期收益水平下,方差最小的投资组合。

The portfolio with the minimum variance for each given level of expected return.

少数股东
Minority shareholders

某个股东或股东集团持有公司已发行股份的一小部分,导致其在投票活动中行使控制权的能力有限。

A particular shareholder or block of shareholders holding a small proportion of a company’s outstanding shares, resulting in a limited ability to exercise control in voting activities.

明斯基时刻
Minsky moment

以海曼·明斯基的名字命名:商业周期中的一个节点,当个人过度借贷以资助投机性投资后,人们开始意识到可能会出现问题,恐慌随之而来,导致资产抛售。

Named for Hyman Minksy: A point in a business cycle when, after individuals become overextended in borrowing to finance speculative investments, people start realizing that something is likely to go wrong and a panic ensues leading to asset sell-offs.

错配策略
Mismatching strategy

一种积极的投资策略,其现金流出的时间与投资到期日不匹配。

An active investment strategy whereby the timing of cash outflows is not matched with investment maturities.

模态区间
Modal interval

就分组数据而言,出现频率最高的区间。

With reference to grouped data, the most frequently occurring interval.

模式
Mode

一组观测值中最常出现的值。

The most frequently occurring value in a set of observations.

现代投资组合理论
Modern portfolio theory

(MPT)基于有效利用风险的理性投资组合选择分析。

(MPT) The analysis of rational portfolio choices based on the efficient use of risk.

修改后的持续时间
Modified duration

衡量债券到期收益率变化时,债券价格变动的百分比。

A measure of the percentage price change of a bond given a change in its yield-to-maturity.

动量振荡器
Momentum oscillators

一种根据价格数据构建的市场情绪图形表示,其计算结果使其在高点和低点之间或围绕某个数值波动。

A graphical representation of market sentiment that is constructed from price data and calculated so that it oscillates either between a high and a low or around some number.

货币主义者
Monetarists

经济学家认为,货币供应量的增长率是通货膨胀率的主要决定因素。

Economists who believe that the rate of growth of the money supply is the primary determinant of the rate of inflation.

货币政策
Monetary policy

一国中央银行通过改变银行准备金、准备金要求或其目标利率来影响总产出和价格的行动。

Actions taken by a nation’s central bank to affect aggregate output and prices through changes in bank reserves, reserve requirements, or its target interest rate.

货币传导机制
Monetary transmission mechanism

中央银行利率通过经济传导并最终影响物价上涨速度的过程。

The process whereby a central bank’s interest rate gets transmitted through the economy and ultimately affects the rate of increase of prices.

货币联盟
Monetary union

成员国采用共同货币的经济联盟。

An economic union in which the members adopt a common currency.

Money

一种普遍接受的交易媒介和记账单位。

A generally accepted medium of exchange and unit of account.

货币凸性
Money convexity

对于债券而言,年凸性或近似凸性乘以总价格。

For a bond, the annual or approximate convexity multiplied by the full price.

创造货币
Money creation

银行储备变化转化为货币供应量变化的过程。

The process by which changes in bank reserves translate into changes in the money supply.

资金期限
Money duration

衡量债券到期收益率变化时,以债券计价货币为单位的价格变化的指标。

A measure of the price change in units of the currency in which the bond is denominated given a change in its yield-to-maturity.

货币市场
Money market

短期债务工具(一年或一年以下到期)市场。

The market for short-term debt instruments (one-year maturity or less).

货币市场证券
Money market securities

发行时期限为一年或一年以下的固定收益证券。

Fixed-income securities with maturities at issuance of one year or less.

货币市场收益率
Money market yield

以与按 360 天计息的计息货币市场工具的报价收益率相当的收益率为基础的收益率;假设一年为 360 天,则为年化持有期收益率。

A yield on a basis comparable to the quoted yield on an interest-bearing money market instrument that pays interest on a 360-day basis; the annualized holding period yield, assuming a 360-day year.

货币乘数
Money multiplier

描述准备金的变化预期如何影响货币供应量;最简单的形式是 1 除以准备金要求。

Describes how a change in reserves is expected to affect the money supply; in its simplest form, 1 divided by the reserve requirement.

货币中立
Money neutrality

该论点认为,货币供应量的增加从长远来看会导致物价水平上升,而产出和就业等实际变量则不受影响。

The thesis that an increase in the money supply leads in the long-run to an increase in the price level, while leaving real variables like output and employment unaffected.

资金加权收益率
Money-weighted return

考虑所有现金流的投资组合内部收益率。

The internal rate of return on a portfolio, taking account of all cash flows.

金钱
Moneyness

标的资产价格与期权行权价格之间的关系。

The relationship between the price of the underlying and an option’s exercise price.

垄断竞争
Monopolistic competition

高度竞争的不完全竞争形式;竞争的特点是企业数量众多,而垄断的特点是产品差异化。

Highly competitive form of imperfect competition; the competitive characteristic is a notably large number of firms, while the monopoly aspect is the result of product differentiation.

垄断
Monopoly

在完全垄断市场中,特定产品或服务没有替代品。只有一个卖方,它对定价和产量决策拥有相当大的权力。

In pure monopoly markets, there are no substitutes for the given product or service. There is a single seller, which exercises considerable power over pricing and output decisions.

蒙特卡罗模拟
Monte Carlo simulation

该方法用于估计结果的概率分布,以考察面临特定风险时可能发生的情况。这种方法广泛应用于科学和商业领域,用于研究各种问题。

An approach to estimating a probability distribution of outcomes to examine what might happen if particular risks are faced. This method is widely used in the sciences as well as in business to study a variety of problems.

伦理
Moral principles

关于什么是好的、可接受的或必须的行为,什么是坏的、不可接受的或禁止的行为的信念。

Beliefs regarding what is good, acceptable, or obligatory behavior and what is bad, unacceptable, or forbidden behavior.

抵押贷款支持证券
Mortgage-backed securities

代表对抵押贷款池现金流索偿权的债务义务,最常见的是住宅物业抵押贷款。

Debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property.

抵押贷款
Mortgage loan

以特定不动产作为抵押的贷款,要求借款人按预定的顺序向贷款人支付款项。

A loan secured by the collateral of some specified real estate property that obliges the borrower to make a predetermined series of payments to the lender.

抵押贷款转嫁担保
Mortgage pass-through security

当一个或多个抵押贷款持有人组成抵押贷款池并出售该抵押贷款池中的股份或参与凭证时,就创建了这种证券。

A security created when one or more holders of mortgages form a pool of mortgages and sell shares or participation certificates in the pool.

抵押贷款利率
Mortgage rate

抵押贷款的利率;也称为合同利率票据利率

The interest rate on a mortgage loan; also called contract rate or note rate.

移动平均线
Moving average

证券收盘价在指定周期内的平均值。每过一个新周期,该平均值都会重新计算。

The average of the closing price of a security over a specified number of periods. With each new period, the average is recalculated.

移动平均收敛/发散震荡指标
Moving-average convergence/divergence oscillator

(MACD)一种动量震荡指标,其构建基于证券价格的短期移动平均线与长期移动平均线之间的差异。

(MACD) A momentum oscillator that is constructed based on the difference between short-term and long-term moving averages of a security’s price.

多因素模型
Multi-factor model

一种用一组因素的值来解释某个变量的模型。

A model that explains a variable in terms of the values of a set of factors.

多市场指数
Multi-market indexes

由来自不同国家的指数组成,旨在代表多个证券市场。

Comprised of indexes from different countries, designed to represent multiple security markets.

多步骤格式
Multi-step format

关于损益表的格式,一种格式是列示毛利润小计(收入减去销售成本)。

With respect to the format of the income statement, a format that presents a subtotal for gross profit (revenue minus cost of goods sold).

多边贸易设施
Multilateral trading facilities

请参阅其他交易系统

See alternative trading systems.

跨国公司
Multinational corporation

在多个国家开展业务或在多个国家拥有子公司的公司。

A company operating in more than one country or having subsidiary firms in more than one country.

概率的乘法法则
Multiplication rule for probabilities

事件AB的联合概率等于在给定B的情况下发生A的概率乘以发生B的概率。

The rule that the joint probability of events A and B equals the probability of A given B times the probability of B.

乘数模型
Multiplier models

基于股价倍数或企业价值倍数的估值模型。

Valuation models based on share price multiples or enterprise value multiples.

多元分布
Multivariate distribution

概率分布,用于指定一组相关随机变量的概率。

A probability distribution that specifies the probabilities for a group of related random variables.

多元正态分布
Multivariate normal distribution

一组随机变量的概率分布,完全由变量的均值和方差以及所有变量对之间的相关性决定。

A probability distribution for a group of random variables that is completely defined by the means and variances of the variables plus all the correlations between pairs of the variables.

市政债券
Municipal bonds

一种由美国州或地方政府发行的非主权债券。它通常(但不总是)提供所得税豁免。

A type of non-sovereign bond issued by a state or local government in the United States. It very often (but not always) offers income tax exemptions.

市政
Munis

一种由美国州或地方政府发行的非主权债券。它通常(但不总是)提供所得税豁免。

A type of non-sovereign bond issued by a state or local government in the United States. It very often (but not always) offers income tax exemptions.

共同基金
Mutual fund

混合投资池,基金中的每个投资者都按比例享有基金的收入和价值。

A comingled investment pool in which investors in the fund each have a pro-rata claim on the income and value of the fund.

互斥项目
Mutually exclusive projects

互斥项目之间直接竞争。例如,如果项目 A 和项目 B 互斥,您可以选择 A 或 B,但不能同时选择两者。

Mutually exclusive projects compete directly with each other. For example, if Projects A and B are mutually exclusive, you can choose A or B, but you cannot choose both.

N

N

n阶乘
n Factorial

对于正整数n ,前n 个正整数的乘积;根据定义,0 的阶乘等于 1。n阶乘记为n !。

For a positive integer n, the product of the first n positive integers; 0 factorial equals 1 by definition. n factorial is written as n!.

狭义货币
Narrow money

经济体中流通的纸币和硬币,以及其他流动性极强的存款。

The notes and coins in circulation in an economy, plus other very highly liquid deposits.

纳什均衡
Nash equilibrium

在非合作博弈中,当两个或多个参与者在对手的策略下没有动机偏离各自的均衡策略时,就会出现这种情况。

When two or more participants in a non-coop-erative game have no incentive to deviate from their respective equilibrium strategies given their opponent’s strategies.

国民收入
National income

国民收入是指所有用于生产最终产品的生产要素所获得的收入。国民收入等于国内生产总值(或在某些国家,国民生产总值)减去资本消耗补贴和统计误差。

The income received by all factors of production used in the generation of final output. National income equals gross domestic product (or, in some countries, gross national product) minus the capital consumption allowance and a statistical discrepancy.

自然语言处理
Natural language processing

开发用于分析和解释人类语言的计算机程序。

Computer programs developed to analyze and interpret human language.

自然失业率
Natural rate of unemployment

有效失业率,低于该值就会出现劳动力市场压力。

Effective unemployment rate, below which pressure emerges in labor markets.

筛查结果为阴性
Negative screening

ESG投资风格是指根据特定的ESG标准,将某些行业、公司或做法排除在基金或投资组合之外。

An ESG investment style that focuses on the exclusion of certain sectors, companies, or practices in a fund or portfolio on the basis of specific ESG criteria.

新凯恩斯主义者
Neo-Keynesians

一组动态一般均衡模型,假设价格和工资调整缓慢。

A group of dynamic general equilibrium models that assume slow-to-adjust prices and wages.

净账面价值
Net book value

资产购置成本的剩余(未折旧)余额。对于负债,债券面值减去任何未摊销的折价,或加上任何未摊销的溢价。

The remaining (undepreciated) balance of an asset’s purchase cost. For liabilities, the face value of a bond minus any unamortized discount, or plus any unamortized premium.

净出口
Net exports

一个国家出口额与进口额之间的差额(即出口额减去进口额)。

The difference between the value of a country’s exports and the value of its imports (i.e., value of exports minus imports).

净利
Net income

收入与支出之间的差额;从收入中减去所有支出(包括折旧、利息和税收)后剩余的部分。

The difference between revenue and expenses; what remains after subtracting all expenses (including depreciation, interest, and taxes) from revenue.

净运营周期
Net operating cycle

估算从向供应商支付材料款到收到后续产品销售款项之间的平均时间。

An estimate of the average time that elapses between paying suppliers for materials and collecting cash from the subsequent sale of goods produced.

净现值
Net present value

(净现值)投资的现金流入(收益)的现值减去其现金流出(成本)的现值。

(NPV) The present value of an investment’s cash inflows (benefits) minus the present value of its cash outflows (costs).

净利润率
Net profit margin

利润率是衡量盈​​利能力的指标,计算方法为净收入除以收入;它表示扣除所有成本和费用后,每1美元收入还剩下多少钱。也称为 利润率销售回报率

An indicator of profitability, calculated as net income divided by revenue; indicates how much of each dollar of revenues is left after all costs and expenses. Also called profit margin or return on sales.

净可变现价值
Net realisable value

正常经营过程中的预计售价减去完成销售所需的预计成本。

Estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale.

净收入
Net revenue

调整后的收入(例如,针对预计回报或不太可能收回的款项)。

Revenue after adjustments (e.g., for estimated returns or for amounts unlikely to be collected).

净税率
Net tax rate

扣除转移支付后的税率。

The tax rate net of transfer payments.

神经网络
Neural networks

基于我们大脑学习和处理信息方式的计算机程序。

Computer programs based on how our own brains learn and process information.

中性利率
Neutral rate of interest

既不刺激也不抑制经济增长的利率。

The rate of interest that neither spurs on nor slows down the underlying economy.

新古典宏观经济学
New classical macroeconomics

一种宏观经济学方法,旨在探究个人在理性预期下实现效用最大化以及公司实现利润最大化的宏观经济结论。

An approach to macroeconomics that seeks the macroeconomic conclusions of individuals maximizing utility on the basis of rational expectations and companies maximizing profits.

新凯恩斯主义者
New Keynesians

一组动态一般均衡模型,假设价格和工资调整缓慢。

A group of dynamic general equilibrium models that assume slow-to-adjust prices and wages.

无佣金基金
No-load fund

共同基金,投资该基金或赎回基金份额不收取任何费用,但会根据基金净资产值的一定百分比收取年费。

A mutual fund in which there is no fee for investing in the fund or for redeeming fund shares, although there is an annual fee based on a percentage of the fund’s net asset value.

节点
Node

二项树上的每个值,后续的移动或结果都由此分支而出。

Each value on a binomial tree from which successive moves or outcomes branch.

名义GDP
Nominal GDP

按现价衡量的商品和服务价值。

The value of goods and services measured at current prices.

名义利率
Nominal rate

基于证券面值的利率。

A rate of interest based on the security’s face value.

名义无风险利率
Nominal risk-free interest rate

实际无风险利率加上通货膨胀溢价。

The sum of the real risk-free interest rate and the inflation premium.

名义尺度
Nominal scale

一种对数据进行分类但不进行排名的测量尺度。

A measurement scale that categorizes data but does not rank them.

非加速通货膨胀失业率
Non-accelerating inflation rate of unemployment

有效失业率,低于该值就会出现劳动力市场压力。

Effective unemployment rate, below which pressure emerges in labor markets.

非机构RMBS
Non-agency RMBS

在美国,指由私人实体发行的、不受联邦机构或政府支持企业 (GSE) 担保的证券。

In the United States, securities issued by private entities that are not guaranteed by a federal agency or a GSE.

非累积优先股
Non-cumulative preference shares

优先股中,未在当前或后续期间支付的股息将被永久没收(而不是累积并在以后支付)。

Preference shares for which dividends that are not paid in the current or subsequent periods are forfeited permanently (instead of being accrued and paid at a later date).

非流动资产
Non-current assets

预计在较长一段时间内(通常超过一年)为公司带来收益的资产。

Assets that are expected to benefit the company over an extended period of time (usually more than one year).

非流动负债
Non-current liabilities

大致上代表着在未来一年以上的时间内可能牺牲经济利益的义务。

Obligations that broadly represent a probable sacrifice of economic benefits in periods generally greater than one year in the future.

非循环
Non-cyclical

一家业绩基本不受商业周期影响的公司。

A company whose performance is largely independent of the business cycle.

不可交割远期合约
Non-deliverable forwards

以现金结算的远期合约,主要用于外汇远期交易。也称为差价合约

Cash-settled forward contracts, used predominately with respect to foreign exchange forwards. Also called contracts for differences.

非财务风险
Non-financial risks

除外部金融市场变化之外的其他风险,例如会计准则、法律环境或税率的变化。

Risks that arise from sources other than changes in the external financial markets, such as changes in accounting rules, legal environment, or tax rates.

非参与性优先股
Non-participating preference shares

优先股不赋予股东分享公司利润的权利。相反,股东仅有权获得固定股息,并在公司清算时获得股票面值。

Preference shares that do not entitle shareholders to share in the profits of the company. Instead, shareholders are only entitled to receive a fixed dividend payment and the par value of the shares in the event of liquidation.

无追索权贷款
Non-recourse loan

贷款人对借款人没有追索权,因此贷款人只能通过抵押房产来收回未偿还的抵押贷款余额。

Loan in which the lender does not have a shortfall claim against the borrower, so the lender can look only to the property to recover the outstanding mortgage balance.

不可再生资源
Non-renewable resources

石油和煤炭等有限资源,一旦消耗殆尽就会枯竭。

Finite resources that are depleted once they are consumed, such as oil and coal.

非主权债券
Non-sovereign bonds

由国家以下级别政府(如省、地区、州或市)发行的债券。

A bond issued by a government below the national level, such as a province, region, state, or city.

非主权政府债券
Non-sovereign government bonds

由国家以下级别政府(如省、地区、州或市)发行的债券。

A bond issued by a government below the national level, such as a province, region, state, or city.

非常规现金流
Nonconventional cash flow

在非常规现金流模式下,最初的现金流出之后并非只有现金流入,而是现金流会再次从正(流入)变为负(流出)(甚至会多次改变符号)。

In a nonconventional cash flow pattern, the initial outflow is not followed by inflows only, but the cash flows can flip from positive (inflows) to negative (outflows) again (or even change signs several times).

非参数检验
Nonparametric test

不涉及参数的检验,或者对样本来源的总体做出最小假设的检验。

A test that is not concerned with a parameter, or that makes minimal assumptions about the population from which a sample comes.

非系统性风险
Nonsystematic risk

独特的风险,指仅限于特定资产或行业的风险,不一定会影响该资产类别之外的资产。

Unique risk that is local or limited to a particular asset or industry that need not affect assets outside of that asset class.

正态分布
Normal distribution

连续对称的概率分布,完全由其均值和方差描述。

A continuous, symmetric probability distribution that is completely described by its mean and its variance.

正常商品
Normal goods

随着收入增加,消费量也随之增加的商品。

Goods that are consumed in greater quantities as income increases.

正常利润
Normal profit

会计利润水平仅能弥补会计成本中忽略的隐性机会成本。

The level of accounting profit needed to just cover the implicit opportunity costs ignored in accounting costs.

刻槽
Notching

评级调整方法,其中同一借款人的特定问题可能会被赋予不同的信用评级。

Ratings adjustment methodology where specific issues from the same borrower may be assigned different credit ratings.

注意利率
Note rate

查看抵押贷款利率

See mortgage rate.

通知期
Notice period

投资者可能需要提前一段时间(通常为 30-90 天)通知基金其赎回部分或全部投资的意图。

The length of time (typically 30–90 days) in advance that investors may be required to notify a fund of their intent to redeem some or all of their investment.

名义本金
Notional principal

推定本金金额。

An imputed principal amount.

库存天数
Number of days of inventory

活动比率等于某一期间的天数除以该期间的存货比率;它表示公司资金在存货中占用的天数。

An activity ratio equal to the number of days in a period divided by the inventory ratio for the period; an indication of the number of days a company ties up funds in inventory.

应付账款天数
Number of days of payables

活动比率等于某一期间的天数除以该期间的应付账款周转率;是对公司向供应商付款所需平均天数的估计。

An activity ratio equal to the number of days in a period divided by the payables turnover ratio for the period; an estimate of the average number of days it takes a company to pay its suppliers.

应收账款周转天数
Number of days of receivables

估算收回信用账户平均所需的天数。

Estimate of the average number of days it takes to collect on credit accounts.

O

客观概率
Objective probabilities

概率通常不会因人而异;包括先验概率和客观概率。

Probabilities that generally do not vary from person to person; includes a priori and objective probabilities.

脱轨
Off-the-run

成熟政府债券属于非热门证券;它们并非最新发行或交易最活跃的债券。

Seasoned government bonds are off-the-run securities; they are not the most recently issued or the most actively traded.

提供
Offer

交易商或交易员愿意出售资产的价格,通常受最大数量(要价)的限制。

The price at which a dealer or trader is willing to sell an asset, typically qualified by a maximum quantity (ask size).

官方利率
Official interest rate

中央银行设定并公开宣布的利率;通常是指中央银行愿意向商业银行提供贷款的利率。也称为官方政策利率政策利率

An interest rate that a central bank sets and announces publicly; normally the rate at which it is willing to lend money to the commercial banks. Also called official policy rate or policy rate.

官方政策利率
Official policy rate

中央银行设定并公开宣布的利率;通常是指中央银行愿意向商业银行贷款的利率。

An interest rate that a central bank sets and announces publicly; normally the rate at which it is willing to lend money to the commercial banks.

寡头垄断
Oligopoly

市场结构中,供应市场的公司数量相对较少。

Market structure with a relatively small number of firms supplying the market.

逃亡中
On-the-run

最新发行且交易最活跃的主权证券。

The most recently issued and most actively traded sovereign securities.

单侧假设检验
One-sided hypothesis test

一种检验方法,其中只有当证据表明总体参数大于(小于)θ₀时,才会拒绝原假设备择假设也只有一边。

A test in which the null hypothesis is rejected only if the evidence indicates that the population parameter is greater than (smaller than) θ0. The alternative hypothesis also has one side.

单尾假设检验
One-tailed hypothesis test

一种检验方法,其中只有当证据表明总体参数大于(小于)θ₀时,才会拒绝原假设备择假设也只有一边。

A test in which the null hypothesis is rejected only if the evidence indicates that the population parameter is greater than (smaller than) θ0. The alternative hypothesis also has one side.

开放经济
Open economy

一个与其他国家进行贸易的经济体。

An economy that trades with other countries.

开放式基金
Open-end fund

一种共同基金,它接受新的投资资金,并以等于投资时基金净资产值的价格发行额外的股份。

A mutual fund that accepts new investment money and issues additional shares at a value equal to the net asset value of the fund at the time of investment.

未平仓合约
Open interest

清算所中未平仓合约的数量是指在任何特定时间点的未平仓合约数量。由于一些交易方会建立新的头寸,而另一些交易方则会平仓,因此未平仓合约数量每天都在变化。

The number of outstanding contracts in a clearinghouse at any given time. The open interest figure changes daily as some parties open up new positions, while other parties offset their old positions.

公开市场操作
Open market operations

国家中央银行通过买卖债券来实施货币政策。交易的债券通常是国家政府发行的主权债券。

The purchase or sale of bonds by the national central bank to implement monetary policy. The bonds traded are usually sovereign bonds issued by the national government.

经营活动
Operating activities

实体日常业务运作中的活动,例如销售库存和提供服务。

Activities that are part of the day-to-day business functioning of an entity, such as selling inventory and providing services.

运营盈亏平衡点
Operating breakeven

公司营业利润为零(收入 = 营业成本)时,生产和销售的单位数量。

The number of units produced and sold at which the company’s operating profit is zero (revenues = operating costs).

经营现金流
Operating cash flow

经营活动产生的现金流量净额。

The net amount of cash provided from operating activities.

运行周期
Operating cycle

衡量将原材料转化为销售所得现金所需时间的指标;它由库存天数和应收账款天数组成。

A measure of the time needed to convert raw materials into cash from a sale; it consists of the number of days of inventory and the number of days of receivables.

运行效率比率
Operating efficiency ratios

衡量公司执行日常任务(例如应收账款的收取和库存管理)效率的比率。

Ratios that measure how efficiently a company performs day-to-day tasks, such as the collection of receivables and management of inventory.

经营租赁
Operating lease

允许承租人在一段时间内使用某项资产的协议;本质上是一种租赁。

An agreement allowing a lessee to use some asset for a period of time; essentially a rental.

经营杠杆
Operating leverage

运营中固定成本的使用。

The use of fixed costs in operations.

营业利润
Operating profit

公司在扣除税款前,其日常经营活动所获得的利润。也称为营业收入

A company’s profits on its usual business activities before deducting taxes. Also called operating income.

营业利润率
Operating profit margin

营业利润率,计算方法为营业收入(即息税前利润)除以营业额。也称为营业利润率

A profitability ratio calculated as operating income (i.e., income before interest and taxes) divided by revenue. Also called operating margin.

操作风险
Operating risk

运营成本结构带来的风险,特别是运营中使用固定成本带来的风险;固定成本和可变成本组合带来的风险;公司运营可能受到环境、社会和治理风险因素严重影响的风险。

The risk attributed to the operating cost structure, in particular the use of fixed costs in operations; the risk arising from the mix of fixed and variable costs; the risk that a company’s operations may be severely affected by environmental, social, and governance risk factors.

运营独立性
Operational independence

银行执行货币政策和设定利率的能力,以达到其认为最能实现通胀目标的方式。

A bank’s ability to execute monetary policy and set interest rates in the way it thought would best meet the inflation target.

运营风险
Operational risk

风险源于人员、系统、内部政策、程序和流程的不足或失效,以及组织无法控制但会影响其运营的外部事件。

The risk that arises from inadequate or failed people, systems, and internal policies, procedures, and processes, as well as from external events that are beyond the control of the organization but that affect its operations.

运营效率高
Operationally efficient

用来形容交易成本相对较低的市场、金融体系或经济体。

Said of a market, a financial system, or an economy that has relatively low transaction costs.

机会成本
Opportunity cost

投资者选择特定行动方案而放弃的价值;某物在其最佳替代用途下的价值。

The value that investors forgo by choosing a particular course of action; the value of something in its best alternative use.

选项
Option

一种金融工具,赋予一方在特定时期内以固定价格从另一方买卖标的资产的权利(而非义务)。也称为或有债权期权合约

A financial instrument that gives one party the right, but not the obligation, to buy or sell an underlying asset from or to another party at a fixed price over a specific period of time. Also referred to as contingent claim or option contract.

经期权调整后的价格
Option-adjusted price

嵌入式期权的价值加上债券的固定价格。

The value of the embedded option plus the flat price of the bond.

期权调整价差
Option-adjusted spread

OAS = Z 价差 – 期权价值(以每年基点为单位)。

OAS = Z-spread – Option value (in basis points per year).

期权调整后收益率
Option-adjusted yield

市场所需的贴现率,用于根据嵌入式期权的价值调整价格。

The required market discount rate whereby the price is adjusted for the value of the embedded option.

期权合同
Option contract

请参阅选项

See option.

期权费
Option premium

买方支付和卖方收到的用于进行期权交易的金额。

The amount of money a buyer pays and seller receives to engage in an option transaction.

命令
Order

明确规定要交易哪种金融工具、交易多少,以及是买入还是卖出。

A specification of what instrument to trade, how much to trade, and whether to buy or sell.

订单驱动型市场
Order-driven markets

拍卖市场(通常是拍卖市场)使用规则根据交易者提交的订单安排交易;纯粹的拍卖市场不使用交易商。

A market (generally an auction market) that uses rules to arrange trades based on the orders that traders submit; in their pure form, such markets do not make use of dealers.

订单优先顺序
Order precedence hierarchy

关于交易订单的执行,有一套规则决定哪些订单先于其他订单执行。

With respect to the execution of orders to trade, a set of rules that determines which orders execute before other orders.

序数尺度
Ordinal scale

一种测量尺度,它将数据按某些特征排序(排名)成类别。

A measurement scale that sorts data into categories that are ordered (ranked) with respect to some characteristic.

普通年金
Ordinary annuity

一种年金,其首期现金流从现在起一期开始支付。

An annuity with a first cash flow that is paid one period from the present.

普通股
Ordinary shares

权益低于所有其他类型权益(例如优先股)的股权。也称为普通股普通股份

Equity shares that are subordinate to all other types of equity (e.g., preferred equity). Also called common stock or common shares.

有组织的交流
Organized exchange

证券交易市场,买卖双方可以在这​​里见面安排交易。

A securities marketplace where buyers and seller can meet to arrange their trades.

其他综合收入
Other comprehensive income

未在损益表中列报的综合收益项目;综合收益减去净收益。

Items of comprehensive income that are not reported on the income statement; comprehensive income minus net income.

样本外测试
Out-of-sample test

使用策略或模型开发时间段之外的样本来检验该策略或模型。

A test of a strategy or model using a sample outside the time period on which the strategy or model was developed.

钱没了
Out of the money

如果行使这些期权,需要支付的金额将超过所获得的价值,因此目前不会行使这些期权。

Options that, if exercised, would require the payment of more money than the value received and therefore would not be currently exercised.

结果
Outcome

随机变量的一个可能值。

A possible value of a random variable.

场外交易市场
Over-the-counter (OTC) markets

一个去中心化的市场,买卖订单从不同地点发起,并通过通信网络进行匹配。

A decentralized market where buy and sell orders initiated from various locations are matched through a communications network.

超买
Overbought

市场情绪被认为处于不可持续的过度乐观状态。

A market condition in which market sentiment is thought to be unsustainably bullish.

超额抵押
Overcollateralization

内部信用增级的一种形式,指的是提供比获得或担保融资所需更多的抵押品的过程。

Form of internal credit enhancement that refers to the process of posting more collateral than needed to obtain or secure financing.

过拟合
Overfitting

由于模型与数据集拟合得过于紧密,导致其在新数据上的表现不佳,从而产生不良结果。

An undesirable result from fitting a model so closely to a dataset that it does not perform well on new data.

叠加/投资组合倾斜
Overlay/portfolio tilt

ESG 投资风格,侧重于使用某些投资策略或产品,将基金或投资组合的特定总体 ESG 特征改变到所需的水平(例如,使投资组合向所需的碳足迹倾斜)。

An ESG investment style that focuses on the use of certain investment strategies or products to change specific aggregate ESG characteristics of a fund or investment portfolio to a desired level (e.g., tilting an investment portfolio toward a desired carbon footprint).

超卖
Oversold

市场情绪被认为处于不可持续的悲观状态的市场状况。

A market condition in which market sentiment is thought to be unsustainably bearish.

自有价格
Own price

商品或服务本身的价格(而不是其他东西的价格)。

The price of a good or service itself (as opposed to the price of something else).

自身需求价格弹性
Own-price elasticity of demand

在其他条件不变的情况下,商品价格每变动1%,需求量变动的百分比。

The percentage change in quantity demanded for a percentage change in good’s own price, holding all other things constant.

所有者权益
Owners’ equity

资产超过负债的部分;股东在扣除企业负债后所拥有的剩余资产权益。也称为股东权益股东资金

The excess of assets over liabilities; the residual interest of shareholders in the assets of an entity after deducting the entity’s liabilities. Also called shareholders’ equity or shareholders’ funds.

P

P

帕氏指数
Paasche index

使用当前商品篮子构成计算的指数公式。

An index formula using the current composition of a basket of products.

配对比较检验
Paired comparisons test

一种基于从相互依赖的样本中抽取的成对观测值的差异统计检验。

A statistical test for differences based on paired observations drawn from samples that are dependent on each other.

配对观测
Paired observations

相互依存的观测结果。

Observations that are dependent on each other.

配对套利交易
Pairs arbitrage trade

涉及两只密切相关股票的交易,包括卖空其中一只股票并买入另一只股票。

A trade in two closely related stocks involving the short sale of one and the purchase of the other.

面板数据
Panel data

对多个观测单元的单一特征进行随时间推移的观测。

Observations through time on a single characteristic of multiple observational units.

等长曲线
Par curve

一系列到期收益率,每只债券均按面值定价。假设所有债券均具有相同的币种、信用风险、流动性、税收状况和相同的年收益率,且期限相同。

A sequence of yields-to-maturity such that each bond is priced at par value. The bonds are assumed to have the same currency, credit risk, liquidity, tax status, and annual yields stated for the same periodicity.

面值
Par value

债券的本金金额。

The amount of principal on a bond.

平行移位
Parallel shift

收益率曲线平行移动意味着所有利率都以相同的幅度向同一方向变化。

A parallel yield curve shift implies that all rates change by the same amount in the same direction.

范围
Parameter

一种描述性度量,根据数据总体计算得出或用于描述数据总体,通常用希腊字母表示。

A descriptive measure computed from or used to describe a population of data, conventionally represented by Greek letters.

参数测试
Parametric test

任何与参数相关的测试(或程序),或其有效性取决于关于生成样本的总体的假设的测试(或程序)。

Any test (or procedure) concerned with parameters or whose validity depends on assumptions concerning the population generating the sample.

帕里帕苏
Pari passu

平等对待。

On an equal footing.

部分持续时间
Partial duration

请查看关键利率持续时间

See key rate duration.

参与型优先股
Participating preference shares

优先股赋予股东获得标准优先股股息的权利,并且如果公司利润超过预先规定的水平,股东还有机会获得额外股息。

Preference shares that entitle shareholders to receive the standard preferred dividend plus the opportunity to receive an additional dividend if the company’s profits exceed a pre-specified level.

传递率
Pass-through rate

抵押贷款转嫁证券的票面利率。

The coupon rate of a mortgage pass-through security.

被动投资
Passive investment

一种买入并持有的投资策略,投资者不会根据对市场或证券表现短期变化的预期来调整投资组合。

A buy and hold approach in which an investor does not make portfolio changes based on short-term expectations of changing market or security performance.

被动策略
Passive strategy

就短期现金管理而言,这是一种投资策略,其特点是日常投资的决策规则简单。

In reference to short-term cash management, it is an investment strategy characterized by simple decision rules for making daily investments.

付款日期
Payable date

公司实际寄出(或以电子方式转账)股息支付的日期。

The day that the company actually mails out (or electronically transfers) a dividend payment.

投资回收期
Payback period

收回项目初始投资所需的年数。投资回收期基于现金流计算。

the number of years required to recover the original investment in a project. The payback is based on cash flows.

付款日期
Payment date

公司实际寄出(或以电子方式转账)股息支付的日期。

The day that the company actually mails out (or electronically transfers) a dividend payment.

支付系统
Payments system

资金转移系统。

The system for the transfer of money.

顶峰
Peak

商业周期的最高点。

The highest point of a business cycle.

同龄群体
Peer group

一组从事类似业务活动的公司,其经济效益和估值受密切相关因素的影响。

A group of companies engaged in similar business activities whose economics and valuation are influenced by closely related factors.

三角旗
Pennants

一种技术分析延续形态,由收敛形成三角形的趋势线构成,通常在较短时间内形成。

A technical analysis continuation pattern formed by trendlines that converge to form a triangle, typically over a short period.

人均实际GDP
Per capita real GDP

实际GDP除以人口规模,通常用作衡量一个国家平均生活水平的指标。

Real GDP divided by the size of the population, often used as a measure of the average standard of living in a country.

单位边际贡献
Per unit contribution margin

每售出一件产品所获得的金额用于弥补固定成本——即每件产品的价格与每件产品的可变成本之间的差额。

The amount that each unit sold contributes to covering fixed costs—that is, the difference between the price per unit and the variable cost per unit.

百分位数
Percentiles

分位数将分布分成 100 个相等的部分。

Quantiles that divide a distribution into 100 equal parts.

完全竞争
Perfect competition

在这种市场结构中,单个企业对市场价格几乎没有影响,因为它被认为是众多销售基本相同产品的企业中规模很小的卖家。

A market structure in which the individual firm has virtually no impact on market price, because it is assumed to be a very small seller among a very large number of firms selling essentially identical products.

弹性极佳
Perfectly elastic

当某种商品的需求量或供给量对特定变量(例如价格)值的变化极其敏感时。

When the quantity demanded or supplied of a given good is infinitely sensitive to a change in the value of a specified variable (e.g., price).

完全无弹性
Perfectly inelastic

当某种商品的需求量或供给量对特定变量(例如价格)值的变化完全不敏感时。

When the quantity demanded or supplied of a given good is completely insensitive to a change in the value of a specified variable (e.g., price).

履约保证金
Performance bond

参见保证金债券

See margin bond.

绩效评估
Performance evaluation

对投资管理决策结果的衡量和评估。

The measurement and assessment of the outcomes of investment management decisions.

演出费
Performance fee

有限合伙人根据已实现的净利润向普通合伙人支付的费用。

Fees paid to the general partner from the limited partner(s) based on realized net profits.

期间成本
Period costs

无法与收入时间直接匹配的成本(例如,高管薪酬),因此立即计入费用。

Costs (e.g., executives’ salaries) that cannot be directly matched with the timing of revenues and which are thus expensed immediately.

周期性
Periodicity

一年中的假定期数通常与票息支付频率相匹配。

The assumed number of periods in the year, typically matches the frequency of coupon payments.

永久性差异
Permanent differences

税务报告和财务报告中收入(支出)的差异,在未来某个日期不会被冲回。这些差异会导致公司实际税率与法定税率之间的差异,但不会产生递延所得税项目。

Differences between tax and financial reporting of revenue (expenses) that will not be reversed at some future date. These result in a difference between the company’s effective tax rate and statutory tax rate and do not result in a deferred tax item.

许可网络
Permissioned networks

仅对分布式账本技术 (DLT) 网络上的特定参与者完全开放的网络。

Networks that are fully open only to select participants on a DLT network.

无需许可的网络
Permissionless networks

对分布式账本技术 (DLT) 网络上的任何用户完全开放的网络。

Networks that are fully open to any user on a DLT network.

排列
Permutation

有序列表。

An ordered listing.

永续债券
Perpetual bonds

没有规定到期日的债券。

Bonds with no stated maturity date.

永续
Perpetuity

永续年金,或一系列永无止境的等额连续现金流,第一笔现金流将在下一期发生。永不到期的债券。

A perpetual annuity, or a set of never-ending level sequential cash flows, with the first cash flow occurring one period from now. A bond that does not mature.

个人消费支出
Personal consumption expenditures

所有国内个人消费;以此为基础构建了个人消费支出价格指数。

All domestic personal consumption; the basis for a price index for such consumption called the PCE price index.

个人可支配收入
Personal disposable income

等于个人收入减去个人所得税。

Equal to personal income less personal taxes.

个人收入
Personal income

衡量家庭收入的广泛指标,包括家庭获得的所有收入,无论是劳动所得还是非劳动所得;衡量消费者的购买能力。

A broad measure of household income that includes all income received by households, whether earned or unearned; measures the ability of consumers to make purchases.

普通香草债券
Plain vanilla bond

这种债券在存续期内定期支付固定金额的利息,并在到期时一次性偿还本金。也称为传统债券

Bond that makes periodic, fixed coupon payments during the bond’s life and a lump-sum payment of principal at maturity. Also called conventional bond.

扁平峰
Platykurtic

描述的是一种尾部权重相对小于正态分布的分布。

Describes a distribution that has relatively less weight in the tails than the normal distribution.

点图
Point and figure chart

一种技术分析图表,由 X 列和 O 列交替构成,横轴仅表示价格变化次数,不考虑时间或成交量。

A technical analysis chart that is constructed with columns of X’s alternating with columns of O’s such that the horizontal axis represents only the number of changes in price without reference to time or volume.

点估计
Point estimate

对未知量(例如人口参数)的单个数值估计。

A single numerical estimate of an unknown quantity, such as a population parameter.

销售点(POS)
Point of sale (POS)

在销售发生的实际地点采集交易数据的系统。

Systems that capture transaction data at the physical location in which the sale is made.

政策利率
Policy rate

中央银行设定并公开宣布的利率;通常是指中央银行愿意向商业银行贷款的利率。

An interest rate that a central bank sets and announces publicly; normally the rate at which it is willing to lend money to the commercial banks.

人口
Population

指定群体的所有成员。

All members of a specified group.

人口均值
Population mean

总体的算术平均值;总体中所有观测值或数值的算术平均值。

The arithmetic mean value of a population; the arithmetic mean of all the observations or values in the population.

人口标准差
Population standard deviation

以与观测值相同的计量单位衡量总体离散程度的指标,计算方法为总体方差的正平方根。

A measure of dispersion relating to a population in the same unit of measurement as the observations, calculated as the positive square root of the population variance.

人口方差
Population variance

衡量总体离散程度的指标,计算方法为总体均值周围偏差平方的平均值。

A measure of dispersion relating to a population, calculated as the mean of the squared deviations around the population mean.

投资组合公司
Portfolio company

在私募股权领域,指私募股权基金投资的公司。

In private equity, the company in which the private equity fund is investing.

投资组合资金需求
Portfolio demand for money

基于其他金融工具固有的潜在机会或风险,持有投机性资金的需求。

The demand to hold speculative money balances based on the potential opportunities or risks that are inherent in other financial instruments.

投资组合规划
Portfolio planning

制定投资组合计划以满足客户投资目标的过程。

The process of creating a plan for building a portfolio that is expected to satisfy a client’s investment objectives.

位置
Position

实体拥有或欠付的资产数量。

The quantity of an asset that an entity owns or owes.

筛查结果呈阳性
Positive screening

ESG投资风格是一种侧重于根据特定的最低ESG标准,将某些行业、公司或实践纳入基金或投资组合的ESG投资风格。

An ESG investment style that focuses on the inclusion of certain sectors, companies, or practices in a fund or portfolio on the basis of specific minimum ESG criteria.

后验概率
Posterior probability

反映或根据新信息更新后的概率值。

An updated probability that reflects or comes after new information.

潜在GDP
Potential GDP

充分就业情况下能够生产的实际GDP水平;衡量经济体的生产能力。

The level of real GDP that can be produced at full employment; measures the productive capacity of the economy.

测试的效力
Power of a test

正确拒绝原假设的概率,即当原假设为假时拒绝原假设的概率。

The probability of correctly rejecting the null—that is, rejecting the null hypothesis when it is false.

预防性资金余额
Precautionary money balances

预留资金以应对可能需要资金的意外事件。

Money held to provide a buffer against unforeseen events that might require money.

预防性储备
Precautionary stocks

超出预期需求的库存水平,可在补货时间比预期更长或需求超出预期的情况下提供缓冲。

A level of inventory beyond anticipated needs that provides a cushion in the event that it takes longer to replenish inventory than expected or in the case of greater than expected demand.

优先股
Preference shares

优先股是一种权益类型,在股息支付和公司清算时净资产分配方面,其优先权高于普通股。它兼具债务证券和权益证券的特征。也称为优先股

A type of equity interest which ranks above common shares with respect to the payment of dividends and the distribution of the company’s net assets upon liquidation. They have characteristics of both debt and equity securities. Also called preferred stock.

优先股
Preferred stock

参见优先股

See preference shares.

优质的
Premium

就债券而言,溢价是指债券价格高于其面值(票面价值)的部分。就期权而言,溢价是指购买期权合约所支付的金额。

In the case of bonds, premium refers to the amount by which a bond is priced above its face (par) value. In the case of an option, the amount paid for the option contract.

预付费用
Prepaid expense

提前支付的正常运营费用。

A normal operating expense that has been paid in advance of when it is due.

预付款选项
Prepayment option

合同条款赋予借款人提前偿还全部或部分未偿还抵押贷款本金的权利,即在预定的还款日之前提前偿还本金。也称为提前还款选择权

Contractual provision that entitles the borrower to prepay all or part of the outstanding mortgage principal prior to the scheduled due date when the principal must be repaid. Also called early repayment option.

提前还款罚金抵押贷款
Prepayment penalty mortgages

抵押贷款合同规定,如果借款人在抵押贷款发放后的特定时间内提前还款,则需支付罚款。

Mortgages that stipulate a monetary penalty if a borrower prepays within a certain time period after the mortgage is originated.

预付款风险
Prepayment risk

由于借款人能够调整还款额(通常是为了利用利率变动),实际现金流的时间与贷款协议中规定的预定现金流的时间存在不确定性。

The uncertainty that the timing of the actual cash flows will be different from the scheduled cash flows as set forth in the loan agreement due to the borrowers’ ability to alter payments, usually to take advantage of interest rate movements.

现值(PV)
Present value (PV)

未来现金流的现值折现值:对于资产而言,是指该资产预期产生的未来净现金流入的现值折现值;对于负债而言,是指为清偿负债而预期需要的未来净现金流出的现值折现值。

The present discounted value of future cash flows: For assets, the present discounted value of the future net cash inflows that the asset is expected to generate; for liabilities, the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities.

现值模型
Present value models

将证券的内在价值估算为该证券未来预期收益的现值。也称为折现现金流模型

Valuation models that estimate the intrinsic value of a security as the present value of the future benefits expected to be received from the security. Also called discounted cash flow models.

税前利润率
Pretax margin

盈利能力比率,计算方法为税前利润除以营业收入。

A profitability ratio calculated as earnings before taxes divided by revenue.

需求价格弹性
Price elasticity of demand

衡量给定产品价格发生一定百分比变化时,需求量发生的百分比变化。

Measures the percentage change in the quantity demanded, given a percentage change in the price of a given product.

价格指数
Price index

代表一篮子商品和服务的平均价格。

Represents the average prices of a basket of goods and services.

价格限制
Price limits

期货交易所对价格在一天之内可能发生的变动幅度所设定的限制。

Limits imposed by a futures exchange on the price change that can occur from one day to the next.

价格倍数
Price multiple

股价与某种货币流量或价值进行比较的比率,用于评估公司股票的相对价值。

A ratio that compares the share price with some sort of monetary flow or value to allow evaluation of the relative worth of a company’s stock.

价格优先
Price priority

最高价买单和最低价卖单优先执行的原则。

The principle that the highest priced buy orders and the lowest priced sell orders execute first.

相对价格
Price relative

期末价格与期初价格的比率;等于 1 加上资产持有期收益率。

A ratio of an ending price over a beginning price; it is equal to 1 plus the holding period return on the asset.

价格回报
Price return

衡量指数或投资组合中证券的价格上涨幅度或价格百分比变化。

Measures only the price appreciation or percentage change in price of the securities in an index or portfolio.

价格回报指数
Price return index

反映构成证券价格上涨或价格百分比变化的指数。也称为价格指数

An index that reflects only the price appreciation or percentage change in price of the constituent securities. Also called price index.

价格稳定
Price stability

在经济学中,指的是平均而言较低且波动幅度不大的通货膨胀率。

In economics, refers to an inflation rate that is low on average and not subject to wide fluctuation.

价格接受者
Price takers

生产者必须接受市场决定的任何价格。

Producers that must accept whatever price the market dictates.

市净率
Price to book value

估值比率的计算方法为每股价格除以每股账面价值。

A valuation ratio calculated as price per share divided by book value per share.

价格与现金流比率
Price to cash flow

估值比率的计算方法为每股价格除以每股现金流。

A valuation ratio calculated as price per share divided by cash flow per share.

市盈率
Price to earnings ratio

(市盈率或P/E)股价与每股收益的比率。

(P/E ratio or P/E) The ratio of share price to earnings per share.

价格与销售额
Price to sales

估值比率,计算方法为每股价格除以每股销售额。

A valuation ratio calculated as price per share divided by sales per share.

基点的价格价值
Price value of a basis point

它是货币久期的一种形式,估计的是到期收益率变化 1 个基点时债券总价格的变化。

A version of money duration, it is an estimate of the change in the full price of a bond given a 1 basis point change in the yield-to-maturity.

价格权重
Price weighting

一种指数加权方法,其中分配给每只成分证券的权重是通过将每只证券的价格除以所有成分证券价格的总和来确定的。

An index weighting method in which the weight assigned to each constituent security is determined by dividing its price by the sum of all the prices of the constituent securities.

定价风险
Priced risk

投资者要求补偿以承担的风险(例如股票风险、公司特定因素、宏观经济因素)。

Risk for which investors demand compensation for bearing (e.g. equity risk, company-specific factors, macroeconomic factors).

一级债券市场
Primary bond markets

发行人首先向投资者出售债券以筹集资金的市场。

Markets in which issuers first sell bonds to investors to raise capital.

一级资本市场(一级市场)
Primary capital markets (primary markets)

证券首次出售并由发行人获得收益的市场。

The market where securities are first sold and the issuers receive the proceeds.

一级交易商
Primary dealers

获准进行新发行主权债券交易,并主要作为负责发行主权债券的机构的交易对手方的金融机构。

Financial institutions that are authorized to deal in new issues of sovereign bonds and that serve primarily as trading counterparties of the office responsible for issuing sovereign bonds.

一级市场
Primary market

证券首次出售并由发行人获得收益的市场。

The market where securities are first sold and the issuers receive the proceeds.

主要经纪商
Prime brokers

提供托管、管理、贷款、短期借贷和交易等服务的经纪商。

Brokers that provide services that commonly include custody, administration, lending, short borrowing, and trading.

主要的
Principal

最初投资于某个项目或工具的资金数额;到期时应支付的面值。

The amount of funds originally invested in a project or instrument; the face value to be paid at maturity.

委托代理关系
Principal–agent relationship

委托人雇用代理人执行特定任务或服务的关系;也称为代理关系

A relationship in which a principal hires an agent to perform a particular task or service; also known as an agency relationship.

本金
Principal amount

发行人同意在到期日向债务持有人偿还的金额。

Amount that an issuer agrees to repay the debt holders on the maturity date.

主要业务活动
Principal business activity

公司主要收入和/或利润来源的业务活动。

The business activity from which a company derives a majority of its revenues and/or earnings.

主要价值
Principal value

发行人同意在到期日向债务持有人偿还的金额。

Amount that an issuer agrees to repay the debt holders on the maturity date.

无套利原则
Principle of no arbitrage

查看无套利定价

See arbitrage-free pricing.

先验概率
Prior probabilities

反映新信息出现之前信念的概率。

Probabilities reflecting beliefs prior to the arrival of new information.

权利要求优先权
Priority of claims

支付优先权,最高优先级的债务对发行人的现金流和资产拥有优先索偿权。

Priority of payment, with the most senior or highest ranking debt having the first claim on the cash flows and assets of the issuer.

私募股权基金
Private equity fund

对冲基金旨在收购、优化并最终出售投资组合公司以获取利润。参见风险投资基金

A hedge fund that seeks to buy, optimize, and ultimately sell portfolio companies to generate profits. See venture capital fund.

私募股权证券
Private equity securities

未在公开交易所上市且没有活跃二级市场的证券。它们主要通过非公开发行(例如私募)的方式发行给机构投资者。

Securities that are not listed on public exchanges and have no active secondary market. They are issued primarily to institutional investors via non-public offerings, such as private placements.

私募股权投资于上市公司
Private investment in public equity

(PIPE)对上市公司的股权进行投资,投资价格低于该公司股票的市场价值。

(PIPE) An investment in the equity of a publicly traded firm that is made at a discount to the market value of the firm’s shares.

私募
Private placement

通常情况下,这种证券发行无需承销或注册,仅出售给一位或少数几位投资者。发行人可以直接与投资者进行交易,也可以通过投资银行进行交易。

Typically, a non-underwritten, unregistered offering of securities that are sold only to an investor or a small group of investors. It can be accomplished directly between the issuer and the investor(s) or through an investment bank.

可能性
Probability

介于 0 和 1 之间的数字,用于描述某一特定事件发生的可能性。

A number between 0 and 1 describing the chance that a stated event will occur.

概率密度函数
Probability density function

具有非负值的函数,其概率可以用绘制该函数曲线下的面积来描述。

A function with non-negative values such that probability can be described by areas under the curve graphing the function.

概率分布
Probability distribution

分布函数用于指定随机变量可能结果的概率。

A distribution that specifies the probabilities of a random variable’s possible outcomes.

概率函数
Probability function

一个函数,用于指定随机变量取特定值的概率。

A function that specifies the probability that the random variable takes on a specific value.

生产者价格指数
Producer price index

反映一国国内生产商所经历的价格变化。

Reflects the price changes experienced by domestic producers in a country.

生产功能
Production function

它提供了经济体能够生产的产出水平与生产过程中使用的投入之间的量化联系。

Provides the quantitative link between the levels of output that the economy can produce and the inputs used in the production process.

生产率
Productivity

劳动者在一定时间内所生产的产出量——例如,每小时的产出量;衡量劳动效率。

The amount of output produced by workers in a given period of time—for example, output per hour worked; measures the efficiency of labor.

职业
Profession

一个拥有特定教育、专业知识和实践行为框架的职业群体,这些框架支撑着社区的信任、尊重和认可。

An occupational group that has specific education, expert knowledge, and a framework of practice and behavior that underpins community trust, respect, and recognition.

利润
Profit

公司所有者投入资本并承担投资风险后所获得的回报。

The return that owners of a company receive for the use of their capital and the assumption of financial risk when making their investments.

损益表
Profit and loss (P&L) statement

一份提供公司在特定时期内盈利能力信息的财务报表。也称为损益表

A financial statement that provides information about a company’s profitability over a stated period of time. Also called the income statement.

利润率
Profit margin

盈利能力指标,计算方法为净收入除以收入;表示扣除所有成本和费用后,每1美元收入还剩下多少钱。

An indicator of profitability, calculated as net income divided by revenue; indicates how much of each dollar of revenues is left after all costs and expenses.

盈利能力指数
Profitability index

(PI)对于一​​个简单的项目,PI 是项目未来现金流的现值除以初始投资。

(PI) For a simple project, the PI is the present value of a project’s future cash flows divided by the initial investment.

盈利能力比率
Profitability ratios

衡量公司利用其资源(资产)创造盈利销售能力的比率。

Ratios that measure a company’s ability to generate profitable sales from its resources (assets).

项目排序
Project sequencing

推迟对未来项目的投资决策,直到当前项目的部分或全部结果明朗化。项目按时间顺序推进,因此投资一个项目会为投资未来项目创造机会。

To defer the decision to invest in a future project until the outcome of some or all of a current project is known. Projects are sequenced through time, so that investing in a project creates the option to invest in future projects.

期票
Promissory note

书面承诺,保证按要求支付一定金额的款项。

A written promise to pay a certain amount of money on demand.

固定资产、厂房和设备
Property, plant, and equipment

预计在商品或服务的生产或供应,或用于行政管理目的,在多个时期内使用的有形资产。

Tangible assets that are expected to be used for more than one period in either the production or supply of goods or services, or for administrative purposes.

招股说明书
Prospectus

该文件描述了新债券发行的条款,并帮助投资者对该债券进行分析。

The document that describes the terms of a new bond issue and helps investors perform their analysis on the issue.

保护性放置
Protective put

一种期权策略,即将某资产的多头头寸与看跌期权的多头头寸相结合。

An option strategy in which a long position in an asset is combined with a long position in a put.

代理权争夺战
Proxy contest

公司收购机制,即说服股东投票支持某个寻求在公司董事会中获得控制权的团体。

Corporate takeover mechanism in which shareholders are persuaded to vote for a group seeking a controlling position on a company’s board of directors.

代理投票
Proxy voting

允许无法出席股东大会的股东授权他人代表其投票的程序。

A process that enables shareholders who are unable to attend a meeting to authorize another individual to vote on their behalf.

伪随机数
Pseudo-random numbers

由随机数生成器生成的数字。

Numbers produced by random number generators.

公开要约
Public offer

参见公开发行

See public offering.

公开发行
Public offering

公开发行证券,即任何公众成员均可购买的证券发行。也称为公开发售

An offering of securities in which any member of the public may buy the securities. Also called public offer.

拉动流动性
Pull on liquidity

当付款速度过快或贸易信贷额度有限时,公司需要在收到销售款项以偿还债务之前就支出资金。

When disbursements are paid too quickly or trade credit availability is limited, requiring companies to expend funds before they receive funds from sales that could cover the liability.

纯贴现债券
Pure discount bonds

参见零息债券

See zero-coupon bonds.

纯粹型方法
Pure-play method

一种估算公司或项目 beta 值的方法;它需要使用可比公司的 beta 值,并根据财务杠杆差异进行调整。

A method for estimating the beta for a company or project; it requires using a comparable company’s beta and adjusting it for financial leverage differences.

Put

期权赋予持有者在特定时期内以固定价格将标的资产出售给另一方的权利。

An option that gives the holder the right to sell an underlying asset to another party at a fixed price over a specific period of time.

看涨-看跌-远期平价
Put–call–forward parity

看跌期权、看涨期权和远期合约之间的关系。

The relationship among puts, calls, and forward contracts.

看跌-看涨期权平价
Put–call parity

一个等价(平价)方程,表示看涨期权和债券组合与看跌期权和标的资产组合的等价性(平价),从而得出看跌期权和看涨期权价格之间的关系。

An equation expressing the equivalence (parity) of a portfolio of a call and a bond with a portfolio of a put and the underlying, which leads to the relationship between put and call prices.

看跌/看涨期权比率
Put/call ratio

一种技术分析指标,它根据特定金融工具的看跌期权交易量除以看涨期权交易量来评估市场情绪。

A technical analysis indicator that evaluates market sentiment based upon the volume of put options traded divided by the volume of call options traded for a particular financial instrument.

看跌期权
Put option

期权赋予持有者在特定时期内以固定价格将标的资产出售给另一方的权利。

An option that gives the holder the right to sell an underlying asset to another party at a fixed price over a specific period of time.

可回售债券
Putable bonds

赋予债券持有人在特定日期以预定价格将债券卖回给发行​​人的权利的债券。

Bonds that give the bondholder the right to sell the bond back to the issuer at a predetermined price on specified dates.

Q

分位数
Quantile

分位数是指数据中一定比例的数值等于或低于该数值。也称为分位数

A value at or below which a stated fraction of the data lies. Also called fractile.

量化宽松
Quantitative easing

以积极的公开市场购买操作为基础的扩张性货币政策。

An expansionary monetary policy based on aggressive open market purchase operations.

交易量方程式
Quantity equation of exchange

一个表达式表示,在给定的时期内,一个经济体中用于购买所有商品和服务的货币量M × V等于该产出的货币价值P × Y

An expression that over a given period, the amount of money used to purchase all goods and services in an economy, M × V, is equal to monetary value of this output, P × Y.

货币数量论
Quantity theory of money

断言总支出(以货币计)与货币数量成正比。

Asserts that total spending (in money terms) is proportional to the quantity of money.

四分位数
Quartiles

分位数将分布分成四个相等的部分。

Quantiles that divide a distribution into four equal parts.

准固定成本
Quasi-fixed cost

在一定生产范围内保持不变的成本,但当生产超出该范围时,成本会变为另一个恒定水平。

A cost that stays the same over a range of production but can change to another constant level when production moves outside of that range.

准政府债券
Quasi-government bonds

由国家政府拥有或担保的实体发行的债券。也称为机构债券

A bond issued by an entity that is either owned or sponsored by a national government. Also called agency bond.

快速资产
Quick assets

最容易变现的资产(例如现金、短期有价投资、应收账款)。

Assets that can be most readily converted to cash (e.g., cash, short-term marketable investments, receivables).

速动比率
Quick ratio

衡量流动性的严格指标,表明公司用其最具流动性的资产偿还流动负债的能力,计算方法为(现金+短期有价投资+应收账款)除以流动负债。

A stringent measure of liquidity that indicates a company’s ability to satisfy current liabilities with its most liquid assets, calculated as (cash + short-term marketable investments + receivables) divided by current liabilities.

昆泰
Quintiles

分位数将分布分成五个相等的部分。

Quantiles that divide a distribution into five equal parts.

配额租金
Quota rents

外国生产商可以通过提高商品价格来获取比没有配额时更高的利润。

Profits that foreign producers can earn by raising the price of their goods higher than they would without a quota.

配额
Quotas

政府政策限制某一商品进口到该国的数量,通常有规定的期限。

Government policies that restrict the quantity of a good that can be imported into a country, generally for a specified period of time.

报价驱动型市场
Quote-driven market

交易商作为委托人进行交易的市场。

A market in which dealers acting as principals facilitate trading.

报价利率
Quoted interest rate

未考虑年内复利计算的报价利率。也称为名义年利率

A quoted interest rate that does not account for compounding within the year. Also called stated annual interest rate.

报价边际
Quoted margin

指定的收益率差额,是指在参考利率的基础上增加的收益率差额,用于补偿投资者因发行人信用风险与参考利率所隐含的信用风险之间的差异而获得的收益。

The specified yield spread over the reference rate, used to compensate an investor for the difference in the credit risk of the issuer and that implied by the reference rate.

R

随机数
Random number

从均匀分布中抽取的观测值。

An observation drawn from a uniform distribution.

随机数生成器
Random number generator

一种生成介于 0 和 1 之间的均匀分布随机数的算法。

An algorithm that produces uniformly distributed random numbers between 0 and 1.

随机变量
Random variable

未来结果不确定的量。

A quantity whose future outcomes are uncertain.

范围
Range

数据集中的最大值与最小值之差。

The difference between the maximum and minimum values in a dataset.

比率尺度
Ratio scales

一种测量尺度,它具有区间测量尺度的所有特征,并且以真正的零点作为原点。

A measurement scale that has all the characteristics of interval measurement scales as well as a true zero point as the origin.

实际GDP
Real GDP

按基年价格计算的商品和服务价值。

The value of goods and services produced, measured at base year prices.

实际收入
Real income

收入是指经通货膨胀调整后的货币购买力,也称为收入购买力。如果收入保持不变,而商品价格下降,即使货币单位(例如美元)数量不变,实际收入也会增加。

Income adjusted for the effect of inflation on the purchasing power of money. Also known as the purchasing power of income. If income remains constant and a good’s price falls, real income is said to rise, even though the number of monetary units (e.g., dollars) remains unchanged.

实际利率
Real interest rate

名义利率减去预期通货膨胀率。

Nominal interest rate minus the expected rate of inflation.

实际无风险利率
Real risk-free interest rate

如果预期没有通货膨胀,则完全无风险证券的单期利率。

The single-period interest rate for a completely risk-free security if no inflation were expected.

可实现(结算)价值
Realizable (settlement) value

就资产而言,是指目前通过有序处置出售该资产可获得的现金或现金等价物金额;就负债而言,是指在正常业务过程中预期支付的用于清偿负债的未折现现金或现金等价物金额。

With reference to assets, the amount of cash or cash equivalents that could currently be obtained by selling the asset in an orderly disposal; with reference to liabilities, the undiscounted amount of cash or cash equivalents expected to be paid to satisfy the liabilities in the normal course of business.

再平衡
Rebalancing

调整指数中各成分证券的权重。

Adjusting the weights of the constituent securities in an index.

再平衡政策
Rebalancing policy

指导将投资组合的资产类别权重恢复到战略资产配置中规定的权重的一系列规则。

The set of rules that guide the process of restoring a portfolio’s asset class weights to those specified in the strategic asset allocation.

经济衰退
Recession

实际GDP连续两个季度下降(即负增长)的时期,或总产出、收入、就业和销售额大幅下降的时期,通常持续六个月到一年。

A period during which real GDP decreases (i.e., negative growth) for at least two successive quarters, or a period of significant decline in total output, income, employment, and sales usually lasting from six months to a year.

识别滞后
Recognition lag

政府对经济问题的反应滞后,是由于确认经济状况变化的时间延迟造成的。

The lag in government response to an economic problem resulting from the delay in confirming a change in the state of the economy.

追索权贷款
Recourse loan

贷款人有权就未偿还抵押贷款余额与房产出售所得款项之间的任何差额向借款人提出索赔。

Loan in which the lender has a claim against the borrower for any shortfall between the outstanding mortgage balance and the proceeds received from the sale of the property.

赎回收益率
Redemption yield

参见到期收益率

See yield to maturity.

赎回
Redemptions

投资者可根据合伙协议中的通知期和其他条款提取资金。

Withdrawals of funds by investors, as allowed by the notice period and other terms in the partnership agreement.

再融资利率
Refinancing rate

一种中央银行政策利率。

A type of central bank policy rate.

已登记债券
Registered bonds

以姓名或序列号记录所有权的债券。

Bonds for which ownership is recorded by either name or serial number.

相对/同类最佳筛查
Relative/best-in-class screening

ESG投资风格,专注于选择在ESG方面表现优于同行业其他公司的行业、公司或项目。

An ESG investment style that focuses on sectors, companies, or projects selected for ESG performance relative to industry peers.

相对分散度
Relative dispersion

相对于参考值或基准的离散程度。

The amount of dispersion relative to a reference value or benchmark.

相对频率
Relative frequency

对于一组分组数据,区间内的观测值数量除以样本中的观测值总数。

With reference to an interval of grouped data, the number of observations in the interval divided by the total number of observations in the sample.

相对价格
Relative price

特定商品或服务的价格与其他商品和服务的价格相比。

The price of a specific good or service in comparison with those of other goods and services.

相对强度分析
Relative strength analysis

将一种资产的表现与另一种资产或基准的表现进行比较,比较依据是证券各自价格比率随时间的变化。

A comparison of the performance of one asset with the performance of another asset or a benchmark based on changes in the ratio of the securities’ respective prices over time.

相对强度指数
Relative strength index

技术分析动量震荡指标,用于比较证券在特定时期内的涨幅与跌幅。

A technical analysis momentum oscillator that compares a security’s gains with its losses over a set period.

可再生资源
Renewable resources

可以再生的资源,例如森林。

Resources that can be replenished, such as a forest.

Rent

使用财产的费用。

Payment for the use of property.

重组
Reorganization

破产公司通过协议改变其资本结构和/或制定替代债务偿还方案;美国破产法第11章。公司最终通过破产程序重组,继续经营。

Agreements made by a company in bankruptcy under which a company’s capital structure is altered and/or alternative arrangements are made for debt repayment; US Chapter 11 bankruptcy. The company emerges from bankruptcy as a going concern.

复制
Replication

利用另一项资产、投资组合和/或衍生品创建新的资产或投资组合。

The creation of an asset or portfolio from another asset, portfolio, and/or derivative.

仓库
Repo

这是一种抵押贷款形式,涉及出售证券的同时,卖方同意在未来某个日期以约定的价格从买方购回同一证券。在回购协议生效时出售证券并在到期时购回证券的一方实际上是在向另一方借款,而出售并随后购回的证券则作为抵押品。

A form of collateralized loan involving the sale of a security with a simultaneous agreement by the seller to buy the same security back from the purchaser at an agreed-on price and future date. The party who sells the security at the inception of the repurchase agreement and buys it back at maturity is borrowing money from the other party, and the security sold and subsequently repurchased represents the collateral.

回购保证金
Repo margin

抵押品市场价值与贷款价值之间的差额,也称为减值损失

The difference between the market value of the security used as collateral and the value of the loan. Also called haircut.

回购利率
Repo rate

回购协议的利率。

The interest rate on a repurchase agreement.

回购协议
Repurchase agreement

这是一种抵押贷款形式,涉及出售证券的同时,卖方同意在未来某个日期以约定的价格从买方购回同一证券。在回购协议生效时出售证券并在到期时购回证券的一方实际上是在向另一方借款,而出售并随后购回的证券则作为抵押品。

A form of collateralized loan involving the sale of a security with a simultaneous agreement by the seller to buy the same security back from the purchaser at an agreed-on price and future date. The party who sells the security at the inception of the repurchase agreement and buys it back at maturity is borrowing money from the other party, and the security sold and subsequently repurchased represents the collateral.

回购日期
Repurchase date

回购协议生效之日,即出售证券的一方从现金贷款交易对手方购回证券的日期。

The date when the party who sold the security at the inception of a repurchase agreement buys the security back from the cash lending counterparty.

回购价格
Repurchase price

在回购协议生效时,出售证券的一方从现金贷款交易对手方购回证券的价格。

The price at which the party who sold the security at the inception of the repurchase agreement buys the security back from the cash lending counterparty.

所需边际
Required margin

收益率差高于或低于参考利率,使得浮动利率债券在利率重置日按面值定价。

The yield spread over, or under, the reference rate such that an FRN is priced at par value on a rate reset date.

所需回报率
Required rate of return

查看市场贴现率

See market discount rate.

所需产量
Required yield

查看市场贴现率

See market discount rate.

所需收益率差
Required yield spread

新发行债券的到期收益率与基准利率之间的差额;投资者因债券相对于政府债券的风险和税收待遇差异而要求的额外补偿。有时也称为基准利差

The difference between the yield-to-maturity on a new bond and the benchmark rate; additional compensation required by investors for the difference in risk and tax status of a bond relative to a government bond. Sometimes called the spread over the benchmark.

储备账户
Reserve accounts

一种内部信用增级形式,其原理是通过建立账户并在这些账户中存入现金来吸收损失。也称为储备基金

Form of internal credit enhancement that relies on creating accounts and depositing in these accounts cash that can be used to absorb losses. Also called reserve funds.

储备金
Reserve funds

参见储备账户

See reserve accounts.

储备金要求
Reserve requirement

银行必须持有与存款规模成比例的准备金。

The requirement for banks to hold reserves in proportion to the size of deposits.

反抗
Resistance

在技​​术分析中,指一个价格区间,在该区间内,卖出活动足以阻止证券价格的上涨。

In technical analysis, a price range in which selling activity is sufficient to stop the rise in the price of a security.

负责任的投资
Responsible investing

识别能够有效管理其财务、环境和人力资本资源以产生有吸引力的长期盈利能力的公司的做法;通常与可持续投资同义。

The practice of identifying companies that can efficiently manage their financial, environmental, and human capital resources to generate attractive long-term profitability; often synonymous with sustainable investing.

受限支付
Restricted payments

债券契约旨在通过限制股东在一段时间内可以获得的现金数额来保护债权人。

A bond covenant meant to protect creditors by limiting how much cash can be paid out to shareholders over time.

回撤
Retracement

在技​​术分析中,指证券价格走势发生逆转,与当前长期价格趋势相反的情况。

In technical analysis, a reversal in the movement of a security’s price such that it is counter to the prevailing longerterm price trend.

收益生成模型
Return-generating model

能够根据某些参数和模型中自变量值的估计值来估算证券预期收益的模型。

A model that can provide an estimate of the expected return of a security given certain parameters and estimates of the values of the independent variables in the model.

资产回报率(ROA)
Return on assets (ROA)

盈利能力比率,计算方法为净收入除以平均总资产;表示公司每投资一美元总资产所产生的净利润。

A profitability ratio calculated as net income divided by average total assets; indicates a company’s net profit generated per dollar invested in total assets.

股本回报率(ROE)
Return on equity (ROE)

盈利能力比率,计算方法为净利润除以平均股东权益。

A profitability ratio calculated as net income divided by average shareholders’ equity.

销售回报
Return on sales

净利润率是衡量盈​​利能力的指标,计算方法为净收入除以收入;它表示扣除所有成本和费用后,每1美元收入还剩下多少钱。也称为净利润率

An indicator of profitability, calculated as net income divided by revenue; indicates how much of each dollar of revenues is left after all costs and expenses. Also referred to as net profit margin.

总资本回报率
Return on total capital

盈利能力比率的计算方法为:息税前利润除以短期和长期债务及权益之和。

A profitability ratio calculated as EBIT divided by the sum of short- and long-term debt and equity.

重估模型
Revaluation model

根据国际财务报告准则(IFRS),长期资产的估值过程采用公允价值而非成本减去累计折旧。由此产生的任何损益要么在利润表中列示,要么通过重估盈余计入权益。

Under IFRS, the process of valuing long-lived assets at fair value, rather than at cost less accumulated depreciation. Any resulting profit or loss is either reported on the income statement and/or through equity under revaluation surplus.

收入
Revenue

在规定的时期内,企业在正常经营活动中提供商品或服务所收取的费用;在规定的时期内流入企业的经济资源。

The amount charged for the delivery of goods or services in the ordinary activities of a business over a stated period; the inflows of economic resources to a company over a stated period.

反转模式
Reversal patterns

技术分析中用来预测趋势结束和证券价格方向变化的一种形态。

A type of pattern used in technical analysis to predict the end of a trend and a change in direction of the security’s price.

反向收购
Reverse repo

从现金贷款交易对手方的角度看回购协议。

A repurchase agreement viewed from the perspective of the cash lending counterparty.

反向回购协议
Reverse repurchase agreement

从现金贷款交易对手方的角度看回购协议。

A repurchase agreement viewed from the perspective of the cash lending counterparty.

反向股票分割
Reverse stock split

流通股数量减少,股价相应上涨,但公司基本面没有变化。

A reduction in the number of shares outstanding with a corresponding increase in share price, but no change to the company’s underlying fundamentals.

循环信贷协议
Revolving credit agreements

这是最强有力的短期银行借贷工具;其有效期为多年(例如 3-5 年),并可能具有可选的中期贷款功能。

The strongest form of short-term bank borrowing facilities; they are in effect for multiple years (e.g., 3–5 years) and may have optional medium-term loan features.

Rho

期权价格对无风险利率的敏感性。

The sensitivity of the option price to the risk-free rate.

李嘉图等价物
Ricardian equivalence

一种经济理论认为,政府通过增加税收或发行债务来弥补赤字并没有什么区别。

An economic theory that implies that it makes no difference whether a government finances a deficit by increasing taxes or issuing debt.

风险
Risk

不确定性暴露。指由于某种行动、不作为或外部事件而导致损失或不利结果的可能性。

Exposure to uncertainty. The chance of a loss or adverse outcome as a result of an action, inaction, or external event.

风险规避型
Risk averse

假设投资者会选择风险最小的方案。

The assumption that an investor will choose the least risky alternative.

风险规避
Risk aversion

投资者承担风险的能力和意愿的程度。

The degree of an investor’s inability and unwillingness to take risk.

风险预算
Risk budgeting

为个人、团体或组织部门制定目标,同时考虑到可接受的风险水平。

The establishment of objectives for individuals, groups, or divisions of an organization that takes into account the allocation of an acceptable level of risk.

风险暴露
Risk exposure

暴露于风险或易受风险影响的状态。组织对潜在风险的敏感程度。

The state of being exposed or vulnerable to a risk. The extent to which an organization is sensitive to underlying risks.

风险因素/风险溢价投资
Risk factor/risk premium investing

ESG 投资风格侧重于将 ESG 信息纳入系统性风险分析中,例如智能贝塔和因子投资策略(类似于规模、价值、动量和增长策略)。

An ESG investment style that focuses on the inclusion of ESG information in the analysis of systematic risks as, for example, in smart beta and factor investment strategies (similar to size, value, momentum, and growth strategies).

风险治理
Risk governance

自上而下的流程和指导方针,旨在引导风险管理活动与企业整体目标保持一致并为其提供支持。

The top-down process and guidance that directs risk management activities to align with and support the overall enterprise.

风险管理
Risk management

确定组织想要达到的风险水平,衡量组织当前的风险水平,采取措施将实际风险水平提升到期望的风险水平,并监控新的实际风险水平,使其持续与期望的风险水平保持一致。

The process of identifying the level of risk an organization wants, measuring the level of risk the organization currently has, taking actions that bring the actual level of risk to the desired level of risk, and monitoring the new actual level of risk so that it continues to be aligned with the desired level of risk.

风险管理框架
Risk management framework

组织有效风险管理所需的基础设施、流程和分析。

The infrastructure, process, and analytics needed to support effective risk management in an organization.

风险中性定价
Risk-neutral pricing

有时用来描述衍生品定价的方法是,利用套利机会保证由标的资产和衍生品组成的无风险投资组合必须获得无风险利率这一事实。

Sometimes said of derivatives pricing, uses the fact that arbitrage opportunities guarantee that a risk-free portfolio consisting of the underlying and the derivative must earn the risk-free rate.

风险中性概率
Risk-neutral probabilities

用于计算二项式期权价格的权重。它们是风险中性投资者对期权进行估值时所适用的概率。

Weights that are used to compute a binomial option price. They are the probabilities that would apply if a risk-neutral investor valued an option.

风险溢价
Risk premium

投资者承担特定风险后期望获得的额外回报。

An extra return expected by investors for bearing some specified risk.

风险转移
Risk shifting

改变风险结果分布的行动。

Actions to change the distribution of risk outcomes.

风险承受能力
Risk tolerance

投资者为实现投资目标愿意且能够承担的风险程度。

The amount of risk an investor is willing and able to bear to achieve an investment goal.

风险转移
Risk transfer

将风险转移给另一方的行为,通常但不总是以保险单的形式进行。

Actions to pass on a risk to another party, often, but not always, in the form of an insurance policy.

智能投顾
Robo-adviser

一种基于机器的分析工具或服务,通过在线平台提供技术驱动的投资解决方案。

A machine-based analytical tool or service that provides technology-driven investment solutions through online platforms.

强壮的
Robust

相对不受假设违背影响的品质。

The quality of being relatively unaffected by a violation of assumptions.

72法则
Rule of 72

投资翻倍所需年数的近似值为 72 除以所述利率。

The principle that the approximate number of years necessary for an investment to double is 72 divided by the stated interest rate.

运行产量
Running yield

查看当前收益率

See current yield.

S

S

安全第一原则
Safety-first rules

投资组合选择规则侧重于投资组合价值在一定时间范围内低于某个最低可接受水平的风险。

Rules for portfolio selection that focus on the risk that portfolio value will fall below some minimum acceptable level over some time horizon.

安全库存
Safety stock

超出预期需求的库存水平,可在补货时间比预期更长或需求超出预期的情况下提供缓冲。

A level of inventory beyond anticipated needs that provides a cushion in the event that it takes longer to replenish inventory than expected or in the case of greater than expected demand.

销售量
Sales

通常,“销售额”是“收入”的同义词;“销售额”通常指商品的销售,而“收入”则包括商品或服务的销售。

Generally, a synonym for revenue; “sales” is generally understood to refer to the sale of goods, whereas “revenue” is understood to include the sale of goods or services.

销售风险
Sales risk

公司能够销售的商品和服务数量以及能够达到的价格存在不确定性;与收入不确定性相关的风险。

Uncertainty with respect to the quantity of goods and services that a company is able to sell and the price it is able to achieve; the risk related to the uncertainty of revenues.

销售型租赁
Sales-type leases

根据美国通用会计准则,从出租人的角度来看,如果租赁付款(应收租赁款)的现值超过租赁资产的账面价值,则属于融资租赁。出租人可获得的收入包括初始销售利润和融资(利息)收入。

Under US GAAP, a type of finance lease, from a lessor perspective, where the present value of the lease payments (lease receivable) exceeds the carrying value of the leased asset. The revenues earned by the lessor both a selling profit at inception and financing (interest) revenues.

样本
Sample

人口的一个子集。

A subset of a population.

样本超额峰度
Sample excess kurtosis

分布峰度超过正态分布峰度的程度的样本度量。

A sample measure of the degree of a distribution’s kurtosis in excess of the normal distribution’s kurtosis.

样本峰度
Sample kurtosis

分布峰度的抽样测量。

A sample measure of the degree of a distribution’s peakedness.

样本均值
Sample mean

样本观测值之和除以样本容量。

The sum of the sample observations, divided by the sample size.

样本选择偏差
Sample selection bias

根据特定属性系统性地排除某些人口成员而引入的偏差——例如,当数据可用性导致某些观察结果被排除在分析之外时引入的偏差。

Bias introduced by systematically excluding some members of the population according to a particular attribute—for example, the bias introduced when data availability leads to certain observations being excluded from the analysis.

样本偏度
Sample skewness

分布不对称程度的样本度量。

A sample measure of degree of asymmetry of a distribution.

样本标准偏差
Sample standard deviation

样本方差的正平方根。

The positive square root of the sample variance.

样本统计量
Sample statistic

根据样本计算或用于描述样本的量。

A quantity computed from or used to describe a sample.

样本方差
Sample variance

分布离散程度的样本度量,计算方法是将样本均值偏差的平方和除以样本容量减 1。

A sample measure of the degree of dispersion of a distribution, calculated by dividing the sum of the squared deviations from the sample mean by the sample size minus 1.

采样
Sampling

获取样品的过程。

The process of obtaining a sample.

抽样分布
Sampling distribution

统计量从同一总体中随机抽取的相同大小的样本计算得出的所有不同可能值的分布。

The distribution of all distinct possible values that a statistic can assume when computed from samples of the same size randomly drawn from the same population.

抽样误差
Sampling error

统计量的观测值与它所要估计的量之间的差异。

The difference between the observed value of a statistic and the quantity it is intended to estimate.

抽样计划
Sampling plan

用于选择样本的规则集。

The set of rules used to select a sample.

薪酬
Say on pay

股东可以就高管薪酬(补偿)事项进行投票表决的程序。

A process whereby shareholders may vote on executive remuneration (compensation) matters.

萨伊定律
Say’s law

以法国经济学家JB Say的名字命名:所有生产出来的产品都会被卖出去,因为供给会创造自身的需求。

Named for French economist J.B. Say: All that is produced will be sold because supply creates its own demand.

散点图
Scatter plot

两个数据系列中成对观测值的二维图。

A two-dimensional plot of pairs of observations on two data series.

情景分析
Scenario analysis

分析显示,在特定(经济)事件(例如客户流失、供应来源中断或灾难性事件)发生后,关键财务指标会发生变化;这是一种风险管理技术,涉及在特定情况下检验投资组合的表现。与压力测试密切相关。

Analysis that shows the changes in key financial quantities that result from given (economic) events, such as the loss of customers, the loss of a supply source, or a catastrophic event; a risk management technique involving examination of the performance of a portfolio under specified situations. Closely related to stress testing.

筛查
Screening

应用一系列标准,将一组潜在投资项目缩减为一组具有某些所需特征的项目。

The application of a set of criteria to reduce a set of potential investments to a smaller set having certain desired characteristics.

成熟的产品
Seasoned offering

发行人出售先前已发行证券的额外份额的发行。

An offering in which an issuer sells additional units of a previously issued security.

二级价格歧视
Second-degree price discrimination

当垄断者根据顾客购买的数量来衡量其对产品的重视程度,从而收取不同的单位价格时。

When the monopolist charges different per-unit prices using the quantity purchased as an indicator of how highly the customer values the product.

第二留置权
Second lien

对抵押资产享有的担保权益,其在抵押物保护和付款优先权方面均低于第一顺位留置权债务。

A secured interest in the pledged assets that ranks below first lien debt in both collateral protection and priority of payment.

二级债券市场
Secondary bond markets

投资者之间交易现有债券的市场。

Markets in which existing bonds are traded among investors.

二级市场
Secondary market

证券交易市场,投资者之间进行证券交易的场所。

The market where securities are traded among investors.

次要优先规则
Secondary precedence rules

决定如何对同时下的订单进行排名的规则。

Rules that determine how to rank orders placed at the same time.

部门
Sector

一组相关行业。

A group of related industries.

行业指数
Sector indexes

代表和跟踪不同经济部门(如消费品、能源、金融、医疗保健和技术)的指数,可以是国家级、区域级或全球级的。

Indexes that represent and track different economic sectors—such as consumer goods, energy, finance, health care, and technology—on either a national, regional, or global basis.

担保债券
Secured bonds

以资产或财务担保作抵押的债券,旨在确保在违约情况下偿还债务。

Bonds secured by assets or financial guarantees pledged to ensure debt repayment in case of default.

担保债务
Secured debt

债务是指债权人对某些资产及其相关现金流拥有直接索偿权(即发行人提供的质押权)的债务。

Debt in which the debtholder has a direct claim—a pledge from the issuer—on certain assets and their associated cash flows.

证券化
Securitization

这个过程涉及将资产转移到一个特殊的法律实体,然后该实体使用这些资产作为担保来确保债券发行。

A process that involves moving assets into a special legal entity, which then uses the assets as guarantees to secure a bond issue.

证券化资产
Securitized assets

通常用于创建资产支持债券的资产;例如,当银行将一笔贷款证券化时,这些贷款就被称为证券化贷款。

Assets that are typically used to create asset-backed bonds; for example, when a bank securitizes a pool of loans, the loans are said to be securitized.

安全特征线
Security characteristic line

以证券超额收益对市场超额收益作图。

A plot of the excess return of a security on the excess return of the market.

证券市场指数
Security market index

代表特定证券市场、市场板块或资产类别的证券组合。

A portfolio of securities representing a given security market, market segment, or asset class.

安全市场线
Security market line

(SML)资本资产定价模型图。

(SML) The graph of the capital asset pricing model.

安全选择
Security selection

选择个别证券的过程;通常,证券选择的目标是相对于投资组合的基准产生更高的风险调整后收益。

The process of selecting individual securities; typically, security selection has the objective of generating superior risk-adjusted returns relative to a portfolio’s benchmark.

自我投资限制
Self-investment limits

关于适用于养老金计划的投资限制,即对可投资于养老金计划发起人发行的证券的资产百分比进行限制。

With respect to investment limitations applying to pension plans, restrictions on the percentage of assets that can be invested in securities issued by the pension plan sponsor.

卖方公司
Sell-side firm

经纪商/交易商,销售证券并向其客户提供独立的投资研究和建议(即买方公司)。

A broker/dealer that sells securities and provides independent investment research and recommendations to their clients (i.e., buy-side firms).

半强式有效市场
Semi-strong-form efficient market

证券价格反映所有公开已知和可获取信息的市场。

A market in which security prices reflect all publicly known and available information.

半年期债券基差收益率
Semiannual bond basis yield

周期为 2 的年利率;也称为半年债券等价收益率

An annual rate having a periodicity of two; also known as a semiannual bond equivalent yield.

半年期债券等价收益率
Semiannual bond equivalent yield

参见半年期债券基差收益率

See semiannual bond basis yield.

半偏差
Semideviation

半方差(有时称为半标准差)的正平方根。

The positive square root of semivariance (sometimes called semistandard deviation).

半对数
Semilogarithmic

描述了一种尺度,其构造使得纵轴上的等距间隔代表相等的变化率,横轴上的等距间隔代表相等的变化量。

Describes a scale constructed so that equal intervals on the vertical scale represent equal rates of change, and equal intervals on the horizontal scale represent equal amounts of change.

半方差
Semivariance

均值以下的平均平方偏差。

The average squared deviation below the mean.

资历排名
Seniority ranking

各项债务的偿付优先顺序。

Priority of payment of various debt obligations.

敏感性分析
Sensitivity analysis

分析表明,当特定假设发生变化时,可能出现的各种结果。

Analysis that shows the range of possible outcomes as specific assumptions are changed.

独立管理的账户
Separately managed account

(SMA)专门为个人或机构利益管理的投资组合。

(SMA) An investment portfolio managed exclusively for the benefit of an individual or institution.

系列成熟度结构
Serial maturity structure

债券发行结构,其中到期日分散在债券存续期内;每年都有一定数量的债券到期并偿还,直至最终到期。

Structure for a bond issue in which the maturity dates are spread out during the bond’s life; a stated number of bonds mature and are paid off each year before final maturity.

沉降
Settlement

交易完成后,证券转移给买方,卖方收到款项的过程。

The process that occurs after a trade is completed, the securities are passed to the buyer, and payment is received by the seller.

结算日
Settlement date

买方以现金支付款项,卖方交付抵押品的日期。

Date when the buyer makes cash payment and the seller delivers the security.

结算价格
Settlement price

结算所指定的官方价格,每日盈亏将以此价格确定并计入市价。

The official price, designated by the clearinghouse, from which daily gains and losses will be determined and marked to market.

股票回购
Share repurchase

公司回购自身股份的交易。与股票分红和股票拆分不同,股票回购使用公司现金。

A transaction in which a company buys back its own shares. Unlike stock dividends and stock splits, share repurchases use corporate cash.

股东维权主义
Shareholder activism

股东们用来试图迫使公司按照他们期望的方式行事的策略。

Strategies used by shareholders to attempt to compel a company to act in a desired manner.

股东参与
Shareholder engagement

公司与其股东进行沟通的过程。

The process whereby companies engage with their shareholders.

股东权益
Shareholders’ equity

资产减去负债;即资产减去负债后的剩余价值。

Assets less liabilities; the residual interest in the assets after subtracting the liabilities.

夏普比率
Sharpe ratio

超过无风险利率的平均收益除以收益的标准差;衡量每单位收益标准差所获得的平均超额收益。

The average return in excess of the risk-free rate divided by the standard deviation of return; a measure of the average excess return earned per unit of standard deviation of return.

书架登记
Shelf registration

一种公开发行方式,允许发行人提交一份涵盖一系列债券发行的单一、全面的发行说明书。

Type of public offering that allows the issuer to file a single, all-encompassing offering circular that covers a series of bond issues.

短的
Short

资产或衍生品合约的卖方。也指做空资产或衍生品合约的头寸。

The seller of an asset or derivative contract. Also refers to the position of being short an asset or derivative contract.

做空
Short position

在资产或合同中,某人出售了自己并不拥有的资产,或者合同项下的权利可以对自己行使。

A position in an asset or contract in which one has sold an asset one does not own, or in which a right under a contract can be exercised against oneself.

短期平均总成本
Short-run average total cost

该曲线描述了当部分成本被视为固定成本时的平均总成本。

The curve describing average total cost when some costs are considered fixed.

做空
Short selling

以较低的价格回购并归还给贷款人为目的,将借入的证券出售的交易。

A transaction in which borrowed securities are sold with the intention to repurchase them at a lower price at a later date and return them to the lender.

短缺风险
Shortfall risk

投资组合价值在一定时间范围内跌至低于最低可接受水平的风险。

The risk that portfolio value will fall below some minimum acceptable level over some time horizon.

关闭点
Shutdown point

平均收益等于公司平均可变成本的点。

The point at which average revenue is equal to the firm’s average variable cost.

单利
Simple interest

每期所赚取的利息是基于原始投资额计算的;利息仅按本金计算。

The interest earned each period on the original investment; interest calculated on the principal only.

简单随机抽样
Simple random sample

从较大总体中划分出的一个子集,使得总体中的每个元素被选入该子集的概率相等。

A subset of a larger population created in such a way that each element of the population has an equal probability of being selected to the subset.

简单随机抽样
Simple random sampling

抽取样本以满足简单随机样本定义的程序。

The procedure of drawing a sample to satisfy the definition of a simple random sample.

简单收益率
Simple yield

票息支付总额加上按直线法摊销的损益份额,除以固定价格。

The sum of the coupon payments plus the straight-line amortized share of the gain or loss, divided by the flat price.

模拟
Simulation

基于概率模型对影响结果的因素进行计算机生成的敏感性或情景分析。

Computer-generated sensitivity or scenario analysis that is based on probability models for the factors that drive outcomes.

模拟试验
Simulation trial

完整地执行模拟步骤。

A complete pass through the steps of a simulation.

单步格式
Single-step format

关于损益表的格式,一种不计算毛利润(收入减去销售成本)的格式。

With respect to the format of the income statement, a format that does not subtotal for gross profit (revenue minus cost of goods sold).

偿债基金安排
Sinking fund arrangement

通过要求发行人每年偿还一部分未偿还债券本金来降低债券发行信用风险的条款。

Provision that reduces the credit risk of a bond issue by requiring the issuer to retire a portion of the bond’s principal outstanding each year.

情境影响
Situational influences

影响我们行为的外部因素,例如环境或文化因素。

External factors, such as environmental or cultural elements, that shape our behavior.

倾斜
Skewed

不对称。

Not symmetrical.

偏度
Skewness

偏斜(缺乏对称性)的定量测​​量;偏斜的同义词。

A quantitative measure of skew (lack of symmetry); a synonym of skew.

小国
Small country

一个国家在世界市场上对某种产品是价格接受者,无法影响世界市场价格。

A country that is a price taker in the world market for a product and cannot influence the world market price.

智能测试版
Smart beta

以简单、透明、基于规则的策略作为投资决策的基础。

Involves the use of simple, transparent, rules-based strategies as a basis for investment decisions.

智能合约
Smart contract

一种计算机程序,其设计目的是根据合同双方预先约定的条款和条件自动执行。

A computer program that is designed to self-execute on the basis of pre-specified terms and conditions agreed to by parties to a contract.

社会责任投资
Socially responsible investing

一种投资方法,它排除对与组织信念相悖的公司或行业的投资,有时也包括对具有良好环境或社会特征的投资。

An investment approach that excludes investments in companies or industries that deviate from an organization’s beliefs and sometimes includes investments with favorable environmental or social profiles.

偿付能力
Solvency

就财务报表分析而言,是指公司履行其长期义务的能力。

With respect to financial statement analysis, the ability of a company to fulfill its long-term obligations.

溶解度比率
Solvency ratios

衡量公司履行长期义务能力的比率。

Ratios that measure a company’s ability to meet its long-term obligations.

偿付能力风险
Solvency risk

组织即使原本可能偿付能力良好,但由于资金耗尽而无法生存或成功的风险。

The risk that an organization does not survive or succeed because it runs out of cash, even though it might otherwise be solvent.

主权
Sovereign

由国家政府发行的债券。

A bond issued by a national government.

主权债券
Sovereign bond

由国家政府发行的债券。

A bond issued by a national government.

主权收益率利差
Sovereign yield spread

国家利差(国家股权溢价)的估算基于被分析国家与发达国家债券收益率的比较。主权收益率利差是指被分析国家以发达国家货币计价的政府债券收益率与发达国家同等期限国债收益率之间的差值。

An estimate of the country spread (country equity premium) for a developing nation that is based on a comparison of bonds yields in country being analyzed and a developed country. The sovereign yield spread is the difference between a government bond yield in the country being analyzed, denominated in the currency of the developed country, and the Treasury bond yield on a similar maturity bond in the developed country.

斯皮尔曼等级相关系数
Spearman rank correlation coefficient

一种应用于排序数据的相关性度量方法。

A measure of correlation applied to ranked data.

特别股息
Special dividend

不按固定时间表派发股息的公司派发的股息,或者在常规现金股息之外额外支付的股息。

A dividend paid by a company that does not pay dividends on a regular schedule, or a dividend that supplements regular cash dividends with an extra payment.

特殊目的实体
Special purpose entity

为实现特定目的而设立的非经营性实体,例如租赁资产或应收账款证券化;可以是公司、合伙企业、信托、有限责任公司或为促进特定类型的商业活动而成立的合伙企业。也称为 特殊目的实体可变利益实体

A non-operating entity created to carry out a specified purpose, such as leasing assets or securitizing receivables; can be a corporation, partnership, trust, limited liability, or partnership formed to facilitate a specific type of business activity. Also called special purpose vehicle or variable interest entity.

特殊用途车辆
Special purpose vehicle

参见特殊目的实体

See special purpose entity.

特定鉴定方法
Specific identification method

一种存货会计方法,用于识别哪些具体的存货项目已售出,哪些存货项目仍留在存货中结转到以后期间。

An inventory accounting method that identifies which specific inventory items were sold and which remained in inventory to be carried over to later periods.

投机性资金需求
Speculative demand for money

基于其他金融工具固有的潜在机会或风险,持有投机性货币余额的需求。也称为投资组合货币需求

The demand to hold speculative money balances based on the potential opportunities or risks that are inherent in other financial instruments. Also called portfolio demand for money.

投机性货币余额
Speculative money balances

预期其他资产贬值而持有的资金。

Monies held in anticipation that other assets will decline in value.

分息债券
Split coupon bond

参见递延息票债券

See deferred coupon bond.

赞助
Sponsored

一种存托凭证,其中由存托机构持有股份的外国公司直接参与凭证的发行。

A type of depository receipt in which the foreign company whose shares are held by the depository has a direct involvement in the issuance of the receipts.

现货曲线
Spot curve

零息债券到期收益率序列。有时也称为零息曲线条带曲线,因为债券的票息支付被“剥离”掉了。

A sequence of yields-to-maturity on zero-coupon bonds. Sometimes called zero or strip curve because coupon payments are “stripped” off of the bonds.

现货市场
Spot markets

资产进行即时交割交易的市场。

Markets in which assets are traded for immediate delivery.

现货价格
Spot prices

立即交割资产的价格。

The price of an asset for immediately delivery.

即期汇率
Spot rates

与现金流日期相对应的市场贴现率序列;在每个现金流日期到期的零息债券的到期收益率。

A sequence of market discount rates that correspond to the cash flow dates; yields-to-maturity on zero-coupon bonds maturing at the date of each cash flow.

传播
Spread

一般来说,收益率是指不同固定收益证券之间的收益率差异。通常指到期收益率与基准收益率之间的差异。

In general, the difference in yield between different fixed income securities. Often used to refer to the difference between the yield-to-maturity and the benchmark.

相对于基准指数的价差
Spread over the benchmark

参见所需收益率差

See required yield spread.

扩散风险
Spread risk

债券价格风险源于信用风险债券收益率差的变化;反映了市场对信用迁移(或降级)风险和市场流动性风险的评估和/或定价的变化。

Bond price risk arising from changes in the yield spread on credit-risky bonds; reflects changes in the market’s assessment and/or pricing of credit migration (or downgrade) risk and market liquidity risk.

虚假相关性
Spurious correlation

一种相关性,它会误导性地指向变量之间的关联。

A correlation that misleadingly points toward associations between variables.

斯塔克尔伯格模型
Stackelberg model

一种著名的战略决策模型,该模型假设企业按顺序做出决策。

A prominent model of strategic decision making in which firms are assumed to make their decisions sequentially.

滞胀
Stagflation

当高通胀率与高失业率和经济放缓同时出现时。

When a high inflation rate is combined with a high level of unemployment and a slowdown of the economy.

交错板
Staggered boards

选举过程中,董事通常分为多个类别,每年分别选举一类——即每年选举一类。

Election process whereby directors are typically divided into multiple classes that are elected separately in consecutive years—that is, one class every year.

利益相关者管理
Stakeholder management

识别、优先排序和了解利益相关者群体的利益,并管理公司与这些群体的关系。

The identification, prioritization, and understanding of the interests of stakeholder groups, and managing the company’s relationships with these groups.

利益相关者
Stakeholders

可能直接或间接受到某项决定影响,因而对该决定有利益或利害关系的个人或群体。

Individuals or groups of individuals who may be affected either directly or indirectly by a decision and thus have an interest, or stake, in the decision.

标准差
Standard deviation

方差的正平方根;以与原始数据相同的单位衡量离散程度。

The positive square root of the variance; a measure of dispersion in the same units as the original data.

标准正态分布
Standard normal distribution

均值(μ)等于 0,标准差(σ)等于 1 的正态分布密度。

The normal density with mean (μ) equal to 0 and standard deviation (σ) equal to 1.

标准化
Standardizing

一种转换方法,包括减去均值,然后将结果除以标准差。

A transformation that involves subtracting the mean and dividing the result by the standard deviation.

行为准则
Standards of conduct

团体要求的行为;明确或加强团体道德准则的既定标准。

Behaviors required by a group; established benchmarks that clarify or enhance a group’s code of ethics.

长期限价单
Standing limit orders

低于市场价的限价单,因此处于等待交易状态。

A limit order at a price below market and which therefore is waiting to trade.

规定的年利率
Stated annual interest rate

未考虑年内复利的报价利率。也称为标价利率

A quoted interest rate that does not account for compounding within the year. Also called quoted interest rate.

权益变动表
Statement of changes in equity

(所有者权益变动表)一份财务报表,用于调节期初和期末资产负债表上股东权益的价值;提供有关影响股东权益的所有因素的信息。也称为所有者权益变动表

(statement of owners’ equity) A financial statement that reconciles the beginning-of-period and end-of-period balance sheet values of shareholders’ equity; provides information about all factors affecting shareholders’ equity. Also called statement of owners’ equity.

财务状况表
Statement of financial condition

资产负债表是反映实体当前财务状况的财务报表,它披露实体控制的资源(资产)以及对这些资源的权利(负债和权益),并反映特定时间点(资产负债表日)的情况。

The financial statement that presents an entity’s current financial position by disclosing resources the entity controls (its assets) and the claims on those resources (its liabilities and equity claims), as of a particular point in time (the date of the balance sheet).

财务状况表
Statement of financial position

资产负债表是反映实体当前财务状况的财务报表,它披露实体控制的资源(资产)以及对这些资源的权利(负债和权益),并反映特定时间点(资产负债表日)的情况。

The financial statement that presents an entity’s current financial position by disclosing resources the entity controls (its assets) and the claims on those resources (its liabilities and equity claims), as of a particular point in time (the date of the balance sheet).

运营报表
Statement of operations

财务报表,提供有关公司在特定时期内盈利能力的信息。

A financial statement that provides information about a company’s profitability over a stated period of time.

统计学
Statistic

根据样本数据计算或用于描述样本数据的量。

A quantity computed from or used to describe a sample of data.

统计推断
Statistical inference

根据实际观察到的较小群体对较大群体进行预测、估计或判断;使用样本统计量来推断未知总体参数的值。

Making forecasts, estimates, or judgments about a larger group from a smaller group actually observed; using a sample statistic to infer the value of an unknown population parameter.

具有统计学意义
Statistically significant

结果表明可以拒绝原假设;就估计的回归系数而言,通常理解为表明相应的总体回归系数与 0 不同的结果。

A result indicating that the null hypothesis can be rejected; with reference to an estimated regression coefficient, frequently understood to mean a result indicating that the corresponding population regression coefficient is different from 0.

法定投票
Statutory voting

一种常见的投票方式,其中每一股代表一票。

A common method of voting where each share represents one vote.

递增息息债券
Step-up coupon bond

票息(可以是固定利率或浮动利率)在指定日期按指定幅度增加的债券。

Bond for which the coupon, which may be fixed or floating, increases by specified margins at specified dates.

股票股息
Stock dividend

一种股息形式,公司以普通股股份而非现金的形式向股东分配股息。

A type of dividend in which a company distributes additional shares of its common stock to shareholders instead of cash.

缺货损失
Stock-out losses

由于库存不足以满足需求而造成的利润损失。

Profits lost from not having sufficient inventory on hand to satisfy demand.

股票拆分
Stock split

流通股数量增加,导致股价下跌,但公司基本面没有发生变化。

An increase in the number of shares outstanding with a consequent decrease in share price, but no change to the company’s underlying fundamentals.

止损单
Stop-loss order

请参阅停止指令

See stop order.

停止订单
Stop order

交易者指定止损价格条件的订单。也称为止损单

An order in which a trader has specified a stop price condition. Also called stop-loss order.

价值储存
Store of value

具有保值保值的性质。

The quality of tending to preserve value.

财富储存
Store of wealth

商品的价值取决于它们不会随着时间推移而发生物理上的损耗,以及人们相信其他人会始终珍视这种商品。

Goods that depend on the fact that they do not perish physically over time, and on the belief that others would always value the good.

直线法
Straight-line method

一种折旧方法,将长期资产的成本减去其预计残值,在其预计使用寿命内平均分配。

A depreciation method that allocates evenly the cost of a long-lived asset less its estimated residual value over the estimated useful life of the asset.

直接投票
Straight voting

一种股东投票程序,股东每持有一股股份即可获得一票。

A shareholder voting process in which shareholders receive one vote for each share owned.

战略分析
Strategic analysis

分析竞争环境,重点关注该环境对企业战略的影响。

Analysis of the competitive environment with an emphasis on the implications of the environment for corporate strategy.

战略资产配置
Strategic asset allocation

在客户的投资限制条件下,预期能够实现客户长期目标的符合 IPS 允许的资产类别的投资组合。

The set of exposures to IPS-permissible asset classes that is expected to achieve the client’s long-term objectives given the client’s investment constraints.

战略集团
Strategic groups

拥有不同商业模式或服务于行业内特定细分市场的集团。

Groups sharing distinct business models or catering to specific market segments in an industry.

街头集市
Street convention

忽略周末和节假日的收益率指标;假设付款按计划日期进行,即使计划日期恰逢周末或节假日,现金流的内部收益率。

Yield measure that neglects weekends and holidays; the internal rate of return on cash flows assuming payments are made on the scheduled dates, even when the scheduled date falls on a weekend or holiday.

压力测试
Stress testing

一种特殊的场景分析,用于估算在罕见且极其不利的事件或场景组合下造成的损失。

A specific type of scenario analysis that estimates losses in rare and extremely unfavorable combinations of events or scenarios.

强形式有效市场
Strong-form efficient market

证券价格反映所有公开和私人信息的市场。

A market in which security prices reflect all public and private information.

结构性(或周期性调整的)预算赤字
Structural (or cyclically adjusted) budget deficit

如果经济处于充分就业(或充分潜在产出)状态,将会出现赤字。

The deficit that would exist if the economy was at full employment (or full potential output).

结构从属关系
Structural subordination

在控股公司结构中,当运营子公司的债务由子公司的现金流和资产偿还后,资金才能转移到控股公司以偿还母公司层面的债务时,就会出现这种情况。

Arises in a holding company structure when the debt of operating subsidiaries is serviced by the cash flow and assets of the subsidiaries before funds can be passed to the holding company to service debt at the parent level.

结构性金融工具
Structured financial instruments

具有重新包装风险这一共同特征的金融工具。结构性金融工具包括资产支持证券、担保债务凭证以及其他结构性金融工具,例如保本工具、收益增强工具、参与工具和杠杆工具。

Financial instruments that share the common attribute of repackaging risks. Structured financial instruments include asset-backed securities, collateralized debt obligations, and other structured financial instruments such as capital protected, yield enhancement, participation and leveraged instruments.

主观概率
Subjective probability

基于个人或主观判断的概率。

A probability drawing on personal or subjective judgment.

次级债务
Subordinated debt

低于公司高级无担保债务的一类无担保债务。

A class of unsecured debt that ranks below a firm’s senior unsecured obligations.

从属关系
Subordination

这是一种内部信用增级形式,它通过创建多个债券层级,并根据各层级对资产所有权或权益的索偿顺序进行排序来实现。这种索偿顺序称为优先/次级结构,其中优先级最高的层级称为优先层级,其次是次级或次级层级。也称为信用分层。

Form of internal credit enhancement that relies on creating more than one bond tranche and ordering the claim priorities for ownership or interest in an asset between the tranches. The ordering of the claim priorities is called a senior/subordinated structure, where the tranches of highest seniority are called senior followed by subordinated or junior tranches. Also called credit tranching.

替补
Substitutes

指两种商品或服务,如果其中一种商品或服务的价格上涨,则在其他条件不变的情况下,对另一种商品或服务的需求往往会增加(例如,黄油和人造黄油)。

Said of two goods or services such that if the price of one increases the demand for the other tends to increase, holding all other things equal (e.g., butter and margarine).

沉没成本
Sunk cost

已经发生的费用。

A cost that has already been incurred.

监督式学习
Supervised learning

一种利用带标签训练数据的机器学习方法。

A machine learning approach that makes use of labeled training data.

供给冲击
Supply shock

供应方面出现意料之外的中断。

A typically unexpected disturbance to supply.

支持
Support

在技​​术分析中,价格区间是指买盘足以阻止证券价格下跌的价格区间。

In technical analysis, a price range in which buying activity is sufficient to stop the decline in the price of a security.

支持批次
Support tranche

CMO 中的类别或层级,用于保护 PAC 层级免受提前付款风险的影响。

A class or tranche in a CMO that protects the PAC tranche from prepayment risk.

超国家债券
Supranational bonds

由世界银行等超国家机构发行的债券。

A bond issued by a supranational agency such as the World Bank.

担保债券
Surety bond

外部信用增级的一种形式,即由一家受评级和监管的保险公司保证,如果发行人违约,将向债券持有人赔偿其遭受的任何损失,最高赔偿金额为一定数额。

Form of external credit enhancement whereby a rated and regulated insurance company guarantees to reimburse bondholders for any losses incurred up to a maximum amount if the issuer defaults.

调查方法
Survey approach

根据一组金融专家提供的估算结果,对股权风险溢价进行估算。

An estimate of the equity risk premium that is based upon estimates provided by a panel of finance experts.

幸存者偏差
Survivorship bias

由于测试设计未能考虑到破产、合并或因其他原因不再被数据库收录的公司,因此会产生偏差。

The bias resulting from a test design that fails to account for companies that have gone bankrupt, merged, or are otherwise no longer reported in a database.

可持续增长率
Sustainable growth rate

在保持资本结构不变且不发行额外普通股的情况下,在给定的权益回报率水平下,股息(和收益)能够长期维持的增长率。

The rate of dividend (and earnings) growth that can be sustained over time for a given level of return on equity, keeping the capital structure constant and without issuing additional common stock.

可持续投资
Sustainable investing

识别能够有效管理其财务、环境和人力资本资源以产生可观的长期盈利能力的公司的做法;通常与负责任的投资同义。

The practice of identifying companies that can efficiently manage their financial, environmental, and human capital resources to generate attractive long-term profitability; often synonymous with responsible investing.

可持续的经济增长率
Sustainable rate of economic growth

经济体生产能力或潜在GDP的增长率。

The rate of increase in the economy’s productive capacity or potential GDP.

互换合约
Swap contract

双方达成协议,交换一系列未来现金流。

An agreement between two parties to exchange a series of future cash flows.

银团贷款
Syndicated loans

一群贷款人向单个借款人提供的贷款。

Loans from a group of lenders to a single borrower.

联合发行
Syndicated offering

由多家投资银行承销的债券发行。

A bond issue that is underwritten by a group of investment banks.

系统性风险
Systematic risk

影响整个市场或经济体的风险;这种风险无法避免,并且是整个市场固有的。系统性风险也称为不可分散风险或市场风险。

Risk that affects the entire market or economy; it cannot be avoided and is inherent in the overall market. Systematic risk is also known as non-diversifiable or market risk.

系统抽样
Systematic sampling

一种抽取每隔k个成员进行抽样,直至获得所需样本量的方法。该方法得到的样本应近似随机。

A procedure of selecting every kth member until reaching a sample of the desired size. The sample that results from this procedure should be approximately random.

T

T

t检验
t-Test

使用服从t分布的统计量( t统计量)进行假设检验。

A hypothesis test using a statistic (t-statistic) that follows a t-distribution.

战术资产配置
Tactical asset allocation

根据对各类资产近期相对表现的预测,决定故意偏离战略资产配置,以期增加价值。

The decision to deliberately deviate from the strategic asset allocation in an attempt to add value based on forecasts of the near-term relative performance of asset classes.

目标余额
Target balance

应保留的最低现金水平——预先估算,并根据已知的资金转移、季节性或其他因素进行调整。

A minimum level of cash to be held available—estimated in advance and adjusted for known funds transfers, seasonality, or other factors.

目标资本结构
Target capital structure

公司选择的债务和权益比例。

A company’s chosen proportions of debt and equity.

目标独立
Target independent

银行能够确定其目标通胀的定义、目标通胀率以及实现目标的期限。

A bank’s ability to determine the definition of inflation that they target, the rate of inflation that they target, and the horizon over which the target is to be achieved.

目标半偏差
Target semideviation

目标半方差的正平方根。

The positive square root of target semivariance.

目标半方差
Target semivariance

与目标值偏差的平方平均值。

The average squared deviation below a target value.

关税
Tariffs

政府对进口商品征收的税款。

Taxes that a government levies on imported goods.

税基
Tax base

为税务目的而对资产或负债进行估值的金额。

The amount at which an asset or liability is valued for tax purposes.

税项支出
Tax expense

该指标是企业应缴(或在享受税收优惠的情况下可收回)所得税额与递延所得税资产和负债变动额的总和。本质上,它相当于如果基于会计利润而非应纳税所得额确定应缴或可收回的所得税额。

An aggregate of an entity’s income tax payable (or recoverable in the case of a tax benefit) and any changes in deferred tax assets and liabilities. It is essentially the income tax payable or recoverable if these had been determined based on accounting profit rather than taxable income.

税务亏损结转
Tax loss carry forward

当期应纳税亏损可用于减少未来应纳税所得额。

A taxable loss in the current period that may be used to reduce future taxable income.

应税收入
Taxable income

实体收入中根据其所在司法管辖区的税法需缴纳所得税的部分。

The portion of an entity’s income that is subject to income taxes under the tax laws of its jurisdiction.

应税暂时性差异
Taxable temporary differences

暂时性差异,导致在未来期间确定应纳税利润时产生应纳税金额,因为资产负债表项目已收回或结算。

Temporary differences that result in a taxable amount in a future period when determining the taxable profit as the balance sheet item is recovered or settled.

技术分析
Technical analysis

一种利用价格和成交量数据(通常以图形方式显示)进行决策的证券分析方法。

A form of security analysis that uses price and volume data, which is often displayed graphically, in decision making.

技术
Technology

公司将投入转化为产出的过程。

The process a company uses to transform inputs into outputs.

要约收购
Tender offer

公司收购机制是指股东直接将其股份出售给寻求获得控制权的集团。

Corporate takeover mechanism which involves shareholders selling their interests directly to the group seeking to gain control.

男高音
Tenor

债券或衍生品合约的到期时间。也称为到期期限

The time-to-maturity for a bond or derivative contract. Also called term to maturity.

期限到期结构
Term maturity structure

一种债券发行结构,其中债券的名义本金在到期时一次性偿还。

Structure for a bond issue in which the bond’s notional principal is paid off in a lump sum at maturity.

期限结构
Term structure

参见到期结构

See maturity structure.

信用利差期限结构
Term structure of credit spreads

利率与“无风险”(或基准)利率之间的利差与到期时间之间的关系。

The relationship between the spreads over the “risk-free” (or benchmark) rates and times-to-maturity.

收益率波动率的期限结构
Term structure of yield volatility

债券到期收益率波动与到期时间的关系。

The relationship between the volatility of bond yields-to-maturity and times-to-maturity.

终端股票价值
Terminal stock value

股票在投资期结束时的预期价值——实际上就是预期售价。也称为终值

The expected value of a share at the end of the investment horizon—in effect, the expected selling price. Also called terminal value.

终端值
Terminal value

股票在投资期结束时的预期价值——实际上就是预期的售价。

The expected value of a share at the end of the investment horizon—in effect, the expected selling price.

交易条款
Terms of trade

出口价格与进口价格的比率,分别用出口价格指数和进口价格指数表示这些价格。

The ratio of the price of exports to the price of imports, representing those prices by export and import price indexes, respectively.

文本分析
Text analytics

使用计算机程序分析和从通常庞大、非结构化的文本或语音数据集中提取含义。

The use of computer programs to analyze and derive meaning from typically large, unstructured text- or voice-based datasets.

主题投资
Thematic investment

ESG投资风格,专注于投资与ESG因素相关的特定主题或资产,例如清洁能源、绿色技术或可持续农业。

An ESG investing style that focuses on investing in themes or assets specifically relating to ESG factors, such as clean energy, green technology, or sustainable agriculture.

三级价格歧视
Third-degree price discrimination

垄断者根据人口统计或其他特征将顾客分成不同的群体,并向每个群体提供不同的价格。

When the monopolist segregates customers into groups based on demographic or other characteristics and offers different pricing to each group.

时间段偏差
Time-period bias

当我们使用时间序列样本时,我们的统计结论可能对样本的起始日期和结束日期很敏感。

The possibility that when we use a time-series sample, our statistical conclusion may be sensitive to the starting and ending dates of the sample.

时间序列数据
Time-series data

对变量随时间变化的观测。

Observations of a variable over time.

时间分批
Time tranching

在资产支持证券/抵押贷款支持证券中创建具有不同(预期)到期日的类别或层级。

The creation of classes or tranches in an ABS/MBS that possess different (expected) maturities.

时间价值
Time value

期权的市场价格与其内在价值之间的差额。

The difference between the market price of the option and its intrinsic value.

时间价值衰减
Time value decay

指期权到期时,没有时间价值,期权只值其行权价值。

Said of an option when, at expiration, no time value remains and the option is worth only its exercise value.

货币时间价值
Time value of money

不同日期现金流之间等价关系的原则。

The principles governing equivalence relationships between cash flows with different dates.

时间加权收益率
Time-weighted rate of return

在规定的衡量期内,投资于投资组合的一单位货币的复合增长率;衡量投资业绩的指标,不受投资组合的提取或添加的时间和金额的影响。

The compound rate of growth of one unit of currency invested in a portfolio during a stated measurement period; a measure of investment performance that is not sensitive to the timing and amount of withdrawals or additions to the portfolio.

分词
Tokenization

在区块链或分布式账本上表示实物资产所有权的过程。

The process of representing ownership rights to physical assets on a blockchain or distributed ledger.

自上而下的分析
Top-down analysis

一种投资选择方法,首先考虑宏观经济状况,然后根据这些状况评估市场和行业。

An investment selection approach that begins with consideration of macroeconomic conditions and then evaluates markets and industries based upon such conditions.

综合收益总额
Total comprehensive income

期间内因交易和其他事件引起的权益变动,但不包括因所有者以所有者身份进行的交易而引起的变动。

The change in equity during a period resulting from transaction and other events, other than those changes resulting from transactions with owners in their capacity as owners.

总成本
Total cost

所有成本的总和,其中成本分为固定成本和可变成本。

The summation of all costs, for which costs are classified as fixed or variable.

全要素生产率
Total factor productivity

反映增长中未由显性要素投入(如资本和劳动力)所解释部分的规模因子。

A scale factor that reflects the portion of growth that is not accounted for by explicit factor inputs (e.g. capital and labor).

总固定成本
Total fixed cost

所有不随生产水平变化而变化的费用总和。

The summation of all expenses that do not change as the level of production varies.

总投资资本
Total invested capital

普通股市值、优先股账面价值和债务面值之和。

The sum of market value of common equity, book value of preferred equity, and face value of debt.

全概率规则
Total probability rule

用互斥且穷尽的情景下事件发生的概率来解释事件的无条件概率的规则。

A rule explaining the unconditional probability of an event in terms of probabilities of the event conditional on mutually exclusive and exhaustive scenarios.

期望值的全概率规则
Total probability rule for expected value

解释随机变量期望值的规则,该规则根据随机变量在互斥且穷尽的场景下的期望值来解释随机变量的期望值。

A rule explaining the expected value of a random variable in terms of expected values of the random variable conditional on mutually exclusive and exhaustive scenarios.

总回报
Total return

衡量指数或投资组合中证券的价格上涨幅度或价格百分比变化,加上在此期间获得的任何收入。

Measures the price appreciation, or percentage change in price of the securities in an index or portfolio, plus any income received over the period.

总回报指数
Total return index

该指数反映构成证券的价格上涨或价格百分比变化,加上自成立以来获得的任何收益。

An index that reflects the price appreciation or percentage change in price of the constituent securities plus any income received since inception.

总收益互换
Total return swap

互换交易是指一方同意支付标的证券的全部收益。通常用作信用衍生品,标的资产为债券。

A swap in which one party agrees to pay the total return on a security. Often used as a credit derivative, in which the underlying is a bond.

总可变成本
Total variable cost

所有可变费用的总和。

The summation of all variable expenses.

跟踪误差
Tracking error

投资组合收益与其基准收益之差的标准差;主动风险的同义词。

The standard deviation of the differences between a portfolio’s returns and its benchmark’s returns; a synonym of active risk.

追踪风险
Tracking risk

投资组合收益与其基准收益之差的标准差。也称为跟踪误差

The standard deviation of the differences between a portfolio’s returns and its benchmarks returns. Also called tracking error.

贸易创造
Trade creation

当区域一体化导致成本较高的国内生产被其他成员成本较低的进口产品所取代时。

When regional integration results in the replacement of higher cost domestic production by lower cost imports from other members.

贸易信用
Trade credit

一种自发性信贷形式,其中商品或服务的购买者通过延迟付款日期来为其购买提供融资。

A spontaneous form of credit in which a purchaser of the goods or service is financing its purchase by delaying the date on which payment is made.

贸易转移
Trade diversion

当区域一体化导致从非成员国进口的低成本商品被从成员国进口的较高成本商品所取代时。

When regional integration results in lower-cost imports from non-member countries being replaced with higher-cost imports from members.

应付账款
Trade payables

企业因购买商品和服务而欠供应商的款项,但尚未支付。

Amounts that a business owes to its vendors for goods and services that were purchased from them but which have not yet been paid.

贸易保护
Trade protection

政府对贸易施加限制的政策,例如关税和配额。

Government policies that impose restrictions on trade, such as tariffs and quotas.

贸易顺差(逆差)
Trade surplus (deficit)

当出口额大于(小于)进口额时。

When the value of exports is greater (less) than the value of imports.

交易证券
Trading securities

根据美国通用会计准则,这是一类公司持有并意图交易的债务证券,也称为交易性证券

Under US GAAP, a category of debt securities held by a company with the intent to trade them. Also called held-for-trading securities.

传统投资市场
Traditional investment markets

传统投资市场,包括所有公开交易的债务和股票,以及持有公开交易的债务和/或股票的集合投资工具的股份。

Markets for traditional investments, which include all publicly traded debts and equities and shares in pooled investment vehicles that hold publicly traded debts and/or equities.

交易资金余额
Transactions money balances

用于交易融资的资金余额。

Money balances that are held to finance transactions.

交易动机
Transactions motive

在库存管理的背景下,库存是日常生产-销售周期的一部分。

In the context of inventory management, the need for inventory as part of the routine production–sales cycle.

转账支付
Transfer payments

通过社会保障体系发放的福利金,旨在为低收入家庭提供基本最低收入水平。

Welfare payments made through the social security system that exist to provide a basic minimum level of income for low-income households.

透明度
Transparency

指信息完全向公众和/或监管机构披露的事物(例如市场)。

Said of something (e.g., a market) in which information is fully disclosed to the public and/or regulators.

国债通胀保值债券
Treasury Inflation-Protected Securities

由美国财政部发行的一种债券,旨在通过调整债券本金以应对通货膨胀的变化,从而保护投资者免受通货膨胀的影响。

A bond issued by the United States Treasury Department that is designed to protect the investor from inflation by adjusting the principal of the bond for changes in inflation.

库存股法
Treasury stock method

一种用于核算期权(和认股权证)对每股收益 (EPS) 的影响的方法,该方法规定了如果期权和认股权证被行使,并且公司将所得款项用于回购普通股,则 EPS 会是多少。

A method for accounting for the effect of options (and warrants) on earnings per share (EPS) that specifies what EPS would have been if the options and warrants had been exercised and the company had used the proceeds to repurchase common stock.

树状图
Tree diagram

图表中,分支从代表互斥的随机事件或互斥决策的节点发出。

A diagram with branches emanating from nodes representing either mutually exclusive chance events or mutually exclusive decisions.

趋势
Trend

长期朝着特定方向的运动模式。

A long-term pattern of movement in a particular direction.

特雷诺比率
Treynor ratio

衡量风险调整后收益的指标,将投资组合的超额收益与投资组合的贝塔系数联系起来。

A measure of risk-adjusted performance that relates a portfolio’s excess returns to the portfolio’s beta.

三角形图案
Triangle patterns

在技​​术分析中,当最高价和最低价之间的范围缩小时,就会形成一种持续图表形态,在视觉上形成一个三角形。

In technical analysis, a continuation chart pattern that forms as the range between high and low prices narrows, visually forming a triangle.

截尾均值
Trimmed mean

排除一定比例的最低值和最高值后计算出的平均值。

A mean computed after excluding a stated small percentage of the lowest and highest observations.

特林
TRIN

资金流动指标应用于广泛的股票市场指数,以衡量资金流入或流出上涨和下跌股票的相对程度。

A flow of funds indicator applied to a broad stock market index to measure the relative extent to which money is moving into or out of rising and declining stocks.

三重底
Triple bottoms

在技​​术分析中,当价格在大致相同的价格水平上形成三个低点时,就形成了反转形态;用于预测从下降趋势到上升趋势的变化。

In technical analysis, a reversal pattern that is formed when the price forms three troughs at roughly the same price level; used to predict a change from a downtrend to an uptrend.

三峰
Triple tops

在技​​术分析中,当价格在大致相同的价格水平上形成三个峰值时,就形成了反转形态;用于预测从上升趋势到下降趋势的变化。

In technical analysis, a reversal pattern that is formed when the price forms three peaks at roughly the same price level; used to predict a change from an uptrend to a downtrend.

Trough

商业周期的最低点。

The lowest point of a business cycle.

真实收益率
True yield

使用包含周末和银行假日的实际日历计算现金流的内部收益率。

The internal rate of return on cash flows using the actual calendar including weekends and bank holidays.

信托契约
Trust deed

具有约束力的法律信贷协议,通常以引用方式纳入招股说明书。也称为债券契约

The governing legal credit agreement, typically incorporated by reference in the prospectus. Also called bond indenture.

信托收据安排
Trust receipt arrangement

以存货作贷款抵押。存货将被隔离并托管,任何出售所得款项必须立即汇给贷款人。

The use of inventory as collateral for a loan. The inventory is segregated and held in trust, and the proceeds of any sale must be remitted to the lender immediately.

年末效应
Turn-of-the-year effect

日历异常现象是,1 月份股市收益率明显高于一年中的其他月份,其中大部分异常收益都出现在 1 月份的前五个交易日。

Calendar anomaly that stock market returns in January are significantly higher compared to the rest of the months of the year, with most of the abnormal returns reported during the first five trading days in January.

双基金分离定理
Two-fund separation theorem

该理论认为,所有投资者,无论其喜好、风险偏好和初始财富如何,都将持有两种投资组合或基金的组合:一种是无风险资产,另一种是风险资产的最佳组合。

The theory that all investors regardless of taste, risk preferences, and initial wealth will hold a combination of two portfolios or funds: a risk-free asset and an optimal portfolio of risky assets.

双侧假设检验
Two-sided hypothesis test

如果证据表明总体参数小于或大于假设值,则拒绝原假设而接受备择假设。

A test in which the null hypothesis is rejected in favor of the alternative hypothesis if the evidence indicates that the population parameter is either smaller or larger than a hypothesized value.

双尾假设检验
Two-tailed hypothesis test

如果证据表明总体参数小于或大于假设值,则拒绝原假设而接受备择假设。

A test in which the null hypothesis is rejected in favor of the alternative hypothesis if the evidence indicates that the population parameter is either smaller or larger than a hypothesized value.

两周回购利率
Two-week repo rate

两周回购协议的利率;可由中央银行用作政策利率。

The interest rate on a two-week repurchase agreement; may be used as a policy rate by a central bank.

第一类错误
Type I error

拒绝一个正确的零假设的错误。

The error of rejecting a true null hypothesis.

第二类错误
Type II error

未能拒绝错误的零假设的错误。

The error of not rejecting a false null hypothesis.

U

U

意外通货膨胀
Unanticipated (unexpected) inflation

通货膨胀中令人意外的部分。

The component of inflation that is a surprise.

无条件概率
Unconditional probability

事件发生的概率,指不以另一事件为条件的概率。

The probability of an event not conditioned on another event.

就业不足
Underemployed

拥有工作,但具备胜任更高薪工作的能力的人。

A person who has a job but has the qualifications to work a significantly higher-paying job.

潜在的
Underlying

标的资产是指在市场上交易的资产,买卖双方在此会面,商定价格,然后卖方将资产交付给买方并收取货款。标的资产是指特定衍生品所基于的资产或其他衍生品。标的资产的市场也称为现货市场

An asset that trades in a market in which buyers and sellers meet, decide on a price, and the seller then delivers the asset to the buyer and receives payment. The underlying is the asset or other derivative on which a particular derivative is based. The market for the underlying is also referred to as the spot market.

承销商
Underwriter

承销商(通常是投资银行)承担风险,从发行人处购买新发行的证券,然后将其转售给投资者或交易商,从而保证证券以与发行人协商的发行价格出售。

A firm, usually an investment bank, that takes the risk of buying the newly issued securities from the issuer, and then reselling them to investors or to dealers, thus guaranteeing the sale of the securities at the offering price negotiated with the issuer.

承销发行
Underwritten offering

一种证券发行机制,其中投资银行担保以与发行人协商确定的发行价格出售证券。也称为包销发行

A type of securities issue mechanism in which the investment bank guarantees the sale of the securities at an offering price that is negotiated with the issuer. Also known as firm commitment offering.

未实现收入
Unearned revenue

已收取但尚未交付商品或服务的款项的负债账户;预先收到的款项,也称为递延收入递延收益

A liability account for money that has been collected for goods or services that have not yet been delivered; payment received in advance of providing a good or service. Also called deferred revenue or deferred income.

失业
Unemployed

正在积极寻找工作但目前没有工作的人。

People who are actively seeking employment but are currently without a job.

失业率
Unemployment rate

失业人口与劳动力人口的比例。

The ratio of unemployed to the labor force.

意外通货膨胀
Unexpected inflation

通货膨胀中令人意外的部分。

The component of inflation that is a surprise.

单位弹性
Unit elastic

弹性系数为负1。也称为单位弹性

An elasticity with a magnitude of negative one. Also called unitary elastic.

单位人工成本
Unit labor cost

生产一单位产品的平均劳动成本。

The average labor cost to produce one unit of output.

单位正态分布
Unit normal distribution

均值(μ)等于 0,标准差(σ)等于 1 的正态分布密度。

The normal density with mean (μ) equal to 0 and standard deviation (σ) equal to 1.

生产单位法
Units-of-production method

一种折旧方法,根据长期资产在特定期间的实际使用情况来分配其成本。

A depreciation method that allocates the cost of a long-lived asset based on actual usage during the period.

单变量分布
Univariate distribution

指定单个随机变量概率的分布。

A distribution that specifies the probabilities for a single random variable.

通用所有者
Universal owners

长期投资者,例如养老基金,拥有大量资产投资于全球多元化投资组合。

Long-term investors, such as pension funds, that have significant assets invested in globally diversified portfolios.

无限资金
Unlimited funds

无限资金环境假设公司可以通过支付所需的回报率,为所有盈利项目筹集所需的资金。

An unlimited funds environment assumes that the company can raise the funds it wants for all profitable projects simply by paying the required rate of return.

无担保债务
Unsecured debt

这种债务只赋予债权人对发行人的资产和现金流的一般索偿权。

Debt which gives the debtholder only a general claim on an issuer’s assets and cash flow.

非赞助内容
Unsponsored

一种存托凭证,其中由存托机构持有股份的外国公司不参与凭证的发行。

A type of depository receipt in which the foreign company whose shares are held by the depository has no involvement in the issuance of the receipts.

无监督学习
Unsupervised learning

一种不使用标记训练数据的机器学习方法。

A machine learning approach that does not make use of labeled training data.

向上转移概率
Up transition probability

资产价值上涨的概率。

The probability that an asset’s value moves up.

V

V

有效性说明
Validity instructions

指示订单何时可以完成的说明。

Instructions which indicate when the order may be filled.

估值准备金
Valuation allowance

根据递延所得税资产在未来会计期间实现的可能性,为递延所得税资产设立的准备金。

A reserve created against deferred tax assets, based on the likelihood of realizing the deferred tax assets in future accounting periods.

估值比率
Valuation ratios

衡量资产或流量(例如收益)的数量与特定权利(例如股份或企业所有权)相关价格的比率。

Ratios that measure the quantity of an asset or flow (e.g., earnings) in relation to the price associated with a specified claim (e.g., a share or ownership of the enterprise).

风险价值
Value at risk

(VaR)衡量在给定概率水平下,特定时间段内预期损失的最小值的货币指标。

(VaR) A money measure of the minimum value of losses expected during a specified time period at a given level of probability.

价值投资者
Value investors

对于股权投资者而言,他们关注的是相对于每股收益或资产而言,支付相对较低的股价。

With reference to equity investors, investors who are focused on paying a relatively low share price in relation to earnings or assets per share.

VaR
VaR

考虑风险价值

See value at risk.

可变成本
Variable costs

成本随生产和销售水平而波动。

Costs that fluctuate with the level of production and sales.

方差
Variance

随机变量期望值的平方偏差的期望值(概率加权平均值)。

The expected value (the probability-weighted average) of squared deviations from a random variable’s expected value.

变动幅度
Variation margin

必须存入的额外保证金金额足以使账户余额达到初始保证金要求。

Additional margin that must be deposited in an amount sufficient to bring the balance up to the initial margin requirement.

凡勃伦商品
Veblen goods

价格越高,吸引力越大的商品。

Goods that increase in desirability with increasing price.

维加
Vega

衡量期权价格对标的资产波动率变化敏感度的指标。

A measure of the sensitivity of an option’s price to changes in the underlying’s volatility.

风险投资
Venture capital

为处于早期发展阶段且需要额外资金进行扩张或准备首次公开募股的公司提供“种子”或启动资金、早期融资或后期融资(包括夹层融资)的投资。

Investments that provide “seed” or startup capital, early-stage financing, or later-stage financing (including mezzanine-stage financing) to companies that are in early development stages and require additional capital for expansion or preparation for an initial public offering.

风险投资基金
Venture capital fund

对冲基金旨在收购、优化并最终出售投资组合公司以获取利润。参见私募股权基金

A hedge fund that seeks to buy, optimize, and ultimately sell portfolio companies to generate profits. See private equity fund.

垂直分析
Vertical analysis

仅使用一个报告期或一个基本财务报表进行共同规模分析;例如,损益表中所有项目均以销售额的百分比表示。

Common-size analysis using only one reporting period or one base financial statement; for example, an income statement in which all items are stated as percentages of sales.

垂直需求计划
Vertical demand schedule

这意味着无论价格如何,市场对某个固定数量的需求。

Implies that some fixed quantity is demanded, regardless of price.

挥发性
Volatility

在期权定价中,标的资产连续复利收益率的标准差。

As used in option pricing, the standard deviation of the continuously compounded returns on the underlying asset.

自愿失业
Voluntarily unemployed

自愿退出劳动力市场的人,例如拒绝接受空缺职位的失业工人。

A person voluntarily outside the labor force, such as a jobless worker refusing an available vacancy.

自愿出口限制
Voluntary export restraint

贸易壁垒是指出口国同意将其向贸易伙伴出口的商品数量限制在特定数量的单位之内。

A trade barrier under which the exporting country agrees to limit its exports of the good to its trading partners to a specific number of units.

代理投票
Vote by proxy

一种允许指定方(例如其他股东、股东代表或管理层)代表股东投票的机制。

A mechanism that allows a designated party—such as another shareholder, a shareholder representative, or management—to vote on the shareholder’s behalf.

W

W

仓单安排
Warehouse receipt arrangement

以库存作为贷款抵押品;类似于信托收据安排,只是有第三方(即仓储公司)来监督库存。

The use of inventory as collateral for a loan; similar to a trust receipt arrangement except there is a third party (i.e., a warehouse company) that supervises the inventory.

保证
Warrant

附带期权,赋予持有人在到期日之前以固定行权价格购买发行公司标的股票的权利。

Attached option that gives its holder the right to buy the underlying stock of the issuing company at a fixed exercise price until the expiration date.

弱式有效市场假说
Weak-form efficient market hypothesis

这种观点认为证券价格完全反映了所有过去的市场数据,指的是所有历史价格和交易量信息。

The belief that security prices fully reflect all past market data, which refers to all historical price and volume trading information.

财富效应
Wealth effect

家庭财富的增加(减少)会导致在既定收入水平下消费支出的增加(减少)。

An increase (decrease) in household wealth increases (decreases) consumer spending out of a given level of current income.

加权平均成本法
Weighted average cost method

一种库存会计方法,将现有库存商品的总成本除以可供销售的总数量,得出平均成本。

An inventory accounting method that averages the total cost of available inventory items over the total units available for sale.

加权平均资本成本
Weighted average cost of capital

公司普通股、优先股和长期债务的税后所需回报率的加权平均值,其中权重是每种融资来源在公司目标资本结构中所占的比例。

A weighted average of the aftertax required rates of return on a company’s common stock, preferred stock, and long-term debt, where the weights are the fraction of each source of financing in the company’s target capital structure.

加权平均票息率
Weighted average coupon rate

将贷款池中每笔抵押贷款的抵押贷款利率按其未偿抵押贷款金额占贷款池中所有抵押贷款未偿总额的百分比进行加权。

Weighting the mortgage rate of each mortgage loan in the pool by the percentage of the mortgage outstanding relative to the outstanding amount of all the mortgages in the pool.

加权平均寿命
Weighted average life

衡量投资者在抵押贷款支持证券 (MBS) 偿清前预期持有时间的指标;即按照惯例收到所有本金偿还的平均时间。也称为平均期限

A measure that gives investors an indication of how long they can expect to hold the MBS before it is paid off; the convention-based average time to receipt of all principal repayments. Also called average life.

加权平均到期日
Weighted average maturity

将贷款池中每笔抵押贷款的剩余到期月数按未偿还抵押贷款余额进行加权。

Weighting the remaining number of months to maturity for each mortgage loan in the pool by the amount of the outstanding mortgage balance.

加权平均值
Weighted mean

平均值的计算方法是:将每个观测值按其相对重要性指数进行加权。

An average in which each observation is weighted by an index of its relative importance.

批发价格指数
Wholesale price index

反映一国国内生产商所经历的价格变化。

Reflects the price changes experienced by domestic producers in a country.

温莎化均值
Winsorized mean

将一定百分比的最低值赋给一个指定的低值,将一定百分比的最高值赋给一个指定的高值,计算出平均值。

A mean computed after assigning a stated percent of the lowest values equal to one specified low value, and a stated percent of the highest values equal to one specified high value.

营运资金
Working capital

流动资产与流动负债之间的差额。

The difference between current assets and current liabilities.

营运资本管理
Working capital management

公司短期资产(如库存)和短期负债(如欠供应商的款项)的管理。

The management of a company’s short-term assets (such as inventory) and short-term liabilities (such as money owed to suppliers).

世界价格
World price

世界市场上的现行价格。

The price prevailing in the world market.

Y

屈服
Yield

如果债务证券持有至到期,其实际收益。

The actual return on a debt security if it is held to maturity.

收益率持续时间
Yield duration

债券价格对债券自身到期收益率的敏感性。

The sensitivity of the bond price with respect to the bond’s own yield-to-maturity.

到期收益率
Yield to maturity

投资者今天购买债券并持有至到期日所获得的年化收益率。它是使债券到期前预期现金流的现值与债券价格相等的折现率。也称为赎回收益率赎回收益率

Annual return that an investor earns on a bond if the investor purchases the bond today and holds it until maturity. It is the discount rate that equates the present value of the bond’s expected cash flows until maturity with the bond’s price. Also called yield-to-redemption or redemption yield.

赎回权
Yield to redemption

参见到期收益率

See yield to maturity.

向最差情况屈服
Yield-to-worst

赎回收益率和到期收益率序列中的最低值。

The lowest of the sequence of yields-to-call and the yield-to-maturity.

Z

Z

零息债券
Zero-coupon bonds

不支付利息的债券,在存续期内以低于面值的价格发行,并以面值赎回。也称为纯贴现债券

Bonds that do not pay interest during the bond’s life. It is issued at a discount to par value and redeemed at par. Also called pure discount bonds.

零波动率价差(Z价差)
Zero volatility spread (Z-spread)

计算政府债券(或利率互换)即期收益率曲线的固定收益率利差。

Calculates a constant yield spread over a government (or interest rate swap) spot curve.